Proposed Collection; Comment Request, 36981-36983 [2019-16088]

Download as PDF Federal Register / Vol. 84, No. 146 / Tuesday, July 30, 2019 / Notices than 23% of the market share.21 Therefore, no exchange possesses significant pricing power in the execution of order flow. Indeed, participants can readily choose to send their orders to other exchange and offexchange venues if they deem fee levels at those other venues to be more favorable. Moreover, the Commission has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. Specifically, in Regulation NMS, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system ‘‘has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.’’ 22 The fact that this market is competitive has also long been recognized by the courts. In NetCoalition v. Securities and Exchange Commission, the D.C. Circuit stated as follows: ‘‘[n]o one disputes that competition for order flow is ‘fierce.’ . . . As the SEC explained, ‘[i]n the U.S. national market system, buyers and sellers of securities, and the brokerdealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution’; [and] ‘no exchange can afford to take its market share percentages for granted’ because ‘no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers’. . . .’’.23 Accordingly, the Exchange does not believe its proposed fee change imposes any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others jspears on DSK3GMQ082PROD with NOTICES The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from Members or other interested parties. 21 See Cboe Global Markets U.S. Equities Market Volume Summary (June 28, 2019), available at https://markets.cboe.com/us/equities/market_share/. 22 See Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 23 NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010) (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782– 83 (December 9, 2008) (SR–NYSEArca–2006–21)). VerDate Sep<11>2014 16:42 Jul 29, 2019 Jkt 247001 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) of the Act 24 and paragraph (f) of Rule 19b–4 25 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: Electronic Comments • Use the Commission’s internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rulecomments@sec.gov. Please include File Number SR–CboeBZX–2019–065 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–CboeBZX–2019–065. 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 PO 00000 24 15 25 17 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). Frm 00098 Fmt 4703 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–CboeBZX–2019–065 and should be submitted on or before August 20, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.26 Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–16097 Filed 7–29–19; 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 19b–4 and Form 19b–4, SEC File No. 270–38, OMB Control No. 3235–0045 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 Rule 19b–4 (17 CFR 240.19b–4), under the Securities Exchange Act of 1934 (‘‘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. Section 19(b) of the Act (15 U.S.C. 78s(b)) requires each self-regulatory organization (‘‘SRO’’) to file with the Commission copies of any proposed rule, or any proposed change in, addition to, or deletion from the rules of such SRO. Rule 19b–4 implements the requirements of Section 19(b) by requiring the SROs to file their proposed rule changes on Form 19b–4 and by clarifying which actions taken by SROs 26 17 Sfmt 4703 36981 E:\FR\FM\30JYN1.SGM CFR 200.30–3(a)(12). 30JYN1 36982 Federal Register / Vol. 84, No. 146 / Tuesday, July 30, 2019 / Notices are subject to the filing requirement set forth in Section 19(b). Rule 19b–4(n) requires a designated clearing agency to provide the Commission advance notice (‘‘Advance Notice’’) of any proposed change to its rules, procedures, or operations that could materially affect the nature or level of risks presented by such clearing agency. Rule 19b–4(o) requires a registered clearing agency to submit for a Commission determination any security-based swap, or any group, category, type, or class of security-based swaps it plans to accept for clearing (‘‘Security-Based Swap Submission’’), and provide notice to its members of such submissions. The collection of information is designed to provide the Commission with the information necessary to determine, as required by the Act, whether the proposed rule change is consistent with the Act and the rules thereunder. The information is used to determine if the proposed rule change should be approved, disapproved, suspended, or if proceedings should be instituted to determine whether to approve or disapprove the proposed rule change. The respondents to the collection of information are SROs (as defined by Section 3(a)(26) of the Act),1 including national securities exchanges, national securities associations, registered clearing agencies, notice registered securities future product exchanges, and the Municipal Securities Rulemaking Board. In calendar year 2018, each respondent filed an average of approximately 39 proposed rule changes. Each filing takes approximately 41 hours to complete on average. Thus, the total annual reporting burden for filing proposed rule changes with the Commission is 67,158 hours (39 proposals per year × 42 SROs × 41 hours per filing) for the estimated future number of 42 SROs.2 In addition to filing their proposed rule changes with the Commission, the respondents also are required to post each of their proposals on their respective websites, a process that takes approximately four hours to complete per proposal. Thus, the total annual reporting burden on respondents to post the proposals on their websites is 6,552 hours (39 jspears on DSK3GMQ082PROD with NOTICES 1 15 U.S.C. 78c(a)(26). 2018, there were 39 SROs. In May 2019, an additional SRO registered with the Commission (as a national securities exchange). The Commission expects two additional respondents to register during the three-year period for which this Paperwork Reduction Act extension is applicable (one as a registered clearing agency and one as a national securities exchange), bringing the total number of respondents to 42. 2 In VerDate Sep<11>2014 16:42 Jul 29, 2019 Jkt 247001 proposals per year × 42 SROs × 4 hours per filing) for the estimated future number of 42 SROs. Further, the respondents are required to update their rulebooks, which they maintain on their websites, to reflect the changes that they make in each proposal they file. The total annual reporting burden for updating online rulebooks is 5,579 hours ((1,638 filings per year¥240 withdrawn filings 3¥3 disapproved filings 4) × 4 hours). Finally, a respondent is required to notify the Commission if it does not post a proposed rule change on its website on the same day that it filed the proposal with the Commission. The Commission estimates that SROs will fail to post proposed rule changes on their websites on the same day as the filing 16 times a year (across all SROs), and that each SRO will spend approximately one hour preparing and submitting such notice to the Commission, resulting in a total annual burden of 16 hours (16 notices × 1 hour per notice). Designated clearing agencies have additional information collection burdens. As noted above, pursuant to Rule 19b–4(n), a designated clearing agency must file with the Commission an Advance Notice of any proposed change to its rules, procedures, or operations that could materially affect the nature or level of risks presented by such designated clearing agency. The Commission estimates that four designated clearing agencies will each submit five Advance Notices per year, with each submission taking 90 hours to complete. The total annual reporting burden for filing Advance Notices is therefore 2,250 hours (5 designated clearing agencies × 5 Advance Notices per year × 90 hours per response). Designated clearing agencies are required to post all Advance Notices to their websites, each of which takes approximately four hours to complete. For five Advance Notices, the total annual reporting burden for posting them to respondents’ websites is 100 hours (5 designated clearing agencies × 5 Advance Notices per year × 4 hours per website posting). Respondents are required to update the postings of those Advance Notices that become effective, each of which takes approximately four hours to complete. The total annual reporting burden for updating Advance Notices on the respondents’ websites is 100 hours (5 designated clearing 3 For 39 SROs, 223 withdrawn filings equal approximately 5.72 filings per SRO. For 42 SROs, the figure would increase to 240 withdrawn filings. 4 For 39 SROs, three disapproved filings equal approximately 0.08 filings per SRO. For 42 SROs, the figure would remain at three disapproved filings. PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 agencies × 5 Advance Notices per year × 4 hours per website posting). Pursuant to Rule 19b–4(n)(5), the respondents are also required to provide copies of all materials submitted to the Commission relating to an Advance Notice to the Board of Governors of the Federal Reserve System (‘‘Board’’) contemporaneously with such submission to the Commission, which is estimated to take two hours. The total annual reporting burden for designated clearing agencies to meet this requirement is 50 hours (5 designated clearing agencies × 5 Advance Notices per year × 2 hours per response). The Commission estimates that three security-based swap clearing agencies will each submit 20 Security-Based Swap Submissions per year, with each submission taking 140 hours to complete resulting in a total annual reporting burden of 8,400 hours (3 respondent clearing agencies × 20 Security-Based Swap Submissions per year × 140 hours per response). Respondent clearing agencies are required to post all Security-Based Swap Submissions to their websites, each of which takes approximately four hours to complete. For 20 SecurityBased Swap Submissions, the total annual reporting burden for posting them to the three respondents’ websites is 240 hours (3 respondent clearing agencies × 20 Security-Based Swap Submissions per year × 4 hours per website posting). In addition, three clearing agencies that have not previously posted Security-Based Swap Submissions on their websites may need to update their existing websites to post such filings online. The Commission estimates that each of these three clearing agencies would spend approximately 15 hours updating their existing websites, resulting in a total one-time burden of 45 hours (3 respondent clearing agencies × 15 hours per website update) or 15 hours annualized over three years. Respondent SROs will also have to provide training to staff members using the Electronic Form 19b–4 Filing System (‘‘EFFS’’) to submit SecurityBased Swap Submissions, Advance Notices, and/or proposed rule changes electronically. The Commission estimates that one newly-registered national securities exchange, one anticipated national securities exchange, and one anticipated clearing agency will spend approximately 60 hours training all staff members who will use EFFS to submit Security-Based Swap Submissions, Advance Notices, and/or proposed rule changes electronically, or 20 hours annualized over three years. The Commission also E:\FR\FM\30JYN1.SGM 30JYN1 jspears on DSK3GMQ082PROD with NOTICES Federal Register / Vol. 84, No. 146 / Tuesday, July 30, 2019 / Notices estimates that these newly-registered and anticipated SROs will have a onetime burden of 390 hours to draft and implement internal policies and procedures for using EFFS to make these submissions, or 130 hours annualized over three years. The Commission estimates that each of the 42 respondents will spend 10 hours each year training new compliance staff members and updating the training of existing compliance staff members to use EFFS, for a total annual burden of 420 hours (42 respondent SROs × 10 hours). In connection with Security-Based Swap Submissions, counterparties may apply for a stay from a mandatory clearing requirement under Rule 3Ca–1. The Commission estimates that each clearing agency will submit five applications for stays from a clearing requirement per year and it will take approximately 18 hours to retrieve, review, and submit each application. Thus, the total annual reporting burden for the Rule 3Ca–1 stay of clearing requirement would be 270 hours (3 respondent clearing agencies × 5 stay of clearing applications per year × 18 hours to retrieve, review, and submit the stay of clearing information). Based on the above, the total estimated annual response burden pursuant to Rule 19b–4 and Form 19b– 4 is the sum of the total annual reporting burdens for filing proposed rule changes, Advance Notices, and Security-Based Swap Submissions; training staff to file such proposals; drafting, modifying, and implementing internal policies and procedures for filing such proposals; posting each proposal on the respondents’ websites; updating websites to enable posting of proposals; updating the respondents’ online rulebooks to reflect the proposals that became effective; submitting copies of Advance Notices to the Board; and applying for stays from clearing requirements, which is 91,300 hours. Compliance with Rule 19b–4 is mandatory. Information received in response to Rule 19b–4 shall not be kept confidential; the information collected is public information. 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 estimate 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 VerDate Sep<11>2014 16:42 Jul 29, 2019 Jkt 247001 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: 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: July 24, 2019. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–16088 Filed 7–29–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–86460; File No. SR–NYSE– 2019–34] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend Exchange Rule 104 To Specify Designated Market Maker Requirements for Exchange Traded Products Listed on the Exchange July 24, 2019. On June 7, 2019, New York Stock Exchange LLC (‘‘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 Exchange Rule 104 to specify Designated Market Maker (‘‘DMM’’) requirements for Exchange Traded Products (‘‘ETPs’’) listed on the Exchange pursuant to Exchange Rules 5P and 8P. The proposed rule change was published for comment in the Federal Register on June 25, 2019.3 The Commission has received one comment on the proposal.4 Section 19(b)(2) of the Act 5 provides that within 45 days of the publication of notice of the filing of a proposed rule U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 86151 (June 19, 2019), 84 FR 29908 (June 25, 2019). 4 See Letter from Bernard B. Fudim, to Secretary, Commission, dated June 19, 2019. 5 15 U.S.C. 78s(b)(2). PO 00000 1 15 2 17 Frm 00100 Fmt 4703 Sfmt 4703 36983 change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day for this filing is August 9, 2019. The Commission is extending the 45day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, pursuant to Section 19(b)(2) of the Act,6 the Commission designates September 23, 2019, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–NYSE–2019– 34). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–16096 Filed 7–29–19; 8:45 am] BILLING CODE 8011–01–P 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: Rule 0–2, SEC File No. 270–572, OMB Control No. 3235–0636 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), 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. Several sections of the Investment Company Act of 1940 (‘‘Act’’ or 6 Id. 7 17 E:\FR\FM\30JYN1.SGM CFR 200.30–3(a)(31). 30JYN1

Agencies

[Federal Register Volume 84, Number 146 (Tuesday, July 30, 2019)]
[Notices]
[Pages 36981-36983]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-16088]


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

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 19b-4 and Form 19b-4, SEC File No. 270-38, OMB Control No. 
3235-0045

    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 Rule 19b-4 (17 CFR 240.19b-
4), under the Securities Exchange Act of 1934 (``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.
    Section 19(b) of the Act (15 U.S.C. 78s(b)) requires each self-
regulatory organization (``SRO'') to file with the Commission copies of 
any proposed rule, or any proposed change in, addition to, or deletion 
from the rules of such SRO. Rule 19b-4 implements the requirements of 
Section 19(b) by requiring the SROs to file their proposed rule changes 
on Form 19b-4 and by clarifying which actions taken by SROs

[[Page 36982]]

are subject to the filing requirement set forth in Section 19(b). Rule 
19b-4(n) requires a designated clearing agency to provide the 
Commission advance notice (``Advance Notice'') of any proposed change 
to its rules, procedures, or operations that could materially affect 
the nature or level of risks presented by such clearing agency. Rule 
19b-4(o) requires a registered clearing agency to submit for a 
Commission determination any security-based swap, or any group, 
category, type, or class of security-based swaps it plans to accept for 
clearing (``Security-Based Swap Submission''), and provide notice to 
its members of such submissions.
    The collection of information is designed to provide the Commission 
with the information necessary to determine, as required by the Act, 
whether the proposed rule change is consistent with the Act and the 
rules thereunder. The information is used to determine if the proposed 
rule change should be approved, disapproved, suspended, or if 
proceedings should be instituted to determine whether to approve or 
disapprove the proposed rule change.
    The respondents to the collection of information are SROs (as 
defined by Section 3(a)(26) of the Act),\1\ including national 
securities exchanges, national securities associations, registered 
clearing agencies, notice registered securities future product 
exchanges, and the Municipal Securities Rulemaking Board.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78c(a)(26).
---------------------------------------------------------------------------

    In calendar year 2018, each respondent filed an average of 
approximately 39 proposed rule changes. Each filing takes approximately 
41 hours to complete on average. Thus, the total annual reporting 
burden for filing proposed rule changes with the Commission is 67,158 
hours (39 proposals per year x 42 SROs x 41 hours per filing) for the 
estimated future number of 42 SROs.\2\ In addition to filing their 
proposed rule changes with the Commission, the respondents also are 
required to post each of their proposals on their respective websites, 
a process that takes approximately four hours to complete per proposal. 
Thus, the total annual reporting burden on respondents to post the 
proposals on their websites is 6,552 hours (39 proposals per year x 42 
SROs x 4 hours per filing) for the estimated future number of 42 SROs. 
Further, the respondents are required to update their rulebooks, which 
they maintain on their websites, to reflect the changes that they make 
in each proposal they file. The total annual reporting burden for 
updating online rulebooks is 5,579 hours ((1,638 filings per year-240 
withdrawn filings \3\-3 disapproved filings \4\) x 4 hours). Finally, a 
respondent is required to notify the Commission if it does not post a 
proposed rule change on its website on the same day that it filed the 
proposal with the Commission. The Commission estimates that SROs will 
fail to post proposed rule changes on their websites on the same day as 
the filing 16 times a year (across all SROs), and that each SRO will 
spend approximately one hour preparing and submitting such notice to 
the Commission, resulting in a total annual burden of 16 hours (16 
notices x 1 hour per notice).
---------------------------------------------------------------------------

    \2\ In 2018, there were 39 SROs. In May 2019, an additional SRO 
registered with the Commission (as a national securities exchange). 
The Commission expects two additional respondents to register during 
the three-year period for which this Paperwork Reduction Act 
extension is applicable (one as a registered clearing agency and one 
as a national securities exchange), bringing the total number of 
respondents to 42.
    \3\ For 39 SROs, 223 withdrawn filings equal approximately 5.72 
filings per SRO. For 42 SROs, the figure would increase to 240 
withdrawn filings.
    \4\ For 39 SROs, three disapproved filings equal approximately 
0.08 filings per SRO. For 42 SROs, the figure would remain at three 
disapproved filings.
---------------------------------------------------------------------------

    Designated clearing agencies have additional information collection 
burdens. As noted above, pursuant to Rule 19b-4(n), a designated 
clearing agency must file with the Commission an Advance Notice of any 
proposed change to its rules, procedures, or operations that could 
materially affect the nature or level of risks presented by such 
designated clearing agency. The Commission estimates that four 
designated clearing agencies will each submit five Advance Notices per 
year, with each submission taking 90 hours to complete. The total 
annual reporting burden for filing Advance Notices is therefore 2,250 
hours (5 designated clearing agencies x 5 Advance Notices per year x 90 
hours per response).
    Designated clearing agencies are required to post all Advance 
Notices to their websites, each of which takes approximately four hours 
to complete. For five Advance Notices, the total annual reporting 
burden for posting them to respondents' websites is 100 hours (5 
designated clearing agencies x 5 Advance Notices per year x 4 hours per 
website posting). Respondents are required to update the postings of 
those Advance Notices that become effective, each of which takes 
approximately four hours to complete. The total annual reporting burden 
for updating Advance Notices on the respondents' websites is 100 hours 
(5 designated clearing agencies x 5 Advance Notices per year x 4 hours 
per website posting).
    Pursuant to Rule 19b-4(n)(5), the respondents are also required to 
provide copies of all materials submitted to the Commission relating to 
an Advance Notice to the Board of Governors of the Federal Reserve 
System (``Board'') contemporaneously with such submission to the 
Commission, which is estimated to take two hours. The total annual 
reporting burden for designated clearing agencies to meet this 
requirement is 50 hours (5 designated clearing agencies x 5 Advance 
Notices per year x 2 hours per response).
    The Commission estimates that three security-based swap clearing 
agencies will each submit 20 Security-Based Swap Submissions per year, 
with each submission taking 140 hours to complete resulting in a total 
annual reporting burden of 8,400 hours (3 respondent clearing agencies 
x 20 Security-Based Swap Submissions per year x 140 hours per 
response). Respondent clearing agencies are required to post all 
Security-Based Swap Submissions to their websites, each of which takes 
approximately four hours to complete. For 20 Security-Based Swap 
Submissions, the total annual reporting burden for posting them to the 
three respondents' websites is 240 hours (3 respondent clearing 
agencies x 20 Security-Based Swap Submissions per year x 4 hours per 
website posting). In addition, three clearing agencies that have not 
previously posted Security-Based Swap Submissions on their websites may 
need to update their existing websites to post such filings online. The 
Commission estimates that each of these three clearing agencies would 
spend approximately 15 hours updating their existing websites, 
resulting in a total one-time burden of 45 hours (3 respondent clearing 
agencies x 15 hours per website update) or 15 hours annualized over 
three years.
    Respondent SROs will also have to provide training to staff members 
using the Electronic Form 19b-4 Filing System (``EFFS'') to submit 
Security-Based Swap Submissions, Advance Notices, and/or proposed rule 
changes electronically. The Commission estimates that one newly-
registered national securities exchange, one anticipated national 
securities exchange, and one anticipated clearing agency will spend 
approximately 60 hours training all staff members who will use EFFS to 
submit Security-Based Swap Submissions, Advance Notices, and/or 
proposed rule changes electronically, or 20 hours annualized over three 
years. The Commission also

[[Page 36983]]

estimates that these newly-registered and anticipated SROs will have a 
one-time burden of 390 hours to draft and implement internal policies 
and procedures for using EFFS to make these submissions, or 130 hours 
annualized over three years. The Commission estimates that each of the 
42 respondents will spend 10 hours each year training new compliance 
staff members and updating the training of existing compliance staff 
members to use EFFS, for a total annual burden of 420 hours (42 
respondent SROs x 10 hours).
    In connection with Security-Based Swap Submissions, counterparties 
may apply for a stay from a mandatory clearing requirement under Rule 
3Ca-1. The Commission estimates that each clearing agency will submit 
five applications for stays from a clearing requirement per year and it 
will take approximately 18 hours to retrieve, review, and submit each 
application. Thus, the total annual reporting burden for the Rule 3Ca-1 
stay of clearing requirement would be 270 hours (3 respondent clearing 
agencies x 5 stay of clearing applications per year x 18 hours to 
retrieve, review, and submit the stay of clearing information).
    Based on the above, the total estimated annual response burden 
pursuant to Rule 19b-4 and Form 19b-4 is the sum of the total annual 
reporting burdens for filing proposed rule changes, Advance Notices, 
and Security-Based Swap Submissions; training staff to file such 
proposals; drafting, modifying, and implementing internal policies and 
procedures for filing such proposals; posting each proposal on the 
respondents' websites; updating websites to enable posting of 
proposals; updating the respondents' online rulebooks to reflect the 
proposals that became effective; submitting copies of Advance Notices 
to the Board; and applying for stays from clearing requirements, which 
is 91,300 hours.
    Compliance with Rule 19b-4 is mandatory. Information received in 
response to Rule 19b-4 shall not be kept confidential; the information 
collected is public information.
    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 
estimate 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: 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: July 24, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-16088 Filed 7-29-19; 8:45 am]
 BILLING CODE 8011-01-P
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