Submission for OMB Review; Comment Request; Extension: 6c-7, 72599-72600 [2024-19903]

Download as PDF Federal Register / Vol. 89, No. 172 / Thursday, September 5, 2024 / Notices 72599 TABLE 4—PERFORMANCE—Continued Internal hour burden Total burden per adviser ...................................................... Total number of affected advisers ....................................... Sub-total burden ................................................................... 3.5 × 1,407 4,924.5 Internal time costs Wage rate 1 ...... ...... ...... 11 ................................................................. ................................................................. ................................................................. Annual external cost burden $1,421 × 1,407 $1,999,347 ............................ ............................ ............................ $184,521,635 $5,592,032 TOTAL ESTIMATED TIME BURDEN FOR PERFORMANCE REQUIREMENTS 445,173 ...... ................................................................. Notes: 1 See SIFMA Report, supra footnote 8. Total Hour Burden Associated With Rule 206(4)–1 external burden costs would be $5,974,582. The following chart summarizes the various components of the total annual burden for investment advisers. registered with the Commission under proposed rule 206(4)–1 to prepare testimonials and endorsements, thirdparty ratings, and performance results disclosures will be 595,210 hours, at a time cost of $219,833,026. The total Accordingly, we estimate the total annual hour burden for investment advisers registered or required to be TABLE 5—TOTALS khammond on DSKJM1Z7X2PROD with NOTICES Internal hour burden Internal burden time cost External cost burden General Prohibitions ................................................................................................................ Testimonials and Endorsements ............................................................................................. Third-Party Ratings .................................................................................................................. Performance ............................................................................................................................ 93,330 54,927 1,780 445,173 $12,288,450 22,300,362 722,579 184,521,635 ........................ $382,550 ........................ 5,592,032 Total annual burden ......................................................................................................... 595,210 219,833,026 5,974,582 Cost burden is the cost of goods and services purchased to comply with rule 206(4)–1, such as legal and accounting services. The cost burden does not include the hour burden discussed in above. Estimates are based on the Commission’s examination and oversight experience. As summarized in Table 5 above, we estimate the total external cost per all advisers per year to be $5,974,582, with the total per adviser per year to be $384.32 The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice by October 7, 2024 to (i) MBX.OMB.OIRA.SEC_desk_officer@ omb.eop.gov and (ii) Austin Gerig, Director/Chief Data Officer, Securities and Exchange Commission, c/o Oluwaseun Ajayi, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. 32 This estimate is based upon the following calculations: $5,974,582 (total annual external cost burden)/15,555 (number of advisers) = $384. VerDate Sep<11>2014 22:19 Sep 04, 2024 Jkt 262001 Dated: August 30, 2024. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–19959 Filed 9–4–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–269, OMB Control No. 3235–0276] Submission for OMB Review; Comment Request; Extension: 6c–7 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’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Rule 6c–7 (17 CFR 270.6c–7) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’) provides exemption from certain provisions of Sections 22(e) and 27 of the 1940 Act for registered separate accounts offering variable annuity PO 00000 Frm 00236 Fmt 4703 Sfmt 4703 contracts to certain employees of Texas institutions of higher education participating in the Texas Optional Retirement Program. There are approximately 129 registrants governed by Rule 6c–7. The burden of compliance with Rule 6c–7, in connection with the registrants obtaining from a purchaser, prior to or at the time of purchase, a signed document acknowledging the restrictions on redeem ability imposed by Texas law, is estimated to be approximately 3 minutes per response for each of approximately 5,900 purchasers annually (at an estimated $84 per hour),1 for a total annual burden of 295 hours (at a total annual cost of $24,780). Rule 6c–7 requires that the separate account’s registration statement under the Securities Act of 1933 (15 U.S.C. 77a 1 $84/hour figure for a Compliance Clerk is based on the Commission’s estimates concerning the allocation of burden hours and the relevant wage rates from the Commission’s consultations with industry representatives and on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013; the estimated wage figures are modified by Commission staff to account for an 1800-hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits, overhead, and adjusted to account for the effects of inflation; see Securities Industry and Financial Markets Association, Report on Management & Professional Earnings in the Securities Industry 2013. E:\FR\FM\05SEN1.SGM 05SEN1 72600 Federal Register / Vol. 89, No. 172 / Thursday, September 5, 2024 / Notices khammond on DSKJM1Z7X2PROD with NOTICES et seq.) include a representation that Rule 6c–7 is being relied upon and is being complied with. This requirement enhances the Commission’s ability to monitor utilization of and compliance with the rule. There are no recordkeeping requirements with respect to Rule 6c–7. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules or forms. The Commission does not include in the estimate of average burden hours the time preparing registration statements and sales literature disclosure regarding the restrictions on redeemability imposed by Texas law. The estimate of burden hours for completing the relevant registration statements are reported on the separate PRA submissions for those statements. (See the separate PRA submissions for Form N–3 (17 CFR 274.11b) and Form N–4 (17 CFR 274.11c). Complying with the collection of information requirements of the rules is necessary to obtain a benefit. 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. The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice by October 7, 2024 to (i) MBX.OMB.OIRA.SEC_desk_officer@ omb.eop.gov and (ii) Austin Gerig, Director/Chief Data Officer, Securities and Exchange Commission, c/o Oluwaseun Ajayi, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: August 30, 2024. Sherry R. Haywood, Assistant Secretary. BILLING CODE 8011–01–P 22:19 Sep 04, 2024 [Release No. 34–100873; File No. SR– PEARL–2024–35] Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From July 16, 2024 Through December 31, 2024 August 29, 2024. Pursuant to Section 19(b)(1) under the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 19, 2024, MIAX PEARL, LLC (‘‘MIAX Pearl’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change as described in Items I and II 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 is filing a proposal to amend the fee schedule (the ‘‘Fee Schedule’’) applicable to MIAX Pearl Equities, an equities trading facility of the Exchange, to establish fees for Industry Members 3 related to reasonably budgeted CAT costs of the National Market System Plan Governing the Consolidated Audit Trail (the ‘‘CAT NMS Plan’’ or ‘‘Plan’’) for the period from July 16, 2024 through December 31, 2024. These fees would be payable to Consolidated Audit Trail, LLC (‘‘CAT LLC’’ or the ‘‘Company’’) and referred to as CAT Fee 2024–1, and would be described in a section of the Exchange’s fee schedule entitled ‘‘Consolidated Audit Trail Funding Fees.’’ The fee rate for CAT Fee 2024–1 would be $0.000035 per executed equivalent share. CAT Executing Brokers will 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 An ‘‘Industry Member’’ is defined as ‘‘a member of a national securities exchange or a member of a national securities association.’’ See Miami International Securities Exchange LLC (‘‘MIAX Rule’’) Rule 1701(u). The Exchange notes that MIAX Chapter XVII is incorporated by reference into the Exchange’s rulebook. As such, MIAX Chapter XVII also applies to the Exchange. See also Section 1.1 of the CAT NMS Plan. Unless otherwise specified, capitalized terms used in this rule filing are defined as set forth in the CAT NMS Plan and/or the CAT Compliance Rule. See MIAX Rule 1701. 2 17 [FR Doc. 2024–19903 Filed 9–4–24; 8:45 am] VerDate Sep<11>2014 SECURITIES AND EXCHANGE COMMISSION Jkt 262001 PO 00000 Frm 00237 Fmt 4703 Sfmt 4703 receive their first monthly invoice for CAT Fee 2024–1 in October 2024 calculated based on their transactions as CAT Executing Brokers for the Buyer (‘‘CEBB’’) and/or CAT Executing Brokers for the Seller (‘‘CEBS’’) in September 2024. The text of the proposed rule change is available on the Exchange’s website at https://www.miaxglobal.com/markets/ us-equities/pearl-equities/rule-filings, at MIAX Pearl’s principal office, and at the Commission’s Public Reference Room. 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 On July 11, 2012, the Commission adopted Rule 613 of Regulation NMS, which required the self-regulatory organizations (‘‘SROs’’) to submit a national market system (‘‘NMS’’) plan to create, implement and maintain a consolidated audit trail that would capture customer and order event information for orders in NMS securities across all markets, from the time of order inception through routing, cancellation, modification or execution.4 On November 15, 2016, the Commission approved the CAT NMS Plan.5 Under the CAT NMS Plan, the Operating Committee has the discretion to establish funding for CAT LLC to operate the CAT, including establishing fees for Industry Members to be assessed by CAT LLC that would be implemented on behalf of CAT LLC by the Participants.6 The Operating Committee adopted a revised funding model to fund the CAT (‘‘CAT Funding Model’’). On September 6, 2023, the Commission approved the CAT Funding Model after 4 Securities Exchange Act Rel. No. 67457 (July 18, 2012), 77 FR 45722 (Aug. 1, 2012). 5 Securities Exchange Act Rel. No. 79318 (Nov. 15, 2016), 81 FR 84696 (Nov. 23, 2016) (‘‘CAT NMS Plan Approval Order’’). 6 Section 11.1(b) of the CAT NMS Plan. E:\FR\FM\05SEN1.SGM 05SEN1

Agencies

[Federal Register Volume 89, Number 172 (Thursday, September 5, 2024)]
[Notices]
[Pages 72599-72600]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19903]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-269, OMB Control No. 3235-0276]


Submission for OMB Review; Comment Request; Extension: 6c-7

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'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Rule 6c-7 (17 CFR 270.6c-7) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) (``1940 Act'') provides exemption from 
certain provisions of Sections 22(e) and 27 of the 1940 Act for 
registered separate accounts offering variable annuity contracts to 
certain employees of Texas institutions of higher education 
participating in the Texas Optional Retirement Program. There are 
approximately 129 registrants governed by Rule 6c-7. The burden of 
compliance with Rule 6c-7, in connection with the registrants obtaining 
from a purchaser, prior to or at the time of purchase, a signed 
document acknowledging the restrictions on redeem ability imposed by 
Texas law, is estimated to be approximately 3 minutes per response for 
each of approximately 5,900 purchasers annually (at an estimated $84 
per hour),\1\ for a total annual burden of 295 hours (at a total annual 
cost of $24,780).
---------------------------------------------------------------------------

    \1\ $84/hour figure for a Compliance Clerk is based on the 
Commission's estimates concerning the allocation of burden hours and 
the relevant wage rates from the Commission's consultations with 
industry representatives and on salary information for the 
securities industry compiled by the Securities Industry and 
Financial Markets Association's Office Salaries in the Securities 
Industry 2013; the estimated wage figures are modified by Commission 
staff to account for an 1800-hour work-year and multiplied by 2.93 
to account for bonuses, firm size, employee benefits, overhead, and 
adjusted to account for the effects of inflation; see Securities 
Industry and Financial Markets Association, Report on Management & 
Professional Earnings in the Securities Industry 2013.
---------------------------------------------------------------------------

    Rule 6c-7 requires that the separate account's registration 
statement under the Securities Act of 1933 (15 U.S.C. 77a

[[Page 72600]]

et seq.) include a representation that Rule 6c-7 is being relied upon 
and is being complied with. This requirement enhances the Commission's 
ability to monitor utilization of and compliance with the rule. There 
are no recordkeeping requirements with respect to Rule 6c-7.
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules or forms. The Commission does not include in the 
estimate of average burden hours the time preparing registration 
statements and sales literature disclosure regarding the restrictions 
on redeemability imposed by Texas law. The estimate of burden hours for 
completing the relevant registration statements are reported on the 
separate PRA submissions for those statements. (See the separate PRA 
submissions for Form N-3 (17 CFR 274.11b) and Form N-4 (17 CFR 
274.11c).
    Complying with the collection of information requirements of the 
rules is necessary to obtain a benefit. 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.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
by October 7, 2024 to (i) [email protected] and 
(ii) Austin Gerig, Director/Chief Data Officer, Securities and Exchange 
Commission, c/o Oluwaseun Ajayi, 100 F Street NE, Washington, DC 20549, 
or by sending an email to: [email protected].

    Dated: August 30, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-19903 Filed 9-4-24; 8:45 am]
BILLING CODE 8011-01-P
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