Proposed Collection; Comment Request; Extension: Order Granting a Conditional Exemption Under the Securities Exchange Act of 1934 From the Confirmation Requirements of Exchange Act Rule 10b-10(a) for Certain Transactions in Money Market Funds, 2198-2199 [2022-00587]

Download as PDF 2198 Federal Register / Vol. 87, No. 9 / Thursday, January 13, 2022 / Notices used by registered management investment companies (‘‘funds’’) to file certified shareholder reports under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘Investment Company Act’’) and the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). Specifically, Form N–CSR is to be used for reports under section 30(b)(2) of the Investment Company Act (15 U.S.C. 80a–29(b)(2)) and section 13(a) or 15(d) of the Exchange Act (15 U.S.C. 78m(a) and 78o(d)), filed pursuant to rule 30b2–1(a) under the Investment Company Act (17 CFR 270.30b2–1(a)). Reports on Form N–CSR are to be filed with the Securities and Exchange Commission (‘‘Commission’’) no later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under rule 30e–1 under the Investment Company Act (17 CFR 270.30e–1). The information filed with the Commission permits the verification of compliance with securities law requirements and assures the public availability and dissemination of the information. The current total annual burden hour inventory for Form N–CSR is 181,167 hours.1 The hour burden estimates for preparing and filing reports on Form N– CSR are based on the Commission’s experience with the contents of the form. The number of burden hours may vary depending on, among other things, the complexity of the filing and whether preparation of the reports is performed by internal staff or outside counsel. The Commission’s new estimate of burden hours that will be imposed by Form N–CSR is as follows: TABLE 1—SUMMARY OF REVISED BURDEN HOURS FOR REPORTS ON FORM N–CSR Funds and filings Number of funds Number of annual filings Number of total filings Hour burden per fund per filing Total annual hour burden (A) (B) (C) = (A) × (B) (D) (E) = (C) × (D) 2 14,654 2 29,308 7.75 227,137 jspears on DSK121TN23PROD with NOTICES1 Form N–CSR ......................................... In total, the Commission estimates it will take 227,137 burden hours per year for all funds to prepare and file reports on Form N–CSR. Commission staff estimates that the annual cost of outside services associated with Form N–CSR is approximately $203 per fund and the total annual external cost burden for Form N–CSR is $5,949,524.3 Estimates of average burden hours and costs are made solely for purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. Compliance with the information collection requirements of Form N–CSR is mandatory. 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 information unless it displays a currently valid OMB 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 1 This estimate is based on the following calculation: 179,443 (previous burden estimate) + 1,724.5 (additional internal burden) = 181,167.5 hours. VerDate Sep<11>2014 18:18 Jan 12, 2022 Jkt 256001 Annual time burden (hours) 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. Please direct your written comments to David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, C/O John R. Pezzullo, 100 F Street NE, Washington, DC 20549; or send an email to: PRA_ Mailbox@sec.gov. All submissions should refer to File Number 270–512. This file number should be included on the subject line if email is used. The Commission will post all comments on the Commission’s internet website (https://www.sec.gov). All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. Dated: January 10, 2022. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–00589 Filed 1–12–22; 8:45 am] BILLING CODE 8011–01–P 2 This estimate is based on the number of registered management companies as calculated by the filing type: 1,403 N–1A registrants (13,248 funds); 693 N–2 registrants (691 funds); 5 N–3 registrants (14 funds); 417 N–4 registrants (418 PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–792; OMB Control No. 3235–0739] Proposed Collection; Comment Request; Extension: Order Granting a Conditional Exemption Under the Securities Exchange Act of 1934 From the Confirmation Requirements of Exchange Act Rule 10b–10(a) for Certain Transactions in Money Market Funds Upon Written Request, Copies Available From: U.S. 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’’) is soliciting comments on the existing collection of information provided for in the Order Granting a Conditional Exemption under the Securities Exchange Act of 1934 from the Confirmation Requirements of Exchange Act Rule 10b–10(a) for Certain Transactions in Money Market Funds (17 CFR 240.10b–10(a)). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. funds); 235 N–6 registrants (236 funds); 47 N–8B– 2 registrants (47 funds). 3 This estimate is based on the following calculation: 14,654 funds × $203 per filing × 2 filings per year = $5,949,524. E:\FR\FM\13JAN1.SGM 13JAN1 Federal Register / Vol. 87, No. 9 / Thursday, January 13, 2022 / Notices Rule 10b–10 under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.) generally requires broker-dealers to provide customers with specified information relating to their securities transactions at or before the completion of the transactions. Exchange Act Rule 10b–10(b), however, provides an exception from this requirement for certain transactions in money market funds that attempt to maintain a stable net asset value when no sales load or redemption fee is charged. The exception permits brokerdealers to provide transaction information to money market fund shareholders on a monthly, rather than immediate, basis, subject to the conditions. Amendments to Rule 2a–7 (17 CFR 270.2a–7) of the Investment Company Act of 1940 (‘‘Investment Company Act’’) (15 U.S.C. 80a–1 et seq.) among other things, means, absent an exemption, broker-dealers would not be able to continue to rely on the exception under Exchange Act Rule 10b–10(b) for transactions in money market funds operating in accordance with Investment Company Act Rule 2a– 7(c)(1)(ii).1 In 2015, the Commission issued an Order Granting a Conditional Exemption under the Securities Exchange Act of 1934 From The Confirmation Requirements of Exchange Act Rule 10b–10(a) For Certain Transactions In Money Market Funds (‘‘Order’’) 2 which allows broker-dealers, subject to certain conditions, to provide transaction information to investors in any money market fund operating pursuant to Investment Company Act Rule 2a–7(c)(1)(ii) on a monthly basis in lieu of providing immediate confirmations as required under Exchange Act Rule 10b–10(a) (‘‘the Exemption’’). Accordingly, to be eligible for the Exemption, a broker-dealer must (1) provide an initial written notification to the customer of its ability to request delivery of immediate confirmations consistent with the written notification requirements of Exchange Act Rule 10b–10(a), and (2) not receive any such request to receive immediate confirms from the customer. As of December 31, 2020, the Commission estimates there are approximately 154 broker-dealers that clear customer transactions or carry customer funds and securities who would be responsible for providing customer confirmations. The Commission estimates that the cost of the ongoing notification requirements would be minimal, approximately 5% of the initial burden which was previously estimated to be 36 hours per brokerdealer, or approximately 1.8 hours per broker-dealer per year, to provide ongoing notifications, or a total burden of 277 hours annually for the 154 carrying broker-dealers. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be 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 John Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to: PRA_ Mailbox@sec.gov. Dated: January 10, 2022. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–00587 Filed 1–12–22; 8:45 am] BILLING CODE 8011–01–P See generally Money Market Fund Reform; Amendments to Form PF, Securities Act Release No. 9408, Investment Advisers Act Release No. 3616, Investment Company Act Release No. 30551 (June 5, 2013), 78 FR 36834, 36934 (June 19, 2013); see also Exchange Act Rule 10b–10(b)(1), 17 CFR 240.10b–10(b)(1) (limiting alternative monthly reporting to money market funds that attempt to maintain a stable NAV). 2 See Order Granting a Conditional Exemption Under the Securities Exchange Act of 1934 From the Confirmation Requirements of Exchange Act Rule 10b–10(a) for Certain Transactions in Money Market Funds, Exchange Act Release No. 34–76480 (Nov. 19, 2015), 80 FR 73849 (Nov. 25, 2015). jspears on DSK121TN23PROD with NOTICES1 1 VerDate Sep<11>2014 18:18 Jan 12, 2022 Jkt 256001 SELECTIVE SERVICE SYSTEM Reasonable Accommodation, Religious Exception, and Medical Exception Health Records Selective Service System. Notice of new system of records. AGENCY: ACTION: Pursuant to the provisions of the Privacy Act of 1974, as amended, SUMMARY: PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 2199 the Selective Service System (SSS) is issuing a public notice of its intent to create a Privacy Act System of Records titled, ‘‘Reasonable Accommodation, Religious Exception, and Medical Exception Health Records.’’ This System of Records notice (SORN) describes Selective Service’s collection, maintenance, and use of records related to requests for reasonable accommodation under Title VII of the Civil Rights Act of 1964 or the applicable provisions of the Americans with Disabilities Act as applied to the Federal Government through the Rehabilitation Act and the Religious Freedom Restoration Act of 1993. This newly established system will be included in the SSS inventory of record systems. DATES: Please submit comments on or before 30 days after date of publication in the Federal Register. This new system is effective upon publication in today’s Federal Register, with the exception of the routine uses, which are effective 30 days after date of publication in the Federal Register. ADDRESSES: Written comments and recommendations should be sent to Daniel.Mira@sss.gov or to the Selective Service System, Mr. Daniel Mira, Senior Agency Official for Privacy, 1515 Wilson Boulevard, Arlington, Virginia 22209–2425. A copy of the comments should be sent to the Office of Information and Regulatory Affairs, Attention: Desk Officer, Selective Service System, Office of Management and Budget, New Executive Office Building, Room 3235, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Mr. Daniel Mira, Senior Agency Official for Privacy, Office of Information Technology, Selective Service System, 1515 Wilson Boulevard, Arlington, Virginia 22209–2425. SUPPLEMENTARY INFORMATION: Executive Order 14043, Requiring Coronavirus Disease 2019 Vaccination for Federal Employees, signed September 9, 2021, establishes mandatory requirements for Federal executive agencies to implement a program to require COVID– 19 vaccinations for Federal employees, with some exceptions as required by law. Additionally, Executive Order 14042, Ensuring Adequate COVID Safety Protocols for Federal Contractors, signed September 9, 2021, establishes requirements for Federal executive agencies to implement workplace safety protocols for contractors and subcontractors to protect the health and safety of the Federal workforce and members of the public. SSS is implementing these requirements to E:\FR\FM\13JAN1.SGM 13JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 87, Number 9 (Thursday, January 13, 2022)]
[Notices]
[Pages 2198-2199]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00587]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-792; OMB Control No. 3235-0739]


Proposed Collection; Comment Request; Extension: Order Granting a 
Conditional Exemption Under the Securities Exchange Act of 1934 From 
the Confirmation Requirements of Exchange Act Rule 10b-10(a) for 
Certain Transactions in Money Market Funds

Upon Written Request, Copies Available From: U.S. 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'') is soliciting comments on the existing 
collection of information provided for in the Order Granting a 
Conditional Exemption under the Securities Exchange Act of 1934 from 
the Confirmation Requirements of Exchange Act Rule 10b-10(a) for 
Certain Transactions in Money Market Funds (17 CFR 240.10b-10(a)). The 
Commission plans to submit this existing collection of information to 
the Office of Management and Budget (``OMB'') for extension and 
approval.

[[Page 2199]]

    Rule 10b-10 under the Securities Exchange Act of 1934 (``Exchange 
Act'') (15 U.S.C. 78a et seq.) generally requires broker-dealers to 
provide customers with specified information relating to their 
securities transactions at or before the completion of the 
transactions. Exchange Act Rule 10b-10(b), however, provides an 
exception from this requirement for certain transactions in money 
market funds that attempt to maintain a stable net asset value when no 
sales load or redemption fee is charged. The exception permits broker-
dealers to provide transaction information to money market fund 
shareholders on a monthly, rather than immediate, basis, subject to the 
conditions. Amendments to Rule 2a-7 (17 CFR 270.2a-7) of the Investment 
Company Act of 1940 (``Investment Company Act'') (15 U.S.C. 80a-1 et 
seq.) among other things, means, absent an exemption, broker-dealers 
would not be able to continue to rely on the exception under Exchange 
Act Rule 10b-10(b) for transactions in money market funds operating in 
accordance with Investment Company Act Rule 2a-7(c)(1)(ii).\1\
---------------------------------------------------------------------------

    \1\ See generally Money Market Fund Reform; Amendments to Form 
PF, Securities Act Release No. 9408, Investment Advisers Act Release 
No. 3616, Investment Company Act Release No. 30551 (June 5, 2013), 
78 FR 36834, 36934 (June 19, 2013); see also Exchange Act Rule 10b-
10(b)(1), 17 CFR 240.10b-10(b)(1) (limiting alternative monthly 
reporting to money market funds that attempt to maintain a stable 
NAV).
---------------------------------------------------------------------------

    In 2015, the Commission issued an Order Granting a Conditional 
Exemption under the Securities Exchange Act of 1934 From The 
Confirmation Requirements of Exchange Act Rule 10b-10(a) For Certain 
Transactions In Money Market Funds (``Order'') \2\ which allows broker-
dealers, subject to certain conditions, to provide transaction 
information to investors in any money market fund operating pursuant to 
Investment Company Act Rule 2a-7(c)(1)(ii) on a monthly basis in lieu 
of providing immediate confirmations as required under Exchange Act 
Rule 10b-10(a) (``the Exemption''). Accordingly, to be eligible for the 
Exemption, a broker-dealer must (1) provide an initial written 
notification to the customer of its ability to request delivery of 
immediate confirmations consistent with the written notification 
requirements of Exchange Act Rule 10b-10(a), and (2) not receive any 
such request to receive immediate confirms from the customer.
---------------------------------------------------------------------------

    \2\ See Order Granting a Conditional Exemption Under the 
Securities Exchange Act of 1934 From the Confirmation Requirements 
of Exchange Act Rule 10b-10(a) for Certain Transactions in Money 
Market Funds, Exchange Act Release No. 34-76480 (Nov. 19, 2015), 80 
FR 73849 (Nov. 25, 2015).
---------------------------------------------------------------------------

    As of December 31, 2020, the Commission estimates there are 
approximately 154 broker-dealers that clear customer transactions or 
carry customer funds and securities who would be responsible for 
providing customer confirmations. The Commission estimates that the 
cost of the ongoing notification requirements would be minimal, 
approximately 5% of the initial burden which was previously estimated 
to be 36 hours per broker-dealer, or approximately 1.8 hours per 
broker-dealer per year, to provide ongoing notifications, or a total 
burden of 277 hours annually for the 154 carrying broker-dealers.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information shall 
have practical utility; (b) the accuracy of the Commission's estimate 
of the burden of the proposed collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information to be 
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 John 
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to: 
[email protected].

    Dated: January 10, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-00587 Filed 1-12-22; 8:45 am]
BILLING CODE 8011-01-P

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