Submission for OMB Review; Comment Request, 1465-1466 [2022-00256]

Download as PDF Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–442, OMB Control No. 3235–0498] khammond on DSKJM1Z7X2PROD with NOTICES Submission for OMB Review; Comment Request; Extension: Rule 17a–12/Form X–17A–5 Part II Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 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 17a–12 (17 CFR 240.17a–12) and Part II of Form X–17A–5 (17 CFR 249.617) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 17a–12 is the reporting rule tailored specifically for over-the-counter (‘‘OTC’’) derivatives dealers registered with the Commission, and Part II of Form X–17A–5, the Financial and Operational Combined Uniform Single (‘‘FOCUS’’) Report, is the basic document for reporting the financial and operational condition of OTC derivatives dealers. Rule 17a–12 requires registered OTC derivatives dealers to file Part II of the FOCUS Report quarterly. Rule 17a–12 also requires that OTC derivatives dealers file audited financial statements (‘‘audited report’’) annually. The reports required under Rule 17a– 12 provide the Commission with information used to monitor the operations of OTC derivatives dealers and to enforce their compliance with the Commission’s rules. These reports also enable the Commission to review the business activities of OTC derivatives dealers and to anticipate, where possible, how these dealers may be affected by significant economic events. There are currently five registered OTC derivatives dealers. The staff expects that three of those firms will register as Security-Based Swap Dealers within the next three years and therefore will no longer be subject to Rule 17a–12. Thus, only two OTC derivatives dealers will be subject to the requirements of Rule 17a–12. The staff estimates that the average amount of time necessary to prepare and file the quarterly reports required by the rule is eighty hours per OTC derivatives VerDate Sep<11>2014 20:03 Jan 10, 2022 Jkt 256001 dealer 1 per year and that the average amount of time to prepare and file the annual audited report is 100 hours per OTC derivatives dealer per year, for a total reporting burden of 180 hours per OTC derivatives dealer annually. Thus the staff estimates that the total industry-wide time burden to comply with the requirements of Rule 17a–12 is 360 hours per year (180 × 2). The Commission estimates that the average annual cost burden per OTC derivatives dealer for an independent public accountant to examine the financial statements is approximately $46,300 per respondent. Thus, the total industrywide annual cost burden is approximately $92,600 ($46,300 × 2). The retention period for the recordkeeping requirement under Rule 17a–12 is not less than two years following the date the notice is submitted. The recordkeeping requirement under this rule is mandatory to assist the Commission in monitoring OTC derivatives dealers. This rule does not involve the collection of confidential information. 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. 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 John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: January 5, 2022. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–00252 Filed 1–10–22; 8:45 am] BILLING CODE 8011–01–P 1 Based upon an average of 4 responses per year and an average of 20 hours spent preparing each response. PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 1465 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–264, OMB Control No. 3235–0341] 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 17Ad–4(b) & (c) Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (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 17Ad–4(b) & (c) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 17Ad–4(b) & (c) (17 CFR 240.17Ad–4) is used to document when transfer agents are exempt, or no longer exempt, from the minimum performance standards and certain recordkeeping provisions of the Commission’s transfer agent rules. Pursuant to Rule 17Ad–4(b), if the Commission or the Office of the Comptroller of the Currency (‘‘OCC’’) is the appropriate regulatory agency (‘‘ARA’’) for an exempt transfer agent, that transfer agent is required to prepare and maintain in its possession a notice certifying that it is exempt from certain performance standards and recordkeeping and record retention provisions of the Commission’s transfer agent rules. This notice need not be filed with the Commission or OCC. If the Board of Governors of the Federal Reserve System (‘‘Fed’’) or the Federal Deposit Insurance Corporation (‘‘FDIC’’) is the transfer agent’s ARA, that transfer agent must prepare a notice and file it with the Fed or FDIC. Rule 17Ad–4(c) sets forth the conditions under which a registered transfer agent loses its exempt status. Once the conditions for exemption no longer exist, the transfer agent, to keep the appropriate ARA apprised of its current status, must prepare, and file if the ARA for the transfer agent is the Fed or the FDIC, a notice of loss of exempt status under paragraph (c). The transfer agent then cannot claim exempt status under Rule 17Ad–4(b) again until it remains subject to the minimum performance standards for non-exempt E:\FR\FM\11JAN1.SGM 11JAN1 khammond on DSKJM1Z7X2PROD with NOTICES 1466 Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices transfer agents for six consecutive months. ARAs use the information contained in the notices required by Rules 17Ad– 4(b) and 17Ad–4(c) to determine whether a registered transfer agent qualifies for the exemption, to determine when a registered transfer agent no longer qualifies for the exemption, and to determine the extent to which that transfer agent is subject to regulation. The Commission estimates that approximately 10 registered transfer agents each year prepare or file notices in compliance with Rules 17Ad–4(b) and 17Ad–4(c). The Commission estimates that each such registered transfer agent spends approximately 1.5 hours to prepare or file such notices for an aggregate total annual burden of 15 hours (1.5 hours times 10 transfer agents). The Commission staff estimates that compliance staff work at registered transfer agents results in an internal cost of compliance, at an estimated hourly wage of $283, of $424.5 per year per transfer agent (1.5 hours × $283 per hour = $424.5 per year). Therefore, the aggregate annual internal cost of compliance for the approximate 10 transfer agents annually preparing or filing notices pursuant to Rules 17Ad– 4(b) and 17Ad–4(c) is approximately $4,245 ($424.5 × 10 = $4,245). This rule does not involve the collection of confidential information. 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. 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 John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: January 5, 2022. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–00256 Filed 1–10–22; 8:45 am] BILLING CODE 8011–01–P VerDate Sep<11>2014 20:03 Jan 10, 2022 Jkt 256001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–93903; File No. SR– NYSENAT–2021–24] Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Schedule of Fees and Rebates With Respect to a Regulatory Fee Related to the Central Registration Depository January 5, 2022. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on December 22, 2021, NYSE National, Inc. (‘‘NYSE National’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the selfregulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Schedule of Fees and Rebates (the ‘‘Fee Schedule’’) with respect to a regulatory fee related to the Central Registration Depository (‘‘CRD system’’), which is collected by the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’). The Exchange proposes to implement the fee change on January 2, 2022. The proposed rule change is available on the Exchange’s website at www.nyse.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Price List with respect to a regulatory fee collected by FINRA for use of the CRD system.4 The Exchange proposes to implement the fee change on January 2, 2022. FINRA collects and retains certain regulatory fees via the CRD system for the registration of associated persons of ETP Holders that are not FINRA members (‘‘Non-FINRA ETP Holders’’).5 The CRD system fees are user-based, and there is no distinction in the cost incurred by FINRA if the user is a FINRA member or a Non-FINRA ETP Holder. FINRA recently amended one of the fees assessed for use of the CRD system.6 Accordingly, the Exchange proposes to amend the Price List to mirror the fee assessed by FINRA, which will be implemented concurrently with the amended FINRA fee on January 2, 2022.7 Specifically, the Exchange proposes to amend the Price List to modify the fee charged to NonFINRA ETP Holders for each initial Form U4 filed for the registration of a representative or principal from $100 to $125.8 The Exchange notes that the proposed change is not otherwise intended to 4 The CRD system is the central licensing and registration system for the U.S. securities industry. The CRD system enables individuals and firms seeking registration with multiple states and selfregulatory organizations to do so by submitting a single form, fingerprint card, and a combined payment of fees to FINRA. Through the CRD system, FINRA maintains the qualification, employment, and disciplinary histories of registered associated persons of broker-dealers. 5 The Exchange originally adopted fees for use of the CRD system in 2018. See Securities Exchange Act Release No. 83867 (July 23, 2018), 83 FR 35696 (July 27, 2018) (SR–NYSENAT–2018–16). While the Exchange lists these fees in its Price List, it does not collect or retain these fees. 6 See Securities Exchange Act Release No. 90176 (October 14, 2020), 85 FR 66592 (October 20, 2020) (SR–FINRA–2020–032). 7 The Exchange notes that it has only adopted the CRD system fees charged by FINRA to Non-FINRA ETP Holders when such fees are applicable. In this regard, certain FINRA CRD system fees and requirements are specific to FINRA members, but do not apply to NYSE American-only[sic] ETP Holders. Non-FINRA ETP Holders have been charged CRD system fees since 2018. See note 5, supra. ETP Holders that are also FINRA members are charged CRD system fees according to Section 4 of Schedule A to the FINRA By-Laws. 8 See Section 4(b)(1) of Schedule A to the FINRA By-Laws effective on January 2, 2022. This fee is assessed when a Non-FINRA ETP Holder submits an initial Uniform Application for Securities Industry Regulation or Transfer (known as a ‘‘Form U4’’) filed by a member in the CRD system to register an individual. E:\FR\FM\11JAN1.SGM 11JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 87, Number 7 (Tuesday, January 11, 2022)]
[Notices]
[Pages 1465-1466]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00256]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-264, OMB Control No. 3235-0341]


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 17Ad-4(b) & (c)

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (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 
17Ad-4(b) & (c) under the Securities Exchange Act of 1934 (15 U.S.C. 
78a et seq.).
    Rule 17Ad-4(b) & (c) (17 CFR 240.17Ad-4) is used to document when 
transfer agents are exempt, or no longer exempt, from the minimum 
performance standards and certain recordkeeping provisions of the 
Commission's transfer agent rules. Pursuant to Rule 17Ad-4(b), if the 
Commission or the Office of the Comptroller of the Currency (``OCC'') 
is the appropriate regulatory agency (``ARA'') for an exempt transfer 
agent, that transfer agent is required to prepare and maintain in its 
possession a notice certifying that it is exempt from certain 
performance standards and recordkeeping and record retention provisions 
of the Commission's transfer agent rules. This notice need not be filed 
with the Commission or OCC. If the Board of Governors of the Federal 
Reserve System (``Fed'') or the Federal Deposit Insurance Corporation 
(``FDIC'') is the transfer agent's ARA, that transfer agent must 
prepare a notice and file it with the Fed or FDIC.
    Rule 17Ad-4(c) sets forth the conditions under which a registered 
transfer agent loses its exempt status. Once the conditions for 
exemption no longer exist, the transfer agent, to keep the appropriate 
ARA apprised of its current status, must prepare, and file if the ARA 
for the transfer agent is the Fed or the FDIC, a notice of loss of 
exempt status under paragraph (c). The transfer agent then cannot claim 
exempt status under Rule 17Ad-4(b) again until it remains subject to 
the minimum performance standards for non-exempt

[[Page 1466]]

transfer agents for six consecutive months.
    ARAs use the information contained in the notices required by Rules 
17Ad-4(b) and 17Ad-4(c) to determine whether a registered transfer 
agent qualifies for the exemption, to determine when a registered 
transfer agent no longer qualifies for the exemption, and to determine 
the extent to which that transfer agent is subject to regulation.
    The Commission estimates that approximately 10 registered transfer 
agents each year prepare or file notices in compliance with Rules 17Ad-
4(b) and 17Ad-4(c). The Commission estimates that each such registered 
transfer agent spends approximately 1.5 hours to prepare or file such 
notices for an aggregate total annual burden of 15 hours (1.5 hours 
times 10 transfer agents). The Commission staff estimates that 
compliance staff work at registered transfer agents results in an 
internal cost of compliance, at an estimated hourly wage of $283, of 
$424.5 per year per transfer agent (1.5 hours x $283 per hour = $424.5 
per year). Therefore, the aggregate annual internal cost of compliance 
for the approximate 10 transfer agents annually preparing or filing 
notices pursuant to Rules 17Ad-4(b) and 17Ad-4(c) is approximately 
$4,245 ($424.5 x 10 = $4,245).
    This rule does not involve the collection of confidential 
information.
    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.
    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 John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by 
sending an email to: [email protected].

    Dated: January 5, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-00256 Filed 1-10-22; 8:45 am]
BILLING CODE 8011-01-P

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