Submission for OMB Review; Comment Request, 79248-79249 [2020-27028]

Download as PDF 79248 Federal Register / Vol. 85, No. 237 / Wednesday, December 9, 2020 / Notices jbell on DSKJLSW7X2PROD with NOTICES appropriate in furtherance of the purposes of the Act. Intermarket Competition The Exchange operates in a highly competitive market. Members have numerous alternative venues that they may participate on and direct their order flow to, including 15 other equities exchanges and numerous alternative trading systems and other off-exchange venues. As noted above, no single registered equities exchange currently has more than approximately 16% of the total market share of executed volume of equities trading, and the Exchange currently represents less than 1% of the overall market share. Thus, in such a low-concentrated and highly competitive market, no single equities exchange possesses significant pricing power in the execution of order flow. Moreover, the Exchange believes that the ever-shifting market share among the exchanges from month to month demonstrates that market participants can shift order flow or discontinue to reduce use of certain categories of products, in response to new or different pricing structures being introduced into the market. Accordingly, competitive forces constrain the Exchange’s transaction fees and rebates, including with respect to Added Displayed Retail Volume and transactions in Sub-Dollar Securities, and market participants can readily choose to send their orders to other exchange and off-exchange venues if they deem fee levels at those other venues to be more favorable. As described above, the proposed changes are competitive proposals through which the Exchange is seeking to encourage certain order flow to be sent to the Exchange. Additionally, the Commission has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. Specifically, in Regulation NMS, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system ‘‘has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.’’ 23 The fact that this market is competitive has also long been recognized by the courts. In NetCoalition v. SEC, the D.C. Circuit stated as follows: ‘‘[n]o one disputes that competition for order flow is ‘fierce.’ . . . As the SEC explained, ‘[i]n 23 See supra note 14. VerDate Sep<11>2014 16:16 Dec 08, 2020 Jkt 253001 the U.S. national market system, buyers and sellers of securities, and the brokerdealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution’; [and] ‘no exchange can afford to take its market share percentages for granted’ because ‘no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers’. . . .’’.24 Accordingly, the Exchange does not believe its proposed fee change imposes any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 25 and Rule 19b–4(f)(2) 26 thereunder. 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 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: 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–MEMX–2020–14. 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–MEMX–2020–14, and should be submitted on or before December 30, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.27 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–26989 Filed 12–8–20; 8:45 am] BILLING CODE 8011–01–P 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– MEMX–2020–14 on the subject line. SECURITIES AND EXCHANGE COMMISSION 24 NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010) (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782– 83 (December 9, 2008) (SR–NYSE–2006–21)). 25 15 U.S.C. 78s(b)(3)(A)(ii). 26 17 CFR 240.19b–4(f)(2). Upon Written Request Copies Available From: Securities and Exchange Commission, Office of FOIA Services, PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 [SEC File No. 270–317, OMB Control No. 3235–0360] Submission for OMB Review; Comment Request 27 17 E:\FR\FM\09DEN1.SGM CFR 200.30–3(a)(12). 09DEN1 Federal Register / Vol. 85, No. 237 / Wednesday, December 9, 2020 / Notices 100 F Street NE, Washington, DC 20549–02736 Extension: Form N–17f–2 jbell on DSKJLSW7X2PROD with NOTICES Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Form N–17f–2 (17 CFR 274.220) under the Investment Company Act is entitled ‘‘Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies.’’ Form N–17f–2 is the cover sheet for the accountant examination certificates filed under rule 17f–2 (17 CFR 270.17f–2) by registered management investment companies (‘‘funds’’) maintaining custody of securities or other investments. Form N–17f–2 facilitates the filing of the accountant’s examination certificates prepared under rule 17f–2. The use of the form allows the certificates to be filed electronically, and increases the accessibility of the examination certificates to both the Commission’s examination staff and interested investors by ensuring that the certificates are filed under the proper Commission file number and the correct name of a fund. Commission staff estimates that it takes: (i) On average 1.25 hours of fund accounting personnel at a total cost of $272 to prepare each Form N–17f–2; 1 and (ii) .75 hours of administrative assistant time at a total cost of $61 to file the Form N–17f–2 with the Commission.2 Approximately 201 funds currently file Form N–17f–2 with the Commission. Commission staff estimates that on average each fund files Form N–17f–2 three times annually for a total annual hourly burden per fund of approximately 6 hours at a total cost of $1,002. The total annual hour burden for Form N–17f–2 is therefore estimated to be approximately 1,206 hours with a total cost of approximately $201,402.3 Form N–17f–2 does not impose any paperwork-related cost burden other than this internal hour cost. The estimate of average burden hours is made solely for the purposes of the 1 This estimate is based on the following calculation: 1.25 × $218 (fund senior accountant’s hourly rate) = $272. 2 This estimate is based on the following calculation: .75 × $82 (administrative assistant hourly rate) = $61. 3 This estimate is based on the following calculation: 201 funds × $1,002 (total annual cost per fund) = $201,402. VerDate Sep<11>2014 16:16 Dec 08, 2020 Jkt 253001 Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules and forms. Complying with the collections of information required by Form N–17f–2 is mandatory for those funds that maintain custody of their own assets. 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. 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: December 4, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–27028 Filed 12–8–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90559; File No. SR– NASDAQ–2020–027] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Apply Additional Initial Listing Criteria for Companies Primarily Operating in Restrictive Markets December 3, 2020. On May 29, 2020, The Nasdaq Stock Market LLC (‘‘Nasdaq’’ or ‘‘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 apply additional initial listing criteria for companies primarily operating in a jurisdiction that has 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00088 Fmt 4703 Sfmt 4703 79249 secrecy laws, blocking statues, national security laws or other laws or regulations restricting access to information by regulators of U.S.-listed companies in such jurisdiction. The proposed rule change was published for comment in the Federal Register on June 12, 2020.3 On July 21, 2020, pursuant to Section 19(b)(2) of the Act,4 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.5 On September 9, 2020, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act 6 to determine whether to approve or disapprove the proposed rule change.7 Section 19(b)(2) of the Act 8 provides that, after initiating disapproval proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The date of publication of notice of filing of the proposed rule change was June 12, 2020. December 9, 2020 is 180 days from that date, and February 7, 2021 is 240 days from that date. The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,9 designates February 7, 2021, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR–NASDAQ–2020–027). 3 See Securities Exchange Act Release No. 89027 (June 8, 2020), 85 FR 35962. Comments on the proposed rule change can be found at: https:// www.sec.gov/comments/sr-nasdaq-2020-027/ srnasdaq2020027.htm. 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 89358, 85 FR 45275 (July 27, 2020). The Commission designated September 10, 2020 as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to approve or disapprove, the proposed rule change. 6 15 U.S.C. 78s(b)(2)(B). 7 See Securities Exchange Act Release No. 89799, 85 FR 57282 (September 15, 2020). 8 15 U.S.C. 78s(b)(2). 9 Id. E:\FR\FM\09DEN1.SGM 09DEN1

Agencies

[Federal Register Volume 85, Number 237 (Wednesday, December 9, 2020)]
[Notices]
[Pages 79248-79249]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27028]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-317, OMB Control No. 3235-0360]


Submission for OMB Review; Comment Request

Upon Written Request Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services,

[[Page 79249]]

100 F Street NE, Washington, DC 20549-02736

Extension:
    Form N-17f-2

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange 
Commission (the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Form N-17f-2 (17 CFR 274.220) under the Investment Company Act is 
entitled ``Certificate of Accounting of Securities and Similar 
Investments in the Custody of Management Investment Companies.'' Form 
N-17f-2 is the cover sheet for the accountant examination certificates 
filed under rule 17f-2 (17 CFR 270.17f-2) by registered management 
investment companies (``funds'') maintaining custody of securities or 
other investments. Form N-17f-2 facilitates the filing of the 
accountant's examination certificates prepared under rule 17f-2. The 
use of the form allows the certificates to be filed electronically, and 
increases the accessibility of the examination certificates to both the 
Commission's examination staff and interested investors by ensuring 
that the certificates are filed under the proper Commission file number 
and the correct name of a fund.
    Commission staff estimates that it takes: (i) On average 1.25 hours 
of fund accounting personnel at a total cost of $272 to prepare each 
Form N-17f-2; \1\ and (ii) .75 hours of administrative assistant time 
at a total cost of $61 to file the Form N-17f-2 with the Commission.\2\ 
Approximately 201 funds currently file Form N-17f-2 with the 
Commission. Commission staff estimates that on average each fund files 
Form N-17f-2 three times annually for a total annual hourly burden per 
fund of approximately 6 hours at a total cost of $1,002. The total 
annual hour burden for Form N-17f-2 is therefore estimated to be 
approximately 1,206 hours with a total cost of approximately 
$201,402.\3\ Form N-17f-2 does not impose any paperwork-related cost 
burden other than this internal hour cost.
---------------------------------------------------------------------------

    \1\ This estimate is based on the following calculation: 1.25 x 
$218 (fund senior accountant's hourly rate) = $272.
    \2\ This estimate is based on the following calculation: .75 x 
$82 (administrative assistant hourly rate) = $61.
    \3\ This estimate is based on the following calculation: 201 
funds x $1,002 (total annual cost per fund) = $201,402.
---------------------------------------------------------------------------

    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 costs of 
Commission rules and forms. Complying with the collections of 
information required by Form N-17f-2 is mandatory for those funds that 
maintain custody of their own assets. 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.
    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: [email protected].

    Dated: December 4, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-27028 Filed 12-8-20; 8:45 am]
BILLING CODE 8011-01-P
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