Submission for OMB Review; Comment Request, 57903-57904 [2019-23600]

Download as PDF Federal Register / Vol. 84, No. 209 / Tuesday, October 29, 2019 / Notices therefore, consistent with the requirements of Rule 17Ad–22(e)(2). Rule 17Ad–22(e)(3) 15 requires that a covered clearing agency maintain a sound risk management framework for comprehensively managing legal, credit, liquidity, operational, general business, investment, custody, and other risks that arise in or are borne by the covered clearing agency, which must include plans for the recovery and orderly winddown of the covered clearing agency necessitated by credit losses, liquidity shortfalls, losses from general business risk, or any other losses. The RP is designed to maintain the continuity of critical services in times of extreme stress and to facilitate the recovery of LCH SA in the event of extreme (loss) scenarios, as part of LCH SA’s comprehensive risk management framework. As described above, the RP seeks to identify those services which could impact the continuity of LCH SA’s operations, implement early warning indicators to identify potential recovery scenarios and define the triggers for initiating the RP, and clearly identify the recovery tools available under the RP. Accordingly, LCH SA believes the RP is consistent with Rule 17Ad–22(e)(3).16 B. Clearing Agency’s Statement on Burden on Competition Section 17A(b)(3)(I) of the Act requires that the rules of a clearing agency not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act.17 LCH SA does not believe the proposed rule change would impact or impose any burden on competition. The proposed rule change would establish and maintain LCH SA’s RP in accordance with the CCA rules. The RP would not affect clearing member’s access to services offered by LCH SA or impose any direct burden on clearing members. To the contrary, the RP seeks to identify the key risks and to establish appropriate recovery measures to ensure LCH SA’s ability to operate in the event of an extreme loss. Accordingly, the proposed rule change would not unfairly inhibit market participants’ access to LCH SA’s services or disadvantage or favor any particular user in relationship to another user. Therefore, LCH SA does not believe that the proposed rule change imposes any burden on competition that is not necessary or 15 17 CFR 240.17Ad–22(e)(3). CFR 240.17Ad–22(e)(3). 17 15 U.S.C. 78q–1(b)(3)(I). 16 17 VerDate Sep<11>2014 17:05 Oct 28, 2019 Jkt 250001 appropriate in furtherance of the purposes of the Act. C. Clearing Agency’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed rule change have not been solicited or received. LCH SA will notify the Commission of any written comments received by LCH SA. D. Extension of Time Period for Commission Action LCH SA does not consent to the extension of the time period listed in Section 19(b)(2) of the Securities Exchange Act of 1934 for Commission action. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove such proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be 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 rule-comments@ sec.gov. Please include File Number SR– LCH SA–2019–008 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–LCH SA–2019–008. 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 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 57903 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 LCH SA and on LCH SA’s website at https://www.lch.com/ resources/rules-and-regulations/ proposed-rule-changes-0. All comments received will be posted without change. Persons submitting comments arecautioned 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–LCH SA–2019–008 and should be submitted on or before November 19, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–23552 Filed 10–28–19; 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 0–4, SEC File No. 270–569, OMB Control No. 3235–0633 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission 18 17 E:\FR\FM\29OCN1.SGM CFR 200.30–3(a)(12). 29OCN1 57904 Federal Register / Vol. 84, No. 209 / Tuesday, October 29, 2019 / Notices plans to submit this collection of information to the Office of Management and Budget for extension and approval. Rule 0–4 (17 CFR 275.0–4) under the Investment Advisers Act of 1940 (‘‘Act’’ or ‘‘Advisers Act’’) (15 U.S.C. 80b–1 et seq.) entitled ‘‘General Requirements of Papers and Applications,’’ prescribes general instructions for filing an application seeking exemptive relief with the Commission. Rule 0–4 currently requires that every application for an Order for which a form is not specifically prescribed and which is executed by a corporation, partnership or other company and filed with the Commission contain a statement of the applicable provisions of the articles of incorporation, bylaws or similar documents, relating to the right of the person signing and filing such application to take such action on behalf of the applicant, and a statement that all such requirements have been complied with and that the person signing and filing the application is fully authorized to do so. If such authorization is dependent on resolutions of stockholders, directors, or other bodies, such resolutions must be attached as an exhibit to or quoted in the application. Any amendment to the application must contain a similar statement as to the applicability of the original statement of authorization. When any application or amendment is signed by an agent or attorney, rule 0–4 requires that the power of attorney evidencing his authority to sign shall state the basis for the agent’s authority and shall be filed with the Commission. Every application subject to rule 0–4 must be verified by the person executing the application by providing a notarized signature in substantially the form specified in the rule. Each application subject to rule 0– 4 must state the reasons why the applicant is deemed to be entitled to the action requested with a reference to the provisions of the Act and rules thereunder, the name and address of each applicant, and the name and address of any person to whom any questions regarding the application should be directed. Rule 0–4 requires that a proposed notice of the proceeding initiated by the filing of the application accompany each application as an exhibit and, if necessary, be modified to reflect any amendment to the application. The requirements of rule 0–4 are designed to provide Commission staff with the necessary information to assess whether granting the Orders of exemption are necessary and appropriate in the public interest and consistent with the protection of VerDate Sep<11>2014 17:05 Oct 28, 2019 Jkt 250001 investors and the intended purposes of the Act. Applicants for Orders under the Advisers Act can include registered investment advisers, affiliated persons of registered investment advisers, and entities seeking to avoid investment adviser status, among others. Commission staff estimates that it receives up to 4 applications per year submitted under rule 0–4 of the Act seeking relief from various provisions of the Advisers Act and, in addition, up to 3 applications per year submitted under Advisers Act rule 206(4)–5, which addresses certain ‘‘pay to play’’ practices and also provides the Commission the authority to grant applications seeking relief from certain of the rule’s restrictions. Although each application typically is submitted on behalf of multiple applicants, the applicants in the vast majority of cases are related entities and are treated as a single respondent for purposes of this analysis. Most of the work of preparing an application is performed by outside counsel and, therefore, imposes no hourly burden on respondents. The cost outside counsel charges applicants depends on the complexity of the issues covered by the application and the time required. Based on conversations with applicants and attorneys, the cost for applications ranges from approximately $13,600 for preparing a wellprecedented, routine (or otherwise less involved) application to approximately $212,800 to prepare a complex or novel application. We estimate that the Commission receives 1 of the most timeconsuming applications annually, 3 applications of medium difficulty, and 3 of the least difficult applications subject to rule 0–4.1 This distribution gives a total estimated annual cost burden to applicants of filing all applications of $392,500 [(1 × $212,800) + (3 × $46,300) + (3 × $13,600)]. The estimate of annual cost burden is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. The requirements of this collection of information are required to obtain or retain benefits. Responses will not be kept confidential. 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. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to Charles Riddle, Acting Director/Chief Information Officer, Securities and Exchange Commission, C/O Candace Kenner, 100 F Street NE, Washington, DC 20549; or send an email to: PRA_ Mailbox@sec.gov. Dated: October 24, 2019. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–23600 Filed 10–28–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–87389; File No. SR– NYSECHX–2019–15] Self-Regulatory Organizations; NYSE Chicago, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish the NYSE Chicago BBO, NYSE Chicago Trades and NYSE Chicago Integrated Feed Market Data Feeds October 23, 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 October 18, 2019, NYSE Chicago, Inc. (‘‘NYSE Chicago’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II.A, and II.C 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 1 15 1 The estimated 3 least difficult applications include the estimated 3 applications per year submitted under Advisers Act rule 206(4)–5. PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 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 E:\FR\FM\29OCN1.SGM 29OCN1

Agencies

[Federal Register Volume 84, Number 209 (Tuesday, October 29, 2019)]
[Notices]
[Pages 57903-57904]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-23600]


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

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 0-4, SEC File No. 270-569, OMB Control No. 3235-0633

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (the ``Commission'') is soliciting comments on the 
collection of information summarized below. The Commission

[[Page 57904]]

plans to submit this collection of information to the Office of 
Management and Budget for extension and approval.
    Rule 0-4 (17 CFR 275.0-4) under the Investment Advisers Act of 1940 
(``Act'' or ``Advisers Act'') (15 U.S.C. 80b-1 et seq.) entitled 
``General Requirements of Papers and Applications,'' prescribes general 
instructions for filing an application seeking exemptive relief with 
the Commission. Rule 0-4 currently requires that every application for 
an Order for which a form is not specifically prescribed and which is 
executed by a corporation, partnership or other company and filed with 
the Commission contain a statement of the applicable provisions of the 
articles of incorporation, bylaws or similar documents, relating to the 
right of the person signing and filing such application to take such 
action on behalf of the applicant, and a statement that all such 
requirements have been complied with and that the person signing and 
filing the application is fully authorized to do so. If such 
authorization is dependent on resolutions of stockholders, directors, 
or other bodies, such resolutions must be attached as an exhibit to or 
quoted in the application. Any amendment to the application must 
contain a similar statement as to the applicability of the original 
statement of authorization. When any application or amendment is signed 
by an agent or attorney, rule 0-4 requires that the power of attorney 
evidencing his authority to sign shall state the basis for the agent's 
authority and shall be filed with the Commission. Every application 
subject to rule 0-4 must be verified by the person executing the 
application by providing a notarized signature in substantially the 
form specified in the rule. Each application subject to rule 0-4 must 
state the reasons why the applicant is deemed to be entitled to the 
action requested with a reference to the provisions of the Act and 
rules thereunder, the name and address of each applicant, and the name 
and address of any person to whom any questions regarding the 
application should be directed. Rule 0-4 requires that a proposed 
notice of the proceeding initiated by the filing of the application 
accompany each application as an exhibit and, if necessary, be modified 
to reflect any amendment to the application.
    The requirements of rule 0-4 are designed to provide Commission 
staff with the necessary information to assess whether granting the 
Orders of exemption are necessary and appropriate in the public 
interest and consistent with the protection of investors and the 
intended purposes of the Act.
    Applicants for Orders under the Advisers Act can include registered 
investment advisers, affiliated persons of registered investment 
advisers, and entities seeking to avoid investment adviser status, 
among others. Commission staff estimates that it receives up to 4 
applications per year submitted under rule 0-4 of the Act seeking 
relief from various provisions of the Advisers Act and, in addition, up 
to 3 applications per year submitted under Advisers Act rule 206(4)-5, 
which addresses certain ``pay to play'' practices and also provides the 
Commission the authority to grant applications seeking relief from 
certain of the rule's restrictions. Although each application typically 
is submitted on behalf of multiple applicants, the applicants in the 
vast majority of cases are related entities and are treated as a single 
respondent for purposes of this analysis. Most of the work of preparing 
an application is performed by outside counsel and, therefore, imposes 
no hourly burden on respondents. The cost outside counsel charges 
applicants depends on the complexity of the issues covered by the 
application and the time required. Based on conversations with 
applicants and attorneys, the cost for applications ranges from 
approximately $13,600 for preparing a well-precedented, routine (or 
otherwise less involved) application to approximately $212,800 to 
prepare a complex or novel application. We estimate that the Commission 
receives 1 of the most time-consuming applications annually, 3 
applications of medium difficulty, and 3 of the least difficult 
applications subject to rule 0-4.\1\ This distribution gives a total 
estimated annual cost burden to applicants of filing all applications 
of $392,500 [(1 x $212,800) + (3 x $46,300) + (3 x $13,600)]. The 
estimate of annual cost burden is made solely for the purposes of the 
Paperwork Reduction Act, and is not derived from a comprehensive or 
even representative survey or study of the costs of Commission rules 
and forms.
---------------------------------------------------------------------------

    \1\ The estimated 3 least difficult applications include the 
estimated 3 applications per year submitted under Advisers Act rule 
206(4)-5.
---------------------------------------------------------------------------

    The requirements of this collection of information are required to 
obtain or retain benefits. Responses will not be kept confidential. 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.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    Please direct your written comments to Charles Riddle, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
C/O Candace Kenner, 100 F Street NE, Washington, DC 20549; or send an 
email to: [email protected].

    Dated: October 24, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-23600 Filed 10-28-19; 8:45 am]
 BILLING CODE 8011-01-P
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