Submission for OMB Review; Comment Request, 29562-29563 [2019-13298]

Download as PDF 29562 Federal Register / Vol. 84, No. 121 / Monday, June 24, 2019 / Notices Shares would be consistent with the Act? Comments may be submitted by any of the following methods: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.44 Vanessa A. Countryman, Acting Secretary. Electronic Comments [FR Doc. 2019–13307 Filed 6–21–19; 8:45 am] • 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– NYSEArca–2019–12 on the subject line. BILLING CODE 8011–01–P Paper Comments jbell on DSK3GLQ082PROD with NOTICES • 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–NYSEArca–2019–12. 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–NYSEArca–2019–12 and should be submitted on or before July 15, 2019. Rebuttal comments should be submitted by July 29, 2019. 44 17 CFR 200.30–3(a)(12); 17 CFR 200.30– 3(a)(57). VerDate Sep<11>2014 16:50 Jun 21, 2019 Jkt 247001 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–549, OMB Control No. 3235–0610] 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: Rule 248.30 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. 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 PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 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 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 E:\FR\FM\24JNN1.SGM 24JNN1 jbell on DSK3GLQ082PROD with NOTICES Federal Register / Vol. 84, No. 121 / Monday, June 24, 2019 / Notices 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. 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 Lindsay.M. Abate@omb.eop.gov; and (ii) 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. Comments must be submitted to OMB within 30 days of this notice. Dated: June 18, 2019. Vanessa A. Countryman, Acting Secretary. Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Chapter VI, Section 5 (Minimum Increments), To Extend Through December 31, 2019 June 18, 2019. Pursuant to 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 June 14, 2019, Nasdaq BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II, 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 proposes to amend Chapter VI, Section 5 (Minimum Increments),3 to extend through December 31, 2019 or the date of permanent approval, if earlier, the Penny Pilot Program in options classes in certain issues (‘‘Penny Pilot’’ or ‘‘Pilot’’). The text of the proposed rule change is available on the Exchange’s website at https:// nasdaqbx.cchwallstreet.com/, at the principal office of the Exchange, 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. U.S.C. 78s(b)(1). CFR 240.19b–4. 3 References herein to Chapter and Series refer to rules of the BX Options Market (‘‘BX Options’’), unless otherwise noted. 2 17 BILLING CODE 8011–01–P 16:50 Jun 21, 2019 [Release No. 34–86137; File No. SR–BX– 2019–020] 1 15 [FR Doc. 2019–13298 Filed 6–21–19; 8:45 am] VerDate Sep<11>2014 SECURITIES AND EXCHANGE COMMISSION Jkt 247001 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 29563 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend Chapter VI, Section 5, to extend the Penny Pilot through December 31, 2019 or the date of permanent approval, if earlier.4 The Exchange believes that extending the Penny Pilot will allow for further analysis of the Penny Pilot and a determination of how the program should be structured in the future. Under the Penny Pilot, the minimum price variation for all participating options classes, except for the Nasdaq100 Index Tracking Stock (‘‘QQQQ’’), the SPDR S&P 500 Exchange Traded Fund (‘‘SPY’’) and the iShares Russell 2000 Index Fund (‘‘IWM’’), is $0.01 for all quotations in options series that are quoted at less than $3 per contract and $0.05 for all quotations in options series that are quoted at $3 per contract or greater. QQQQ, SPY and IWM are quoted in $0.01 increments for all options series. The Penny Pilot is currently scheduled to expire on June 30, 2019.5 The Exchange now proposes to extend the time period of the Penny Pilot through December 31, 2019 or the date of permanent approval, if earlier. This filing does not propose any substantive changes to the Penny Pilot Program; all classes currently participating in the Penny Pilot will remain the same and all minimum increments will remain unchanged. The Exchange believes the benefits to public customers and other market participants who will be able to express their true prices to buy and sell options have been demonstrated to outweigh the potential increase in quote traffic. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,6 in general, and furthers the objectives of Section 6(b)(5) of the Act,7 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove 4 The options exchanges in the U.S. that have pilot programs similar to the Penny Pilot (together ‘‘pilot programs’’) are currently working on a proposal for permanent approval of the respective pilot programs. 5 See Securities Exchange Act Release No. 84952 (December 26, 2018), 84 FR 871 (January 31, 2019) (SR–BX–2018–067). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). E:\FR\FM\24JNN1.SGM 24JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 84, Number 121 (Monday, June 24, 2019)]
[Notices]
[Pages 29562-29563]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13298]


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

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-549, OMB Control No. 3235-0610]


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: Rule 248.30

    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.
    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 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

[[Page 29563]]

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.
    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 Lindsay.M. 
[email protected]; and (ii) 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]. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: June 18, 2019.
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13298 Filed 6-21-19; 8:45 am]
 BILLING CODE 8011-01-P

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