Self-Regulatory Organizations; LCH SA; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Introduction of Clearing of the New Markit iTraxx Subordinated Financials Index CDS and the Related Single Name CDS Constituents and Enhancements to Wrong Way Risk Margin, 46984-46985 [2019-19216]

Download as PDF 46984 Federal Register / Vol. 84, No. 173 / Friday, September 6, 2019 / Notices Filing Dates: The application was filed on May 16, 2019, and amended on July 15, 2019 and July 25, 2019. Applicant’s Address: Cortina Funds, Inc., 825 North Jefferson Street, Suite 400, Milwaukee, Wisconsin 53202. iShares Sovereign Screened Global Bond Fund, Inc. [File No. 811–22674] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. Applicant has never made a public offering of its securities and does not propose to make a public offering or engage in business of any kind. Filing Dates: The application was filed on June 28, 2019, and amended on August 20, 2019. Applicant’s Address: c/o State Street Bank and Trust Company, 1 Lincoln Street, Mail Stop SUM 0703, Boston, Massachusetts 02111. JPMorgan Trust III [File No. 811–22915] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. On April 24, 2019, applicant made liquidating distributions to its shareholders based on net asset value. Expenses of $6,939.68 incurred in connection with the liquidation were paid by applicant. Applicant also has retained $182,899 for the purpose of paying remaining liabilities, outstanding tax reclaims and receivables. Filing Dates: The application was filed on May 20, 2019, and amended on July 16, 2019 and July 24, 2019. Applicant’s Address: 277 Park Avenue, New York, New York 10172. Putnam Fund For Growth & Income [File No. 811–00781] jspears on DSK3GMQ082PROD with NOTICES Summary: Applicant seeks an order declaring that it has ceased to be an investment company. The applicant has transferred its assets to Putnam Equity Income Fund, and on May 15, 2017, made a final distribution to its shareholders based on net asset value. Expenses of approximately $973,351 incurred in connection with the reorganization were paid by the applicant and the acquiring fund. Filing Dates: The application was filed on April 17, 2019, and amended on July 25, 2019. Applicant’s Address: 100 Federal Street, Boston, Massachusetts 02110. Putnam Michigan Tax Exempt Income Fund [File No. 811–04529] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. The applicant has transferred its assets to Putnam Tax Exempt Income Fund, and on July 24, VerDate Sep<11>2014 16:53 Sep 05, 2019 Jkt 247001 2017, made a final distribution to its shareholders based on net asset value. Expenses of approximately $371,762 incurred in connection with the reorganization were paid by the applicant, the acquiring fund, and their investment adviser. Filing Dates: The application was filed on April 17, 2019, and amended on July 25, 2019. Applicant’s Address: 100 Federal Street, Boston, Massachusetts 02110. Putnam Tax Exempt Money Market Fund [File No. 811–05215] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. On March 23, 2016, applicant made liquidating distributions to its shareholders based on net asset value. Expenses of approximately $23,143 incurred in connection with the liquidation were paid by the applicant. Filing Dates: The application was filed on April 17, 2019, and amended on July 25, 2019. Applicant’s Address: 100 Federal Street, Boston, Massachusetts 02110. Putnam Voyager Fund [File No. 811– 01682] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. The applicant has transferred its assets to Putnam Growth Opportunities Fund, a series of Putnam Investment Funds, and on October 24, 2016, made a final distribution to its shareholders based on net asset value. Expenses of approximately $697,527 incurred in connection with the reorganization were paid by the applicant and the acquiring fund. Filing Dates: The application was filed on April 17, 2019, and amended on July 25, 2019. Applicant’s Address: 100 Federal Street, Boston, Massachusetts 02110. on April 29, 2019, July 25, 2019 and August 28, 2019. Applicant’s Address: One National Life Drive, Montpelier, Vermont 05602. Sentinel Variable Products Trust [File No. 811–09917] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. The applicant has transferred its assets to Touchstone Variable Series Trust, and on October 30, 2017, made a final distribution to its shareholders based on net asset value. Expenses of $1,119,224.23 incurred in connection with the reorganization were paid by the applicant’s investment adviser, the acquiring fund’s investment adviser, and/or their affiliates. Filing Dates: The application was filed on January 8, 2019, and amended on July 25, 2019. Applicant’s Address: One National Life Drive, Montpelier, Vermont 05602. Wintergreen Fund, Inc. [File No. 811– 21764] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. On June 3, 2019, applicant made liquidating distributions to its shareholders based on net asset value. Expenses of $22,648 incurred in connection with the liquidation were paid by applicant’s investment adviser. Filing Dates: The application was filed on July 12, 2019, and amended on August 13, 2019. Applicant’s Address: 500 International Drive, Suite 275, Mount Olive, New Jersey 07828. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–19211 Filed 9–5–19; 8:45 am] BILLING CODE 8011–01–P Sentinel Group Funds, Inc. [File No. 811–00214] SECURITIES AND EXCHANGE COMMISSION Summary: Applicant seeks an order declaring that it has ceased to be an investment company. The applicant has transferred its assets to Touchstone Strategic Trust and Touchstone Funds Group Trust, and on October 26, 2017 and October 30, 2017, made final distributions to its shareholders based on net asset value. Expenses of $9,266,351.78 incurred in connection with the reorganization were paid by the applicant’s investment adviser, the acquiring fund’s investment adviser, and/or their affiliates. Filing Dates: The application was filed on January 8, 2019, and amended [Release No. 34–86834; File No. SR–LCH SA–2019–005] PO 00000 Frm 00053 Fmt 4703 Sfmt 4703 Self-Regulatory Organizations; LCH SA; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Introduction of Clearing of the New Markit iTraxx Subordinated Financials Index CDS and the Related Single Name CDS Constituents and Enhancements to Wrong Way Risk Margin August 30, 2019. On August 2, 2019, Banque Centrale de Compensation, which conducts E:\FR\FM\06SEN1.SGM 06SEN1 jspears on DSK3GMQ082PROD with NOTICES Federal Register / Vol. 84, No. 173 / Friday, September 6, 2019 / Notices business under the name LCH SA (‘‘LCH SA’’), filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend its rules to (i) introduce clearing of new Markit iTraxx Subordinated Financials Index CDS and the Related Single Name CDS Constituents (together, ‘‘Subordinated Financials’’); (ii) incorporate changes to the Wrong Way Risk margin as recommended by a risk model validation; and (iii) modify the Default Fund Additional Margin (SR–LCH SA– 2019–005). The proposed rule change was published for comment in the Federal Register on August 9, 2019.3 To date, the Commission has not received comments on the proposed rule change. Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule 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 from the publication of notice of filing of this proposed rule change is September 23, 2019. The Commission is extending the 45day time period for Commission action on the proposed rule change, in which LCH SA would introduce clearing of Subordinated Financials and make the other changes noted above. The Commission finds 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 LCH SA’s proposed rule change. Accordingly, pursuant to Section 19(b)(2) 5 of the Act, and for the reasons discussed above, the Commission designates November 7, 2019, as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–LCH SA– 2019–005). 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 86576 (Aug. 6, 2019), 84 FR 39386 (Aug. 9, 2019) (SR–LCH SA–2019–005). 4 15 U.S.C. 78s(b)(2). 5 15 U.S.C. 78s(b)(2). 2 17 VerDate Sep<11>2014 16:53 Sep 05, 2019 Jkt 247001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–19216 Filed 9–5–19; 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: Rules 901, 902, 903(a), 904, 905, 906, 907, and 908 of Regulation SBSR, SEC File No. 270–629, OMB Control No. 3235–0718 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 Rules 901, 902, 903(a), 904, 905, 906, 907, and 908 of Regulation SBSR (17 CFR 242.901, 902, 903(a), 904, 905, 906, 907, and 908), under the Securities Exchange Act of 1934 (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. Regulation SBSR consists of ten rules, Rules 900 to 909 under the Exchange Act. Regulation SBSR provides generally for the reporting of securitybased swap information to a registered security-based swap data repository (‘‘registered SDRs’’) or the Commission, and the public dissemination of security-based swap transaction, volume, and pricing information by registered SDRs. Rule 901 specifies, with respect to each reportable event pertaining to covered transactions, who is required to report, what data must be reported, when it must be reported, where it must be reported, and how it must be reported. Rule 901(a)(1) of Regulation SBSR requires a platform to report to a registered security-based swap data repository (‘‘registered SDR’’) a security-based swap executed on such platform that will be submitted to clearing. Rule 901(a)(2)(i) of Regulation SBSR requires a registered clearing agency to report to a registered SDR any security-based swap to which it is a counterparty. Rules 902 to 909 of 6 17 PO 00000 CFR 200.30–3(a)(31). Frm 00054 Fmt 4703 Sfmt 4703 46985 Regulation SBSR provide additional details as to how such reporting and public dissemination is to occur. The Commission estimates that a total of approximately 4900 entities will be impacted by Regulation SBSR, including registered SDRs, registered security-based swap dealers, registered major securities-based swap participants, registered clearing agencies, platforms, and reporting sides and other market participants. The Commission estimates that the total reporting burden for Regulation SBSR, for all respondents, is approximately 538,257.60 hours initially (which equates to approximately 179,419.20 hours per year when annualized over three years), with a total ongoing burden thereafter of approximately 1,887,021.07 hours per year. Thus, the aggregate yearly burden is approximately 2,066,441 hours (2,066,440.27 rounded up). In addition, the Commission estimates that the total cost for all of Regulation SBSR for all respondents is approximately $21,264,300 initially (which equates to approximately $7,088,100 per year when annualized over three years), with a total ongoing cost thereafter of approximately $80,331,371 per year. Thus, the aggregate annual cost for all respondents is approximately $87,419,472 ($87,419,471.30 rounded up). A detailed break-down of the burdens applicable to each type of entity is provided in the supporting statement. 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: Charles Riddle, Acting Director/Chief Information Officer, Securities and Exchange Commission, c/o Candace Kenner, 100 F Street NE, Washington, E:\FR\FM\06SEN1.SGM 06SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 84, Number 173 (Friday, September 6, 2019)]
[Notices]
[Pages 46984-46985]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19216]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86834; File No. SR-LCH SA-2019-005]


Self-Regulatory Organizations; LCH SA; Notice of Designation of 
Longer Period for Commission Action on Proposed Rule Change Relating to 
Introduction of Clearing of the New Markit iTraxx Subordinated 
Financials Index CDS and the Related Single Name CDS Constituents and 
Enhancements to Wrong Way Risk Margin

August 30, 2019.
    On August 2, 2019, Banque Centrale de Compensation, which conducts

[[Page 46985]]

business under the name LCH SA (``LCH SA''), filed with the Securities 
and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) 
of the Securities Exchange Act (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to amend its rules to (i) 
introduce clearing of new Markit iTraxx Subordinated Financials Index 
CDS and the Related Single Name CDS Constituents (together, 
``Subordinated Financials''); (ii) incorporate changes to the Wrong Way 
Risk margin as recommended by a risk model validation; and (iii) modify 
the Default Fund Additional Margin (SR-LCH SA-2019-005). The proposed 
rule change was published for comment in the Federal Register on August 
9, 2019.\3\ To date, the Commission has not received comments on the 
proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 86576 (Aug. 6, 2019), 84 
FR 39386 (Aug. 9, 2019) (SR-LCH SA-2019-005).
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule 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 from the publication of notice of filing of this proposed rule 
change is September 23, 2019.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change, in which LCH SA would introduce 
clearing of Subordinated Financials and make the other changes noted 
above. The Commission finds 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 LCH SA's proposed rule change.
    Accordingly, pursuant to Section 19(b)(2) \5\ of the Act, and for 
the reasons discussed above, the Commission designates November 7, 
2019, as the date by which the Commission should either approve or 
disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change (File No. SR-LCH SA-2019-005).
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(31).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-19216 Filed 9-5-19; 8:45 am]
 BILLING CODE 8011-01-P

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