Self-Regulatory Organizations; New York Stock Exchange LLC, Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Amend Article IV, Section 4.05 of the Thirteenth Amended and Restated Operating Agreement of the Exchange, 62362 [2020-21764]
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62362
Federal Register / Vol. 85, No. 192 / Friday, October 2, 2020 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–90023; File No. SR–NYSE–
2020–67]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Assistant Secretary.
Self-Regulatory Organizations; New
York Stock Exchange LLC, Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change to Amend Article IV,
Section 4.05 of the Thirteenth
Amended and Restated Operating
Agreement of the Exchange
[FR Doc. 2020–21764 Filed 10–1–20; 8:45 am]
BILLING CODE 8011–01–P
September 28, 2020.
jbell on DSKJLSW7X2PROD with NOTICES
On August 7, 2020, New York Stock
Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b-4
thereunder,2 a proposed rule change to
amend Article IV, Section 4.05 of the
Thirteenth Amended and Restated
Operating Agreement of the Exchange to
allow the use of regulatory fines for
charitable donations. The proposed rule
change was published for comment in
the Federal Register on August 25,
2020.3 The Commission has received no
comment letters on the proposed rule
change.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a propose rule
change, or within such longer period up
to 90 days as the Commission may
designate if it find such longer period to
be appropriate and published its reasons
for so finding or as to which the selfregulatory organization consents, the
Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the Notice for the
proposed rule change is October 9,
2020. The Commission is extending this
45-day period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change. Accordingly, pursuant to
Section 19(b)(2) of the Act,5 the
Commission designates November 23,
2020, as the date by which the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 89615
(August 19, 2020), 85 FR 52392 (August 25, 2020)
(SR–NYSE–2020–67).
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
2 17
VerDate Sep<11>2014
19:38 Oct 01, 2020
Jkt 253001
Commission shall either approve or
disapprove, or institute proceedings to
determine whether to approve or
disapprove, the proposed rule change
(File No. SR–NYSE–2020–67).
SMALL BUSINESS ADMINISTRATION
Surety Bond Guarantee Program Fees
U.S. Small Business
Administration.
ACTION: Notification of Surety Bond
Guarantee Program Fees.
AGENCY:
This document announces
that the U.S. Small Business
Administration (SBA) is adopting the
guarantee fees in the amounts that SBA
has been charging during the temporary
fee reduction initiative that began
October 1, 2018 and continues through
September 30, 2020. These guarantee
fees are charged to all Surety companies
and Principals on each guaranteed bond
(other than a bid bond) issued in SBA’s
Surety Bond Guarantee (SBG) Program.
DATES: The fees described in this
document will be adopted as of October
1, 2020 and will apply to all SBA surety
bond guarantees approved on or after
October 1, 2020.
FOR FURTHER INFORMATION CONTACT:
Jermaine Perry, Management Analyst,
Office of Surety Guarantees; (202) 401–
8275 or jermaine.perry@sba.gov.
SUPPLEMENTARY INFORMATION: Under its
SBG Program, the SBA guarantees a
certain percentage of bid, payment, and
performance bonds for small and
emerging contractors who cannot obtain
surety bonds through regular
commercial channels. The SBA
guarantee incentivizes Sureties to
provide bonding for small businesses
and thereby assists small businesses in
obtaining greater access to contracting
opportunities. Pursuant to its statutory
authority to ‘‘establish such fee or fees
for small business concerns and
premium or premiums for sureties as it
deems reasonable and necessary,’’ and
to administer the SBG Program ‘‘on a
prudent and economically justifiable
basis,’’ 15 U.S.C. 694b(h), SBA assesses
a guarantee fee against both the small
business concern (the Principal) and the
Surety and deposits these fees into a
SUMMARY:
6 17
PO 00000
CFR 200.30–3(a)(31).
Frm 00089
Fmt 4703
Sfmt 4703
revolving fund to cover the program’s
liabilities and certain program expenses.
SBA’s rules provide that the amount
of the fees to be paid by the Surety and
the Principal will be determined by SBA
and published in Notices in the Federal
Register from time to time. See 13 CFR
115.32(b) and (c) and 115.66. On July
30, 2018, SBA published a notification
in the Federal Register (83 FR 36658)
that announced that, for all guaranteed
bonds approved during the one year
period beginning October 1, 2018
through September 30, 2019, the Surety
fee would decrease from 26% of the
bond premium to 20% of the bond
premium, and the Principal fee would
decrease from $7.29 per thousand
dollars of the contract amount to $6 per
thousand dollars of the contract amount
(the decrease in the Surety and
Principal fees referred to, collectively,
as ‘‘lower fees’’). The announcement
stated that SBA will evaluate whether
the lower fees will result in an increase
in the bond activity level of the SBG
Program and, if so, whether any such
increased level of activity will generate
sufficient revenues to offset the reduced
fee amounts. SBA invited comments on
this temporary initiative and received a
total of eleven comments, with nine
comments from surety companies and
agents and two comments from trade
associations, all of which expressed
support for the lower fees.
SBA subsequently published a
notification in the Federal Register (84
FR 40466) extending the lower fees
through September 30, 2020 to provide
additional time for SBA to evaluate the
fee reduction due to the Government
lapse of appropriation, which spanned
from December 22, 2018 through
January 25, 2019. During the extension,
SBA continued its evaluation into how
lower fees affect the SBG Program,
including program utilization by surety
companies, surety agents and small
businesses; the size and characteristics
of the portfolio; and the risk level of the
program, including cash flow and
defaults. A final report of the evaluation
study conducted by SBA (which
covered the period between October 1,
2018 and December 31, 2019) will be
published on www.sba.gov/evaluation.
In addition to the report and the
public comments in support of the
lower fees, SBA has considered the
effect of the lower fees on the annual
cashflow (fees collected minus claims
paid) and the reserves in the SBG
Program’s revolving fund. The annual
cashflow during the period of the
temporary fee reductions, between
October 1, 2018 and September 21,
2020, maintained a surplus, resulting in
an increase in the reserves in the
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02OCN1
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[Federal Register Volume 85, Number 192 (Friday, October 2, 2020)]
[Notices]
[Page 62362]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21764]
[[Page 62362]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-90023; File No. SR-NYSE-2020-67]
Self-Regulatory Organizations; New York Stock Exchange LLC,
Notice of Designation of a Longer Period for Commission Action on a
Proposed Rule Change to Amend Article IV, Section 4.05 of the
Thirteenth Amended and Restated Operating Agreement of the Exchange
September 28, 2020.
On August 7, 2020, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend Article IV, Section 4.05 of the
Thirteenth Amended and Restated Operating Agreement of the Exchange to
allow the use of regulatory fines for charitable donations. The
proposed rule change was published for comment in the Federal Register
on August 25, 2020.\3\ The Commission has received no comment letters
on the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 89615 (August 19,
2020), 85 FR 52392 (August 25, 2020) (SR-NYSE-2020-67).
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a propose rule change, or within
such longer period up to 90 days as the Commission may designate if it
find such longer period to be appropriate and published its reasons for
so finding or as to which the self-regulatory organization consents,
the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the Notice for the proposed rule change
is October 9, 2020. The Commission is extending this 45-day period.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change.
Accordingly, pursuant to Section 19(b)(2) of the Act,\5\ the Commission
designates November 23, 2020, as the date by which the Commission shall
either approve or disapprove, or institute proceedings to determine
whether to approve or disapprove, the proposed rule change (File No.
SR-NYSE-2020-67).
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-21764 Filed 10-1-20; 8:45 am]
BILLING CODE 8011-01-P
