Submission for OMB Review; Comment Request, 13780 [2022-05019]

Download as PDF 13780 Federal Register / Vol. 87, No. 47 / Thursday, March 10, 2022 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–05023 Filed 3–9–22; 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 khammond on DSKJM1Z7X2PROD with NOTICES 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 The prior 30-day notice was issued in error and this new one allows a new 30 days to comment. 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 13 17 CFR 200.30–3(a)(57). VerDate Sep<11>2014 16:20 Mar 09, 2022 Jkt 256001 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 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. An agency may not conduct or sponsor, and a person is not required to 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). 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). PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 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 by April 11, 2022 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. Dated: March 4, 2022. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–05019 Filed 3–9–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–94362; File No. SR–NYSE– 2021–42] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Requirements of Section 102.06 of the NYSE Listed Company Manual To Allow an Acquisition Company To Contribute a Portion of Its Trust Account to a New Acquisition Company and Spin-Off the New Acquisition Company to Its Shareholders March 4, 2022. On August 23, 2021, the New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend the requirements of Section 102.06 of the NYSE Listed Company Manual (‘‘Manual’’) to allow an acquisition company to contribute a portion of the amount held in its trust account to a trust account of a new 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. E:\FR\FM\10MRN1.SGM 10MRN1

Agencies

[Federal Register Volume 87, Number 47 (Thursday, March 10, 2022)]
[Notices]
[Page 13780]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-05019]


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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

    The prior 30-day notice was issued in error and this new one allows 
a new 30 days to comment.
    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-
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 by April 11, 2022 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: March 4, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-05019 Filed 3-9-22; 8:45 am]
BILLING CODE 8011-01-P
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