Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Relating to the Clearance of Additional Credit Default Swap Contracts, 25717-25718 [2023-08829]
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Federal Register / Vol. 88, No. 81 / Thursday, April 27, 2023 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–281, OMB Control No.
3235–0316]
lotter on DSK11XQN23PROD with NOTICES1
Submission for OMB Review;
Comment Request; Extension: Form
N–3
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’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
The title for the collection of
information is ‘‘Form N–3 (17 CFR
239.17a and 274.11b) under the
Securities Act of 1933 (15 U.S.C. 77)
and under the Investment Company Act
of 1940 (15 U.S.C. 80a), Registration
Statement of Separate Accounts
Organized as Management Investment
Companies.’’ Form N–3 is the form used
by separate accounts offering variable
annuity contracts which are organized
as management investment companies
to register under the Investment
Company Act of 1940 (‘‘Investment
Company Act’’) and/or to register their
securities under the Securities Act of
1933 (‘‘Securities Act’’). Form N–3 is
also the form used to file a registration
statement under the Securities Act (and
any amendments thereto) for variable
annuity contracts funded by separate
accounts which would be required to be
registered under the Investment
Company Act as management
investment companies except for the
exclusion provided by Section 3(c)(11)
of the Investment Company Act (15
U.S.C. 80a–3(c)(11)). Section 5 of the
Securities Act (15 U.S.C. 77e) requires
the filing of a registration statement
prior to the offer of securities to the
public and that the statement be
effective before any securities are sold,
and Section 8 of the Investment
Company Act (15 U.S.C. 80a–8) requires
a separate account to register as an
investment company.
Form N–3 also permits separate
accounts offering variable annuity
contracts which are organized as
investment companies to provide
investors with a prospectus and a
statement of additional information
covering essential information about the
separate account when it makes an
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initial or additional offering of its
securities. Section 5(b) of the Securities
Act requires that investors be provided
with a prospectus containing the
information required in a registration
statement prior to the sale or at the time
of confirmation or delivery of the
securities. The form also may be used by
the Commission in its regulatory review,
inspection, and policy-making roles.
Commission staff estimates that there
will be 1 initial registration statement
over the next three years and 6 insurer
separate accounts that file post-effective
amendments on Form N–3 per year,
with an average of 3 investment options
per post-effective amendment. The
Commission further estimates that the
hour burden for preparing and filing a
post-effective amendment on Form N–3
is 157.55 hours per portfolio. The total
annual hour burden for preparing and
filing post-effective amendments is
2,836 hours (6 post-effective
amendments × 3 investment options per
post-effective amendment × 157.55
hours per portfolio). The estimated
annual hour burden for preparing and
filing initial registration statements is
309 hours. The total annual hour burden
for Form N–3, therefore, is estimated to
be 3,145 hours (2,836 hours + 309
hours). Respondents may rely on
outside counsel or auditors in
connection with the preparation and
filing of Form N–3. Commission staff
estimates that the annual cost burden
associated with preparing and filing
Form N–3 is $139,696.
The information collection
requirements imposed by Form N–3 are
mandatory. Responses to the collection
of information 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 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 by May 30, 2023 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.
PO 00000
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25717
Dated: April 24, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–08879 Filed 4–26–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97348; File No. SR–ICC–
2023–002]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of
Designation of Longer Period for
Commission Action on Proposed Rule
Relating to the Clearance of Additional
Credit Default Swap Contracts
April 21, 2023.
On February 28, 2023, ICE Clear
Credit LLC (‘‘ICC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change SR–ICC–2023–002 (‘‘Proposed
Rule Change’’) pursuant to Section 19(b)
of the Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4 2
thereunder a proposed rule change to
clear additional credit default swap
contracts.3 The Proposed Rule Change
was published for public comment in
the Federal Register on March 15,
2023.4 The Commission has not
received comments regarding the
proposal described in the Proposed Rule
Change.
Section 19(b)(2) of the Exchange Act 5
provides that, within 45 days of the
publication of notice of the filing of a
proposed rule change, or within such
longer period up to 90 days as the
Commission may designate if it finds
such longer period to be appropriate
and publishes its reasons for so finding,
or as to which the self-regulatory
organization consents, the Commission
shall either approve the proposed rule
change, disapprove the proposed rule
change, or institute proceedings to
determine whether the proposed rule
change should be disapproved. The 45th
day after publication of the Notice of
Filing is April 29, 2023. The
Commission is extending this 45-day
time period.
In order to provide the Commission
with sufficient time to consider the
Proposed Rule Change, the Commission
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Notice of Filing infra note 4, 88 FR at 16042.
4 Self-Regulatory Organizations; ICE Clear Credit
LLC; Notice of Filing of Proposed Rule Change
Relating to the Clearance of Additional Credit
Default Swap Contracts; Exchange Act Release No.
97094 (Mar. 9, 2023), 88 FR 16042 (Mar. 15, 2023)
(File No. SR–ICC–2023–002) (‘‘Notice’’).
5 15 U.S.C. 78s(b)(2).
2 17
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Federal Register / Vol. 88, No. 81 / Thursday, April 27, 2023 / Notices
finds that it is appropriate to designate
a longer period within which to take
action on the Proposed Rule Change.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the
Exchange Act,6 designates June 13, 2023
as the date by which the Commission
shall either approve, disapprove, or
institute proceedings to determine
whether to disapprove proposed rule
change SR–ICC–2023–002.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–08829 Filed 4–26–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97346; File No. SR–LTSE–
2023–02]
Self-Regulatory Organizations; LongTerm Stock Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Extend
the Term That Newly and Currently
Listed Companies May Receive Capital
Markets Solutions on a Complimentary
Basis Under LTSE Rule 14.602
April 21, 2023.
lotter on DSK11XQN23PROD with NOTICES1
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 April 12,
2023, Long-Term Stock Exchange, Inc.
(‘‘LTSE’’ or the ‘‘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 self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
LTSE proposes to extend from one
year, to three-years, the term that newly
and currently listed Companies may
receive Capital Markets Solutions on a
complimentary basis under LTSE Rule
14.602.
The text of the proposed rule change
is available at the Exchange’s website at
https://longtermstockexchange.com/, at
the principal office of the Exchange, and
6 Id.
7 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement on the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization 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 self-regulatory organization has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In March 2022, LTSE began offering
complimentary Capital Markets
Solutions to newly listed and currently
listed Companies following the
Commission’s approval of relevant
amendments to Rule 14.602.3 Based on
LTSE’s experience with offering Capital
Markets Solutions, as well as in
response to changes in the competitive
landscape and market conditions, the
Exchange proposes to extend from one
year, to a three-year term, the period
that newly listed Companies and
currently listed Companies may receive
the complimentary Capital Markets
Solutions under LTSE Rule 14.602. This
proposed change impacts the duration
for which Capital Markets Solutions are
to be provided and does not otherwise
impact the nature or substance of the
offerings under LTSE Rule 14.602.
As described in the prior approval
order by the Commission,4 the Capital
Markets Solutions has two components:
(i) an Investor Alignment Solution, and
(ii) the Long-Term Investor Platform
(‘‘LTIP’’). The Investor Alignment
Solution provides Companies with
detailed institutional investor analytics
and insights into investor behavior to
enable them to evaluate the behaviors of
select investors and provide them with
a deeper understanding of the ESG
landscape and their positioning. For
each receiving Company, the Exchange’s
affiliate company, LTSE Services, Inc.
(‘‘LTSE Services’’) 5 analyzes the ESG
3 See Securities Exchange Act Release No. 94465
(March 18, 2022), 87 FR 16800 (March 24, 2022)
File No. SR–LTSE–2021–08.
4 Id.
5 As noted in the Commission’s order approving
LTSE as a national securities exchange, LTSE
PO 00000
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Sfmt 4703
profile of institutional investors in order
to understand and identify relevant
sources of capital to aid the Company in
honing and achieving strategic
priorities. A highly-experienced, multidisciplinary team is deployed to support
this long-term governance and capital
markets strategy. The Exchange believes
that the Investor Alignment Solution
furthers the Exchange’s goal of
facilitating long-term focus and value
creation for companies and investors.
The nature or substance of this offering
under LTSE Rule 14.602 is not impacted
by the proposed rule change.
The LTIP is a platform that provides
listed Companies with a means to
upload and effectively manage and
utilize their registered shareholder data
received from their transfer agent. For
example, the LTIP allows Companies to
more easily track, analyze and utilize
registered shareholder data in support of
their investor relations, strategic
initiatives, board review and governance
functions. Additionally, as part of the
LTIP, LTSE Services will assist 6
Companies with methods of outreach to
and education of existing or potential
investors regarding the process for
becoming a registered shareholder,
including the need for investors to work
with their broker-dealer to complete a
submission to the DRS Profile System
maintained by the DTC.7
Proposed Rule 14.602(b)(2)(A) would
provide that within 90 days of listing on
the Exchange, a Company has the option
to request and commence receiving the
Capital Markets Solutions on a
complimentary basis for a three-year
term. As is the case in the current rule
text, the three-year term will begin from
the date of first use of the Capital
Markets Solutions by the newly-listed
Company, subject to the 90-day period
from the date of listing to request and
begin receiving the service. The only
maintains a commercial relationship with LTSE
Services to leverage the company’s technological
expertise to support the Exchange’s software needs.
See In the Matter of the Application of Long Term
Stock Exchange, Inc.; for Registration as a National
Securities Exchange; Findings, Opinion, and Order
of the Commission, Securities Exchange Act Release
No. 85828 (May 10, 2019), 84 FR 21841, 21842 (May
15, 2019). LTSE Services also provides
communications and marketing services to the
Exchange.
6 The registered shareholder information in LTIP
is proprietary to the Company and viewable only
by the Company and its authorized agent.
7 Any outreach to existing or potential investors
is entirely at the discretion of the Company and will
be conducted exclusively by the Company; no
personnel from LTSE Services or LTSE will have
any role in communicating with investors on behalf
of the Company. The LTIP also will, based on
customer demand, provide a means for the
Company to communicate with registered
shareholders who choose to participate on the
Company’s LTIP account.
E:\FR\FM\27APN1.SGM
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]]>Agencies
[Federal Register Volume 88, Number 81 (Thursday, April 27, 2023)]
[Notices]
[Pages 25717-25718]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-08829]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97348; File No. SR-ICC-2023-002]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Designation of Longer Period for Commission Action on Proposed Rule
Relating to the Clearance of Additional Credit Default Swap Contracts
April 21, 2023.
On February 28, 2023, ICE Clear Credit LLC (``ICC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change SR-ICC-2023-002 (``Proposed Rule Change'') pursuant to Section
19(b) of the Securities Exchange Act of 1934 (``Exchange Act'') \1\ and
Rule 19b-4 \2\ thereunder a proposed rule change to clear additional
credit default swap contracts.\3\ The Proposed Rule Change was
published for public comment in the Federal Register on March 15,
2023.\4\ The Commission has not received comments regarding the
proposal described in the Proposed Rule Change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Notice of Filing infra note 4, 88 FR at 16042.
\4\ Self-Regulatory Organizations; ICE Clear Credit LLC; Notice
of Filing of Proposed Rule Change Relating to the Clearance of
Additional Credit Default Swap Contracts; Exchange Act Release No.
97094 (Mar. 9, 2023), 88 FR 16042 (Mar. 15, 2023) (File No. SR-ICC-
2023-002) (``Notice'').
---------------------------------------------------------------------------
Section 19(b)(2) of the Exchange Act \5\ provides that, within 45
days of the publication of notice of the filing of a proposed rule
change, or within such longer period up to 90 days as the Commission
may designate if it finds such longer period to be appropriate and
publishes its reasons for so finding, or as to which the self-
regulatory organization consents, the Commission shall either approve
the proposed rule change, disapprove the proposed rule change, or
institute proceedings to determine whether the proposed rule change
should be disapproved. The 45th day after publication of the Notice of
Filing is April 29, 2023. The Commission is extending this 45-day time
period.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
In order to provide the Commission with sufficient time to consider
the Proposed Rule Change, the Commission
[[Page 25718]]
finds that it is appropriate to designate a longer period within which
to take action on the Proposed Rule Change.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Exchange Act,\6\ designates June 13, 2023 as the date by which the
Commission shall either approve, disapprove, or institute proceedings
to determine whether to disapprove proposed rule change SR-ICC-2023-
002.
---------------------------------------------------------------------------
\6\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-08829 Filed 4-26-23; 8:45 am]
BILLING CODE 8011-01-P
