Proposed Collection; Comment Request; Extension: Rule 30e-1, 33950-33951 [2023-11200]

Download as PDF 33950 Federal Register / Vol. 88, No. 101 / Thursday, May 25, 2023 / Notices 17A(b)(3)(F) of the Act,12 and Rule 17Ad–22(e)(16).13 A. Consistency With Section 17A(b)(3)(F) of the Act Section 17A(b)(3)(F) of the Act requires, among other things, that the rules of ICE Clear Europe be designed to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible.14 The proposed rule change is consistent with section 17A(b)(3)(F) 15 because it improves ICE Clear Europe’s ability to manage its investments without subjecting its investments to significantly greater risk. The Commission believes that the changes to the Procedures discussed above help to improve ICE Clear Europe’s management of its investments. As noted above, ICE Clear Europe’s Procedures prohibit it from investing its regulatory capital in permitted investments that have a maturity greater than ninety days. At times, this limitation could subject ICE Clear Europe’s regulatory capital to reinvestment risk 16 and volatility risk.17 Under the proposed rule change, ICE Clear Europe can more effectively utilize investment strategies that would allow it to mitigate some of this reinvestment and volatility risk by purchasing longer term instruments when appropriate. Such flexibility could be important in light of current and expected market conditions, including to assist ICE Clear Europe in avoiding having to invest or reinvest in shorter duration instruments during potential periods of market volatility. For the above reasons, the proposed rule change is consistent with Section 17A(b)(3)(F) of the Act.18 B. Consistency With Rule 17Ad– 22(e)(16) Under the Act Rule 17Ad–22(e)(16) requires that ICE Clear Europe establish, implement, maintain, and enforce, written policies and procedures reasonably designed to safeguard its own and its participants’ assets, minimize the risk of loss and delay in access to these assets, and invest such assets in instruments with minimal credit, market, and liquidity 12 15 U.S.C. 78q–1(b)(3)(F). CFR 240.17Ad–22(e)(16). 14 15 U.S.C. 78q–1(b)(3)(F). 15 15 U.S.C. 78q–1(b)(3)(F). 16 Reinvestment risk is the risk that an investor will be unable to reinvest assets received from an investment at a rate comparable to their current rate of return. 17 Volatility risk in this context, i.e., sovereign and government agency bonds, refers to the risk that a bond’s price will fluctuate due to changing interest rates. 18 15 U.S.C. 78q–1(b)(3)(F). lotter on DSK11XQN23PROD with NOTICES1 13 17 VerDate Sep<11>2014 18:04 May 24, 2023 Jkt 259001 risks.19 The Commission previously found that applying the Procedures to ICE Clear Europe’s regulatory capital helps ICE Clear Europe to safeguard its own and its Clearing Members’ assets and helps ICE Clear Europe to invest such assets in instruments with minimal credit, market, and liquidity risks.20 As discussed above, the Procedures would continue to apply to ICE Clear Europe’s regulatory capital, with the only change being that ICE Clear Europe could invest its regulatory capital in instruments with a maturity of up to thirteen months, rather than ninety days. Even with this change, the Commission continues to believe that ICE Clear Europe would safeguard its regulatory capital and invest it in instruments with minimal credit, market, and liquidity risks. The Commission believes this to be the case because investing in instruments with a maturity of up to thirteen months, rather than ninety days, could allow ICE Clear Europe to avoid having to invest or reinvest in shorter duration instruments during potential periods of market volatility. Moreover, the maximum maturity for regulatory capital would be the same as what the Commission previously approved for investments of cash from Clearing Members and ICE Clear Europe’s skin in the game.21 For the above reasons, the proposed rule change is consistent with Rule 17Ad–22(e)(16) under the Act.22 IV. Conclusion On the basis of the foregoing, the Commission finds that the Proposed Rule Change is consistent with the requirements of the Act, and in particular, Section 17A(b)(3)(F) of the Act 23 and Rule 17Ad–22(e)(16) thereunder.24 19 17 CFR 240.17Ad–22(e)(16). Organizations; ICE Clear Europe Limited; Notice of Filing of Partial Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Partial Amendment No. 1, Relating to the ICE Clear Europe Investment Management Procedures and Treasury and Banking Services Policy, Securities Exchange Act Release No. 89211 (July 1, 2020), 85 FR 41082, 41086 (July 8, 2020) (File No. SR–ICEEU– 2020–002). 21 Id.; Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Partial Amendment No. 2 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Partial Amendment No. 1 and Partial Amendment No. 2, To Revise the ICE Clear Europe Treasury and Banking Services Policy, Liquidity Management Procedures, Investment Management Procedures and Unsecured Credit Limits Procedures, Securities Exchange Act Release No. 86891 (Sept. 6, 2019), 84 FR 48191 (Sept. 12, 2019) (File No. SR–ICEEU– 2019–012). 22 17 CFR 240.17Ad–22(e)(16). 23 15 U.S.C. 78q–1(b)(3)(F). 24 17 CFR 240.17Ad–22(e)(16). 20 Self-Regulatory PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 It is therefore ordered pursuant to section 19(b)(2) of the Act that the Proposed Rule Change (SR–ICEEU– 2023–009) be, and hereby is, approved.25 For the Commission by the Division of Trading and Markets, pursuant to delegated authority.26 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–11111 Filed 5–24–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–21, OMB Control No. 3235–0025] Proposed Collection; Comment Request; Extension: Rule 30e–1 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.) (‘‘Paperwork Reduction Act’’), 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. Rule 30e–1 (17 CFR 270.30e–1) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘Investment Company Act’’) generally requires a registered investment company (‘‘fund’’) to transmit to its shareholders, at least semi-annually, reports containing the information that is required to be included in such reports by the fund’s registration statement form under the Investment Company Act. The purpose of the collection of information required by rule 30e–1 is to provide fund shareholders with current information about the operation of their funds in accordance with Section 30 of the Investment Company Act. Approximately 11,840 funds, respond to rule 30e-1 annually.1 We estimate that it takes approximately 147 hours to comply with the collection of information associated with rule 30e–1 25 In approving the Proposed Rule Change, the Commission considered the proposal’s impacts on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 26 17 CFR 200.30–3(a)(12). 1 Includes all open-end funds, including ETFs, registered on Form N–1A. E:\FR\FM\25MYN1.SGM 25MYN1 lotter on DSK11XQN23PROD with NOTICES1 Federal Register / Vol. 88, No. 101 / Thursday, May 25, 2023 / Notices per fund. This time is spent, for example, preparing, reviewing, and certifying the reports, as well as the website availability requirements and delivery of shareholder reports upon request requirements. Accordingly, we calculate the total estimated annual internal burden of responding to rule 30e–1 to be approximately 1,738,428 hours (146.8 hours × 11,840 funds). In addition to the burden hours, we estimate that the total cost burden of compliance with the information collection requirements of rule 30e–1 is approximately $13,105 per fund. This includes, for example, the cost of goods and services purchased to prepare, comply with website availability requirements, and deliver reports upon request under the amendments to rule 30e–1, such as for the services of independent auditors and outside counsel. Accordingly, we calculate the total external cost burden associated with rule 30e–1 to be approximately $155,164,791. 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 rule 30e–1 is mandatory. The information provided under rule 30e–1 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 July 24, 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, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, VerDate Sep<11>2014 18:04 May 24, 2023 Jkt 259001 DC 20549 or send an email to: PRA_ Mailbox@sec.gov. Dated: May 22, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–11200 Filed 5–24–23; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION Information Collection for State Trade and Export Promotion (STEP) Grant Program U.S. Small Business Administration. ACTION: 60-day notice and request for comments. AGENCY: The Small Business Administration (SBA) intends to request approval from the Office of Management and Budget (OMB) for the collection of information described below. The Paperwork Reduction Act (PRA) of 1995 requires federal agencies to publish a notice in the Federal Register concerning each proposed collection of information before submission to OMB, and to allow 60 days for public comment in response to the notice. This notice complies with that requirement. DATES: Submit comments on or before July 24, 2023. ADDRESSES: Send all comments to Shadetra Robinson, STEP Program Director, Office of International Trade, Small Business Administration, Washington, DC 20416. FOR FURTHER INFORMATION CONTACT: Shadetra Robinson, STEP Program Director, Office of International Trade, Small Business Administration, shadetra.robinson@sba.gov, 202–205– 6725, or Curtis B. Rich, Agency Clearance Officer, 202–205–7030, curtis.rich@sba.gov. SUPPLEMENTARY INFORMATION: The primary objective of the STEP Client Report form is to collect data on the quarterly progress of grantees of the SBA’s State Trade and Export Promotion (STEP) program. These data will be used to understand how states have improved their trade and export activities and revenue. The STEP program has two primary objectives: (1) increase the number of small businesses that are exporting and (2) increase the value of exports for small businesses that are currently exporting. To achieve these objectives, SBA provides statelevel grant recipients with funding for nine activities, including participation in foreign trade missions, design of marketing media, and trade show exhibitions. SUMMARY: PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 33951 Data from the STEP Client Report will provide SBA with critical information about the impact of various strategies used to advance trade and export activities in each state. These data will also provide an understanding of the specific ways in which funded activities meet SBA’s goal of improving small business trade and export productivity. These data may inform strategies that can be replicated by other small businesses. These data are not currently being collected elsewhere and are critical to understanding the outcomes of STEP grantee activities. Solicitation of Public Comments SBA is requesting comments on (a) whether the collection of information is necessary for the agency to properly perform its functions; (b) whether the burden estimates are accurate; (c) whether there are ways to minimize the burden, including through the use of automated techniques or other forms of information technology; and (d) whether there are ways to enhance the quality, utility, and clarity of the information. Summary of Information Collection OMB Control Number: 3245–0413. Title: STEP Program Quarterly Client Reporting Form. Description of Respondents: State administrators in states that receive an SBA STEP grant. Form Number: N/A. Total Estimated Annual Responses: 90. Total Estimated Annual Hour Burden: 360 hours. Curtis Rich, Agency Clearance Officer. [FR Doc. 2023–11150 Filed 5–24–23; 8:45 am] BILLING CODE 8026–09–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #17932 and #17933; TENNESSEE Disaster Number TN–00146] Presidential Declaration of a Major Disaster for Public Assistance Only for the State of Tennessee U.S. Small Business Administration. ACTION: Notice. AGENCY: This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of Tennessee (FEMA–4712– DR), dated 05/17/2023. Incident: Severe Storms, Straight-line Winds, and Tornado. Incident Period: 03/01/2023 through 03/03/2023. SUMMARY: E:\FR\FM\25MYN1.SGM 25MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 88, Number 101 (Thursday, May 25, 2023)]
[Notices]
[Pages 33950-33951]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-11200]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-21, OMB Control No. 3235-0025]


Proposed Collection; Comment Request; Extension: Rule 30e-1

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.) (``Paperwork Reduction Act''), 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.
    Rule 30e-1 (17 CFR 270.30e-1) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act'') generally 
requires a registered investment company (``fund'') to transmit to its 
shareholders, at least semi-annually, reports containing the 
information that is required to be included in such reports by the 
fund's registration statement form under the Investment Company Act. 
The purpose of the collection of information required by rule 30e-1 is 
to provide fund shareholders with current information about the 
operation of their funds in accordance with Section 30 of the 
Investment Company Act.
    Approximately 11,840 funds, respond to rule 30e-1 annually.\1\ We 
estimate that it takes approximately 147 hours to comply with the 
collection of information associated with rule 30e-1

[[Page 33951]]

per fund. This time is spent, for example, preparing, reviewing, and 
certifying the reports, as well as the website availability 
requirements and delivery of shareholder reports upon request 
requirements. Accordingly, we calculate the total estimated annual 
internal burden of responding to rule 30e-1 to be approximately 
1,738,428 hours (146.8 hours x 11,840 funds). In addition to the burden 
hours, we estimate that the total cost burden of compliance with the 
information collection requirements of rule 30e-1 is approximately 
$13,105 per fund. This includes, for example, the cost of goods and 
services purchased to prepare, comply with website availability 
requirements, and deliver reports upon request under the amendments to 
rule 30e-1, such as for the services of independent auditors and 
outside counsel. Accordingly, we calculate the total external cost 
burden associated with rule 30e-1 to be approximately $155,164,791.
---------------------------------------------------------------------------

    \1\ Includes all open-end funds, including ETFs, registered on 
Form N-1A.
---------------------------------------------------------------------------

    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 rule 30e-1 is mandatory. 
The information provided under rule 30e-1 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 July 24, 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, 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: May 22, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-11200 Filed 5-24-23; 8:45 am]
BILLING CODE 8011-01-P

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