Proposed Collection; Comment Request, 40582-40583 [2018-17488]

Download as PDF 40582 Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Notices 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. be submitted on or before September 5, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.25 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–17492 Filed 8–14–18; 8:45 am] 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– Phlx–2018–53 on the subject line. 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: Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736. 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–Phlx–2018–53. 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–Phlx–2018–53 and should VerDate Sep<11>2014 18:28 Aug 14, 2018 Jkt 244001 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Extension: Regulation S–P. SEC File No. 270–480; OMB Control No. 3235–0537. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in the privacy notice and opt out notice provisions of Regulation S–P—Privacy of Consumer Financial Information (17 CFR part 248, subpart A) under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. The privacy notice and opt out notice provisions of Regulation S–P (the ‘‘Rule’’) implement the privacy notice and opt out notice requirements of Title V of the Gramm-Leach-Bliley Act (‘‘GLBA’’), which include the requirement that at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a financial institution shall provide a clear and conspicuous disclosure to such consumer of such financial institution’s policies and practices with respect to disclosing nonpublic personal information to affiliates and nonaffiliated third parties (‘‘privacy notice’’). Title V of the GLBA also provides that, unless an exception applies, a financial institution may not disclose nonpublic personal information of a consumer to a nonaffiliated third party unless the financial institution clearly and conspicuously discloses to the consumer that such information may be disclosed to such third party; the 25 17 PO 00000 CFR 200.30–3(a)(12). Frm 00084 Fmt 4703 Sfmt 4703 consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party; and the consumer is given an explanation of how the consumer can exercise that nondisclosure option (‘‘opt out notice’’). The Rule applies to brokerdealers, investment advisers registered with the Commission, and investment companies (‘‘covered entities’’). Commission staff estimates that, as of March 31, 2018, the Rule’s information collection burden applies to approximately 20,465 covered entities (approximately 3,857 broker-dealers, 12,643 investment advisers registered with the Commission, and 3,965 investment companies). In view of (a) the minimal recordkeeping burden imposed by the Rule (since the Rule has no recordkeeping requirement and records relating to customer communications already must be made and retained pursuant to other SEC rules); (b) the summary fashion in which information must be provided to customers in the privacy and opt out notices required by the Rule (the model privacy form adopted by the SEC and the other agencies in 2009, designed to serve as both a privacy notice and an opt out notice, is only two pages); (c) the availability to covered entities of the model privacy form and online model privacy form builder; and (d) the experience of covered entities’ staff with the notices, SEC staff estimates that covered entities will each spend an average of approximately 12 hours per year complying with the Rule, for a total of approximately 245,580 annual burden-hours (12 x 20,465 = 245,580). SEC staff understands that the vast majority of covered entities deliver their privacy and opt out notices with other communications such as account opening documents and account statements. Because the other communications are already delivered to consumers, adding a brief privacy and opt out notice should not result in added costs for processing or for postage and materials. Also, privacy and opt out notices may be delivered electronically to consumers who have agreed to electronic communications, which further reduces the costs of delivery. Because SEC staff assumes that most paper copies of privacy and opt out notices are combined with other required mailings, the burden-hour estimates above are based on resources required to integrate the privacy and opt notices into another mailing, rather than on the resources required to create and send a separate mailing. SEC staff estimates that, of the estimated 12 E:\FR\FM\15AUN1.SGM 15AUN1 daltland on DSKBBV9HB2PROD with NOTICES Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Notices annual burden-hours incurred, approximately 8 hours would be spent by administrative assistants at an hourly rate of $82, and approximately 4 hours would be spent by internal counsel at an hourly rate of $422, for a total annualized internal cost of compliance of $2,344 for each of the covered entities (8 × $82 = $656; 4 × $422 = $1,688; $656 + $1,688 = $2,344). Hourly cost of compliance estimates for administrative assistant time are derived from the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013, modified by SEC staff to account for an 1,800hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. Hourly cost of compliance estimates for internal counsel time are derived from the Securities Industry and Financial Markets Association’s Management & Professional Earnings in the Securities Industry 2013, modified by SEC staff to account for an 1,800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. Accordingly, SEC staff estimates that the total annualized internal cost of compliance for the estimated total hour burden for the approximately 20,465 covered entities subject to the Rule is approximately $47,969,960 ($2,344 × 20,465 = $47,969,960). Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. Please direct your written comments to: 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. VerDate Sep<11>2014 18:28 Aug 14, 2018 Jkt 244001 Dated: August 9, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–17488 Filed 8–14–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–83812; File No. SR–MIAX– 2018–21] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule August 9, 2018. Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on July 31, 2018, Miami International Securities Exchange LLC (‘‘MIAX Options’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule (the ‘‘Fee Schedule’’). The text of the proposed rule change is available on the Exchange’s website at https://www.miaxoptions.com/rulefilings, at MIAX’s principal office, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00085 Fmt 4703 Sfmt 4703 40583 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Market Maker Sliding Scale (defined below) contained in its Fee Schedule, and assessed to MIAX Options Market Makers,3 to (i) modify certain volume thresholds, and (ii) increase certain Maker (as defined below) fees in certain Tiers for options transactions in Penny classes (as defined below) executed in the simple order book. Section 1)a)i) of the Fee Schedule sets forth the Exchange’s Market Maker Sliding Scale for Market Maker Transaction Fees (the ‘‘Sliding Scale’’). The Sliding Scale assesses a per contract transaction fee on a Market Maker for the execution of simple orders and quotes (collectively, ‘‘simple orders’’) and complex orders and quotes (collectively, ‘‘complex orders’’). The percentage threshold by tier is based on the Market Maker’s percentage of total national market maker volume in all options classes that trade on the Exchange during a particular calendar month, or total aggregated volume (‘‘TAV’’), and the Exchange aggregates the volume executed by Market Makers in both simple orders and complex orders for purposes of determining the applicable tier and corresponding per contract transaction fee amount.4 The Sliding Scale applies to all MIAX Options Market Makers for transactions in all products (except for mini-options, for which there are separate product fees), with fees established for standard option classes in the Penny Pilot Program 5 (‘‘Penny classes’’) and separate fees for standard option classes which are not in the Penny Pilot 3 The term ‘‘Market Makers’’ refers to Lead Market Makers (‘‘LMMs’’), Primary Lead Market Makers (‘‘PLMMs’’), and Registered Market makers (‘‘RMMs’’) collectively. See Exchange Rule 100. A Directed Order Lead Market Maker (‘‘DLMM’’) and Directed Primary Lead Market Maker (‘‘DPLMM’’) is a party to a transaction being allocated to the LMM or PLMM and is the result of an order that has been directed to the LMM or PLMM. See Fee Schedule, note 2. 4 The calculation of the volume thresholds does not include QCC and cQCC Orders, PRIME and cPRIME AOC Responses, and unrelated MIAX Market Maker quotes or unrelated MIAX Market Maker orders that are received during the Response Time Interval and executed against the PRIME Order (‘‘PRIME Participating Quotes or Orders’’) and unrelated MIAX Market Maker complex quotes or unrelated MIAX Market Maker complex orders that are received during the Response Time Interval and executed against a cPRIME Order (‘‘cPRIME Participating Quote or Order’’) (herein ‘‘Excluded Contracts’’). See Fee Schedule, page 2. 5 See Securities Exchange Act Release No. 83515 (June 25, 2018), 83 FR 30786 (June 29, 2018) (SR– MIAX–2018–12). E:\FR\FM\15AUN1.SGM 15AUN1

Agencies

[Federal Register Volume 83, Number 158 (Wednesday, August 15, 2018)]
[Notices]
[Pages 40582-40583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-17488]


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

SECURITIES AND EXCHANGE COMMISSION


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:
    Regulation S-P. SEC File No. 270-480; OMB Control No. 3235-0537.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and 
Exchange Commission (``Commission'') is soliciting comments on the 
existing collection of information provided for in the privacy notice 
and opt out notice provisions of Regulation S-P--Privacy of Consumer 
Financial Information (17 CFR part 248, subpart A) under the Securities 
Exchange Act of 1934 (``Exchange Act'') (15 U.S.C. 78a et seq.). The 
Commission plans to submit this existing collection of information to 
the Office of Management and Budget (``OMB'') for extension and 
approval.
    The privacy notice and opt out notice provisions of Regulation S-P 
(the ``Rule'') implement the privacy notice and opt out notice 
requirements of Title V of the Gramm-Leach-Bliley Act (``GLBA''), which 
include the requirement that at the time of establishing a customer 
relationship with a consumer and not less than annually during the 
continuation of such relationship, a financial institution shall 
provide a clear and conspicuous disclosure to such consumer of such 
financial institution's policies and practices with respect to 
disclosing nonpublic personal information to affiliates and 
nonaffiliated third parties (``privacy notice''). Title V of the GLBA 
also provides that, unless an exception applies, a financial 
institution may not disclose nonpublic personal information of a 
consumer to a nonaffiliated third party unless the financial 
institution clearly and conspicuously discloses to the consumer that 
such information may be disclosed to such third party; the consumer is 
given the opportunity, before the time that such information is 
initially disclosed, to direct that such information not be disclosed 
to such third party; and the consumer is given an explanation of how 
the consumer can exercise that nondisclosure option (``opt out 
notice''). The Rule applies to broker-dealers, investment advisers 
registered with the Commission, and investment companies (``covered 
entities'').
    Commission staff estimates that, as of March 31, 2018, the Rule's 
information collection burden applies to approximately 20,465 covered 
entities (approximately 3,857 broker-dealers, 12,643 investment 
advisers registered with the Commission, and 3,965 investment 
companies). In view of (a) the minimal recordkeeping burden imposed by 
the Rule (since the Rule has no recordkeeping requirement and records 
relating to customer communications already must be made and retained 
pursuant to other SEC rules); (b) the summary fashion in which 
information must be provided to customers in the privacy and opt out 
notices required by the Rule (the model privacy form adopted by the SEC 
and the other agencies in 2009, designed to serve as both a privacy 
notice and an opt out notice, is only two pages); (c) the availability 
to covered entities of the model privacy form and online model privacy 
form builder; and (d) the experience of covered entities' staff with 
the notices, SEC staff estimates that covered entities will each spend 
an average of approximately 12 hours per year complying with the Rule, 
for a total of approximately 245,580 annual burden-hours (12 x 20,465 = 
245,580). SEC staff understands that the vast majority of covered 
entities deliver their privacy and opt out notices with other 
communications such as account opening documents and account 
statements. Because the other communications are already delivered to 
consumers, adding a brief privacy and opt out notice should not result 
in added costs for processing or for postage and materials. Also, 
privacy and opt out notices may be delivered electronically to 
consumers who have agreed to electronic communications, which further 
reduces the costs of delivery. Because SEC staff assumes that most 
paper copies of privacy and opt out notices are combined with other 
required mailings, the burden-hour estimates above are based on 
resources required to integrate the privacy and opt notices into 
another mailing, rather than on the resources required to create and 
send a separate mailing. SEC staff estimates that, of the estimated 12

[[Page 40583]]

annual burden-hours incurred, approximately 8 hours would be spent by 
administrative assistants at an hourly rate of $82, and approximately 4 
hours would be spent by internal counsel at an hourly rate of $422, for 
a total annualized internal cost of compliance of $2,344 for each of 
the covered entities (8 x $82 = $656; 4 x $422 = $1,688; $656 + $1,688 
= $2,344). Hourly cost of compliance estimates for administrative 
assistant time are derived from the Securities Industry and Financial 
Markets Association's Office Salaries in the Securities Industry 2013, 
modified by SEC staff to account for an 1,800-hour work-year and 
multiplied by 2.93 to account for bonuses, firm size, employee benefits 
and overhead. Hourly cost of compliance estimates for internal counsel 
time are derived from the Securities Industry and Financial Markets 
Association's Management & Professional Earnings in the Securities 
Industry 2013, modified by SEC staff to account for an 1,800-hour work-
year and multiplied by 5.35 to account for bonuses, firm size, employee 
benefits, and overhead. Accordingly, SEC staff estimates that the total 
annualized internal cost of compliance for the estimated total hour 
burden for the approximately 20,465 covered entities subject to the 
Rule is approximately $47,969,960 ($2,344 x 20,465 = $47,969,960).
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information 
collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. 
Consideration will be given to comments and suggestions submitted in 
writing within 60 days of this publication.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: 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].

    Dated: August 9, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-17488 Filed 8-14-18; 8:45 am]
 BILLING CODE 8011-01-P
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