Proposed Collection; Comment Request, 58372-58373 [2021-22899]
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58372
Federal Register / Vol. 86, No. 201 / Thursday, October 21, 2021 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
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
19(b)(3)(A)(iii) of the Act 13 and
subparagraph (f)(6) of Rule 19b–4
thereunder.14
A proposed rule change filed under
Rule 19b–4(f)(6) 15 normally does not
become operative prior to 30 days after
the date of the filing. However, Rule
19b–4(f)(6)(iii) 16 permits the
Commission to designate a shorter time
if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately upon filing. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest, as it will allow the
current clearly erroneous execution
pilot program to continue
uninterrupted, without any changes,
while the Exchange and the other
national securities exchanges consider a
permanent proposal for clearly
erroneous execution reviews. For this
reason, the Commission hereby waives
the 30-day operative delay and
designates the proposed rule change as
operative upon filing.17
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
13 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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.
15 17 CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6)(iii).
17 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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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:
• 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–2021–080 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–2021–080. 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–NASDAQ–2021–080 and
should be submitted on or before
November 12, 2021.
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[FR Doc. 2021–22936 Filed 10–20–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–392, OMB Control No.
3235–0447]
Electronic Comments
PO 00000
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
J. Matthew DeLesDernier,
Assistant Secretary.
Sfmt 4703
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 17f–6
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 17f–6 (17 CFR 270.17f-6) under
the Investment Company Act of 1940
(15 U.S.C. 80a) permits registered
investment companies (‘‘funds’’) to
maintain assets (i.e., margin) with
futures commission merchants
(‘‘FCMs’’) in connection with
commodity transactions effected on
both domestic and foreign exchanges.
Before the rule’s adoption, funds
generally were required to maintain
these assets in special accounts with a
custodian bank.
The rule requires a written contract
that contains certain provisions
designed to ensure important safeguards
and other benefits relating to the
custody of fund assets by FCMs. To
protect fund assets, the contract must
require that FCMs comply with the
segregation or secured amount
requirements of the Commodity
Exchange Act (‘‘CEA’’) and the rules
under that statute. The contract also
must contain a requirement that FCMs
obtain an acknowledgment from any
clearing organization that the fund’s
assets are held on behalf of the FCM’s
customers according to CEA provisions.
Because rule 17f–6 does not impose
any ongoing obligations on funds or
18 17
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CFR 200.30–3(a)(12).
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Federal Register / Vol. 86, No. 201 / Thursday, October 21, 2021 / Notices
FCMs, Commission staff estimates there
are no costs related to existing contracts
between funds and FCMs. This estimate
does not include the time required by an
FCM to comply with the rule’s contract
requirements because, to the extent that
complying with the contract provisions
could be considered ‘‘collections of
information,’’ the burden hours for
compliance are already included in
other PRA submissions.1 Commission
staff estimates that approximately 1,302
series of 155 funds report that futures
commission merchants and commodity
58373
clearing organizations provide custodial
services to the fund.2
Commission staff, however, estimates
that any burden of the rule would be
borne by funds and FCMs entering into
new contracts pursuant to the rule as set
forth in Table 1 below:
TABLE 1—BURDEN OF INFORMATION COLLECTION FOR COMPLYING WITH RULE 17f–6
New contracts with FCMs annually
........................................................
Totals ......................................
Estimated responses
Estimated hours burden
Estimated cost burdens
130 series .....................................
15 funds 1 ......................................
130 series × 0.1 hours = 13 hours
15 funds × 1 hour = 15 hours ......
13 hours + 15 hours = 28 hours 3
13 hours × $425 (attorney) 4 =
$5,525
15 hours × $425 (attorney) 4 =
$6,375
$5,525 + $6,375 = $11,900
28 hours annually .........................
$11,900 annually
130 series and 15 funds annually 2.
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1 These estimates are based on the assumption that 10% of series and funds that currently effect commodities transactions enter into new
FCM contracts each year. This assumption encompasses series and fund that enter into FCM contracts for the first time, as well as fund complexes and fund that change the FCM with whom they maintain margin accounts for commodities transactions.
2 Commission staff estimates that approximately155 funds, representing 1,302 separate fund series, currently effect commodities transactions
and could deposit margin with FCMs in connection with those transactions pursuant to rule 17f–6. Staff further estimates that of this number, 15
funds and 130 series enter into new contracts with FCMs each year.
3 Based on conversations with fund representatives, Commission staff understands that funds typically enter into contracts with FCMs on behalf of series that engage in commodities transactions. Series covered by the contract are typically listed in an attachment, which may be
amended to encompass new series. Commission staff estimates that the burden for a fund to enter into a contract with an FCM that contains the
contract requirements of rule 17f–6 is one hour, and further estimates that the burden to add a series to an existing contract between a fund and
an FCM is 6 minutes.
4 The $425 per hour figure for an attorney is from SIFMA’s Management & Professional Earnings in the Securities Industry 2013, updated for
2021 modified by Commission staff to account for an 1,800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee
benefits and overhead.
These estimates 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 the rule is
necessary to obtain the benefit of relying
on the rule. 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.
Written comments are invited on: (a)
Whether the collection of information is
necessary for the proper performance of
the functions of the Commission,
including whether the information has
practical utility; (b) the accuracy of the
Commission’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.
1 The rule requires a contract with the FCM to
contain two provisions requiring the FCM to
comply with existing requirements under the CEA
and rules adopted thereunder. Thus, to the extent
these provisions could be considered collections of
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Consideration will be given to
comments and suggestions submitted in
writing within 60 days after this
publication.
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: October 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–22899 Filed 10–20–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–348, OMB Control No.
3235–0394]
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
information, the hours required for compliance
would be included in the collection of information
burden hours submitted by the CFTC for its rules.
2 This estimate is based on the number of funds
that reported on Form N–CEN from July 31, 2020–
PO 00000
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100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 15g–5
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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 15g–5—Disclosure of
Compensation of Associated Persons in
Connection with Penny Stock
Transactions—(17 CFR 240.15g–5)
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 15g–5 requires brokers and
dealers to disclose to customers the
amount of compensation to be received
by their sales agents in connection with
penny stock transactions. The purpose
of the rule is to increase the level of
disclosure to investors concerning
penny stocks generally and specific
penny stock transactions.
July 31, 2021, in response to sub-items C.12.6. and
D.14.6. Money market funds are excluded from this
estimate because they are not eligible securities.
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]]>Agencies
[Federal Register Volume 86, Number 201 (Thursday, October 21, 2021)]
[Notices]
[Pages 58372-58373]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-22899]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-392, OMB Control No. 3235-0447]
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 17f-6
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange
Commission (the ``Commission'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget for extension and approval.
Rule 17f-6 (17 CFR 270.17f-6) under the Investment Company Act of
1940 (15 U.S.C. 80a) permits registered investment companies
(``funds'') to maintain assets (i.e., margin) with futures commission
merchants (``FCMs'') in connection with commodity transactions effected
on both domestic and foreign exchanges. Before the rule's adoption,
funds generally were required to maintain these assets in special
accounts with a custodian bank.
The rule requires a written contract that contains certain
provisions designed to ensure important safeguards and other benefits
relating to the custody of fund assets by FCMs. To protect fund assets,
the contract must require that FCMs comply with the segregation or
secured amount requirements of the Commodity Exchange Act (``CEA'') and
the rules under that statute. The contract also must contain a
requirement that FCMs obtain an acknowledgment from any clearing
organization that the fund's assets are held on behalf of the FCM's
customers according to CEA provisions.
Because rule 17f-6 does not impose any ongoing obligations on funds
or
[[Page 58373]]
FCMs, Commission staff estimates there are no costs related to existing
contracts between funds and FCMs. This estimate does not include the
time required by an FCM to comply with the rule's contract requirements
because, to the extent that complying with the contract provisions
could be considered ``collections of information,'' the burden hours
for compliance are already included in other PRA submissions.\1\
Commission staff estimates that approximately 1,302 series of 155 funds
report that futures commission merchants and commodity clearing
organizations provide custodial services to the fund.\2\
---------------------------------------------------------------------------
\1\ The rule requires a contract with the FCM to contain two
provisions requiring the FCM to comply with existing requirements
under the CEA and rules adopted thereunder. Thus, to the extent
these provisions could be considered collections of information, the
hours required for compliance would be included in the collection of
information burden hours submitted by the CFTC for its rules.
\2\ This estimate is based on the number of funds that reported
on Form N-CEN from July 31, 2020- July 31, 2021, in response to sub-
items C.12.6. and D.14.6. Money market funds are excluded from this
estimate because they are not eligible securities.
---------------------------------------------------------------------------
Commission staff, however, estimates that any burden of the rule
would be borne by funds and FCMs entering into new contracts pursuant
to the rule as set forth in Table 1 below:
Table 1--Burden of Information Collection for Complying With Rule 17f-6
----------------------------------------------------------------------------------------------------------------
Estimated responses Estimated hours burden Estimated cost burdens
----------------------------------------------------------------------------------------------------------------
New contracts with FCMs annually.....
130 series............. 130 series x 0.1 hours 13 hours x $425
15 funds \1\........... = 13 hours. (attorney) \4\ =
15 funds x 1 hour = 15 $5,525
hours. 15 hours x $425
(attorney) \4\ =
$6,375
13 hours + 15 hours = $5,525 + $6,375 =
28 hours \3\. $11,900
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Totals........................... 130 series and 15 funds 28 hours annually...... $11,900 annually
annually \2\.
--------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
\1\ These estimates are based on the assumption that 10% of series and funds that currently effect commodities
transactions enter into new FCM contracts each year. This assumption encompasses series and fund that enter
into FCM contracts for the first time, as well as fund complexes and fund that change the FCM with whom they
maintain margin accounts for commodities transactions.
\2\ Commission staff estimates that approximately155 funds, representing 1,302 separate fund series, currently
effect commodities transactions and could deposit margin with FCMs in connection with those transactions
pursuant to rule 17f-6. Staff further estimates that of this number, 15 funds and 130 series enter into new
contracts with FCMs each year.
\3\ Based on conversations with fund representatives, Commission staff understands that funds typically enter
into contracts with FCMs on behalf of series that engage in commodities transactions. Series covered by the
contract are typically listed in an attachment, which may be amended to encompass new series. Commission staff
estimates that the burden for a fund to enter into a contract with an FCM that contains the contract
requirements of rule 17f-6 is one hour, and further estimates that the burden to add a series to an existing
contract between a fund and an FCM is 6 minutes.
\4\ The $425 per hour figure for an attorney is from SIFMA's Management & Professional Earnings in the
Securities Industry 2013, updated for 2021 modified by Commission staff to account for an 1,800-hour work-year
and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead.
These estimates 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 the
rule is necessary to obtain the benefit of relying on the rule. 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.
Written comments are invited on: (a) Whether the collection of
information is necessary for the proper performance of the functions of
the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission'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 60 days after this
publication.
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: October 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-22899 Filed 10-20-21; 8:45 am]
BILLING CODE 8011-01-P
