Proposed Collection; Comment Request, 32432-32433 [2020-11594]

Download as PDF 32432 Federal Register / Vol. 85, No. 104 / Friday, May 29, 2020 / Notices Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. DATES: SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Date of required notice: May 29, 2020. FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202–268–8405. The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on May 11, 2020, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Express, Priority Mail, & First-Class Package Service Contract 69 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2020–131, CP2020–138. SUPPLEMENTARY INFORMATION: Sean Robinson, Attorney, Corporate and Postal Business Law. [FR Doc. 2020–11506 Filed 5–28–20; 8:45 am] BILLING CODE 7710–12–P POSTAL SERVICE Product Change—Priority Mail Negotiated Service Agreement AGENCY: ACTION: Postal ServiceTM. Notice. The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. SUMMARY: DATES: Date of required notice: May 29, 2020. FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202–268–8405. The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on May 12, 2020, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Contract 615 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2020–133, CP2020–140. jbell on DSKJLSW7X2PROD with NOTICES SUPPLEMENTARY INFORMATION: Sean Robinson, Attorney, Corporate and Postal Business Law. [FR Doc. 2020–11508 Filed 5–28–20; 8:45 am] Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Extension: Rule 8c–1, SEC File No. 270–455, OMB Control No. 3235–0514 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 previously approved collection of information provided for in Rule 8c–1 (17 CFR 240.8c–1), under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). Rule 8c–1 generally prohibits a broker-dealer from using its customers’ securities as collateral to finance its own trading, speculating, or underwriting transactions. More specifically, Rule 8c– 1 states three main principles: (1) A broker-dealer is prohibited from commingling the securities of different customers as collateral for a loan without the consent of each customer; (2) a broker-dealer cannot commingle customers’ securities with its own securities under the same pledge; and (3) a broker-dealer can only pledge its customers’ securities to the extent that customers are in debt to the brokerdealer. Additionally, Rule 8c–1 requires broker-dealers to make certain written notifications to pledgees in connection with such use of customer securities as collateral.1 The information required by Rule 8c– 1 is necessary for the execution of the Commission’s mandate under the Exchange Act to prevent broker-dealers from hypothecating or arranging for the hypothecation of any securities carried for the account of any customer under certain circumstances. In addition, the information required by Rule 8c–1 provides important investor protections. There are approximately 46 respondents as of year-end 2019 (i.e., broker-dealers that conducted business with the public, filed Part II of the FOCUS Report, did not claim an exemption from the Reserve Formula computation, and reported that they had a bank loan during at least one quarter BILLING CODE 7710–12–P 1 See Exchange Act Release No. 2690 (November 15, 1940); Exchange Act Release No. 9428 (December 29, 1971). VerDate Sep<11>2014 17:06 May 28, 2020 Jkt 250001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 of the current year). Each respondent makes an estimated 45 annual responses, for an aggregate total of 2,070 responses per year.2 Each response takes approximately 0.5 hours to complete. Therefore, the total third-party disclosure burden per year is 1,035 hours.3 The retention period for the recordkeeping requirement under Rule 8c–1 is three years. The recordkeeping requirement under Rule 8c–1 is mandatory to ensure that broker-dealers do not commingle their securities or use them to finance the broker-dealers’ proprietary business. This rule does not involve the collection of confidential or personal identifiable information. 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. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to (i) www.reginfo.gov/public/do/ PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/ o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: May 26 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–11595 Filed 5–28–20; 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 611, SEC File No. 270–540, OMB Control No. 3235–0600 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 2 46 respondents × 45 annual responses = 2,070 aggregate total of annual responses. 3 2,070 responses × 0.5 hours = 1,035 hours. E:\FR\FM\29MYN1.SGM 29MYN1 jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 85, No. 104 / Friday, May 29, 2020 / Notices Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 611 (17 CFR 242.611) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. On June 9, 2005, effective August 29, 2005 (see 70 FR 37496, June 29, 2005), the Commission adopted Rule 611 of Regulation NMS under the Exchange Act to require any national securities exchange, national securities association, alternative trading system, exchange market maker, over-thecounter market maker, and any other broker-dealer that executes orders internally by trading as principal or crossing orders as agent, to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the execution of a transaction in its market at a price that is inferior to a bid or offer displayed in another market at the time of execution (a ‘‘trade-though’’), absent an applicable exception and, if relying on an exception, that are reasonably designed to assure compliance with the terms of the exception. Without this collection of information, respondents would not have a means to enforce compliance with the Commission’s intention to prevent trade-throughs pursuant to the rule. There are approximately 366 respondents 1 per year that will require an aggregate total of approximately 21,960 hours to comply with this Rule. It is anticipated that each respondent will continue to expend approximately 60 hours annually: Two hours per month of internal legal time and three hours per month of internal compliance time to ensure that its written policies and procedures are up-to-date and remain in compliance with Rule 611. The estimated cost for an in-house attorney is $396 per hour and the estimated cost for an assistant compliance director in the securities industry is $349 per hour. Therefore the estimated total internal cost of compliance for the annual hour burden is as follows: [(2 legal hours × 12 months × $396) × 366] + [(3 compliance hours 1 This estimate includes 17 national securities exchanges that are equity securities exchanges. The estimate also includes an estimated 318 firms that are over-the-counter market makers or exchange market makers, as well as an estimated 31 alternative trading systems that trade NMS stocks. VerDate Sep<11>2014 17:06 May 28, 2020 Jkt 250001 × 12 months × $349) × 366] = $8,076,888.2 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 to be 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: David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or send an email to: PRA_ Mailbox@sec.gov. Dated: May 26, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–11594 Filed 5–28–20; 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 203–3, Form ADV–H, SEC File No. 270–481, OMB Control No. 3235–0538 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 2 The total cost of compliance for the annual hour burden has been revised to reflect updated estimated cost figures for an in-house attorney and an assistant compliance director. These figures are from SIFMA’s Management & Professional Earnings in the Securities Industry 2017, modified by Commission staff to account for an 1800-hour workyear and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 32433 on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. The title for the collection of information is ‘‘Form ADV–H under the Investment Advisers Act of 1940.’’ Rule 203–3 (17 CFR 275.203–3) under the Investment Advisers Act of 1940 (15 U.S.C. 80b) requires that registered advisers requesting either a temporary or continuing hardship exemption submit the request on Form ADV–H. Rule 204–4 (17 CFR 275.204–4) under the Investment Advisers Act of 1940 requires that exempt reporting advisers requesting a temporary hardship exemption submit the request on Form ADV–H. The purpose of this collection of information is to permit advisers to obtain a hardship exemption to not complete an electronic filing. The temporary hardship exemption that is available to registered advisers under rule 203–3 and exempt reporting advisers under rule 204–4 permits these advisers to make late filings due to unforeseen computer or software problems. The continuing hardship exemption available to registered advisers under rule 203–3 permits advisers to submit all required electronic filings on hard copy for data entry by the operator of the IARD. The Commission has estimated that compliance with the requirement to complete Form ADV–H imposes a total burden of approximately one hour for an adviser. Based on our experience, we estimate that we will receive fifteen Form ADV–H filings annually from registered investment advisers and one Form ADV–H filing annually from exempt reporting advisers. Based on the 60 minute per respondent estimate, the Commission estimates a total annual burden of 16 hours for this collection of information. Rule 203–3, rule 204–4, and Form ADV–H do not require recordkeeping or records retention. The collection of information requirements under the rule and form are mandatory. The information collected pursuant to the rule and Form ADV–H consists of filings with the Commission. These filings are not 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; E:\FR\FM\29MYN1.SGM 29MYN1

Agencies

[Federal Register Volume 85, Number 104 (Friday, May 29, 2020)]
[Notices]
[Pages 32432-32433]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11594]


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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 611, SEC File No. 270-540, OMB Control No. 3235-0600

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the

[[Page 32433]]

Securities and Exchange Commission (``Commission'') is soliciting 
comments on the existing collection of information provided for in Rule 
611 (17 CFR 242.611) under the Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.) (``Exchange Act''). The Commission plans to submit 
this existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    On June 9, 2005, effective August 29, 2005 (see 70 FR 37496, June 
29, 2005), the Commission adopted Rule 611 of Regulation NMS under the 
Exchange Act to require any national securities exchange, national 
securities association, alternative trading system, exchange market 
maker, over-the-counter market maker, and any other broker-dealer that 
executes orders internally by trading as principal or crossing orders 
as agent, to establish, maintain, and enforce written policies and 
procedures reasonably designed to prevent the execution of a 
transaction in its market at a price that is inferior to a bid or offer 
displayed in another market at the time of execution (a ``trade-
though''), absent an applicable exception and, if relying on an 
exception, that are reasonably designed to assure compliance with the 
terms of the exception. Without this collection of information, 
respondents would not have a means to enforce compliance with the 
Commission's intention to prevent trade-throughs pursuant to the rule.
    There are approximately 366 respondents \1\ per year that will 
require an aggregate total of approximately 21,960 hours to comply with 
this Rule. It is anticipated that each respondent will continue to 
expend approximately 60 hours annually: Two hours per month of internal 
legal time and three hours per month of internal compliance time to 
ensure that its written policies and procedures are up-to-date and 
remain in compliance with Rule 611. The estimated cost for an in-house 
attorney is $396 per hour and the estimated cost for an assistant 
compliance director in the securities industry is $349 per hour. 
Therefore the estimated total internal cost of compliance for the 
annual hour burden is as follows: [(2 legal hours x 12 months x $396) x 
366] + [(3 compliance hours x 12 months x $349) x 366] = $8,076,888.\2\
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    \1\ This estimate includes 17 national securities exchanges that 
are equity securities exchanges. The estimate also includes an 
estimated 318 firms that are over-the-counter market makers or 
exchange market makers, as well as an estimated 31 alternative 
trading systems that trade NMS stocks.
    \2\ The total cost of compliance for the annual hour burden has 
been revised to reflect updated estimated cost figures for an in-
house attorney and an assistant compliance director. These figures 
are from SIFMA's Management & Professional Earnings in the 
Securities Industry 2017, modified by Commission staff to account 
for an 1800-hour work-year and multiplied by 5.35 to account for 
bonuses, firm size, employee benefits, and overhead.
---------------------------------------------------------------------------

    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 to 
be 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: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or send an email 
to: [email protected].

    Dated: May 26, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-11594 Filed 5-28-20; 8:45 am]
BILLING CODE 8011-01-P
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