Submission for OMB Review; Comment Request, 35303-35304 [2018-15855]

Download as PDF Federal Register / Vol. 83, No. 143 / Wednesday, July 25, 2018 / Notices In this instance, the proposed changes do not impose a burden on competition because the proposed fee for connectivity to the FINRA/Nasdaq TRF Chicago will be the same as that which the Exchange presently charges to connect to the Chicago facility’s sister facility, the FINRA/Nasdaq TRF Carteret. Moreover, use of and connection to the FINRA/Nasdaq TRF Chicago is voluntary. If a firm does not wish to pay fees to connect to the FINRA/Nasdaq TRF Chicago, it may choose instead to connect to a competing trade reporting facility that charges lower fees. Lastly, the proposed fee waiver does not burden competition because it will apply only for a brief transition period. Such transitional fee waivers are a commonly accepted means of facilitating the adoption, testing, and use of new functionalities and the attraction of new participants.7 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.8 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. daltland on DSKBBV9HB2PROD with NOTICES IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: 7 See, e.g., Securities Exchange Act Release No. 81095 (July 7, 2017), 82 FR 32409 (July 13, 2017) (SR–ISE–2017–62) (temporarily waiving port fees for connections to the re-platformed Nasdaq ISE Exchange). 8 15 U.S.C. 78s(b)(3)(A)(ii). VerDate Sep<11>2014 18:50 Jul 24, 2018 Jkt 244001 Electronic Comments • Use the Commission’s internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– NASDAQ–2018–056 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–NASDAQ–2018–056. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s internet website (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NASDAQ–2018–056, and should be submitted on or before August 15, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–15846 Filed 7–24–18; 8:45 am] 35303 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Extension: Form 1–E, Regulation E, SEC File No. 270– 221, OMB Control No. 3235–0232 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Form 1–E (17 CFR 239.200) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) (‘‘Securities Act’’) is the form that a small business investment company (‘‘SBIC’’) or business development company (‘‘BDC’’) uses to notify the Commission that it is claiming an exemption under Regulation E from registering its securities under the Securities Act. Rule 605 of Regulation E (17 CFR 230.605) under the Securities Act requires an SBIC or BDC claiming such an exemption to file an offering circular with the Commission that must also be provided to persons to whom an offer is made. Form 1–E requires an issuer to provide the names and addresses of the issuer, its affiliates, directors, officers, and counsel; a description of events which would make the exemption unavailable; the jurisdictions in which the issuer intends to offer the securities; information about unregistered securities issued or sold by the issuer within one year before filing the notification on Form 1–E; information as to whether the issuer is presently offering or contemplating offering any other securities; and exhibits, including copies of the rule 605 offering circular and any underwriting contracts. The Commission uses the information provided in the notification on Form 1– E and the offering circular to determine whether an offering qualifies for the exemption under Regulation E. The Commission estimates that, each year, one issuer files one notification on Form 1–E, together with offering circulars, with the Commission.1 Based on the BILLING CODE 8011–01–P PO 00000 9 17 CFR 200.30–3(a)(12). Frm 00102 Fmt 4703 Sfmt 4703 1 According to Commission records, one issuer filed two notifications on Form 1–E, together with offering circulars, during 2013 and 2014. E:\FR\FM\25JYN1.SGM 25JYN1 35304 Federal Register / Vol. 83, No. 143 / Wednesday, July 25, 2018 / Notices Commission’s experience with disclosure documents, we estimate that the burden from compliance with Form 1–E and the offering circular requires approximately 100 hours per filing. The annual burden hours for compliance with Form 1–E and the offering circular would be 200 hours (2 responses × 100 hours per response). Estimates of the burden hours are made solely for the purposes of the PRA, and are not derived from a comprehensive or even a representative survey or study of the costs of SEC rules and forms. Compliance with the information collection requirements of the rules is necessary to obtain the benefit of relying on the rules. The information provided on Form 1–E and in the offering circular will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. The public may view the background documentation for this information collection at the following website, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Candace Kenner, 100 F Street NE, Washington, DC 20549 or send an email to: PRA_Mailbox@ sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: July 19, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–15855 Filed 7–24–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION daltland on DSKBBV9HB2PROD with NOTICES Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Extension: Rule 10f–3; SEC File No. 270–237, OMB Control No. 3235–0226 and Exchange Commission (‘‘Commission’’) is soliciting comments on the collections of information discussed below. The Commission plans to submit these existing collections of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Section 10(f) of the Investment Company Act of 1940 (15 U.S.C. 80a) (the ‘‘Act’’) prohibits a registered investment company (‘‘fund’’) from purchasing any security during an underwriting or selling syndicate if the fund has certain relationships with a principal underwriter for the security.1 Congress enacted this provision in 1940 to protect funds and their shareholders by preventing underwriters from ‘‘dumping’’ unmarketable securities on affiliated funds. Rule 10f–3 permits a fund to engage in a securities transaction that otherwise would violate section 10(f) if, among other things: (i) The fund’s directors have approved procedures for purchases made in reliance on the rule, regularly review fund purchases to determine whether they comply with these procedures, and approve necessary changes to the procedures; and (ii) a written record of each transaction effected under the rule is maintained for six years, the first two of which in an easily accessible place.2 The written record must state: (i) From whom the securities were acquired; (ii) the identity of the underwriting syndicate’s members; (iii) the terms of the transactions; and (iv) the information or materials on which the fund’s board of directors has determined that the purchases were made in compliance with procedures established by the board. Rule 10f–3 also conditionally allows managed portions of fund portfolios to purchase securities offered in otherwise off-limits primary offerings. To qualify for this exemption, rule 10f-3 requires that the subadviser that is advising the purchaser be contractually prohibited from providing investment advice to any other portion of the fund’s portfolio and consulting with any other of the fund’s advisers that is a principal underwriter or affiliated person of a principal underwriter concerning the fund’s securities transactions. These requirements provide a mechanism for fund boards to oversee compliance with the rule. The required recordkeeping facilitates the Commission staff’s review of rule 10f– 3 transactions during routine fund Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities VerDate Sep<11>2014 18:50 Jul 24, 2018 Jkt 244001 PO 00000 1 15 2 17 U.S.C. 80a-10(f). CFR 270.10f–3. Frm 00103 Fmt 4703 Sfmt 4703 inspections and, when necessary, in connection with enforcement actions. The staff estimates that approximately 236 funds engage in a total of approximately 2,928 rule 10f–3 transactions each year.3 Rule 10f–3 requires that the purchasing fund create a written record of each transaction that includes, among other things, from whom the securities were purchased and the terms of the transaction. The staff estimates 4 that it takes an average fund approximately 30 minutes per transaction and approximately 1,464 hours 5 in the aggregate to comply with this portion of the rule. The funds also must maintain and preserve these transactional records in accordance with the rule’s recordkeeping requirement, and the staff estimates that it takes a fund approximately 20 minutes per transaction and that annually, in the aggregate, funds spend approximately 976 hours 6 to comply with this portion of the rule. In addition, fund boards must, no less than quarterly, examine each of these transactions to ensure that they comply with the fund’s policies and procedures. The information or materials upon which the board relied to come to this determination also must be maintained and the staff estimates that it takes a fund 1 hour per quarter and, in the aggregate, approximately 944 hours 7 annually to comply with this rule requirement. The staff estimates that reviewing and revising as needed written procedures for rule 10f-3 transactions takes, on average for each fund, two hours of a compliance attorney’s time per year.8 Thus, annually, in the aggregate, the staff estimates that funds spend a total of approximately 472 hours 9 on monitoring and revising rule 10f–3 procedures. Based on an analysis of fund filings, the staff estimates that approximately 299 fund portfolios enter into 3 These estimates are based on staff extrapolations from filings with the Commission. 4 Unless stated otherwise, the information collection burden estimates are based on conversations between the staff and representatives of funds. 5 This estimate is based on the following calculation: (0.5 hours × 2,928 = 1,464 hours). 6 This estimate is based on the following calculations: (20 minutes × 2,928 transactions = 58,560 minutes; 58,560 minutes/60 = 976 hours). 7 This estimate is based on the following calculation: (1 hour per quarter × 4 quarters × 236 funds = 944 hours). 8 These averages take into account the fact that in most years, fund attorneys and boards spend little or no time modifying procedures and in other years, they spend significant time doing so. 9 This estimate is based on the following calculation: (236 funds × 2 hours = 472 hours). E:\FR\FM\25JYN1.SGM 25JYN1

Agencies

[Federal Register Volume 83, Number 143 (Wednesday, July 25, 2018)]
[Notices]
[Pages 35303-35304]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15855]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Form 1-E, Regulation E, SEC File No. 270-221, OMB Control No. 
3235-0232

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Form 1-E (17 CFR 239.200) under the Securities Act of 1933 (15 
U.S.C. 77a et seq.) (``Securities Act'') is the form that a small 
business investment company (``SBIC'') or business development company 
(``BDC'') uses to notify the Commission that it is claiming an 
exemption under Regulation E from registering its securities under the 
Securities Act. Rule 605 of Regulation E (17 CFR 230.605) under the 
Securities Act requires an SBIC or BDC claiming such an exemption to 
file an offering circular with the Commission that must also be 
provided to persons to whom an offer is made. Form 1-E requires an 
issuer to provide the names and addresses of the issuer, its 
affiliates, directors, officers, and counsel; a description of events 
which would make the exemption unavailable; the jurisdictions in which 
the issuer intends to offer the securities; information about 
unregistered securities issued or sold by the issuer within one year 
before filing the notification on Form 1-E; information as to whether 
the issuer is presently offering or contemplating offering any other 
securities; and exhibits, including copies of the rule 605 offering 
circular and any underwriting contracts.
    The Commission uses the information provided in the notification on 
Form 1-E and the offering circular to determine whether an offering 
qualifies for the exemption under Regulation E. The Commission 
estimates that, each year, one issuer files one notification on Form 1-
E, together with offering circulars, with the Commission.\1\ Based on 
the

[[Page 35304]]

Commission's experience with disclosure documents, we estimate that the 
burden from compliance with Form 1-E and the offering circular requires 
approximately 100 hours per filing. The annual burden hours for 
compliance with Form 1-E and the offering circular would be 200 hours 
(2 responses x 100 hours per response). Estimates of the burden hours 
are made solely for the purposes of the PRA, and are not derived from a 
comprehensive or even a representative survey or study of the costs of 
SEC rules and forms.
---------------------------------------------------------------------------

    \1\ According to Commission records, one issuer filed two 
notifications on Form 1-E, together with offering circulars, during 
2013 and 2014.
---------------------------------------------------------------------------

    Compliance with the information collection requirements of the 
rules is necessary to obtain the benefit of relying on the rules. The 
information provided on Form 1-E and in the offering circular will not 
be kept confidential. An agency may not conduct or sponsor, and a 
person is not required to respond to, a collection of information 
unless it displays a currently valid OMB control number.
    The public may view the background documentation for this 
information collection at the following website, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Candace 
Kenner, 100 F Street NE, Washington, DC 20549 or send an email to: 
[email protected]. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: July 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15855 Filed 7-24-18; 8:45 am]
 BILLING CODE 8011-01-P
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