Proposal for OMB Review; Comment Request, 39639-39640 [2020-14106]

Download as PDF Federal Register / Vol. 85, No. 127 / Wednesday, July 1, 2020 / Notices Commission shall institute proceedings to determine whether the proposed rule 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 rule-comments@ sec.gov. Please include File Number SR– CBOE–2020–059 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–CBOE–2020–059. 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 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–CBOE–2020–059 and should be submitted on or before July 22, 2020. VerDate Sep<11>2014 01:53 Jul 01, 2020 Jkt 250001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.46 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–14121 Filed 6–30–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–39, OMB Control No. 3235–0049] Proposal 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: Form ADV 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 (‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission is issuing this Notice in order to supplement the Notice it issued on May 12, soliciting comments on the collection of information. The Commission is issuing this supplemental Notice to update the approximate average per adviser burden based on data as of March 31, 2020. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. The title for the collection of information is ‘‘Form ADV’’ (17 CFR 279.1). Form ADV is the investment adviser registration form and exempt reporting adviser reporting form filed electronically with the Commission pursuant to rules 203–1 (17 CFR 275.203–1), 204–1 (17 CFR 275.204–1) and 204–4 (17 CFR 275.204–4) under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) by advisers registered with the Commission or applying for registration with the Commission or by exempt reporting advisers filing reports with the Commission. The information collected takes the form of disclosures to the adviser’s clients and potential clients. The purpose of this collection of information is to provide advisory clients, prospective clients, and the Commission with information about the adviser, its business, its conflicts of PO 00000 46 17 CFR 200.30–3(a)(12). Frm 00121 Fmt 4703 Sfmt 4703 39639 interest and personnel. Clients use certain of the information to determine whether to hire or retain an adviser. The information collected provides the Commission with knowledge about the adviser, its business, its conflicts of interest and personnel. The Commission uses the information to determine eligibility for registration with the Commission and to manage its regulatory, examination, and enforcement programs. Part 1 of Form ADV contains information used primarily by the Commission staff and Part 2 is the client brochure. Part 3 requires registered investment advisers that offer services to retail investors to prepare and file with the Commission a relationship summary. The respondents to this information collection are investment advisers registered with the Commission or applying for registration with the Commission and exempt reporting advisers filing reports with the Commission. Our latest data indicate that there were 13,500 advisers registered with the Commission as of March 31, 2020. The Commission has estimated that Form ADV imposes an annual blended average per adviser burden of approximately 21.55 hours per respondent. Based on this figure, the Commission estimates a total annual burden of 383,652 hours for this collection of information. Written comments are invited on: (a) Whether the 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 45 days of this publication. An agency may not conduct or sponsor a collection of information unless it displays a currently valid OMB control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a 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. E:\FR\FM\01JYN1.SGM 01JYN1 39640 Federal Register / Vol. 85, No. 127 / Wednesday, July 1, 2020 / Notices Dated: June 25, 2020. J. Matthew DeLesDernier, Assistant Secretary. Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. [FR Doc. 2020–14106 Filed 6–30–20; 8:45 am] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–89150; File No. SR–BX– 2020–012] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 9, Sections 13 and 15 To Increase the Position and Exercise Limits for Options on the SPDR® S&P 500® ETF Trust June 25, 2020. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on June 17, 2020, Nasdaq BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. 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 the Substance of the Proposed Rule Change The Exchange proposes to amend Options 9, Section 13, Position Limits, to increase position limits for options on the SPDR® S&P 500® ETF Trust (‘‘SPY’’), and similarly increase exercise limits within Options 9, Section 15, Exercise Limits. The text of the proposed rule change is available on the Exchange’s website at https://nasdaqbx.cchwallstreet.com/, at the principal office of the Exchange, 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 1 2 15 U.S.C. 78s(b)(1). 17 CFR 240.19b–4. VerDate Sep<11>2014 01:53 Jul 01, 2020 Jkt 250001 1. Purpose The Exchange proposes to amend Options 9, Section 13, Position Limits, to increase position limits for options on SPY. The Exchange’s position limits are incorporated by reference to Cboe Exchange, Inc. (‘‘Cboe’’), except for SPY.3 The proposed amendments to SPY are based on the similar proposal by Cboe.4 The Exchange also proposes to make minor non-substantive technical corrections to Options 9, Section 13 and Options 9, Section 15. Each change will be described below. Position limits are designed to address potential manipulative schemes and adverse market impacts surrounding the use of options, such as disrupting the market in the security underlying the options. While position limits should address and discourage the potential for manipulative schemes and adverse market impact, if such limits are set too low, participation in the options market may be discouraged. The Exchange believes that position limits must therefore be balanced between mitigating concerns of any potential manipulation and the cost of inhibiting potential hedging activity that could be used for legitimate economic purposes. The Exchange has observed an ongoing increase in demand in options on the SPDR® S&P 500® ETF Trust (‘‘SPY’’) for both trading and hedging purposes. Though the demand for 3 See Options 9, Section 13(a)(1). The Exchange notes that with respect to U.S. Dollar-Settled Foreign Currency Options, those position limits are incorporated by reference to Phlx. See Options 9, Section 13(a)(4). 4 See Securities Exchange Act Release No. 88768 (April 29, 2020) (SR–CBOE–2020–015) (Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, to Increase Position Limits for Options on Certain ExchangeTraded Funds and Indexes). The Cboe proposal also proposed to increase position limits for options overlying a number of ETFs as well as the MSCI Emerging Markets Index (‘‘MXEF’’) and the MSCI EAFE Index (‘‘MXEA’’). The Exchange’s proposal only proposes an increase to the position (and exercise limit) for options overlying SPY. BX does not list options on MXEF and MXEA. Also, other options and Exchange-Traded Fund position limits, which were amended in Cboe’s rule change, have already been increased on BX because BX’s rules at Options 9, Section 13 and Options 9, Section 15 incorporate its position limits and exercise limits to Cboe, except for SPY. Accordingly, this proposal is limited to SPY. PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 options on SPY appear to have increased, position limits (and corresponding exercise limits) for options on SPY have remained the same. The Exchange believes these unchanged position limits may have impeded, and may continue to impede, trading activity and strategies of investors, such as use of effective hedging vehicles or income generating strategies (e.g., buy-write or put-write), and the ability of Market Makers to make liquid markets with tighter spreads in these options, resulting in the transfer of volume to over-the-counter (‘‘OTC’’) markets. OTC transactions occur through bilateral agreements, the terms of which are not publically disclosed to the marketplace. As such, OTC transactions do not contribute to the price discovery process on a public exchange or other lit markets. Therefore, the Exchange believes that the proposed increase for position limits (and exercise limits) on options on SPY may enable liquidity providers to provide additional liquidity to the Exchange and other market participants to transfer their liquidity demands from OTC markets to the Exchange, as well as other options exchange on which they participate. As described in further detail below, the Exchange believes that the continuously increasing market capitalization of SPY and SPY component securities, as well as the highly liquid markets for those securities, reduces the concerns for potential market manipulation and/or disruption in the underlying markets upon increasing position limits, while the rising demand for trading options on SPY for legitimate economic purposes compels an increase in position limits (and corresponding exercise limits). Proposed Position Limits for Options on SPY Options 9, Section 13 sets forth the position limit for options on SPY. The Exchange proposes to amend Options 9, Section 13 to double the position limits for options on SPY. The current position limit for options on SPY is 1,800,000 and the proposed position limit for options on SPY is 3,600,000. The Exchange represents that SPY qualifies for the initial listing criteria set forth in Options 4, Section 3(i) for ETFs. In addition, the Exchange is making corresponding amendments to exercise limits for options on SPY within Options 9, Section 15. Composition and Growth Analysis for SPY As stated above, position (and exercise) limits are intended to prevent the establishment of options positions that can be used or might create E:\FR\FM\01JYN1.SGM 01JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 85, Number 127 (Wednesday, July 1, 2020)]
[Notices]
[Pages 39639-39640]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14106]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-39, OMB Control No. 3235-0049]


Proposal 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:
    Form ADV

    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 (``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission is issuing this Notice in 
order to supplement the Notice it issued on May 12, soliciting comments 
on the collection of information. The Commission is issuing this 
supplemental Notice to update the approximate average per adviser 
burden based on data as of March 31, 2020. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    The title for the collection of information is ``Form ADV'' (17 CFR 
279.1). Form ADV is the investment adviser registration form and exempt 
reporting adviser reporting form filed electronically with the 
Commission pursuant to rules 203-1 (17 CFR 275.203-1), 204-1 (17 CFR 
275.204-1) and 204-4 (17 CFR 275.204-4) under the Investment Advisers 
Act of 1940 (15 U.S.C. 80b-1 et seq.) by advisers registered with the 
Commission or applying for registration with the Commission or by 
exempt reporting advisers filing reports with the Commission. The 
information collected takes the form of disclosures to the adviser's 
clients and potential clients. The purpose of this collection of 
information is to provide advisory clients, prospective clients, and 
the Commission with information about the adviser, its business, its 
conflicts of interest and personnel. Clients use certain of the 
information to determine whether to hire or retain an adviser.
    The information collected provides the Commission with knowledge 
about the adviser, its business, its conflicts of interest and 
personnel. The Commission uses the information to determine eligibility 
for registration with the Commission and to manage its regulatory, 
examination, and enforcement programs. Part 1 of Form ADV contains 
information used primarily by the Commission staff and Part 2 is the 
client brochure. Part 3 requires registered investment advisers that 
offer services to retail investors to prepare and file with the 
Commission a relationship summary.
    The respondents to this information collection are investment 
advisers registered with the Commission or applying for registration 
with the Commission and exempt reporting advisers filing reports with 
the Commission. Our latest data indicate that there were 13,500 
advisers registered with the Commission as of March 31, 2020. The 
Commission has estimated that Form ADV imposes an annual blended 
average per adviser burden of approximately 21.55 hours per respondent. 
Based on this figure, the Commission estimates a total annual burden of 
383,652 hours for this collection of information.
    Written comments are invited on: (a) Whether the 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 45 days of this publication. An 
agency may not conduct or sponsor a collection of information unless it 
displays a currently valid OMB control number. No person shall be 
subject to any penalty for failing to comply with a collection of 
information subject to the PRA that does not display a 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].


[[Page 39640]]


    Dated: June 25, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-14106 Filed 6-30-20; 8:45 am]
BILLING CODE 8011-01-P

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