Proposed Collection; Comment Request; Extension: Regulation S-P, 55284-55285 [2024-14623]

Download as PDF 55284 Federal Register / Vol. 89, No. 128 / Wednesday, July 3, 2024 / Notices Commission’s Secretary at SecretarysOffice@sec.gov. ADDRESSES: The Commission: Secretarys-Office@sec.gov. FOR FURTHER INFORMATION CONTACT: Shawn Davis, Assistant Director, at (202) 551–6413 or Chief Counsel’s Office at (202) 551–6821; SEC, Division of Investment Management, Chief Counsel’s Office, 100 F Street NE, Washington, DC 20549–8010. 5-to-15 Year Laddered Municipal Bond Portfolio [File No. 811–23151] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. On May 19, 2023, applicant made a liquidating distribution to its shareholders based on net asset value. No expenses were incurred in connection with the liquidation. Filing Date: The application was filed on May 8, 2024. Applicant’s Address: One Post Office Square, Boston, Massachusetts 02109. Global Income Builder Portfolio [File No. 811–23145] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. On June 16, 2023, applicant made a liquidating distribution to its shareholders based on net asset value. No expenses were incurred in connection with the liquidation. Filing Date: The application was filed on May 8, 2024. Applicant’s Address: One Post Office Square, Boston, Massachusetts 02109. Principal Private Credit Fund [File No. 811–23897] Summary: Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. Applicant has never made a public offering of its securities and does not propose to make a public offering or engage in business of any kind. Filing Date: The application was filed on June 6, 2024. Applicant’s Address: 711 High Street, Des Moines, Iowa 50392. khammond on DSKJM1Z7X2PROD with NOTICES Stone Ridge Investment Grade Income Longevity Trust 2045 65F [File No. 811– 23560] Summary: Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. Applicant has never made a public offering of its securities and does not propose to make a public offering or engage in business of any kind. VerDate Sep<11>2014 19:36 Jul 02, 2024 Jkt 262001 Filing Dates: The application was filed on April 29, 2024 and amended on June 20, 2024. Applicant’s Address: One Vanderbilt Avenue, 65th Floor, New York, New York 10017. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–14649 Filed 7–2–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–480, OMB Control No. 3235–0537] Proposed Collection; Comment Request; Extension: Regulation S–P 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 the privacy notice and opt out notice provisions of Regulation S–P—Privacy of Consumer Financial Information (17 CFR part 248, subpart A) under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. The privacy notice and opt out notice provisions of Regulation S–P (the ‘‘Rule’’) implement the privacy notice and opt out notice requirements of Title V of the Gramm-Leach-Bliley Act (‘‘GLBA’’), which requires that at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a financial institution shall provide a clear and conspicuous disclosure to such consumer of such financial institution’s policies and practices with respect to disclosing nonpublic personal information to affiliates and nonaffiliated third parties (‘‘privacy notice’’). Title V of the GLBA also provides that, unless an exception applies, a financial institution may not disclose nonpublic personal information of a consumer to a nonaffiliated third party unless the financial institution clearly and conspicuously discloses to PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 the consumer that such information may be disclosed to such third party; the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party; and the consumer is given an explanation of how the consumer can exercise that nondisclosure option (‘‘opt out notice’’). The Rule applies to brokerdealers, investment advisers registered with the Commission, and investment companies (‘‘covered entities’’). Commission staff estimates that, as of April 1, 2024, the Rule’s information collection burden applies to approximately 32,707 covered entities (approximately 3,410 broker-dealers, 15,531 investment advisers registered with the Commission, and 13,766 investment companies). In view of (a) the minimal recordkeeping burden imposed by the Rule (since the Rule has no recordkeeping requirement and records relating to customer communications already must be made and retained pursuant to other SEC rules); (b) the summary fashion in which information must be provided to customers in the privacy and opt out notices required by the Rule (the model privacy form adopted by the SEC and the other agencies in 2009, designed to serve as both a privacy notice and an opt out notice, is only two pages); (c) the availability to covered entities of the model privacy form and online model privacy form builder; and (d) the experience of covered entities’ staff with the notices, SEC staff estimates that covered entities will each spend an average of approximately 12 hours per year complying with the Rule, for a total of approximately 392,484 annual burden-hours (12 × 32,707 = 392,484). SEC staff understands that the vast majority of covered entities deliver their privacy and opt out notices with other communications such as account opening documents and account statements. Because the other communications are already delivered to consumers, adding a brief privacy and opt out notice should not result in added costs for processing or for postage and materials. Also, privacy and opt out notices may be delivered electronically to consumers who have agreed to electronic communications, which further reduces the costs of delivery. Because SEC staff assumes that most paper copies of privacy and opt out notices are combined with other required mailings, the burden-hour estimates above are based on resources required to integrate the privacy and opt notices into another mailing, rather than on the resources required to create and E:\FR\FM\03JYN1.SGM 03JYN1 khammond on DSKJM1Z7X2PROD with NOTICES Federal Register / Vol. 89, No. 128 / Wednesday, July 3, 2024 / Notices send a separate mailing. SEC staff estimates that, of the estimated 12 annual burden-hours incurred, approximately 8 hours would be spent by administrative assistants at an hourly rate of $90, and approximately 4 hours would be spent by internal counsel at an hourly rate of $518, for a total annual internal cost of compliance of approximately $2,792 for each of the covered entities (8 × $90 = $720; 4 × $518 = $2,072; $720 + $2,072 = $2,792). Hourly cost of compliance estimates for administrative assistant time are derived from the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013, modified by SEC staff to account for an 1,800-hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. Hourly cost of compliance estimates for internal counsel time are derived from the Securities Industry and Financial Markets Association’s Management & Professional Earnings in the Securities Industry 2013, modified by SEC staff to account for an 1,800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. Accordingly, SEC staff estimates that the total annual internal cost of compliance for the estimated total hour burden for the approximately 32,707 covered entities subject to the Rule is approximately $91,371,944 ($2,796 × 32,707 = $91,317,944). 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 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 September 3, 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. VerDate Sep<11>2014 19:36 Jul 02, 2024 Jkt 262001 Dated: June 28, 2024. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–14623 Filed 7–2–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100445; File No. SR– NASDAQ–2024–030] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Launch Proximity-On-Demand, a Managed Colocation Solution June 27, 2024. 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 June 24, 2024, The Nasdaq Stock Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. 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 The Exchange proposes to launch Proximity-On-Demand, a managed colocation solution. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange 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 Exchange 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 The Exchange proposes to launch Proximity-On-Demand (‘‘POD’’), a PO 00000 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00070 Fmt 4703 Sfmt 4703 55285 managed colocation solution. POD will offer colocation customers a convenient variant of colocation where applications are deployed on managed infrastructure in the form of virtual or dedicated servers in the co-location space. Current Co-Location Offering The Exchange currently offers colocation services, which include a suite of data center space, power, telecommunication, and other ancillary products and services that allow customers to place their trading and communications equipment in close physical proximity to the quoting and execution facilities of the Exchange. The use of colocation services is entirely voluntary and colocation services are available to all market participants who desire them. Colocation customers are not provided any separate or superior means of direct access to the Exchange quoting and trading facilities. Nor does the Exchange offer any separate or superior means of access to the Exchange quoting and trading facilities as among colocation customers themselves within the data center (or any future expansions to the data center).3 In addition, all orders sent to the Exchange market enter the marketplace through the same central system quote and order gateway regardless of whether the sender is co-located in the Exchange data center or not. In short, the Exchange has created no special market technology or programming that is available only to co-located customers and the Exchange has organized its systems to minimize, to the greatest extent possible, any advantage for one customer versus another. Proximity-On-Demand POD will be an alternative to the traditional offering of space and power for the physical colocation of customers’ equipment. The Exchange will continue to offer its traditional colocation services. With POD, customers will not need to order cabinets and power to install a server or network hardware in the Exchange’s data center to be able to set up their systems and access the market directly. Instead, POD will provide customers with a variant of colocation where applications are deployed on a 3 Although the proposal and launch of POD are not dependent on the expansion of the data center, the Exchange notes that is in the process of expanding its data center in Carteret, New Jersey. Client connections to the matching engine will be equal across the board, within and among the current data center and the expansion. E:\FR\FM\03JYN1.SGM 03JYN1

Agencies

[Federal Register Volume 89, Number 128 (Wednesday, July 3, 2024)]
[Notices]
[Pages 55284-55285]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-14623]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-480, OMB Control No. 3235-0537]


Proposed Collection; Comment Request; Extension: Regulation S-P

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 the privacy notice 
and opt out notice provisions of Regulation S-P--Privacy of Consumer 
Financial Information (17 CFR part 248, subpart A) under the Securities 
Exchange Act of 1934 (``Exchange Act'') (15 U.S.C. 78a et seq.). The 
Commission plans to submit this existing collection of information to 
the Office of Management and Budget (``OMB'') for extension and 
approval.
    The privacy notice and opt out notice provisions of Regulation S-P 
(the ``Rule'') implement the privacy notice and opt out notice 
requirements of Title V of the Gramm-Leach-Bliley Act (``GLBA''), which 
requires that at the time of establishing a customer relationship with 
a consumer and not less than annually during the continuation of such 
relationship, a financial institution shall provide a clear and 
conspicuous disclosure to such consumer of such financial institution's 
policies and practices with respect to disclosing nonpublic personal 
information to affiliates and nonaffiliated third parties (``privacy 
notice''). Title V of the GLBA also provides that, unless an exception 
applies, a financial institution may not disclose nonpublic personal 
information of a consumer to a nonaffiliated third party unless the 
financial institution clearly and conspicuously discloses to the 
consumer that such information may be disclosed to such third party; 
the consumer is given the opportunity, before the time that such 
information is initially disclosed, to direct that such information not 
be disclosed to such third party; and the consumer is given an 
explanation of how the consumer can exercise that nondisclosure option 
(``opt out notice''). The Rule applies to broker-dealers, investment 
advisers registered with the Commission, and investment companies 
(``covered entities'').
    Commission staff estimates that, as of April 1, 2024, the Rule's 
information collection burden applies to approximately 32,707 covered 
entities (approximately 3,410 broker-dealers, 15,531 investment 
advisers registered with the Commission, and 13,766 investment 
companies). In view of (a) the minimal recordkeeping burden imposed by 
the Rule (since the Rule has no recordkeeping requirement and records 
relating to customer communications already must be made and retained 
pursuant to other SEC rules); (b) the summary fashion in which 
information must be provided to customers in the privacy and opt out 
notices required by the Rule (the model privacy form adopted by the SEC 
and the other agencies in 2009, designed to serve as both a privacy 
notice and an opt out notice, is only two pages); (c) the availability 
to covered entities of the model privacy form and online model privacy 
form builder; and (d) the experience of covered entities' staff with 
the notices, SEC staff estimates that covered entities will each spend 
an average of approximately 12 hours per year complying with the Rule, 
for a total of approximately 392,484 annual burden-hours (12 x 32,707 = 
392,484). SEC staff understands that the vast majority of covered 
entities deliver their privacy and opt out notices with other 
communications such as account opening documents and account 
statements. Because the other communications are already delivered to 
consumers, adding a brief privacy and opt out notice should not result 
in added costs for processing or for postage and materials. Also, 
privacy and opt out notices may be delivered electronically to 
consumers who have agreed to electronic communications, which further 
reduces the costs of delivery. Because SEC staff assumes that most 
paper copies of privacy and opt out notices are combined with other 
required mailings, the burden-hour estimates above are based on 
resources required to integrate the privacy and opt notices into 
another mailing, rather than on the resources required to create and

[[Page 55285]]

send a separate mailing. SEC staff estimates that, of the estimated 12 
annual burden-hours incurred, approximately 8 hours would be spent by 
administrative assistants at an hourly rate of $90, and approximately 4 
hours would be spent by internal counsel at an hourly rate of $518, for 
a total annual internal cost of compliance of approximately $2,792 for 
each of the covered entities (8 x $90 = $720; 4 x $518 = $2,072; $720 + 
$2,072 = $2,792). Hourly cost of compliance estimates for 
administrative assistant time are derived from the Securities Industry 
and Financial Markets Association's Office Salaries in the Securities 
Industry 2013, modified by SEC staff to account for an 1,800-hour work-
year and multiplied by 2.93 to account for bonuses, firm size, employee 
benefits and overhead. Hourly cost of compliance estimates for internal 
counsel time are derived from the Securities Industry and Financial 
Markets Association's Management & Professional Earnings in the 
Securities Industry 2013, modified by SEC staff to account for an 
1,800-hour work-year and multiplied by 5.35 to account for bonuses, 
firm size, employee benefits, and overhead. Accordingly, SEC staff 
estimates that the total annual internal cost of compliance for the 
estimated total hour burden for the approximately 32,707 covered 
entities subject to the Rule is approximately $91,371,944 ($2,796 x 
32,707 = $91,317,944).
    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 
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 
September 3, 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: June 28, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-14623 Filed 7-2-24; 8:45 am]
BILLING CODE 8011-01-P
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