Proposed Collection; Comment Request, 16298-16299 [2019-07761]

Download as PDF 16298 Federal Register / Vol. 84, No. 75 / Thursday, April 18, 2019 / Notices thereunder. 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 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. 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: jbell on DSK30RV082PROD with NOTICES Electronic Comments • Use the Commission’s internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– CboeEDGX–2019–021 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–CboeEDGX–2019–021. 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 (http://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. VerDate Sep<11>2014 17:37 Apr 17, 2019 Jkt 247001 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–CboeEDGX–2019–021 and should be submitted on or before May 9, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.34 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–07825 Filed 4–17–19; 8:45 am] BILLING CODE 8011–01–P 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: Rule 248.30, SEC File No. 270–549, OMB Control No. 3235–0610. 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’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Rule 248.30 (17 CFR 248.30) under Regulation S–P is titled ‘‘Procedures to Safeguard Customer Records and Information; Disposal of Consumer Report Information.’’ Rule 248.30 (the ‘‘safeguard rule’’) requires brokers, dealers, investment companies, and investment advisers registered with the Commission (‘‘registered investment advisers’’) (collectively ‘‘covered institutions’’) to adopt written policies and procedures for administrative, technical, and physical safeguards to protect customer records and information. The safeguards must be reasonably designed to ‘‘insure the security and confidentiality of customer records and information,’’ ‘‘protect against any anticipated threats or hazards to the security and integrity’’ of those records, and protect against unauthorized access to or use of those records or information, which ‘‘could 34 17 PO 00000 CFR 200.30–3(a)(12). Frm 00060 Fmt 4703 Sfmt 4703 result in substantial harm or inconvenience to any customer.’’ The safeguard rule’s requirement that covered institutions’ policies and procedures be documented in writing constitutes a collection of information and must be maintained on an ongoing basis. This requirement eliminates uncertainty as to required employee actions to protect customer records and information and promotes more systematic and organized reviews of safeguard policies and procedures by institutions. The information collection also assists the Commission’s examination staff in assessing the existence and adequacy of covered institutions’ safeguard policies and procedures. We estimate that as of the end of 2018, there are 3,926 broker-dealers, 4,095 investment companies, and 13,230 investment advisers registered with the Commission, for a total of 21,251 covered institutions. We believe that all of these covered institutions have already documented their safeguard policies and procedures in writing and therefore will incur no hourly burdens related to the initial documentation of policies and procedures. Although existing covered institutions would not incur any initial hourly burden in complying with the safeguards rule, we expect that newly registered institutions would incur some hourly burdens associated with documenting their safeguard policies and procedures. We estimate that approximately 1,350 broker-dealers, investment companies, or investment advisers register with the Commission annually. However, we also expect that approximately 55% of these newly registered covered institutions, or 743 institutions, are affiliated with an existing covered institution, and will rely on an organization-wide set of previously documented safeguard policies and procedures created by their affiliates. We estimate that these affiliated newly registered covered institutions will incur a significantly reduced hourly burden in complying with the safeguards rule, as they will need only to review their affiliate’s existing policies and procedures, and identify and adopt the relevant policies for their business. Therefore, we expect that newly registered covered institutions with existing affiliates will incur an hourly burden of approximately 15 hours in identifying and adopting safeguard policies and procedures for their business, for a total hourly burden for all affiliated new institutions of 11,145 hours. We expect that half of this time would be incurred E:\FR\FM\18APN1.SGM 18APN1 jbell on DSK30RV082PROD with NOTICES Federal Register / Vol. 84, No. 75 / Thursday, April 18, 2019 / Notices by inside counsel at an hourly rate of $401, and half would be by a compliance officer at an hourly rate of $352, for a total cost of $4,196,093. Finally, we expect that the 607 newly registered entities that are not affiliated with an existing institution will incur a significantly higher hourly burden in reviewing and documenting their safeguard policies and procedures. We expect that virtually all of the newly registered covered entities that do not have an affiliate are likely to be small entities and are likely to have smaller and less complex operations, with a correspondingly smaller set of safeguard policies and procedures to document, compared to other larger existing institutions with multiple affiliates. We estimate that it will take a typical newly registered unaffiliated institution approximately 60 hours to review, identify, and document their safeguard policies and procedures, for a total of 36,420 hours for all newly registered unaffiliated entities. We expect that half of this time would be incurred by inside counsel at an hourly rate of $401, and half would be by a compliance officer at an hourly rate of $352, for a total cost of $13,712,130. Therefore, we estimate that the total annual hourly burden associated with the safeguards rule is 47,565 hours at a total hourly cost of $17,908,223. We also estimate that all covered institutions will be respondents each year, for a total of 21,251 respondents. These estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act. 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 control number. The safeguard rule does not require the reporting of any information or the filing of any documents with the Commission. The collection of information required by the safeguard rule is mandatory. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the 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 VerDate Sep<11>2014 17:37 Apr 17, 2019 Jkt 247001 in writing within 60 days of this publication. Please direct your written comments to Charles Riddle, Acting 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. Dated: April 15, 2019. Eduardo A. Aleman, Deputy Secretary. 16299 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–07823 Filed 4–17–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85644; File No. SR–NYSE– 2018–46] [FR Doc. 2019–07761 Filed 4–17–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85646; File No. SR– NYSEArca–2018–77] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of Proposed Rule Change To Amend Rule 7.44–E To Expand and Modify the Exchange’s Retail Liquidity Program April 15, 2019. On October 26, 2018, NYSE Arca, Inc. (the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend Rule 7.44–E to expand the Exchange’s Retail Liquidity Program to all securities traded on the Exchange and make certain other modifications. The proposed rule change was published for comment in the Federal Register on November 14, 2018.3 On December 10, 2018, the Commission extended the time period in which to approve, disapprove, or institute proceedings to determine whether to approve or disapprove, the proposed rule change.4 On December 26, 2018, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act 5 to determine whether to approve or disapprove the proposed rule change.6 The Commission received no comments on the proposed rule change. On April 5, 2019, the Exchange withdrew the proposed rule change (SR–NYSEArca– 2018–77). Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Listed Company Manual for Special Purpose Acquisition Companies To Reduce the Continued Listing Standards for Public Holders From 300 to 100 and To Enable the Exchange To Exercise Discretion To Allow Special Purpose Acquisition Companies a Reasonable Time Period Following a Business Combination To Demonstrate Compliance With the Applicable Quantitative Listing Standards April 15, 2019. On October 1, 2018, New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend the Listed Company Manual for Acquisition Companies (‘‘ACs’’) to reduce the continued listing standards for public holders from 300 to 100 and to enable the Exchange to exercise discretion to allow ACs a reasonable time period following a business combination to demonstration compliance with the applicable quantitative listing standards. The proposed rule change was published for comment in the Federal Register on October 18, 2018.3 In response, the Commission received one comment on the proposed rule change.4 On November 29, 2018, pursuant to Section 19(b)(2) of the Act,5 the 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 84420 (October 12, 2018), 83 FR 52854 (October 18, 2018) (‘‘Notice’’). 4 See Letter to Secretary, Commission, from Jeffrey P. Mahoney, General Counsel, Council of Institutional Investors, dated November 8, 2018 (‘‘CII Letter’’). 5 15 U.S.C. 78s(b)(2). 1 15 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 84547 (November 7, 2018), 83 FR 56890 (‘‘Notice’’). 4 See Securities Exchange Act Release No. 84772, 83 FR 64381 (December 14, 2018). 5 15 U.S.C. 78s(b)(2)(B). 6 See Securities Exchange Act Release No. 84976, 84 FR 833 (January 31, 2019). 2 17 PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 E:\FR\FM\18APN1.SGM 18APN1

Agencies

[Federal Register Volume 84, Number 75 (Thursday, April 18, 2019)]
[Notices]
[Pages 16298-16299]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07761]


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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:
    Rule 248.30, SEC File No. 270-549, OMB Control No. 3235-0610.

    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'') is soliciting comments on the 
collection of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    Rule 248.30 (17 CFR 248.30) under Regulation S-P is titled 
``Procedures to Safeguard Customer Records and Information; Disposal of 
Consumer Report Information.'' Rule 248.30 (the ``safeguard rule'') 
requires brokers, dealers, investment companies, and investment 
advisers registered with the Commission (``registered investment 
advisers'') (collectively ``covered institutions'') to adopt written 
policies and procedures for administrative, technical, and physical 
safeguards to protect customer records and information. The safeguards 
must be reasonably designed to ``insure the security and 
confidentiality of customer records and information,'' ``protect 
against any anticipated threats or hazards to the security and 
integrity'' of those records, and protect against unauthorized access 
to or use of those records or information, which ``could result in 
substantial harm or inconvenience to any customer.'' The safeguard 
rule's requirement that covered institutions' policies and procedures 
be documented in writing constitutes a collection of information and 
must be maintained on an ongoing basis. This requirement eliminates 
uncertainty as to required employee actions to protect customer records 
and information and promotes more systematic and organized reviews of 
safeguard policies and procedures by institutions. The information 
collection also assists the Commission's examination staff in assessing 
the existence and adequacy of covered institutions' safeguard policies 
and procedures.
    We estimate that as of the end of 2018, there are 3,926 broker-
dealers, 4,095 investment companies, and 13,230 investment advisers 
registered with the Commission, for a total of 21,251 covered 
institutions. We believe that all of these covered institutions have 
already documented their safeguard policies and procedures in writing 
and therefore will incur no hourly burdens related to the initial 
documentation of policies and procedures.
    Although existing covered institutions would not incur any initial 
hourly burden in complying with the safeguards rule, we expect that 
newly registered institutions would incur some hourly burdens 
associated with documenting their safeguard policies and procedures. We 
estimate that approximately 1,350 broker-dealers, investment companies, 
or investment advisers register with the Commission annually. However, 
we also expect that approximately 55% of these newly registered covered 
institutions, or 743 institutions, are affiliated with an existing 
covered institution, and will rely on an organization-wide set of 
previously documented safeguard policies and procedures created by 
their affiliates. We estimate that these affiliated newly registered 
covered institutions will incur a significantly reduced hourly burden 
in complying with the safeguards rule, as they will need only to review 
their affiliate's existing policies and procedures, and identify and 
adopt the relevant policies for their business. Therefore, we expect 
that newly registered covered institutions with existing affiliates 
will incur an hourly burden of approximately 15 hours in identifying 
and adopting safeguard policies and procedures for their business, for 
a total hourly burden for all affiliated new institutions of 11,145 
hours. We expect that half of this time would be incurred

[[Page 16299]]

by inside counsel at an hourly rate of $401, and half would be by a 
compliance officer at an hourly rate of $352, for a total cost of 
$4,196,093.
    Finally, we expect that the 607 newly registered entities that are 
not affiliated with an existing institution will incur a significantly 
higher hourly burden in reviewing and documenting their safeguard 
policies and procedures. We expect that virtually all of the newly 
registered covered entities that do not have an affiliate are likely to 
be small entities and are likely to have smaller and less complex 
operations, with a correspondingly smaller set of safeguard policies 
and procedures to document, compared to other larger existing 
institutions with multiple affiliates. We estimate that it will take a 
typical newly registered unaffiliated institution approximately 60 
hours to review, identify, and document their safeguard policies and 
procedures, for a total of 36,420 hours for all newly registered 
unaffiliated entities. We expect that half of this time would be 
incurred by inside counsel at an hourly rate of $401, and half would be 
by a compliance officer at an hourly rate of $352, for a total cost of 
$13,712,130.
    Therefore, we estimate that the total annual hourly burden 
associated with the safeguards rule is 47,565 hours at a total hourly 
cost of $17,908,223. We also estimate that all covered institutions 
will be respondents each year, for a total of 21,251 respondents.
    These estimates of average burden hours are made solely for the 
purposes of the Paperwork Reduction Act. 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 control number. The 
safeguard rule does not require the reporting of any information or the 
filing of any documents with the Commission. The collection of 
information required by the safeguard rule is mandatory.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the 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.
    Please direct your written comments to Charles Riddle, Acting 
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: April 15, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-07761 Filed 4-17-19; 8:45 am]
 BILLING CODE 8011-01-P