Submission for OMB Review; Comment Request, Extension: Rules 6a-1 and 6a-2, Form 1, 4297-4298 [2022-01616]

Download as PDF 4297 Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices TABLE—FORM 13F CURRENT AND REVISED BURDEN ESTIMATES—Continued Number of amendments. Revised current annual estimated burden of all amendments. Initial hours Annual hours Wage rate Internal time cost ................ 244 amendments 10 .... ..................................... 244 amendments ........ 244 amendments. ................ 976 hours .................... ..................................... $217,831 ..................... $73,200. ..................................... $31,186,425.60 ........... $0. ..................................... $13,733,909 ................ $4,846,374. External costs 1 Total Estimated Form 13F Burden Currently approved burden estimates. (1) Revised current burden estimates. (1) I 472,521.6 hours .......... 67,242 hours ............... I I I lotter on DSK11XQN23PROD with NOTICES1 Notes: 1 The external costs of complying with Form 13F can vary among filers. Some filers use third-party vendors for a range of services in connection with filing reports on Form 13F, while other filers use vendors for more limited purposes such as providing more user-friendly versions of the list of section 13(f) Securities. For purposes of the PRA, we estimate that each filer will spend an average of $300 on vendor services each year in connection with the filer’s four quarterly reports on Form 13F–HR or Form 13F–NT, as applicable, in addition to the estimated vendor costs associated with any amendments. In addition, some filers engage outside legal services in connection with the preparation of requests for confidential treatment or analyses regarding possible requests, or in connection with the form’s disclosure requirements. For purposes of the PRA, we estimate that each manager filing reports on Form 13F–HR will incur $489 for one hour of outside legal services each year. 2 $66 was the estimated wage rate for a compliance clerk in 2018. 3 The estimate reduces the total burden hours associated with complying with the reporting requirements of Form 13F–HR from 80.8 to 11 hours. We believe that this reduction adequately reflects the reduction in the time managers spend complying with Form 13F–HR as a result of advances in technology that have occurred since Form 13F was adopted. The revised estimate also assumes that an in-house compliance attorney would spend 1 hour annually on the preparation of the filing, as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 10 hours would be divided equally between a senior programmer and compliance clerk. 4 The $202.50 wage rate reflects current estimates of the blended hourly rate for an in-house senior programmer ($334) and in-house compliance clerk ($71). $202.50 is based on the following calculation: ($334 + $71) / 2 = $202.50. The $334 per hour figure for a senior programmer is based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013 (‘‘SIFMA Report’’), modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. The $71 per hour figure for a compliance clerk is based on salary information from the SIFMA Report, modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. 5 The $368 per hour figure for a compliance attorney is based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013 (‘‘SIFMA Report’’), modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. 6 $789 includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–HR filing as well as an estimated $489 for one hour of outside legal services. We estimate that Form 13F–HR filers will require some level of external legal counsel in connection with these filings. 7 This estimate is based on the number of 13F–HR filers as of December 2019. 8 This estimate is based on the number of Form 13F–NT filers as of December 2019. 9 The revised estimate assumes that an in-house compliance attorney would spend 0.5 hours annually on the preparation of the filing amendment, as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 3.5 hours would be divided equally between a senior programmer and compliance clerk. 10 This estimate is based on the number of Form 13F amendments filed as of December 2019. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act. The estimate is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. 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 the background documentation for this information collection at the following website, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Lindsay.M.Abate@omb.eop.gov; and (ii) VerDate Sep<11>2014 18:59 Jan 26, 2022 Jkt 256001 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. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Dated: January 24, 2022. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–01613 Filed 1–26–22; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–017, OMB Control No. 3235–0017] Submission for OMB Review; Comment Request, Extension: Rules 6a–1 and 6a–2, Form 1 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 E:\FR\FM\27JAN1.SGM 27JAN1 lotter on DSK11XQN23PROD with NOTICES1 4298 Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices Rule 6a–1 (17 CFR 240.6a–1), Rule 6a– 2 (17 CFR 240.6a–2), and Form 1 (17 CFR 249.1) under the Securities Exchange Act of 1934 (‘‘Exchange Act’’ or ‘‘Act’’) (15 U.S.C. 78a et seq.). The Exchange Act sets forth a regulatory scheme for national securities exchanges. Rule 6a–1 under the Act generally requires an applicant for initial registration as a national securities exchange to file an application with the Commission on Form 1. An exchange that seeks an exemption from registration based on limited trading volume also must apply for such exemption on Form 1. Rule 6a– 2 under the Act requires registered and exempt exchanges: (1) To amend the Form 1 if there are any material changes to the information provided in the initial Form 1; and (2) to submit periodic updates of certain information provided in the initial Form 1, whether such information has changed or not. The information required pursuant to Rules 6a–1 and 6a–2 is necessary to enable the Commission to maintain accurate files regarding the exchange and to exercise its statutory oversight functions. Without the information submitted pursuant to Rule 6a–1 on Form 1, the Commission would not be able to determine whether the respondent has met the criteria for registration (or an exemption from registration) set forth in Section 6 of the Exchange Act. The amendments and periodic updates of information submitted pursuant to Rule 6a–2 are necessary to assist the Commission in determining whether a national securities exchange or exempt exchange is continuing to operate in compliance with the Exchange Act. Initial filings on Form 1 by new exchanges are made on a one-time basis. The Commission estimates that it will receive approximately one initial Form 1 filing per year and that each respondent would incur an average burden of 880 hours to file an initial Form 1 at an average internal compliance cost per response of approximately $340,886. Therefore, the Commission estimates that the annual burden for all respondents to file the initial Form 1 would be 880 hours (one response/respondent × one respondent × 880 hours/response) and an internal compliance cost of $340,886 (one response/respondent × one respondent × $340,886/response). There currently are 24 entities registered as national securities exchanges. The Commission estimates that each registered or exempt exchange files eleven amendments or periodic updates to Form 1 per year, incurring an average burden of 25 hours per VerDate Sep<11>2014 17:53 Jan 26, 2022 Jkt 256001 amendment to comply with Rule 6a–2. The Commission estimates that the average internal compliance cost for a national securities exchange per response would be approximately $8,480. The Commission estimates that the annual burden for all respondents to file amendments and periodic updates to the Form 1 pursuant to Rule 6a–2 would be 6,600 hours (24 respondents × 25 hours/response × 11 responses/ respondent per year) and an internal compliance cost of $2,238,720 (24 respondents × $8,480/response × 11 responses/respondent per year). The total estimated annual time burden associated with Rules 6a–1 and 6a–2 is thus approximately 7,480 hours (880 + 6,600). 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 Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: January 24, 2022. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–01616 Filed 1–26–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–792; OMB Control No. 3235–0739] 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: Order Granting a Conditional Exemption under the Securities Exchange Act of PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 1934 from the Confirmation Requirements of Exchange Act Rule 10b– 10(a) for Certain Transactions in Money Market Funds 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 the following: 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)). 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. 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, brokerdealers 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 broker1 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 E:\FR\FM\27JAN1.SGM 27JAN1

Agencies

[Federal Register Volume 87, Number 18 (Thursday, January 27, 2022)]
[Notices]
[Pages 4297-4298]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01616]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-017, OMB Control No. 3235-0017]


Submission for OMB Review; Comment Request, Extension: Rules 6a-1 
and 6a-2, Form 1

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

[[Page 4298]]

Rule 6a-1 (17 CFR 240.6a-1), Rule 6a-2 (17 CFR 240.6a-2), and Form 1 
(17 CFR 249.1) under the Securities Exchange Act of 1934 (``Exchange 
Act'' or ``Act'') (15 U.S.C. 78a et seq.).
    The Exchange Act sets forth a regulatory scheme for national 
securities exchanges. Rule 6a-1 under the Act generally requires an 
applicant for initial registration as a national securities exchange to 
file an application with the Commission on Form 1. An exchange that 
seeks an exemption from registration based on limited trading volume 
also must apply for such exemption on Form 1. Rule 6a-2 under the Act 
requires registered and exempt exchanges: (1) To amend the Form 1 if 
there are any material changes to the information provided in the 
initial Form 1; and (2) to submit periodic updates of certain 
information provided in the initial Form 1, whether such information 
has changed or not. The information required pursuant to Rules 6a-1 and 
6a-2 is necessary to enable the Commission to maintain accurate files 
regarding the exchange and to exercise its statutory oversight 
functions. Without the information submitted pursuant to Rule 6a-1 on 
Form 1, the Commission would not be able to determine whether the 
respondent has met the criteria for registration (or an exemption from 
registration) set forth in Section 6 of the Exchange Act. The 
amendments and periodic updates of information submitted pursuant to 
Rule 6a-2 are necessary to assist the Commission in determining whether 
a national securities exchange or exempt exchange is continuing to 
operate in compliance with the Exchange Act.
    Initial filings on Form 1 by new exchanges are made on a one-time 
basis. The Commission estimates that it will receive approximately one 
initial Form 1 filing per year and that each respondent would incur an 
average burden of 880 hours to file an initial Form 1 at an average 
internal compliance cost per response of approximately $340,886. 
Therefore, the Commission estimates that the annual burden for all 
respondents to file the initial Form 1 would be 880 hours (one 
response/respondent x one respondent x 880 hours/response) and an 
internal compliance cost of $340,886 (one response/respondent x one 
respondent x $340,886/response).
    There currently are 24 entities registered as national securities 
exchanges. The Commission estimates that each registered or exempt 
exchange files eleven amendments or periodic updates to Form 1 per 
year, incurring an average burden of 25 hours per amendment to comply 
with Rule 6a-2. The Commission estimates that the average internal 
compliance cost for a national securities exchange per response would 
be approximately $8,480. The Commission estimates that the annual 
burden for all respondents to file amendments and periodic updates to 
the Form 1 pursuant to Rule 6a-2 would be 6,600 hours (24 respondents x 
25 hours/response x 11 responses/respondent per year) and an internal 
compliance cost of $2,238,720 (24 respondents x $8,480/response x 11 
responses/respondent per year).
    The total estimated annual time burden associated with Rules 6a-1 
and 6a-2 is thus approximately 7,480 hours (880 + 6,600).
    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 Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending 
an email to: [email protected]. Comments must be submitted to OMB 
within 30 days of this notice.

    Dated: January 24, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01616 Filed 1-26-22; 8:45 am]
BILLING CODE 8011-01-P
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