Proposed Collection; Comment Request, 13410-13411 [2021-04657]
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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices
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annually, with a total of 6 responses.2
Thus, the total annual hour burden for
rule 17f–1 is approximately 21 hours.3
Funds that rely on rule 17f–1
generally use outside counsel to prepare
the custodial contract for the board’s
review and to transmit the contract to
the Commission. Commission staff
estimates the cost of outside counsel to
perform these tasks for a fund each year
is $978.4 Funds also must have an
independent public accountant verify
the fund’s assets three times each year
and prepare the certificate of
examination. Commission staff
estimates the annual cost for an
independent public accountant to
perform this service is $9,050.5
Therefore, the total annual cost burden
for a fund that relies on rule 17f–1
would be approximately $10,028.6 As
noted above, the staff estimates that 6
funds rely on rule 17f–1 each year, for
an estimated total annualized cost
burden of $60,168.7
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. Compliance
with the collections of information
required by rule 17f–1 is mandatory for
funds that place their assets in the
custody of a national securities
exchange member. 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
2 Based on a review of Form N–17f–1 filings over
the last three years the Commission staff estimates
that an average of 6 funds rely on rule 17f–1 each
year.
3 This estimate is based on the following
calculation: (6 respondents × 3.5 hours = 21 hours).
The annual burden for rule 17f–1 does not include
time spent preparing Form N–17f–1. The burden for
Form N–17f–1 is included in a separate collection
of information.
4 This estimate is based on the following
calculation: (2 hours of outside counsel time × $489
= $978). The staff has estimated the average cost of
outside counsel at $489 per hour, based on
information received from funds and their counsel.
5 This estimate is based on information received
from fund representatives estimating the aggregate
annual cost of an independent public accountant’s
periodic verification of assets and preparation of the
certificate of examination.
6 This estimate is based on the following
calculation: ($978 + $9,050 = $10,028).
7 This estimate is based on the following
calculation: (6 funds × $10,028 = $60,168).
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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: March 2, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–04655 Filed 3–5–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–429, OMB Control No.
3235–0480]
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 9b–1
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 9b–1, Options
Disclosure Document (17 CFR 240.9b–
1), 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 9b–1 (17 CFR 240.9b–1) sets
forth the categories of information
required to be disclosed in an options
disclosure document (‘‘ODD’’) and
requires the options markets to file an
ODD with the Commission 60 days prior
to the date it is distributed to investors.
In addition, Rule 9b–1 provides that the
ODD must be amended if the
information in the document becomes
materially inaccurate or incomplete and
that amendments must be filed with the
Commission 30 days prior to the
distribution to customers. Finally, Rule
9b–1 requires a broker-dealer to furnish
to each customer an ODD and any
amendments prior to accepting an order
to purchase or sell an option on behalf
of that customer or when approving a
customer’s account for options trading.
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Sfmt 4703
There are 16 options markets 1 that
must comply with Rule 9b–1. These
respondents work together to prepare a
single ODD covering options traded on
each market, as well as amendments to
the ODD. These respondents file
approximately 3 amendments per year.
The staff calculates that the preparation
and filing of amendments should take
no more than eight hours per options
market. Thus, the total time burden for
options markets per year is
approximately 384 hours (16 options
markets × 8 hours per amendment × 3
amendments). The estimated cost for an
in-house attorney is $420 per hour,2
resulting in a total internal cost of
compliance for these respondents of
approximately $161,280 per year (384
hours at $420 per hour).
In addition, approximately 1,020
broker-dealers 3 must comply with Rule
9b–1. Each of these respondents will
process an average of 3 new customers
for options each week and, therefore,
will have to furnish approximately 156
ODDs per year. The postal mailing or
electronic delivery of the ODD takes
respondents no more than 30 seconds to
complete for an annual time burden for
each of these respondents of
approximately 78 minutes or 1.3 hours.
Thus, the total time burden per year for
broker-dealers is approximately 1,326
hours (1,020 broker-dealers × 1.3 hours).
The estimated cost for a general clerk of
a broker-dealer is $63 per hour,4
1 The sixteen options markets are as follows: BOX
Exchange LLC, Cboe BZX Exchange, Inc., Cboe C2
Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe
Exchange, Inc., Miami International Securities
Exchange LLC, MIAX Emerald, LLC, MIAX PEARL,
LLC, Nasdaq BX, Inc., Nasdaq GEMX, LLC, Nasdaq
ISE, LLC, Nasdaq MRX, LLC, Nasdaq PHLX LLC,
Nasdaq Options Market (NOM), NYSE Arca, Inc.,
and NYSE American LLC.
2 SIFMA did its last annual survey in 2013 and
will not resume the survey process. Accordingly,
the $420 figure is based on the 2013 figure ($380)
adjusted by the inflation rate calculated using the
Bureau of Labor Statistics’ CPI Inflation Calculator.
The $380 per hour figure for an Attorney is from
SIFMA’s Management & Professional Earnings in
the Securities Industry 2013, 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.
3 The estimate of 1,020 broker-dealers required to
comply with Rule 9b–1 is derived from Item 12 of
the Form BD (OMB Control No. 3235–0012). This
estimate may be high as it includes broker-dealers
that engage in only a proprietary business, and as
a result are not required to deliver an ODD, as well
as those broker-dealers subject to Rule 9b–1.
4 The $63 figure is based on the 2013 figure ($57)
adjusted for inflation. See supra note 2. The $57 per
hour figure for a General Clerk is from SIFMA’s
Office Salaries in the Securities Industry 2013,
modified by Commission staff to account for an
1800-hour work-year and multiplied by 2.93 to
account for bonuses, firm size, employee benefits
and overhead. The staff believes that the ODD
would be mailed or electronically delivered to
customers by a general clerk of the broker-dealer or
some other equivalent position.
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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices
resulting in a total internal cost of
compliance for these respondents of
approximately $83,538 per year (1,326
hours at $63 per hour).
The total time burden for all
respondents under this rule (both
options markets and broker-dealers) is
approximately 1,710 hours per year (384
+ 1,326), and the total internal cost of
compliance is approximately $244,818
per year ($161,280 + $83,538).
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 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: March 2, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–04657 Filed 3–5–21; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91190A; File No. S7–24–
89]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of the Fiftieth Amendment to the Joint
Self-Regulatory Organization Plan
Governing the Collection,
Consolidation and Dissemination of
Quotation and Transaction Information
for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading
Privileges Basis; Correction
March 3, 2021.
Securities and Exchange
Commission.
ACTION: Notice; correction.
AGENCY:
The Securities and Exchange
Commission published a document in
the Federal Register on March 1, 2021,
concerning a Notice of Filing and
Immediate Effectiveness of the Fiftieth
Amendment to the Joint Self-Regulatory
Organization Plan. The document
header contained a typographical error.
FOR FURTHER INFORMATION CONTACT: Mia
Zur, Division of Trading and Markets,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
(202) 551–3088.
SUMMARY:
Correction
In the Federal Register of March 1,
2021 in FR Doc. 2021–04089, on page
12045, in the heading ‘‘Joint Industry
Plan; Notice of Filing and Immediate
Effectiveness of the Fiftieth Amendment
to the Joint Self-Regulatory Organization
Plan Governing the Collection,
Consolidation and Dissemination of
Quotation and Transaction Information
to Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading
Privileges Basis’’ remove ‘‘and
Immediate Effectiveness’’ from the
heading.
J. Matthew DeLesDernier,
Assistant Secretary.
BILLING CODE 8011–01–P
[FR Doc. 2021–04712 Filed 3–5–21; 8:45 am]
BILLING CODE 8011–01–P
jbell on DSKJLSW7X2PROD with NOTICES
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–361, OMB Control No.
3235–0411]
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
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19:05 Mar 05, 2021
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PO 00000
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13411
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 489 and Form F–N
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 (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 489 (17 CFR 230.489) under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) requires foreign banks and foreign
insurance companies and holding
companies and finance subsidiaries of
foreign banks and foreign insurance
companies that are exempted from the
definition of ‘‘investment company’’ by
virtue of rules 3a–1 (17 CFR 270.3a–1),
3a–5 (17 CFR 270.3a–5), and 3a–6 (17
CFR 270.3a–6) under the Investment
Company Act of 1940 (15 U.S.C. 80a–1
et seq.) to file Form F–N (17 CFR
239.43) to appoint an agent for service
of process when making a public
offering of securities in the United
States. The information is collected so
that the Commission and private
plaintiffs may serve process on foreign
entities in actions and administrative
proceedings arising out of or based on
the offer or sales of securities in the
United States by such foreign entities.
The Commission received an average
of 27 Form F–N filings from 18 unique
filers each year for the last three years
(2017–2019). The Commission has
previously estimated that the total
annual burden associated with
information collection and Form F–N
preparation and submission is one hour
per filing. Based on the Commission’s
experience with disclosure documents
generally, the Commission continues to
believe that this estimate is appropriate.
Thus the estimated total annual burden
for rule 489 and Form F–N is 27 hours.1
Estimates of the average burden hours
are made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
Compliance with the collection of
information requirements of rule 489
and Form F–N is mandatory to obtain
the benefit of the exemption. Responses
to the collection of information will not
be kept confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to, a collection of
1 27 responses per year × 1 hour per response =
27 hours per year.
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]]>Agencies
[Federal Register Volume 86, Number 43 (Monday, March 8, 2021)]
[Notices]
[Pages 13410-13411]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04657]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-429, OMB Control No. 3235-0480]
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 9b-1
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 9b-1, Options Disclosure
Document (17 CFR 240.9b-1), 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 9b-1 (17 CFR 240.9b-1) sets forth the categories of
information required to be disclosed in an options disclosure document
(``ODD'') and requires the options markets to file an ODD with the
Commission 60 days prior to the date it is distributed to investors. In
addition, Rule 9b-1 provides that the ODD must be amended if the
information in the document becomes materially inaccurate or incomplete
and that amendments must be filed with the Commission 30 days prior to
the distribution to customers. Finally, Rule 9b-1 requires a broker-
dealer to furnish to each customer an ODD and any amendments prior to
accepting an order to purchase or sell an option on behalf of that
customer or when approving a customer's account for options trading.
There are 16 options markets \1\ that must comply with Rule 9b-1.
These respondents work together to prepare a single ODD covering
options traded on each market, as well as amendments to the ODD. These
respondents file approximately 3 amendments per year. The staff
calculates that the preparation and filing of amendments should take no
more than eight hours per options market. Thus, the total time burden
for options markets per year is approximately 384 hours (16 options
markets x 8 hours per amendment x 3 amendments). The estimated cost for
an in-house attorney is $420 per hour,\2\ resulting in a total internal
cost of compliance for these respondents of approximately $161,280 per
year (384 hours at $420 per hour).
---------------------------------------------------------------------------
\1\ The sixteen options markets are as follows: BOX Exchange
LLC, Cboe BZX Exchange, Inc., Cboe C2 Exchange, Inc., Cboe EDGX
Exchange, Inc., Cboe Exchange, Inc., Miami International Securities
Exchange LLC, MIAX Emerald, LLC, MIAX PEARL, LLC, Nasdaq BX, Inc.,
Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, Nasdaq PHLX LLC,
Nasdaq Options Market (NOM), NYSE Arca, Inc., and NYSE American LLC.
\2\ SIFMA did its last annual survey in 2013 and will not resume
the survey process. Accordingly, the $420 figure is based on the
2013 figure ($380) adjusted by the inflation rate calculated using
the Bureau of Labor Statistics' CPI Inflation Calculator. The $380
per hour figure for an Attorney is from SIFMA's Management &
Professional Earnings in the Securities Industry 2013, 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.
---------------------------------------------------------------------------
In addition, approximately 1,020 broker-dealers \3\ must comply
with Rule 9b-1. Each of these respondents will process an average of 3
new customers for options each week and, therefore, will have to
furnish approximately 156 ODDs per year. The postal mailing or
electronic delivery of the ODD takes respondents no more than 30
seconds to complete for an annual time burden for each of these
respondents of approximately 78 minutes or 1.3 hours. Thus, the total
time burden per year for broker-dealers is approximately 1,326 hours
(1,020 broker-dealers x 1.3 hours). The estimated cost for a general
clerk of a broker-dealer is $63 per hour,\4\
[[Page 13411]]
resulting in a total internal cost of compliance for these respondents
of approximately $83,538 per year (1,326 hours at $63 per hour).
---------------------------------------------------------------------------
\3\ The estimate of 1,020 broker-dealers required to comply with
Rule 9b-1 is derived from Item 12 of the Form BD (OMB Control No.
3235-0012). This estimate may be high as it includes broker-dealers
that engage in only a proprietary business, and as a result are not
required to deliver an ODD, as well as those broker-dealers subject
to Rule 9b-1.
\4\ The $63 figure is based on the 2013 figure ($57) adjusted
for inflation. See supra note 2. The $57 per hour figure for a
General Clerk is from SIFMA's Office Salaries in the Securities
Industry 2013, modified by Commission staff to account for an 1800-
hour work-year and multiplied by 2.93 to account for bonuses, firm
size, employee benefits and overhead. The staff believes that the
ODD would be mailed or electronically delivered to customers by a
general clerk of the broker-dealer or some other equivalent
position.
---------------------------------------------------------------------------
The total time burden for all respondents under this rule (both
options markets and broker-dealers) is approximately 1,710 hours per
year (384 + 1,326), and the total internal cost of compliance is
approximately $244,818 per year ($161,280 + $83,538).
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
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: March 2, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-04657 Filed 3-5-21; 8:45 am]
BILLING CODE 8011-01-P
