Proposed Collection; Comment Request; Extension: Investment Company Interactive Data, 3451-3452 [2023-00986]

Download as PDF Federal Register / Vol. 88, No. 12 / Thursday, January 19, 2023 / Notices khammond on DSKJM1Z7X2PROD with NOTICES operates in a highly competitive market. Trading Permit Holders have numerous alternative venues that they may participate on and director their order flow, including 15 other options exchanges and off-exchange venues. Additionally, the Exchange represents a small percentage of the overall market. Based on publicly available information, no single options exchange has more than 18% of the market share. Therefore, no exchange possesses significant pricing power in the execution of option order flow. Indeed, participants can readily choose to send their orders to other exchange and offexchange venues if they deem fee levels at those other venues to be more favorable. Moreover, the Commission has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. Specifically, in Regulation NMS, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system ‘‘has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.’’ The fact that this market is competitive has also long been recognized by the courts. In NetCoalition v. Securities and Exchange Commission, the D.C. Circuit stated as follows: ‘‘[n]o one disputes that competition for order flow is ‘fierce.’ . . . As the SEC explained, ‘[i]n the U.S. national market system, buyers and sellers of securities, and the brokerdealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution’; [and] ‘no exchange can afford to take its market share percentages for granted’ because ‘no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers’ . . .’’. Accordingly, the Exchange does not believe its proposed fee change imposes any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 11 and paragraph (f) of Rule 19b–4 12 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– C2–2023–002 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–C2–2023–002. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s internet website (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission’s Public 11 15 12 17 VerDate Sep<11>2014 17:49 Jan 18, 2023 Jkt 259001 PO 00000 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). Frm 00076 Fmt 4703 Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–C2–2023–002 and should be submitted on or before February 9, 2023. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–00912 Filed 1–18–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–580, OMB Control No. 3235–0642] Proposed Collection; Comment Request; Extension: Investment Company Interactive Data 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 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (the ‘‘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 (‘‘OMB’’) for extension and approval. Certain funds have current requirements to submit to the Commission information included in their registration statements, or information included in or amended by any post-effective amendments to such registration statements, in response to certain form items in structured data language (‘‘Investment Company Interactive Data’’). This also includes the requirement for funds to submit interactive data to the Commission for any form of prospectus filed pursuant to 17 CFR 230.497(c) or 17 CFR 230.497(e) 13 17 Sfmt 4703 3451 E:\FR\FM\19JAN1.SGM CFR 200.30–3(a)(12). 19JAN1 khammond on DSKJM1Z7X2PROD with NOTICES 3452 Federal Register / Vol. 88, No. 12 / Thursday, January 19, 2023 / Notices under the Securities Act of 1933 (‘‘Securities Act’’) [15 U.S.C. 77a et seq.] that includes information in response to certain form items. This collection of information relates to regulations and forms adopted under the Securities Act, and the Investment Company Act of 1940 (‘‘Investment Company Act’’) [15 U.S.C. 80a–1 et seq.], that set forth disclosure requirements for funds and other issuers. On October 26, 2022, the Commission adopted rule and form amendments that require open-end management investment companies (‘‘open-end funds’’) to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information that is particularly important for retail investors to assess and monitor their fund investments.1 The Commission also adopted amendments to Form N–1A, Form N– CSR, and rule 405 of Regulation S–T to require certain new structured data requirements for open-end funds.2 Specifically, the final rule and form amendments require open-end funds to tag their shareholder report contents using Inline eXtensible Business Reporting Language or ‘‘Inline XBRL.’’ These requirements will make open-end funds’ shareholder report disclosure more readily available and easily accessible for aggregation, comparison, filtering, and other analysis. The Commission estimates that the total current annual hour burden associated with the Investment Company Interactive Data requirements is approximately 252,684 hours. Based on estimates of 11,840 open-end funds, each incurring 6 hours on average annually to tag their shareholder reports using Inline XBRL, the Commission estimates that, in the aggregate, funds will incur an additional 71,040 annual burden hours. The Commission therefore estimates that, in the aggregate, Investment Company Interactive Data requirements will result in approximately 323,724 annual burden hours (252,684 currentlyestimated annual burden hours + 71,040 additional estimated annual burden hours). The Commission estimates that the current average cost burden associated with the Investment Company Interactive Data requirements is approximately $15,449,450 per year. 1 See Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements, Investment Company Act Release No. 34731 (Oct. 26, 2022) (‘‘Shareholder Reports Adopting Release’’). 2 See Shareholder Reports Adopting Release at section II.H. VerDate Sep<11>2014 17:49 Jan 18, 2023 Jkt 259001 Based on the estimate of 11,840 openend funds, each incurring approximately $50 additional annual external cost associated with tagging their shareholder reports using Inline XBRL, the Commission estimates that, in the aggregate, funds will incur an additional $592,000 in annual external costs. The Commission therefore estimates that, in the aggregate, Investment Company Interactive Data requirements will result in approximately $16,041,450 in external costs ($15,449,450 in currentlyestimated external costs + $592,000 in additional external costs). Estimates of average burden hours are made solely for the 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. The collection of information under the Investment Company Interactive Data requirements is mandatory for all funds. Responses to the disclosure requirements 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 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 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 respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted by March 20, 2023. 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, Acting 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 13, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–00986 Filed 1–18–23; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34807; File No. 812–15297] Prospect Capital Management L.P. and Prospect Floating Rate and Alternative Income Fund, Inc. January 13, 2023. Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’). ACTION: Notice. AGENCY: Notice of application for an order under section 6(c) of the Investment Company Act of 1940 (the ‘‘Act’’) granting an exemption from section 23(a)(1) of the Act. SUMMARY OF APPLICATION: Applicants request an order to permit certain registered closed-end management investment companies and business development companies (as defined under section 2(a)(48) of the Act) to pay investment advisory fees (as described in the application) in shares of their common stock. APPLICANTS: Prospect Capital Management L.P. and Prospect Floating Rate and Alternative Income Fund, Inc. FILING DATES: The application was filed on January 1, 2022 and amended on September 14, 2022 and December 13, 2022. HEARING OR NOTIFICATION OF HEARING: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by emailing the SEC’s Secretary at Secretarys-Office@sec.gov and serving the applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on February 7, 2023, and should be accompanied by proof of service on applicants, in the form of an affidavit or, for lawyers, a certificate of service. Pursuant to rule 0–5 under the Act, hearing requests should state the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission’s Secretary at Secretarys-Office@sec.gov. ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: Russell Wininger, Prospect Floating Rate and Alternative Income Fund, Inc., 10 East 40th Street, 42nd Floor, New E:\FR\FM\19JAN1.SGM 19JAN1

Agencies

[Federal Register Volume 88, Number 12 (Thursday, January 19, 2023)]
[Notices]
[Pages 3451-3452]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-00986]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-580, OMB Control No. 3235-0642]


Proposed Collection; Comment Request; Extension: Investment 
Company Interactive Data

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 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (the ``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 (``OMB'') for extension and approval.
    Certain funds have current requirements to submit to the Commission 
information included in their registration statements, or information 
included in or amended by any post-effective amendments to such 
registration statements, in response to certain form items in 
structured data language (``Investment Company Interactive Data''). 
This also includes the requirement for funds to submit interactive data 
to the Commission for any form of prospectus filed pursuant to 17 CFR 
230.497(c) or 17 CFR 230.497(e)

[[Page 3452]]

under the Securities Act of 1933 (``Securities Act'') [15 U.S.C. 77a et 
seq.] that includes information in response to certain form items. This 
collection of information relates to regulations and forms adopted 
under the Securities Act, and the Investment Company Act of 1940 
(``Investment Company Act'') [15 U.S.C. 80a-1 et seq.], that set forth 
disclosure requirements for funds and other issuers.
    On October 26, 2022, the Commission adopted rule and form 
amendments that require open-end management investment companies 
(``open-end funds'') to transmit concise and visually engaging annual 
and semi-annual reports to shareholders that highlight key information 
that is particularly important for retail investors to assess and 
monitor their fund investments.\1\ The Commission also adopted 
amendments to Form N-1A, Form N-CSR, and rule 405 of Regulation S-T to 
require certain new structured data requirements for open-end funds.\2\ 
Specifically, the final rule and form amendments require open-end funds 
to tag their shareholder report contents using Inline eXtensible 
Business Reporting Language or ``Inline XBRL.'' These requirements will 
make open-end funds' shareholder report disclosure more readily 
available and easily accessible for aggregation, comparison, filtering, 
and other analysis.
---------------------------------------------------------------------------

    \1\ See Tailored Shareholder Reports for Mutual Funds and 
Exchange-Traded Funds; Fee Information in Investment Company 
Advertisements, Investment Company Act Release No. 34731 (Oct. 26, 
2022) (``Shareholder Reports Adopting Release'').
    \2\ See Shareholder Reports Adopting Release at section II.H.
---------------------------------------------------------------------------

    The Commission estimates that the total current annual hour burden 
associated with the Investment Company Interactive Data requirements is 
approximately 252,684 hours. Based on estimates of 11,840 open-end 
funds, each incurring 6 hours on average annually to tag their 
shareholder reports using Inline XBRL, the Commission estimates that, 
in the aggregate, funds will incur an additional 71,040 annual burden 
hours. The Commission therefore estimates that, in the aggregate, 
Investment Company Interactive Data requirements will result in 
approximately 323,724 annual burden hours (252,684 currently-estimated 
annual burden hours + 71,040 additional estimated annual burden hours).
    The Commission estimates that the current average cost burden 
associated with the Investment Company Interactive Data requirements is 
approximately $15,449,450 per year. Based on the estimate of 11,840 
open-end funds, each incurring approximately $50 additional annual 
external cost associated with tagging their shareholder reports using 
Inline XBRL, the Commission estimates that, in the aggregate, funds 
will incur an additional $592,000 in annual external costs. The 
Commission therefore estimates that, in the aggregate, Investment 
Company Interactive Data requirements will result in approximately 
$16,041,450 in external costs ($15,449,450 in currently-estimated 
external costs + $592,000 in additional external costs).
    Estimates of average burden hours are made solely for the 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.
    The collection of information under the Investment Company 
Interactive Data requirements is mandatory for all funds. Responses to 
the disclosure requirements 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 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 
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 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted by March 20, 2023.
    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, Acting 
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 13, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-00986 Filed 1-18-23; 8:45 am]
BILLING CODE 8011-01-P
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