Submission for OMB Review; Comment Request; Extension: Regulation S-P, 72916-72917 [2024-20134]

Download as PDF 72916 Federal Register / Vol. 89, No. 173 / Friday, September 6, 2024 / Notices 3642 and 3632(b)(3), on August 30, 2024, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail & USPS Ground Advantage® Contract 325 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2024–600, CP2024–608. Sean Robinson, Attorney, Corporate and Postal Business Law. [FR Doc. 2024–20059 Filed 9–5–24; 8:45 am] BILLING CODE 7710–12–P POSTAL SERVICE Product Change—Priority Mail Express, Priority Mail, and USPS Ground Advantage® Negotiated Service Agreement Postal ServiceTM. Notice. AGENCY: ACTION: The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. DATES: Date of required notice: September 6, 2024. FOR FURTHER INFORMATION CONTACT: Sean C. Robinson, 202–268–8405. SUPPLEMENTARY INFORMATION: The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on August 29, 2024, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Express, Priority Mail & USPS Ground Advantage® Contract 280 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2024–595, CP2024–603. SUMMARY: Sean C. Robinson, Attorney, Corporate and Postal Business Law. [FR Doc. 2024–20053 Filed 9–5–24; 8:45 am] BILLING CODE 7710–12–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–822, OMB Control No. 3235–0777] lotter on DSK11XQN23PROD with NOTICES1 Submission for OMB Review; Comment Request; Extension: Rules 15Fi–3 through 15Fi–5 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 VerDate Sep<11>2014 16:42 Sep 05, 2024 Jkt 262001 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. Rules 15Fi–3 through 15Fi–5 (17 CFR 240.15Fi–3 through 240.15Fi–5) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) require registered security-based swap dealers (‘‘SBS dealer’’) and registered major securitybased swap participants (‘‘major SBS participant’’) (each SBS dealer and each major SBS participant hereafter referred to as an ‘‘SBS Entity’’) to apply specific risk mitigation techniques to portfolios of security-based swaps not submitted for clearing. Rules 15Fi–3 through 15Fi– 5 impose a collection of information requirements on SBS Entities. Specifically, Rule 15Fi–3 requires SBS Entities to reconcile outstanding security-based swaps with applicable counterparties on a periodic basis. Rule 15Fi–4 requires SBS Entities to engage in certain forms of portfolio compression exercises with their counterparties, as appropriate. Rule 15Fi–5 requires SBS Entities to execute written security-based swap trading relationship documentation with each of its counterparties prior to, or contemporaneously with, executing a security-based swap transaction, and to periodically audit the policies and procedures governing such documentation. Rules 15Fi–3 through 15Fi–5 have been promulgated pursuant to Section 15F(i)(2) of the Exchange Act, which requires that the Commission ‘‘adopt rules governing documentation standards for security-based swap dealers and major security-based swap participants.’’ Accordingly, the collections of information are at the heart of each of the underlying documentation requirements of the rules, such that not conducting them (or reducing the frequency of collection) would not be consistent with the statutory provisions. Moreover, the policies and procedures required to be established, maintained, and followed pursuant to Rules 15Fi–3 through 15Fi– 5 are instrumental in focusing and assessing compliance with the underlying rules, consistent with how similar requirements are used in numerous other Commission rules. Thus, eliminating such collections (or reducing the frequency of collection) also would be inconsistent with the applicable statutory provisions and the intended effects of the rules. The Commission estimated that approximately 53 entities may fit within PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 the definition of SBS dealer, and up to five entities may fit within the definition of major SBS participant. Thus, the Commission estimated that approximately 58 entities would be required to register with the Commission as SBS Entities and would be subject to Rules 15Fi–3 through 15Fi–5. Of the 58 entities that would be required to register with the Commission as SBS Entities, the Commission estimated that approximately 20 would be duallyregistered with the Commodity Futures Trading Commission (‘‘CFTC’’) as swap dealers or major swap participants. As the Rules 15Fi–3 through 15Fi–5 are largely similar to those adopted by the CFTC, dually-registered entities may have procedures and systems in place to collect the information, thereby minimizing compliance burdens. The Commission estimated that the total annual industry burden under 15Fi–3 through 15Fi–5 is approximately 464,836 hours per year. 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. 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 by October 7, 2024 to (i) www.reginfo.gov/ public/do/PRAMain 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: September 3, 2024. Vanessa A. Countryman, Secretary. [FR Doc. 2024–20133 Filed 9–5–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–480, OMB Control No. 3235–0537] Submission for OMB Review; Comment Request; Extension: Regulation S–P Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, E:\FR\FM\06SEN1.SGM 06SEN1 lotter on DSK11XQN23PROD with NOTICES1 Federal Register / Vol. 89, No. 173 / Friday, September 6, 2024 / Notices 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved 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 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 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 VerDate Sep<11>2014 16:42 Sep 05, 2024 Jkt 262001 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 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 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 72917 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 ($2,792 × 32,707 = $91,317,944). 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. 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 by October 7, 2024 to (i) www.reginfo.gov/ public/do/PRAMain 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: September 3, 2024. Vanessa A. Countryman, Secretary. [FR Doc. 2024–20134 Filed 9–5–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100884; File No. 10–242] In the Matter of the Application of 24X National Exchange LLC for Registration as a National Securities Exchange; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Grant or Deny an Application for Registration as a National Securities Exchange Under Section 6 of the Securities Exchange Act of 1934 August 30, 2024. On February 6, 2024, 24X National Exchange LLC (‘‘24X’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a Form 1 application under the Securities Exchange Act of 1934 (‘‘Act’’) seeking registration as a national securities exchange under Section 6 of the Act.1 Notice of the application was published for comment in the Federal Register on March 4, 1 15 E:\FR\FM\06SEN1.SGM U.S.C. 78f. 06SEN1

Agencies

[Federal Register Volume 89, Number 173 (Friday, September 6, 2024)]
[Notices]
[Pages 72916-72917]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-20134]


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SECURITIES AND EXCHANGE COMMISSION

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


Submission for OMB Review; Comment Request; Extension: Regulation 
S-P

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services,

[[Page 72917]]

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'') has submitted to the Office of 
Management and Budget (``OMB'') a request for approval of extension of 
the previously approved 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 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 
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 ($2,792 x 
32,707 = $91,317,944).
    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.
    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 by October 7, 2024 to (i) www.reginfo.gov/public/do/PRAMain 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: September 3, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-20134 Filed 9-5-24; 8:45 am]
BILLING CODE 8011-01-P
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