Proposed Collection; Comment Request; Extension: Rule 498A, 66073 [2023-20906]

Download as PDF Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.27 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–20807 Filed 9–25–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–813, OMB Control No. 3235–0765] lotter on DSK11XQN23PROD with NOTICES1 Proposed Collection; Comment Request; Extension: Rule 498A 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 (‘‘Paperwork Reduction Act’’) (44 U.S.C. 3501–3520), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collections of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Rule 498A under the Securities Act permits a person to satisfy its prospectus delivery obligations under Section 5(b)(2) of the Securities Act for a contract by: (1) sending or giving to new investors key information contained in a variable contract statutory prospectus in the form of an initial summary prospectus; (2) sending or giving to existing investors each year a brief description of certain changes to the contract, and a subset of the information in the initial summary prospectus, in the form of an updating summary prospectus; and (3) providing the statutory prospectus and other materials online. Rule 498A considers a person to have met its prospectus delivery obligations for any portfolio companies associated with a variable contract if the portfolio company prospectuses are posted online. Under the rule, a registrant (or the financial intermediary distributing the variable contract) relying on the rule must send the variable contract statutory prospectus (that statutory prospectus must be filed as part of registration statement on Form N–3, N–4, or N–6, as applicable) and other materials to an investor in paper or electronic format upon request. 27 17 Based on current EDGAR data, 82% of variable contracts that filed annual updates to their registration statements filed at least one summary prospectus under rule 498A. In the aggregate, the Commission staff estimates the total annual hour burden to comply with Rule 498A to be 7,634 hours, at an internal time cost equivalent of $2,337,471, and a total annual external cost burden of $9,094,866. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act. The estimate is based on communications with industry representatives, and is not derived from a comprehensive or even a representative survey or study. Responses 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 November 27, 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: September 21, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–20906 Filed 9–25–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–98455; File No. SR–CBOE– 2023–019] Self-Regulatory Organizations; Cboe Exchange, Inc.; Order Granting Approval of a Proposed Rule Change To Make Permanent the Operation of Its Pilot Program That Allows the Exchange To List P.M.-Settled Third Friday-of-the-Month Mini-SPX Index (‘‘XSP’’) Options and Mini-Russell 2000 Index (‘‘MRUT’’) Options Series September 20, 2023. I. Introduction On April 19, 2023, Cboe Exchange, Inc. (‘‘Exchange’’ or ‘‘Cboe Options’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b-4 thereunder,2 a proposed rule change to make permanent the operation of its pilot program (‘‘Program’’) that permits the Exchange to list p.m.-settled third Friday-of-themonth XSP and MRUT options (‘‘p.m.settled XSP’’ and ‘‘p.m.-settled MRUT,’’ respectively, and collectively, the ‘‘Pilot Products’’). The proposed rule change was published for comment in the Federal Register on April 28, 2023.3 On June 9, 2023, pursuant to section 19(b)(2) of the Act,4 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.5 On July 27, 2023, the Commission instituted proceedings to determine whether to approve or disapprove the proposed rule change.6 The Commission did not receive any comment letters and is approving the proposed rule change. II. Background When cash-settled 7 index options were first introduced in the 1980s, they 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 97366 (April 24, 2023), 88 FR 26359 (‘‘Notice’’). 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 97678, 88 FR 39285 (June 15, 2023). The Commission designated July 27, 2023, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to approve or disapprove, the proposed rule change. 6 See Securities Exchange Act Release No. 98005, 88 FR 50943 (August 2, 2023). 7 The seller of a ‘‘cash-settled’’ index option pays out the cash value of the applicable index on expiration or exercise. A ‘‘physical delivery’’ option, like equity and ETF options, involves the 2 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 18:18 Sep 25, 2023 66073 Continued Jkt 259001 PO 00000 Frm 00128 Fmt 4703 Sfmt 4703 E:\FR\FM\26SEN1.SGM 26SEN1

Agencies

[Federal Register Volume 88, Number 185 (Tuesday, September 26, 2023)]
[Notices]
[Page 66073]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-20906]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-813, OMB Control No. 3235-0765]


Proposed Collection; Comment Request; Extension: Rule 498A

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 (``Paperwork Reduction Act'') (44 U.S.C. 3501-3520), the 
Securities and Exchange Commission (the ``Commission'') is soliciting 
comments on the collections of information summarized below. The 
Commission plans to submit this existing collection of information to 
the Office of Management and Budget for extension and approval.
    Rule 498A under the Securities Act permits a person to satisfy its 
prospectus delivery obligations under Section 5(b)(2) of the Securities 
Act for a contract by: (1) sending or giving to new investors key 
information contained in a variable contract statutory prospectus in 
the form of an initial summary prospectus; (2) sending or giving to 
existing investors each year a brief description of certain changes to 
the contract, and a subset of the information in the initial summary 
prospectus, in the form of an updating summary prospectus; and (3) 
providing the statutory prospectus and other materials online. Rule 
498A considers a person to have met its prospectus delivery obligations 
for any portfolio companies associated with a variable contract if the 
portfolio company prospectuses are posted online. Under the rule, a 
registrant (or the financial intermediary distributing the variable 
contract) relying on the rule must send the variable contract statutory 
prospectus (that statutory prospectus must be filed as part of 
registration statement on Form N-3, N-4, or N-6, as applicable) and 
other materials to an investor in paper or electronic format upon 
request.
    Based on current EDGAR data, 82% of variable contracts that filed 
annual updates to their registration statements filed at least one 
summary prospectus under rule 498A. In the aggregate, the Commission 
staff estimates the total annual hour burden to comply with Rule 498A 
to be 7,634 hours, at an internal time cost equivalent of $2,337,471, 
and a total annual external cost burden of $9,094,866.
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act. The estimate is based on 
communications with industry representatives, and is not derived from a 
comprehensive or even a representative survey or study. Responses 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 November 27, 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: September 21, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-20906 Filed 9-25-23; 8:45 am]
BILLING CODE 8011-01-P
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