Proposed Collection; Comment Request; Extension: Rule 19b-4 and Form 19b-4, 64117-64119 [2022-22853]

Download as PDF Federal Register / Vol. 87, No. 203 / Friday, October 21, 2022 / Notices Visual Arts (review of applications): This meeting will be closed. Date and time: November 16, 2022; 3:30 p.m. to 5:30 p.m. Music (review of applications): This meeting will be closed. Date and time: November 16, 2022; 2:00 p.m. to 4:00 p.m. Arts Education (review of applications): This meeting will be closed. Date and time: November 17, 2022; 2:30 p.m. to 4:30 p.m. Literary Arts (review of applications): This meeting will be closed. Date and time: November 17, 2022; 1:00 p.m. to 3:00 p.m. Theater (review of applications): This meeting will be closed. Date and time: November 17, 2022; 1:00 p.m. to 3:00 p.m. Theater (review of applications): This meeting will be closed. Date and time: November 17, 2022; 4:00 p.m. to 5:00 p.m. Media Arts (review of applications): This meeting will be closed. Date and time: November 17, 2022; 2:30 p.m. to 4:30 p.m. Literary Arts (review of applications): This meeting will be closed. Date and time: November 18, 2022; 1:30 p.m. to 3:30 p.m. Theater (review of applications): This meeting will be closed. Date and time: November 22, 2022; 1:00 p.m. to 3:00 p.m. Theater (review of applications): This meeting will be closed. Date and time: November 22, 2022; 4:00 p.m. to 6:00 p.m. Our Town (review of applications): This meeting will be closed. Date and time: November 30, 2022; 12:00 p.m. to 2:00 p.m. Our Town (review of applications): This meeting will be closed. Date and time: November 30, 2022; 3:00 p.m. to 5:00 p.m. Dated: October 17, 2022. Daniel Beattie, Director, National Endowment for the Arts. [FR Doc. 2022–22825 Filed 10–20–22; 8:45 am] BILLING CODE 7537–01–P NATIONAL SCIENCE FOUNDATION jspears on DSK121TN23PROD with NOTICES Sunshine Act Meetings The National Science Board’s (NSB) Committee on External Engagement hereby gives notice of a change in a previously scheduled meeting for the transaction of National Science Board business pursuant to the National Science Foundation Act and the Government in the Sunshine Act. VerDate Sep<11>2014 19:08 Oct 20, 2022 Jkt 259001 FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 87 FR 52419, August 25, 2022. PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Monday, October 24, 2022, from 5:00–5:30 p.m. EDT. The meeting will occur at the same date and time. The matter to be considered is changed to consideration of 2023 NSB Honorary Award nominations. The meeting will be closed to the public. CHANGES IN THE MEETING: CONTACT PERSON FOR MORE INFORMATION: Point of contact for this meeting is: Chris Blair, cblair@nsf.gov, 703/292– 7000. Chris Blair, Executive Assistant to the National Science Board Office. [FR Doc. 2022–22993 Filed 10–19–22; 11:15 am] BILLING CODE 7555–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–38, OMB Control No. 3235–0045] Proposed Collection; Comment Request; Extension: Rule 19b–4 and Form 19b–4 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’’) is soliciting comments on the existing collection of information provided for in Rule 19b–4 (17 CFR 240.19b–4), under the Securities Exchange Act of 1934 (‘‘Act’’) (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Section 19(b) of the Act (15 U.S.C. 78s(b)) requires each self-regulatory organization (‘‘SRO’’) to file with the Commission copies of any proposed rule, or any proposed change in, addition to, or deletion from the rules of such SRO. Rule 19b–4 implements the requirements of Section 19(b) by requiring the SROs to file their proposed rule changes on Form 19b–4 and by clarifying which actions taken by SROs are subject to the filing requirement set forth in Section 19(b). Rule 19b–4(n) requires a designated clearing agency to provide the Commission advance notice (‘‘Advance Notice’’) of any proposed PO 00000 Frm 00118 Fmt 4703 Sfmt 4703 64117 change to its rules, procedures, or operations that could materially affect the nature or level of risks presented by such clearing agency. Rule 19b–4(o) requires a registered clearing agency to submit for a Commission determination any security-based swap, or any group, category, type, or class of security-based swaps it plans to accept for clearing (‘‘Security-Based Swap Submission’’), and provide notice to its members of such submissions. The collection of information is designed to provide the Commission with the information necessary to determine, as required by the Act, whether the proposed rule change is consistent with the Act and the rules thereunder. The information is used to determine if the proposed rule change should be approved, disapproved, suspended, or if proceedings should be instituted to determine whether to approve or disapprove the proposed rule change. The respondents to the collection of information are SROs (as defined by Section 3(a)(26) of the Act),1 including national securities exchanges, national securities associations, registered clearing agencies, notice registered securities future product exchanges, and the Municipal Securities Rulemaking Board. In calendar year 2021, each respondent filed an average of approximately 34 proposed rule changes. Each filing takes approximately 32 hours to complete on average. Thus, the total annual reporting burden for filing proposed rule changes with the Commission is 50,048 hours (34 proposals per year × 46 SROs × 32 hours per filing) for the estimated future number of 46 SROs.2 In addition to filing their proposed rule changes with the Commission, the respondents also are required to post each of their proposals on their respective websites, a process that takes approximately four hours to complete per proposal. Thus, the total annual reporting burden on respondents to post the proposals on their websites is 6,256 hours (34 proposals per year × 46 SROs × 4 hours per filing) for the estimated future number of 46 SROs. Further, the respondents are required to update their rulebooks, which they maintain on their websites, to reflect the changes that they 1 15 U.S.C. 78c(a)(26). there are 43 SROs, though not all of those SROs filed a proposed rule change in 2021. The Commission expects three additional respondents to register during the three-year period for which this Paperwork Reduction Act extension is applicable (one as a registered clearing agency and two as national securities exchanges), bringing the total number of respondents to 46. 2 Currently, E:\FR\FM\21OCN1.SGM 21OCN1 jspears on DSK121TN23PROD with NOTICES 64118 Federal Register / Vol. 87, No. 203 / Friday, October 21, 2022 / Notices make in each proposal they file. The total annual reporting burden for updating online rulebooks is 4,996 hours ((1,564 filings per year¥293 withdrawn filings 3¥22 disapproved filings 4) × 4 hours). Finally, a respondent is required to notify the Commission if it does not post a proposed rule change on its website on the same day that it filed the proposal with the Commission. The Commission estimates that SROs will fail to post proposed rule changes on their websites on the same day as the filing 16 times a year (across all SROs), and that each SRO will spend approximately one hour preparing and submitting such notice to the Commission, resulting in a total annual burden of 16 hours (16 notices × 1 hour per notice). Designated clearing agencies have additional information collection burdens. As noted above, pursuant to Rule 19b–4(n), a designated clearing agency must file with the Commission an Advance Notice of any proposed change to its rules, procedures, or operations that could materially affect the nature or level of risks presented by such designated clearing agency. The Commission estimates, based on historical rulemaking data that each designated clearing agency submitting Advance Notices will each submit two Advance Notices per year, with each submission taking 90 hours to complete. The total annual reporting burden for filing Advance Notices is therefore 900 hours (5 designated clearing agencies × 2 Advance Notices per year × 90 hours per response). Designated clearing agencies are required to post all Advance Notices to their websites, each of which takes approximately four hours to complete. For five Advance Notices, the total annual reporting burden for posting them to respondents’ websites is 40 hours (5 designated clearing agencies × 2 Advance Notices per year × 4 hours per website posting). Respondents are required to update the postings of those Advance Notices that become effective, each of which takes approximately four hours to complete. The total annual reporting burden for updating Advance Notices on the respondents’ websites is 40 hours (5 designated clearing agencies × 2 Advance Notices per year × 4 hours per website posting). Pursuant to Rule 19b–4(n)(5), the respondents are also required to provide copies of all materials submitted to the 3 For 43 SROs, 274 withdrawn filings equal approximately 6.37 filings per SRO. For 46 SROs, the figure would increase to 293 withdrawn filings. 4 For 43 SROs, 20 disapproved filings equal approximately 0.47 filings per SRO. For 46 SROs, the figure would increase to 22 disapproved filings. VerDate Sep<11>2014 19:08 Oct 20, 2022 Jkt 259001 Commission relating to an Advance Notice to the Board of Governors of the Federal Reserve System (‘‘Board’’) contemporaneously with such submission to the Commission, which is estimated to take two hours. The total annual reporting burden for designated clearing agencies to meet this requirement is 20 hours (5 designated clearing agencies × 2 Advance Notices per year × 2 hours per response). The Commission estimates that three security-based swap clearing agencies will each submit 20 Security-Based Swap Submissions per year, with each submission taking 140 hours to complete resulting in a total annual reporting burden of 5,880 hours (3 respondent clearing agencies × 14 Security-Based Swap Submissions per year × 140 hours per response). Respondent clearing agencies are required to post all Security-Based Swap Submissions to their websites, each of which takes approximately four hours to complete. For 14 SecurityBased Swap Submissions, the total annual reporting burden for posting them to the three respondents’ websites is 168 hours (3 respondent clearing agencies × 14 Security-Based Swap Submissions per year × 4 hours per website posting). In addition, three clearing agencies that have not previously posted Security-Based Swap Submissions on their websites may need to update their existing websites to post such filings online. The Commission estimates that each of these three clearing agencies would spend approximately 15 hours updating their existing websites, resulting in a total one-time burden of 45 hours (3 respondent clearing agencies × 15 hours per website update) or 15 hours annualized over three years. Respondent SROs will also have to provide training to staff members using the Electronic Form 19b–4 Filing System (‘‘EFFS’’) to submit SecurityBased Swap Submissions, Advance Notices, and/or proposed rule changes electronically. The Commission estimates that two anticipated national securities exchanges and one anticipated clearing agency will spend approximately 60 hours training all staff members who will use EFFS to submit Security-Based Swap Submissions, Advance Notices, and/or proposed rule changes electronically, or 20 hours annualized over three years. The Commission also estimates that these newly-registered and anticipated SROs will have a one-time burden of 390 hours to draft and implement internal policies and procedures for using EFFS to make these submissions, or 130 hours annualized over three years. The PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 Commission estimates that each of the 46 respondents will spend 10 hours each year training new compliance staff members and updating the training of existing compliance staff members to use EFFS, for a total annual burden of 460 hours (46 respondent SROs × 10 hours). In connection with Security-Based Swap Submissions, counterparties may apply for a stay from a mandatory clearing requirement under Rule 3Ca–1. The Commission estimates that each clearing agency will submit five applications for stays from a clearing requirement per year and it will take approximately 18 hours to retrieve, review, and submit each application. Thus, the total annual reporting burden for the Rule 3Ca–1 stay of clearing requirement would be 270 hours (3 respondent clearing agencies × 5 stay of clearing applications per year × 18 hours to retrieve, review, and submit the stay of clearing information). Based on the above, the total estimated annual response burden pursuant to Rule 19b–4 and Form 19b– 4 is the sum of the total annual reporting burdens for filing proposed rule changes, Advance Notices, and Security-Based Swap Submissions; training staff to file such proposals; drafting, modifying, and implementing internal policies and procedures for filing such proposals; posting each proposal on the respondents’ websites; updating websites to enable posting of proposals; updating the respondents’ online rulebooks to reflect the proposals that became effective; submitting copies of Advance Notices to the Board; and applying for stays from clearing requirements, which is 69,259 hours. Compliance with Rule 19b–4 is mandatory. Information received in response to Rule 19b–4 shall not be kept confidential; the information collected is public information. 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 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 by December 20, 2022. E:\FR\FM\21OCN1.SGM 21OCN1 Federal Register / Vol. 87, No. 203 / Friday, October 21, 2022 / Notices 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: October 17, 2022. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2022–22853 Filed 10–20–22; 8:45 am] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–96090; File No. SR–Phlx– 2022–38] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing of Proposed Rule Change To Permit the Listing and Trading of P.M.-Settled Nasdaq 100 Micro Index Options That Expire on Tuesday or Thursday Under Its Nonstandard Expirations Pilot Program October 17, 2022. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 4, 2022, Nasdaq PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. jspears on DSK121TN23PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to permit Phlx to open for trading Weekly Expirations on Nasdaq 100 Micro Index Options (‘‘XND’’) that expire on any Tuesday or Thursday within the Nonstandard Expirations Pilot Program. The text of the proposed rule change is available on the Exchange’s website at https://listingcenter.nasdaq.com/ rulebook/phlx/rules, at the principal office of the Exchange, and at the Commission’s Public Reference Room. 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 19:08 Oct 20, 2022 Jkt 259001 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 Exchange 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 these 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 aspects of such statements. 1. Purpose Phlx proposes to amend its Options 4A, Section 12(b)(5) which governs its Nonstandard Expirations Pilot Program to permit Phlx to open for trading Weekly Expirations on Nasdaq 100 Micro Index Options (‘‘XND’’) that expire on any Tuesday or Thursday within the Nonstandard Expirations Pilot Program. Phlx’s Nonstandard Expirations Pilot Program permits the listing and trading of P.M.-settled options on broad-based indexes with nonstandard expirations dates.3 Under the Nonstandard Expirations Pilot Program the Exchange may open for trading Weekly Expirations on the Nasdaq-100 Index options (‘‘NDX’’) to expire on any Tuesday or Thursday (other than days that coincide with the third Friday-ofthe-month or an End of Month (‘‘EOM’’) expiration).4 Additionally, the Exchange 3 See Securities Exchange Act Release No. 82341 (December 15, 2017), 82 FR 60651 (December 21, 2017) (approving SR–Phlx–2017–79) (Order Approving a Proposed Rule Change, as Modified by Amendment No. 1 and Granting Accelerated Approval of Amendment No. 2, of a Proposed Rule Change To Establish a Nonstandard Expirations Pilot Program) (‘‘Nonstandard Expirations Pilot Program Approval Order’’). 4 See Options 4A, Section 12(b)(5)(A). Further, Cboe is permitted to list P.M.-settled S & P 500 Index options and Mini-S&P 500 Index options that expire on Tuesday or Thursday under its Nonstandard Expirations Pilot Program. See Securities Exchange Act Release No. 94682 (April 12, 2022), 87 FR 22993 (April 18, 2022) (SR–CBOE– 2022–005) (Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Expand the Nonstandard Expirations Pilot Program To Include P.M.-Settled S&P 500 Index Options That Expire on Tuesday or Thursday). See also Securities Exchange Act Release No. 95795 (September 15, 2022), 87 FR 57745 (September 21, 2022 (SR–CBOE–2022–039) (Order Approving a Proposed Rule Change To Expand the Nonstandard Expirations Pilot Program To Include P.M.-Settled Options on the Mini-S&P 500 Index That Expire on Tuesday or Thursday). PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 64119 may open for trading EOMs on any broad-based index eligible for standard options trading to expire on last trading day of the month.5 At this time, the Exchange proposes to permit Phlx to open for trading Weekly Expirations on XND options 6 that expire on Tuesday or Thursday within the Nonstandard Expirations Pilot Program. XND options that expire on Tuesday or Thursday would be listed under the Nonstandard Expirations Pilot Program. The Exchange notes that permitting XND options with Tuesday and Thursday expirations, as proposed, would be in addition to the XND options with Monday, Wednesday and Friday expirations that the Exchange may (and does) already list, as they are permissible Weekly Expirations for options on a broad based index (e.g., the Nasdaq-100 Index) pursuant to Options 4A, Section 12(b)(5)(A). Specifically, with this proposal, the Exchange may open for trading Weekly Expirations on XND options to expire on any Tuesday or Thursday (other than days that coincide with the third Friday-of-themonth or an EOM expiration), similar to options on the Nasdaq-100 Index. The Nonstandard Expirations Pilot Program will apply to XND options with Tuesday and Thursday expirations in the same manner as it currently applies to all other P.M.-settled broad-based index options with Monday, Wednesday, and Friday expirations and to Nasdaq-100 Index options with Tuesday and Thursday expirations. Specifically, the proposed rule change amends Options 4A, Section 12(b)(5)(A) to add XND options (P.M.-settled) that expire on Tuesday or Thursday as permissible Weekly Expirations. Options with Tuesday and Thursday expirations, including the proposed XND Tuesday and Thursday expirations, would be subject to all provisions within Options 4A, Section 12(b)(5) and treated the same as options on the same underlying index that 5 See Options 4A, Section 12(b)(5)(B). options trade independently of and in addition to NDX options, and the XND options are subject to the same rules that presently govern the trading of index options based on the Nasdaq-100 Index, including sales practice rules, margin requirements, trading rules, and position and exercise limits. Similar to NDX, XND options are European-style and cash-settled, and have a contract multiplier of 100. The contract specifications for XND options mirror in all respects those of the NDX options contract already listed on the Exchange, except that XND options are based on 1/100th of the value of the Nasdaq-100 Index, and are P.M.-settled pursuant to Options 4A, Section 12(f)(i). Similar to other broad-based, the Exchange may open for trading Weekly Expirations on XND options to expire on any Monday, Wednesday, or Friday (other than the third Fridayof-the-month or days that coincide with an EOM expiration). 6 XND E:\FR\FM\21OCN1.SGM 21OCN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 87, Number 203 (Friday, October 21, 2022)]
[Notices]
[Pages 64117-64119]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-22853]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-38, OMB Control No. 3235-0045]


Proposed Collection; Comment Request; Extension: Rule 19b-4 and 
Form 19b-4

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'') is soliciting comments on the existing 
collection of information provided for in Rule 19b-4 (17 CFR 240.19b-
4), under the Securities Exchange Act of 1934 (``Act'') (15 U.S.C. 78a 
et seq.). The Commission plans to submit this existing collection of 
information to the Office of Management and Budget (``OMB'') for 
extension and approval.
    Section 19(b) of the Act (15 U.S.C. 78s(b)) requires each self-
regulatory organization (``SRO'') to file with the Commission copies of 
any proposed rule, or any proposed change in, addition to, or deletion 
from the rules of such SRO. Rule 19b-4 implements the requirements of 
Section 19(b) by requiring the SROs to file their proposed rule changes 
on Form 19b-4 and by clarifying which actions taken by SROs are subject 
to the filing requirement set forth in Section 19(b). Rule 19b-4(n) 
requires a designated clearing agency to provide the Commission advance 
notice (``Advance Notice'') of any proposed change to its rules, 
procedures, or operations that could materially affect the nature or 
level of risks presented by such clearing agency. Rule 19b-4(o) 
requires a registered clearing agency to submit for a Commission 
determination any security-based swap, or any group, category, type, or 
class of security-based swaps it plans to accept for clearing 
(``Security-Based Swap Submission''), and provide notice to its members 
of such submissions.
    The collection of information is designed to provide the Commission 
with the information necessary to determine, as required by the Act, 
whether the proposed rule change is consistent with the Act and the 
rules thereunder. The information is used to determine if the proposed 
rule change should be approved, disapproved, suspended, or if 
proceedings should be instituted to determine whether to approve or 
disapprove the proposed rule change.
    The respondents to the collection of information are SROs (as 
defined by Section 3(a)(26) of the Act),\1\ including national 
securities exchanges, national securities associations, registered 
clearing agencies, notice registered securities future product 
exchanges, and the Municipal Securities Rulemaking Board.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78c(a)(26).
---------------------------------------------------------------------------

    In calendar year 2021, each respondent filed an average of 
approximately 34 proposed rule changes. Each filing takes approximately 
32 hours to complete on average. Thus, the total annual reporting 
burden for filing proposed rule changes with the Commission is 50,048 
hours (34 proposals per year x 46 SROs x 32 hours per filing) for the 
estimated future number of 46 SROs.\2\ In addition to filing their 
proposed rule changes with the Commission, the respondents also are 
required to post each of their proposals on their respective websites, 
a process that takes approximately four hours to complete per proposal. 
Thus, the total annual reporting burden on respondents to post the 
proposals on their websites is 6,256 hours (34 proposals per year x 46 
SROs x 4 hours per filing) for the estimated future number of 46 SROs. 
Further, the respondents are required to update their rulebooks, which 
they maintain on their websites, to reflect the changes that they

[[Page 64118]]

make in each proposal they file. The total annual reporting burden for 
updating online rulebooks is 4,996 hours ((1,564 filings per year-293 
withdrawn filings \3\-22 disapproved filings \4\) x 4 hours). Finally, 
a respondent is required to notify the Commission if it does not post a 
proposed rule change on its website on the same day that it filed the 
proposal with the Commission. The Commission estimates that SROs will 
fail to post proposed rule changes on their websites on the same day as 
the filing 16 times a year (across all SROs), and that each SRO will 
spend approximately one hour preparing and submitting such notice to 
the Commission, resulting in a total annual burden of 16 hours (16 
notices x 1 hour per notice).
---------------------------------------------------------------------------

    \2\ Currently, there are 43 SROs, though not all of those SROs 
filed a proposed rule change in 2021. The Commission expects three 
additional respondents to register during the three-year period for 
which this Paperwork Reduction Act extension is applicable (one as a 
registered clearing agency and two as national securities 
exchanges), bringing the total number of respondents to 46.
    \3\ For 43 SROs, 274 withdrawn filings equal approximately 6.37 
filings per SRO. For 46 SROs, the figure would increase to 293 
withdrawn filings.
    \4\ For 43 SROs, 20 disapproved filings equal approximately 0.47 
filings per SRO. For 46 SROs, the figure would increase to 22 
disapproved filings.
---------------------------------------------------------------------------

    Designated clearing agencies have additional information collection 
burdens. As noted above, pursuant to Rule 19b-4(n), a designated 
clearing agency must file with the Commission an Advance Notice of any 
proposed change to its rules, procedures, or operations that could 
materially affect the nature or level of risks presented by such 
designated clearing agency. The Commission estimates, based on 
historical rulemaking data that each designated clearing agency 
submitting Advance Notices will each submit two Advance Notices per 
year, with each submission taking 90 hours to complete. The total 
annual reporting burden for filing Advance Notices is therefore 900 
hours (5 designated clearing agencies x 2 Advance Notices per year x 90 
hours per response).
    Designated clearing agencies are required to post all Advance 
Notices to their websites, each of which takes approximately four hours 
to complete. For five Advance Notices, the total annual reporting 
burden for posting them to respondents' websites is 40 hours (5 
designated clearing agencies x 2 Advance Notices per year x 4 hours per 
website posting). Respondents are required to update the postings of 
those Advance Notices that become effective, each of which takes 
approximately four hours to complete. The total annual reporting burden 
for updating Advance Notices on the respondents' websites is 40 hours 
(5 designated clearing agencies x 2 Advance Notices per year x 4 hours 
per website posting).
    Pursuant to Rule 19b-4(n)(5), the respondents are also required to 
provide copies of all materials submitted to the Commission relating to 
an Advance Notice to the Board of Governors of the Federal Reserve 
System (``Board'') contemporaneously with such submission to the 
Commission, which is estimated to take two hours. The total annual 
reporting burden for designated clearing agencies to meet this 
requirement is 20 hours (5 designated clearing agencies x 2 Advance 
Notices per year x 2 hours per response).
    The Commission estimates that three security-based swap clearing 
agencies will each submit 20 Security-Based Swap Submissions per year, 
with each submission taking 140 hours to complete resulting in a total 
annual reporting burden of 5,880 hours (3 respondent clearing agencies 
x 14 Security-Based Swap Submissions per year x 140 hours per 
response). Respondent clearing agencies are required to post all 
Security-Based Swap Submissions to their websites, each of which takes 
approximately four hours to complete. For 14 Security-Based Swap 
Submissions, the total annual reporting burden for posting them to the 
three respondents' websites is 168 hours (3 respondent clearing 
agencies x 14 Security-Based Swap Submissions per year x 4 hours per 
website posting). In addition, three clearing agencies that have not 
previously posted Security-Based Swap Submissions on their websites may 
need to update their existing websites to post such filings online. The 
Commission estimates that each of these three clearing agencies would 
spend approximately 15 hours updating their existing websites, 
resulting in a total one-time burden of 45 hours (3 respondent clearing 
agencies x 15 hours per website update) or 15 hours annualized over 
three years.
    Respondent SROs will also have to provide training to staff members 
using the Electronic Form 19b-4 Filing System (``EFFS'') to submit 
Security-Based Swap Submissions, Advance Notices, and/or proposed rule 
changes electronically. The Commission estimates that two anticipated 
national securities exchanges and one anticipated clearing agency will 
spend approximately 60 hours training all staff members who will use 
EFFS to submit Security-Based Swap Submissions, Advance Notices, and/or 
proposed rule changes electronically, or 20 hours annualized over three 
years. The Commission also estimates that these newly-registered and 
anticipated SROs will have a one-time burden of 390 hours to draft and 
implement internal policies and procedures for using EFFS to make these 
submissions, or 130 hours annualized over three years. The Commission 
estimates that each of the 46 respondents will spend 10 hours each year 
training new compliance staff members and updating the training of 
existing compliance staff members to use EFFS, for a total annual 
burden of 460 hours (46 respondent SROs x 10 hours).
    In connection with Security-Based Swap Submissions, counterparties 
may apply for a stay from a mandatory clearing requirement under Rule 
3Ca-1. The Commission estimates that each clearing agency will submit 
five applications for stays from a clearing requirement per year and it 
will take approximately 18 hours to retrieve, review, and submit each 
application. Thus, the total annual reporting burden for the Rule 3Ca-1 
stay of clearing requirement would be 270 hours (3 respondent clearing 
agencies x 5 stay of clearing applications per year x 18 hours to 
retrieve, review, and submit the stay of clearing information).
    Based on the above, the total estimated annual response burden 
pursuant to Rule 19b-4 and Form 19b-4 is the sum of the total annual 
reporting burdens for filing proposed rule changes, Advance Notices, 
and Security-Based Swap Submissions; training staff to file such 
proposals; drafting, modifying, and implementing internal policies and 
procedures for filing such proposals; posting each proposal on the 
respondents' websites; updating websites to enable posting of 
proposals; updating the respondents' online rulebooks to reflect the 
proposals that became effective; submitting copies of Advance Notices 
to the Board; and applying for stays from clearing requirements, which 
is 69,259 hours.
    Compliance with Rule 19b-4 is mandatory. Information received in 
response to Rule 19b-4 shall not be kept confidential; the information 
collected is public information.
    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 
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 by December 20, 2022.

[[Page 64119]]

    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: October 17, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-22853 Filed 10-20-22; 8:45 am]
BILLING CODE 8011-01-P

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