Proposed Collection; Comment Request; Extension: Rule 11a1-1(T), 14121 [2024-03853]
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Federal Register / Vol. 89, No. 38 / Monday, February 26, 2024 / Notices
Dated: February 22, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–04030 Filed 2–22–24; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–428, OMB Control No.
3235–0478]
khammond on DSKJM1Z7X2PROD with NOTICES
Proposed Collection; Comment
Request; Extension: Rule 11a1–1(T)
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
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 11a1–1(T) (17 CFR
240.11a1–1(T)), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (‘‘Exchange Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
On January 27, 1976, the Commission
adopted Rule 11a1–1(T)—Transactions
Yielding Priority, Parity, and
Precedence (17 CFR 240.11a1–1(T))
under the Exchange Act (15 U.S.C. 78a
et seq.) to exempt certain transactions of
exchange members for their own
accounts that would otherwise be
prohibited under Section 11(a) of the
Exchange Act. The Rule provides that a
member’s proprietary order may be
executed on the exchange of which the
trader is a member, if, among other
things: (1) the member discloses that a
bid or offer for its account is for its
account to any member with whom
such bid or offer is placed or to whom
it is communicated; (2) any such
member through whom that bid or offer
is communicated discloses to others
participating in effecting the order that
it is for the account of a member; and
(3) immediately before executing the
order, a member (other than a specialist
in such security) presenting any order
for the account of a member on the
exchange clearly announces or
otherwise indicates to the specialist and
to other members then present that he
is presenting an order for the account of
a member.
Without these requirements, it would
not be possible for the Commission to
monitor its mandate under the Exchange
VerDate Sep<11>2014
16:23 Feb 23, 2024
Jkt 262001
Act to promote fair and orderly markets
and ensure that exchange members
have, as the principal purpose of their
exchange memberships, the conduct of
a public securities business.
There are approximately 531
respondents that require an aggregate
total of approximately 15 hours per year
to comply with this Rule. Each of these
approximately 531 respondents makes
an estimated 20 annual responses, for an
aggregate of 10,620 responses per year.
Each response takes approximately 5
seconds to complete. Thus, the total
time burden per year is approximately
15 hours (10,620 × 5 seconds/60
seconds per minute/60 minutes per
hour = 14.7618 hours rounded up to 15
hours). The approximate internal cost of
compliance per hour is approximately
$405, resulting in a total internal cost of
compliance of approximately $6,075 per
year (15 hours @$405).
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 will have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
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
April 26, 2024.
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: PRA_
Mailbox@sec.gov.
Dated: February 21, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–03853 Filed 2–23–24; 8:45 am]
BILLING CODE 8011–01–P
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14121
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99568; File No. SR–OCC–
2023–007]
Self-Regulatory Organizations;
Options Clearing Corporation; Notice
of Designation of Longer Period for
Commission Action on Proceedings To
Determine Whether To Approve or
Disapprove a Proposed Rule Change,
as Modified by Partial Amendment No.
1 and Amendment No. 2, Concerning
Modifications to the Amended and
Restated Stock Options and Futures
Settlement Agreement Between the
Options Clearing Corporation and the
National Securities Clearing
Corporation
February 20, 2024.
On August 10, 2023, the Options
Clearing Corporation (‘‘OCC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change SR–OCC–2023–
007 (‘‘Proposed Rule Change’’) pursuant
to section 19(b) of the Securities
Exchange Act of 1934 (‘‘Exchange
Act’’) 1 and Rule 19b–4 2 thereunder to
modify the Amended and Restated
Stock Options and Futures Settlement
Agreement dated August 5, 2017,
between OCC and National Securities
Clearing Corporation (‘‘NSCC’’), OCC’s
rules related to liquidity risk
management, and OCC’s rules related to
default management in connection with
the proposed modifications to the
Existing Accord.3 The Proposed Rule
Change was published for public
comment in the Federal Register on
August 30, 2023.4
On September 25, 2023, pursuant to
section 19(b)(2) of the Exchange Act,5
the Commission designated a longer
period within which to approve,
disapprove, or institute proceedings to
determine whether to approve or
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Notice of Filing infra note 4, at 88 FR 59976.
4 Securities Exchange Act Release No. 98215
(Aug. 24, 2023), 88 FR 59976 (Aug. 30, 2023) (File
No. SR–OCC–2023–007) (‘‘Notice of Filing’’). OCC
also filed a related advance notice (SR–OCC–2023–
801) (‘‘Advance Notice’’) with the Commission
pursuant to Section 806(e)(1) of Title VIII of the
Dodd-Frank Wall Street Reform and Consumer
Protection Act, entitled the Payment, Clearing, and
Settlement Supervision Act of 2010 and Rule 19b–
4(n)(1)(i) under the Exchange Act. 12 U.S.C.
5465(e)(1). 15 U.S.C. 78s(b)(1) and 17 CFR 240.19b–
4, respectively. The Advance Notice was published
in the Federal Register on August 30, 2023.
Securities Exchange Act Release No. 98214 (Aug.
24, 2023), 88 FR 59988 (Aug. 30, 2023) (File No.
SR–OCC–2023–801).
5 15 U.S.C. 78s(b)(2).
2 17
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26FEN1
]]>Agencies
[Federal Register Volume 89, Number 38 (Monday, February 26, 2024)]
[Notices]
[Page 14121]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-03853]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-428, OMB Control No. 3235-0478]
Proposed Collection; Comment Request; Extension: Rule 11a1-1(T)
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 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the existing
collection of information provided for in Rule 11a1-1(T) (17 CFR
240.11a1-1(T)), under the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.) (``Exchange Act''). The Commission plans to submit this
existing collection of information to the Office of Management and
Budget (``OMB'') for extension and approval.
On January 27, 1976, the Commission adopted Rule 11a1-1(T)--
Transactions Yielding Priority, Parity, and Precedence (17 CFR
240.11a1-1(T)) under the Exchange Act (15 U.S.C. 78a et seq.) to exempt
certain transactions of exchange members for their own accounts that
would otherwise be prohibited under Section 11(a) of the Exchange Act.
The Rule provides that a member's proprietary order may be executed on
the exchange of which the trader is a member, if, among other things:
(1) the member discloses that a bid or offer for its account is for its
account to any member with whom such bid or offer is placed or to whom
it is communicated; (2) any such member through whom that bid or offer
is communicated discloses to others participating in effecting the
order that it is for the account of a member; and (3) immediately
before executing the order, a member (other than a specialist in such
security) presenting any order for the account of a member on the
exchange clearly announces or otherwise indicates to the specialist and
to other members then present that he is presenting an order for the
account of a member.
Without these requirements, it would not be possible for the
Commission to monitor its mandate under the Exchange Act to promote
fair and orderly markets and ensure that exchange members have, as the
principal purpose of their exchange memberships, the conduct of a
public securities business.
There are approximately 531 respondents that require an aggregate
total of approximately 15 hours per year to comply with this Rule. Each
of these approximately 531 respondents makes an estimated 20 annual
responses, for an aggregate of 10,620 responses per year. Each response
takes approximately 5 seconds to complete. Thus, the total time burden
per year is approximately 15 hours (10,620 x 5 seconds/60 seconds per
minute/60 minutes per hour = 14.7618 hours rounded up to 15 hours). The
approximate internal cost of compliance per hour is approximately $405,
resulting in a total internal cost of compliance of approximately
$6,075 per year (15 hours @$405).
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 will
have practical utility; (b) the accuracy of the Commission's estimates
of the burden of the proposed 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 April 26, 2024.
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: February 21, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-03853 Filed 2-23-24; 8:45 am]
BILLING CODE 8011-01-P
