Submission for OMB Review; Comment Request, 4298-4299 [2022-01617]

Download as PDF 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 lotter on DSK11XQN23PROD with NOTICES1 Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices 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 brokerdealer 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. 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) >MBX.OMB.OIRA.SEC_ desk_officer@omb.eop.gov < 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. Market Funds, Exchange Act Release No. 34–76480 (Nov. 19, 2015), 80 FR 73849 (Nov. 25, 2015). VerDate Sep<11>2014 17:53 Jan 26, 2022 Jkt 256001 Dated: January 24, 2022. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–01617 Filed 1–26–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–789, OMB Control No. 3235–0731] Proposed Collection; Comment Request Upon Written Request Copies Available From: U.S. Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Generic ICR: Generic Clearance for the Collection of Qualitative Feedback on Agency Service Delivery 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’’) 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. The information collection activity will garner qualitative customer and stakeholder feedback in an efficient, timely manner, in accordance with the Administration’s commitment to improving service delivery. By qualitative feedback we mean information that provides useful insights on perceptions and opinions, but are not statistical surveys that yield quantitative results that can be generalized to the population of study. This feedback will provide insights into customer or stakeholder perceptions, experiences and expectations, provide an early warning of issues with service, or focus attention on areas where communication, training or changes in operations might improve delivery of products or services. These collections will allow for ongoing, collaborative and actionable communications between the SEC and its customers and stakeholders. It will also allow feedback to contribute directly to the improvement of program management. Feedback collected under this generic clearance will provide useful information, but it will not yield data that can be generalized to the overall population. This type of generic clearance for qualitative information will not be used for quantitative PO 00000 Frm 00109 Fmt 4703 Sfmt 9990 4299 information collections that are designed to yield reliably actionable results, such as monitoring trends over time or documenting program performance. Depending on the degree of influence the results are likely to have, such collections may still be eligible for submission for other generic mechanisms that are designed to yield quantitative results. Below is the projected average annual estimates each year for the next three years: Expected Annual Number of activities: [20]. Respondents: [20,000]. Annual responses: [20,000]. Frequency of Response: Once per request. Average minutes per response: [10]. Annual burden hours: [3,500]. 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 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 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 24, 2024. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–01638 Filed 1–26–22; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\27JAN1.SGM 27JAN1

Agencies

[Federal Register Volume 87, Number 18 (Thursday, January 27, 2022)]
[Notices]
[Pages 4298-4299]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01617]


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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 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, 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-

[[Page 4299]]

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.
    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) >[email protected] < 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. 2022-01617 Filed 1-26-22; 8:45 am]
BILLING CODE 8011-01-P
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