Submission for OMB Review; Comment Request, 51692-51693 [2019-21081]

Download as PDF 51692 Federal Register / Vol. 84, No. 189 / Monday, September 30, 2019 / Notices even a representative survey or study of the costs of Commission rules. 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 OMB control number. 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: Shagufta_ Ahmed@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: September 24, 2019. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–21079 Filed 9–27–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–91, OMB Control No. 3235–0088] 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. khammond on DSKJM1Z7X2PROD with NOTICES Extension: Rule 15Ba2–5 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the existing collection of information provided for in Rule 15Ba2–5 (17 CFR 240.15Ba2–5), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). On July 7, 1976, effective July 16, 1976 (see 41 FR 28948, July 14, 1976), the Commission adopted Rule 15Ba2–5 under the Exchange Act to permit a duly-appointed fiduciary to assume immediate responsibility for the operation of a municipal securities VerDate Sep<11>2014 19:16 Sep 27, 2019 Jkt 247001 dealer’s business. Without the rule, the fiduciary would not be able to assume operation until it registered as a municipal securities dealer. Under the rule, the registration of a municipal securities dealer is deemed to be the registration of any executor, administrator, guardian, conservator, assignee for the benefit of creditors, receiver, trustee in insolvency or bankruptcy, or other fiduciary, appointed or qualified by order, judgment, or decree of a court of competent jurisdiction to continue the business of such municipal securities dealer, provided that such fiduciary files with the Commission, within 30 days after entering upon the performance of his duties, a statement setting forth as to such fiduciary substantially the same information required by Form MSD or Form BD. The statement is necessary to ensure that the Commission and the public have adequate information about the fiduciary. There is approximately 1 respondent per year that requires an aggregate total of 4 hours to comply with this rule. This respondent makes an estimated 1 annual response. Each response takes approximately 4 hours to complete. Thus, the total compliance burden per year is 4 burden hours. The approximate internal compliance cost per hour is $20, resulting in a total internal cost of compliance for the respondent of approximately $80 (i.e., 4 hours × $20). 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. The public may view 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 by sending an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: September 24, 2019. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–21086 Filed 9–27–19; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00185 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–198, OMB Control No. 3235–0279] 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 17a–4 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information provided for in Rule 17a–4 (17 CFR 240.17a–4), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 17a–4 requires approximately 3,764 active, registered exchange members, brokers, and dealers (‘‘brokerdealers’’) to preserve for prescribed periods of time certain records required to be made by Rule 17a–3 and other Commission rules, and other kinds of records which firms make or receive in the ordinary course of business. Rule 17a–4 also permits broker-dealers to employ, under certain conditions, electronic storage media to maintain these required records. The records required to be maintained under Rule 17a–4 are used by examiners and other representatives of the Commission to determine whether broker-dealers are in compliance with, and to enforce their compliance with, the Commission’s rules. There are approximately 3,764 active, registered broker-dealers. The staff estimates that the average amount of time necessary to preserve the books and records as required by Rule 17a–4 is 254 hours per broker-dealer per year. In addition, paragraph (b)(11) of Rule 17a–4 requires any broker-dealer that sponsors an internal broker-dealer system to maintain certain records relating to such system for at least three years. The Commission estimates that paragraph (b)(11) of Rule 17a–4 imposes an annual burden of 3 hours per year to maintain the requisite records. The Commission estimates that there are approximately 200 internal brokerdealer systems, resulting in an annual recordkeeping burden of 600 hours. Therefore, the Commission estimates that compliance with Rule 17a–4 E:\FR\FM\30SEN1.SGM 30SEN1 Federal Register / Vol. 84, No. 189 / Monday, September 30, 2019 / Notices khammond on DSKJM1Z7X2PROD with NOTICES requires 956,656 hours each year ((3,764 broker-dealers × 254 hours) + (200 broker-dealers × 3 hours) 1. These burdens are recordkeeping burdens. The staff believes that compliance personnel would be charged with ensuring compliance with Commission regulation, including Rule 17a–4. The staff estimates that the hourly salary of a Compliance Clerk is $70 per hour.2 Based upon these numbers, the total internal cost of compliance for 4,104 respondents is the dollar cost of approximately $67 (956,656 yearly hours × $70). The total burden hour decrease of 86,210 is due to a decrease in the number of respondents from 4,104 to 3,764. Based on conversations with members of the securities industry and the Commission’s experience in the area, the staff estimates that the average broker-dealer spends approximately $5,000 each year to store documents required to be retained under Rule 17a– 4. Costs include the cost of physical space, computer hardware and software, etc., which vary widely depending on the size of the broker-dealer and the type of storage media employed. The Commission estimates that the annual reporting and recordkeeping cost burden is $18,820,000. This cost is calculated by the number of active, registered broker-dealers multiplied by the reporting and recordkeeping cost for each respondent (3,764 active, registered broker-dealers × $5,000). 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. The public may view the background documentation for this information 1 On June 5, 2019, the Commission adopted Rule 151–1 under the Securities Exchange Act of 1934 establishing a standard of conduct for brokerdealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities. See Securities Exchange Act Release No. 86031 (June 5, 2019), 84 FR 33318 (July 12, 2019). At the same time, the Commission adopted Exchange Act Rule 17a–14 (CFR 240.17a–14) and Form CRS (17 CFR 249.640) under the Exchange Act. See Form CRS Relationship Summary; Amendments to Form ADV Exchange Act Release No. 86032, Advisers Act Release No. 5247, File No. S7–08–18 (June 5, 2019), 84 FR 33492 (July 12, 2019). As part of new Rule 17a–14 and Form CRS, and Regulation Best Interest, the Commission amended Rule 17a–4 by adding new paragraphs (a)(24) and (a)(35). The collections of information and the related burdens associated with these amendments have been separately noticed for comment and are currently under review. 2 This figure is based on SIFMA’s Office Salaries in the Securities Industry 2013, modified by Commission staff to account for an 1,800-hour work-year multiplied by 2.93 to account for bonuses, firm size, employee benefits, and overhead. VerDate Sep<11>2014 19:16 Sep 27, 2019 Jkt 247001 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 by sending an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: September 24, 2019. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–21081 Filed 9–27–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–87079; File No. SR–CBOE– 2019–062] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Certain Clearing Editor Functionality in Rule 6.6 of the Shell Rulebook September 24, 2019. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on September 18, 2019, Cboe Exchange, Inc. (the ‘‘Exchange’’ or ‘‘Cboe Options’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ‘‘non-controversial’’ proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder.4 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 Cboe Exchange, Inc. (the ‘‘Exchange’’ or ‘‘Cboe Options’’) proposes to amend 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 2 17 PO 00000 Frm 00186 Fmt 4703 Sfmt 4703 51693 certain Clearing Editor functionality in Rule 6.6 of the shell Rulebook. The text of the proposed rule change is also available on the Exchange’s website (https://www.cboe.com/ AboutCBOE/CBOELegalRegulatory Home.aspx), at the Exchange’s Office of the Secretary, 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On September 5, 2019, the Exchange filed a rule filing, SR–CBOE–2019–056, which, amended Exchange Rules in connection with the Cboe Trading Match System (‘‘CTM’’).5 Pursuant to SR–CBOE–2019–056, which will be effective on October 7, 2019, the Exchange proposed to harmonize current Rule 6.67, in connection with the CTM, with C2 Rule 6.31, which provides for the ‘‘Clearing Editor’’ and is functionally equivalent to the Exchange’s current CTM. Under SR– CBOE–2019–056, Rule 6.6 in the shell Rulebook will govern the Exchange’s Clearing Editor and Rule 6.67 will be deleted from the current Rulebook, upon migration.6 SR–CBOE–2019–056 5 See Securities Exchange Act Release No. 86920 (September 10, 2019) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Cboe Trade Match System) (SR– CBOE–2019–056). 6 Cboe Options intends to migrate its trading platform to the same system used by the Cboe Affiliated Exchanges (i.e., together with Cboe Options, C2 Exchange, Inc. (‘‘C2’’), Cboe EDGA Exchange, Inc. (‘‘EDGA’’), Cboe EDGX Exchange, Inc. (‘‘EDGX’’ or ‘‘EDGX Options’’), Cboe BZX Exchange, Inc. (‘‘BZX’’ or ‘‘BZX Options’’), and Cboe BYX Exchange, Inc. (‘‘BYX’’)) which the Exchange expects to complete on October 7, 2019. In connection with this technology migration, the Exchange has a shell Rulebook that resides alongside its current Rulebook, which shell Rulebook will contain the Rules that will be in place upon completion of the Cboe Options technology migration. E:\FR\FM\30SEN1.SGM 30SEN1

Agencies

[Federal Register Volume 84, Number 189 (Monday, September 30, 2019)]
[Notices]
[Pages 51692-51693]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-21081]


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

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-198, OMB Control No. 3235-0279]


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 17a-4

    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'') has submitted to the Office of Management 
and Budget (``OMB'') a request for extension of the previously approved 
collection of information provided for in Rule 17a-4 (17 CFR 240.17a-
4), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
    Rule 17a-4 requires approximately 3,764 active, registered exchange 
members, brokers, and dealers (``broker-dealers'') to preserve for 
prescribed periods of time certain records required to be made by Rule 
17a-3 and other Commission rules, and other kinds of records which 
firms make or receive in the ordinary course of business. Rule 17a-4 
also permits broker-dealers to employ, under certain conditions, 
electronic storage media to maintain these required records. The 
records required to be maintained under Rule 17a-4 are used by 
examiners and other representatives of the Commission to determine 
whether broker-dealers are in compliance with, and to enforce their 
compliance with, the Commission's rules.
    There are approximately 3,764 active, registered broker-dealers. 
The staff estimates that the average amount of time necessary to 
preserve the books and records as required by Rule 17a-4 is 254 hours 
per broker-dealer per year. In addition, paragraph (b)(11) of Rule 17a-
4 requires any broker-dealer that sponsors an internal broker-dealer 
system to maintain certain records relating to such system for at least 
three years. The Commission estimates that paragraph (b)(11) of Rule 
17a-4 imposes an annual burden of 3 hours per year to maintain the 
requisite records. The Commission estimates that there are 
approximately 200 internal broker-dealer systems, resulting in an 
annual recordkeeping burden of 600 hours. Therefore, the Commission 
estimates that compliance with Rule 17a-4

[[Page 51693]]

requires 956,656 hours each year ((3,764 broker-dealers x 254 hours) + 
(200 broker-dealers x 3 hours) \1\. These burdens are recordkeeping 
burdens.
---------------------------------------------------------------------------

    \1\ On June 5, 2019, the Commission adopted Rule 151-1 under the 
Securities Exchange Act of 1934 establishing a standard of conduct 
for broker-dealers and natural persons who are associated persons of 
a broker-dealer when making a recommendation of any securities. See 
Securities Exchange Act Release No. 86031 (June 5, 2019), 84 FR 
33318 (July 12, 2019). At the same time, the Commission adopted 
Exchange Act Rule 17a-14 (CFR 240.17a-14) and Form CRS (17 CFR 
249.640) under the Exchange Act. See Form CRS Relationship Summary; 
Amendments to Form ADV Exchange Act Release No. 86032, Advisers Act 
Release No. 5247, File No. S7-08-18 (June 5, 2019), 84 FR 33492 
(July 12, 2019). As part of new Rule 17a-14 and Form CRS, and 
Regulation Best Interest, the Commission amended Rule 17a-4 by 
adding new paragraphs (a)(24) and (a)(35). The collections of 
information and the related burdens associated with these amendments 
have been separately noticed for comment and are currently under 
review.
---------------------------------------------------------------------------

    The staff believes that compliance personnel would be charged with 
ensuring compliance with Commission regulation, including Rule 17a-4. 
The staff estimates that the hourly salary of a Compliance Clerk is $70 
per hour.\2\ Based upon these numbers, the total internal cost of 
compliance for 4,104 respondents is the dollar cost of approximately 
$67 (956,656 yearly hours x $70). The total burden hour decrease of 
86,210 is due to a decrease in the number of respondents from 4,104 to 
3,764.
---------------------------------------------------------------------------

    \2\ This figure is based on SIFMA's Office Salaries in the 
Securities Industry 2013, modified by Commission staff to account 
for an 1,800-hour work-year multiplied by 2.93 to account for 
bonuses, firm size, employee benefits, and overhead.
---------------------------------------------------------------------------

    Based on conversations with members of the securities industry and 
the Commission's experience in the area, the staff estimates that the 
average broker-dealer spends approximately $5,000 each year to store 
documents required to be retained under Rule 17a-4. Costs include the 
cost of physical space, computer hardware and software, etc., which 
vary widely depending on the size of the broker-dealer and the type of 
storage media employed. The Commission estimates that the annual 
reporting and recordkeeping cost burden is $18,820,000. This cost is 
calculated by the number of active, registered broker-dealers 
multiplied by the reporting and recordkeeping cost for each respondent 
(3,764 active, registered broker-dealers x $5,000).
    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.
    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: 
[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 by sending an 
email to: [email protected]. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: September 24, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-21081 Filed 9-27-19; 8:45 am]
BILLING CODE 8011-01-P
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