Proposed Collection; Comment Request, 41653-41654 [2020-14751]
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Federal Register / Vol. 85, No. 133 / Friday, July 10, 2020 / Notices
to all Participants, and not a
prerequisite for participation on the
Exchange. In addition, because all
orders on the Exchange would pass
through the risk checks, there would be
no difference in the latency experienced
by Participants who have opted to use
the risk settings versus those who have
not opted to use them.10
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. In fact, the
Exchange believes that the proposal will
have a positive effect on competition
because, it would allow the Exchange to
offer risk management functionality that
is comparable to functionality being
offered by other national securities
exchanges.11 Moreover, by providing
Participants and their clearing members
additional means to monitor and control
risk, the proposed rule may increase
confidence in the proper functioning of
the markets and contribute to additional
competition among trading venues and
broker-dealers. Rather than impede
competition, the proposal is designed to
facilitate more robust risk management
by Participants and clearing members,
which, in turn, could enhance the
integrity of trading on the securities
markets and help to assure the stability
of the financial system.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
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Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
10 All Exchange orders pass through a basic risk
checks regardless of whether a Participant opts into
a risk setting.
11 See Securities Exchange Act Release Nos.
88904(May 19, 2020) 85 FR 31560 (May 26, 2020)
(SR–NYSEArca-2020–43); 88776 (April 29, 2020) 85
FR 26768 (May 5, 2020) (SR–NYSE–2020–17)
(Approval Order); 88599 (April 8, 2020) 85 FR
20793 (April 14, 2020) (SR-CboeBZX–2020–006)
(Approval Order).
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19(b)(3)(A) of the Act 12 and Rule 19b–
4(f)(6) thereunder.13
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change 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–
NASDAQ–2020–034 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–NASDAQ–2020–034. 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
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
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41653
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–NASDAQ–2020–034 and
should be submitted on or before July
31, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–14870 Filed 7–9–20; 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 10b–17, SEC File No. 270–427, OMB
Control No. 3235–0476
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 Rule 10b–17 (17 CFR
240.10b–17), 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.
Rule 10b–17 requires any issuer of a
class of securities publicly traded by the
use of any means or instrumentality of
interstate commerce or of the mails or
of any facility of any national securities
exchange to give notice of the following
specific distributions relating to such
class of securities: (1) A dividend or
other distribution in cash or in kind
other than interest payments on debt
securities; (2) a stock split or reverse
14 17
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CFR 200.30–3(a)(12).
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Federal Register / Vol. 85, No. 133 / Friday, July 10, 2020 / Notices
stock split; or (3) a rights or other
subscription offering.
There are approximately 7,341
respondents per year. These
respondents make a total of
approximately 28,407 responses per
year. Each response takes approximately
10 minutes to complete. Thus, the total
compliance burden per year is
approximately 4,735 hours. The total
internal labor cost of compliance for
respondents associated with providing
notice under Rule 10b–17 is
approximately $348,412 per year.
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
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: July 2, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–14751 Filed 7–9–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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30 Day Notice—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 482 SEC File No. 270–508, OMB
Control No. 3235–0565
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Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), 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
discussed below.
Like most issuers of securities, when
an investment company (‘‘fund’’) 1 offers
its shares to the public, its promotional
efforts become subject to the advertising
restrictions of the Securities Act of 1933
(15 U.S.C. 77) (the ‘‘Securities Act’’). In
recognition of the particular problems
faced by funds that continually offer
securities and wish to advertise their
securities, the Commission has
previously adopted advertising safe
harbor rules. The most important of
these is rule 482 (17 CFR 230.482) under
the Securities Act, which, under certain
circumstances, permits funds to
advertise investment performance data,
as well as other information. Rule 482
advertisements are deemed to be
‘‘prospectuses’’ under Section 10(b) of
the Securities Act (15 U.S.C. 77j(b)).
Rule 482 contains certain
requirements regarding the disclosure
that funds are required to provide in
qualifying advertisements. These
requirements are intended to encourage
the provision to investors of information
that is balanced and informative,
particularly in the area of investment
performance. For example, a fund is
required to include disclosure advising
investors to consider the fund’s
investment objectives, risks, charges and
expenses, and other information
described in the fund’s prospectus, and
highlighting the availability of the
fund’s prospectus and, if applicable, its
summary prospectus. In addition, rule
482 advertisements that include
performance data of open-end funds or
insurance company separate accounts
offering variable annuity contracts are
required to include certain standardized
performance information, information
about any sales loads or other
nonrecurring fees, and a legend warning
that past performance does not
guarantee future results. Such funds
including performance information in
rule 482 advertisements are also
required to make available to investors
month-end performance figures via
website disclosure or by a toll-free
telephone number, and to disclose the
availability of the month-end
1 ‘‘Investment company’’ refers to both
investment companies registered under the
Investment Company Act of 1940 (‘‘Investment
Company Act’’) (15 U.S.C. 80a–1 et seq.) and
business development companies.
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performance data in the advertisement.
The rule also sets forth requirements
regarding the prominence of certain
disclosures, requirements regarding
advertisements that make tax
representations, requirements regarding
advertisements used prior to the
effectiveness of the fund’s registration
statement, requirements regarding the
timeliness of performance data, and
certain required disclosures by money
market funds.
Rule 482 advertisements must be filed
with the Commission or, in the
alternative, with the Financial Industry
Regulatory Authority (‘‘FINRA’’).2 This
information collection differs from
many other federal information
collections that are primarily for the use
and benefit of the collecting agency.
Rule 482 contains requirements that
are intended to encourage the provision
to investors of information that is
balanced and informative, particularly
in the area of investment performance.
The Commission is concerned that in
the absence of such provisions fund
investors may be misled by deceptive
rule 482 advertisements and may rely
on less-than-adequate information when
determining in which funds they should
invest money. As a result, the
Commission believes it is beneficial for
funds to provide investors with
balanced information in fund
advertisements in order to allow
investors to make better-informed
decisions.
The Commission estimates that
41,265 3 responses to rule 482 are filed
annually by 2,877 investment
companies offering approximately
12,476 portfolios, or approximately 3.3
responses per portfolio annually.4 The
burden associated with rule 482 is
presently estimated to be 5.16 hours per
response. The annual hourly burden is
therefore approximately 212,927 hours.5
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act and is not
derived from a comprehensive or even
a representative survey or study of the
2 See note to rule 482(h) under the Securities Act,
which states that ‘‘these advertisements, unless
filed with [FINRA], are required to be filed in
accordance with the requirements of § 230.497.’’
See also rule 24b–3 under the Investment Company
Act (17 CFR 270.24b–3), which provides that any
sales material, including rule 482 advertisements,
shall be deemed filed with the Commission for
purposes of Section 24(b) of the Investment
Company Act upon filing with FINRA.
3 This estimated number of responses to rule 482
is composed of 41,003 responses filed with FINRA
and 262 responses filed with the Commission in
2019.
4 41,265 responses ÷ 12,476 portfolios = 3.3
responses per portfolio.
5 41,265 responses × 5.16 hours per response =
212,927 hours.
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]]>Agencies
[Federal Register Volume 85, Number 133 (Friday, July 10, 2020)]
[Notices]
[Pages 41653-41654]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14751]
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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 10b-17, SEC File No. 270-427, OMB Control No. 3235-0476
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 Rule 10b-17 (17 CFR 240.10b-
17), 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.
Rule 10b-17 requires any issuer of a class of securities publicly
traded by the use of any means or instrumentality of interstate
commerce or of the mails or of any facility of any national securities
exchange to give notice of the following specific distributions
relating to such class of securities: (1) A dividend or other
distribution in cash or in kind other than interest payments on debt
securities; (2) a stock split or reverse
[[Page 41654]]
stock split; or (3) a rights or other subscription offering.
There are approximately 7,341 respondents per year. These
respondents make a total of approximately 28,407 responses per year.
Each response takes approximately 10 minutes to complete. Thus, the
total compliance burden per year is approximately 4,735 hours. The
total internal labor cost of compliance for respondents associated with
providing notice under Rule 10b-17 is approximately $348,412 per year.
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 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: July 2, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-14751 Filed 7-9-20; 8:45 am]
BILLING CODE 8011-01-P
