Proposed Collection; Comment Request; Extension: Rule 30b1-10, Form N-RN, 66099-66100 [2023-20907]

Download as PDF Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to section 19(b)(3)(A)(iii) of the Act 15 and subparagraph (f)(6) of Rule 19b–4 thereunder.16 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 shall institute proceedings to determine whether the proposed rule 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Sherry R. Haywood, Assistant Secretary. Electronic Comments [FR Doc. 2023–20804 Filed 9–25–23; 8:45 am] • 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– MRX–2023–16 on the subject line. BILLING CODE 8011–01–P 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–MRX–2023–16. 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 lotter on DSK11XQN23PROD with NOTICES1 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 Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR–MRX–2023–16 and should be submitted on or before October 17, 2023. 15 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. 16 17 VerDate Sep<11>2014 18:18 Sep 25, 2023 Jkt 259001 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–803, OMB Control No. 3235–0754] Proposed Collection; Comment Request; Extension: Rule 30b1–10, Form N–RN 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 for extension and approval. Rule 30b1–10 [17 CFR 270.30b1–10] and Form N–RN [17 CFR 274.223] require registered open-end management investment companies (not including entities regulated as money 17 17 PO 00000 market funds under 17 CFR 270.2a–7), registered closed-end funds, and business development companies (collectively, ‘‘funds’’), to file a current report on Form N–RN on a non-public basis when certain events related to their liquidity and events regarding funds’ compliance with the VaR-based limit on fund leverage risk in 17 CFR 270.18f–4 (‘‘rule 18f–4’’) occur. The first category of information reported on Form N–RN concerns events under which more than 15% of an open-end fund’s net assets are, or become, illiquid investments that are assets as defined in 17 CFR 270.22e–4 (‘‘rule 22e–4’’) and when holdings in illiquid investments are assets that previously exceeded 15% of a fund’s net assets have changed to be less than or equal to 15% of the fund’s net assets. The second category of information reported on Form N–RN regards events for certain open-end funds under which a fund’s holdings in assets that are highly liquid investments fall below the fund’s highly liquid investment minimum defined in rule 22e–4 for more than 7 consecutive calendar days. The third category of information reported on Form N–RN regards information about a fund’s breaches of the VaR test under rule 18f– 4. A report on Form N–RN is required to be filed, as applicable, within one business day of the occurrence of one or more of these events. In addition, a fund is in certain cases required to file a second Form N–RN when it is no longer in breach of the applicable limit. Based on historical filing data and projected estimates of the annual number of VAR-based filings, the staff estimates that the Commission will receive roughly 66 reports per year on Form N–RN on average.1 When filing a report on Form N–RN, staff estimates that a fund will spend on average approximately 3 hours of an in-house compliance attorney’s time and 1 hour of a senior programmer time to prepare, review, and submit Form N–RN, at a total time cost of $1,661.2 Accordingly, 1 Because the compliance date for the VaR-based reporting requirements was August 1, 2022, we have made adjustments to estimate an annual number of VAR-based filings. 2 This estimate is based on the following calculations: (3 hours × $425/hour for an in house compliance attorney = $1,275), plus (1 hour × $386/ hour for a senior programmer = $386), for a combined total of 4 hours at total time costs of $1,661. The estimates concerning the wage rates for attorney and senior accountant time are based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association. The estimated wage figure is based on published rates for in-house compliance attorneys and senior programmers, modified to account for a 1,800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm CFR 200.30–3(a)(12). Frm 00154 Fmt 4703 Sfmt 4703 66099 Continued E:\FR\FM\26SEN1.SGM 26SEN1 66100 Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices lotter on DSK11XQN23PROD with NOTICES1 in the aggregate, staff estimates that compliance with rule 30b1–10 and Form N–RN will result in a total annual burden of approximately 264 burden hours and total annual time costs of approximately $109,626.3 Compliance with rule 30b1–10 is mandatory for all funds. Responses to the disclosure requirements will be kept confidential. The estimate of average burden hours is made solely for the purposes of the PRA. The estimate is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Complying with this collection of information requirement is necessary to enable the Commission to receive information on fund liquidity events more uniformly and efficiently, and to enhance the Commission’s oversight of funds when significant liquidity events occur and its ability to respond to market events. 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. 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. size, employee benefits, and overhead. See Securities Industry and Financial Markets Association, Report on Management & Professional Earnings in the Securities Industry 2013. 3 This estimate is based on the following calculations: 66 reports filed per year × 4 hours per report = approximately 264 total annual burden hours. 66 reports filed per year × $1,661 in costs per report = $109,626 total annual costs. VerDate Sep<11>2014 18:18 Sep 25, 2023 Jkt 259001 Dated: September 21, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–20907 Filed 9–25–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–98458; File Nos. SR–NYSE– 2023–29, SR–NYSEAMER–2023–39, SR– NYSEArca-2023–53, SR–NYSECHX–2023– 16] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE American LLC; NYSE Arca, Inc.; NYSE Chicago, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Amend the Connectivity Fee Schedule Regarding Power Allocation September 20, 2023. On August 3, 2023, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., and NYSE Chicago, Inc. each 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 amend the connectivity fee schedule to include an alternative procedure to allocate power in the Mahwah Data Center. The proposed rule changes were published for comment in the Federal Register on August 22, 2023.3 The Commission has received no comments on the proposed rule change. Section 19(b)(2) of the Act 4 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 notices for these proposed rule changes is October 6, 1 15 U.S.C. 78s(b)(1). CFR 240.19b-4. 3 See Securities Exchange Act Release Nos. 98148 (August 16, 2023), 88 FR 57150 (SR–NYSE–2023– 29); 98149 (August 16, 2023), 88 FR 57154 (SR– NYSEAMER–2023–39); 98150 (August 16, 2023), 88 FR 57142 (SR–NYSEArca-2023–53); 98151 (August 16, 2023), 88 FR 57159 (SR–NYSECHX–2023–16). 4 15 U.S.C. 78s(b)(2). 2023. The Commission is extending this 45-day time period. The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received. Accordingly, the Commission, pursuant to section 19(b)(2) of the Act,5 designates November 20, 2023 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule changes (File Nos. SR–NYSE–2023– 29, SR–NYSEAMER–2023–39, SR– NYSEArca-2023–53, SR–NYSECHX– 2023–16). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–20814 Filed 9–25–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–98446; File No. SR–BOX– 2023–24] Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule for Trading on the BOX Options Market LLC Facility To Amend the Language and Process Related to the Options Regulatory Fee September 20, 2023. 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 September 13, 2023, BOX Exchange LLC (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 Exchange. The Exchange filed the proposed rule change pursuant to section 19(b)(3)(A)(ii) of the Act,3 and Rule 19b–4(f)(6) thereunder,4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to 2 17 PO 00000 Frm 00155 Fmt 4703 Sfmt 4703 5 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(31). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(6). 6 17 E:\FR\FM\26SEN1.SGM 26SEN1

Agencies

[Federal Register Volume 88, Number 185 (Tuesday, September 26, 2023)]
[Notices]
[Pages 66099-66100]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-20907]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-803, OMB Control No. 3235-0754]


Proposed Collection; Comment Request; Extension: Rule 30b1-10, 
Form N-RN

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 for extension and approval.
    Rule 30b1-10 [17 CFR 270.30b1-10] and Form N-RN [17 CFR 274.223] 
require registered open-end management investment companies (not 
including entities regulated as money market funds under 17 CFR 270.2a-
7), registered closed-end funds, and business development companies 
(collectively, ``funds''), to file a current report on Form N-RN on a 
non-public basis when certain events related to their liquidity and 
events regarding funds' compliance with the VaR-based limit on fund 
leverage risk in 17 CFR 270.18f-4 (``rule 18f-4'') occur. The first 
category of information reported on Form N-RN concerns events under 
which more than 15% of an open-end fund's net assets are, or become, 
illiquid investments that are assets as defined in 17 CFR 270.22e-4 
(``rule 22e-4'') and when holdings in illiquid investments are assets 
that previously exceeded 15% of a fund's net assets have changed to be 
less than or equal to 15% of the fund's net assets. The second category 
of information reported on Form N-RN regards events for certain open-
end funds under which a fund's holdings in assets that are highly 
liquid investments fall below the fund's highly liquid investment 
minimum defined in rule 22e-4 for more than 7 consecutive calendar 
days. The third category of information reported on Form N-RN regards 
information about a fund's breaches of the VaR test under rule 18f-4. A 
report on Form N-RN is required to be filed, as applicable, within one 
business day of the occurrence of one or more of these events. In 
addition, a fund is in certain cases required to file a second Form N-
RN when it is no longer in breach of the applicable limit.
    Based on historical filing data and projected estimates of the 
annual number of VAR-based filings, the staff estimates that the 
Commission will receive roughly 66 reports per year on Form N-RN on 
average.\1\ When filing a report on Form N-RN, staff estimates that a 
fund will spend on average approximately 3 hours of an in-house 
compliance attorney's time and 1 hour of a senior programmer time to 
prepare, review, and submit Form N-RN, at a total time cost of 
$1,661.\2\ Accordingly,

[[Page 66100]]

in the aggregate, staff estimates that compliance with rule 30b1-10 and 
Form N-RN will result in a total annual burden of approximately 264 
burden hours and total annual time costs of approximately $109,626.\3\
---------------------------------------------------------------------------

    \1\ Because the compliance date for the VaR-based reporting 
requirements was August 1, 2022, we have made adjustments to 
estimate an annual number of VAR-based filings.
    \2\ This estimate is based on the following calculations: (3 
hours x $425/hour for an in house compliance attorney = $1,275), 
plus (1 hour x $386/hour for a senior programmer = $386), for a 
combined total of 4 hours at total time costs of $1,661. The 
estimates concerning the wage rates for attorney and senior 
accountant time are based on salary information for the securities 
industry compiled by the Securities Industry and Financial Markets 
Association. The estimated wage figure is based on published rates 
for in-house compliance attorneys and senior programmers, modified 
to account for a 1,800-hour work-year and inflation, and multiplied 
by 5.35 to account for bonuses, firm size, employee benefits, and 
overhead. See Securities Industry and Financial Markets Association, 
Report on Management & Professional Earnings in the Securities 
Industry 2013.
    \3\ This estimate is based on the following calculations: 66 
reports filed per year x 4 hours per report = approximately 264 
total annual burden hours. 66 reports filed per year x $1,661 in 
costs per report = $109,626 total annual costs.
---------------------------------------------------------------------------

    Compliance with rule 30b1-10 is mandatory for all funds. Responses 
to the disclosure requirements will be kept confidential. The estimate 
of average burden hours is made solely for the purposes of the PRA. The 
estimate is not derived from a comprehensive or even a representative 
survey or study of the costs of Commission rules. Complying with this 
collection of information requirement is necessary to enable the 
Commission to receive information on fund liquidity events more 
uniformly and efficiently, and to enhance the Commission's oversight of 
funds when significant liquidity events occur and its ability to 
respond to market events. 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.
    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. 2023-20907 Filed 9-25-23; 8:45 am]
BILLING CODE 8011-01-P
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