80 FR 18449 - Submission for OMB Review; Comment Request
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 65 (April 6, 2015)
Federal Register Volume 80, Issue 65 (April 6, 2015)
| Page Range | 18449-18450 | |
| FR Document | 2015-07753 |
[Federal Register Volume 80, Number 65 (Monday, April 6, 2015)] [Notices] [Pages 18449-18450] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-07753] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549-2736. Extension: Rule 23c-1. (SEC File No. 270-253, OMB Control No. 3235-0260). Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350l-3520), 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 23c-1(a) under the Investment Company Act (17 CFR 270.23c- 1(a)) permits a closed-end fund to repurchase its securities for cash if, in addition to the other requirements set forth in the rule, the following conditions are met: (i) Payment of the purchase price is accompanied or preceded by a written confirmation of the purchase (``written confirmation''); (ii) the asset coverage per unit of the security to be purchased is disclosed to the seller or his agent (``asset coverage disclosure''); and (iii) if the security is a stock, the fund has, within the preceding six months, informed stockholders of its intention to purchase stock (``six month notice''). Commission staff estimates that 78 closed-end funds undertake a total of 702 repurchases annually under Rule 23c-1.\1\ Staff estimates further that, with [[Page 18450]] respect to each repurchase, each fund spends 2.5 hours to comply with the rule's written confirmation, asset coverage disclosure and six month notice requirements. Thus, Commission staff estimates the total annual respondent reporting burden is 1755 hours.\2\ Commission staff further estimates that the cost of the hourly burden per repurchase is $295 (one half hour of a compliance attorney's time at $334 per hour,\3\ and two hours of clerical time at $64 per hour \4\). The total annual cost for all funds is estimated to be $207,090.\5\ --------------------------------------------------------------------------- \1\ The number of closed-end funds that undertake repurchases annually under Rule 23c-1 is based on information provided in response to Item 9 of Form N-CSR from December 30, 2013 through December 30, 2014. Although 112 closed-end funds made disclosures regarding ``publicly announced'' repurchase plans in response to Item 9, not all repurchases are made pursuant to Rule 23c-1. We estimate that approximately 30% of such closed-end funds have not made repurchases pursuant to Rule 23c-1. Therefore, our estimate does not include all 112 funds that made disclosures of publicly announced repurchases under Item 9, but only a subset thereof. \2\ This estimate is based on the following calculation: 702 repurchases x 2.5 hours per repurchase = 1755 hours. \3\ The $334/hour figure for a compliance attorney is from SIFMA's Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for an 1800- hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. \4\ The $64/hour figure for a compliance clerk is from SIFMA's Office Salaries in the Securities Industry 2013, 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 and overhead. \5\ This estimate is based on the following calculation: 702 repurchases x $295 per repurchase = $207,090. --------------------------------------------------------------------------- In addition, the fund must file with the Commission a copy of any written solicitation to purchase securities given by or on behalf of the fund to 10 or more persons. The copy must be filed as an exhibit to Form N-CSR (17 CFR 249.331 and 274.128).\6\ The burden associated with filing Form N-CSR is addressed in the submission related to that form. --------------------------------------------------------------------------- \6\ In addition, Item 9 of Form N-CSR requires closed-end funds to disclose information similar to the information that was required in Form N-23C-1, which was discontinued in 2004. --------------------------------------------------------------------------- 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 and forms. Complying with the collection of information requirements of the rule is mandatory. The filings that the rule requires to be made with the Commission are available to the public. 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 the background documentation for this information collection at the following Web site, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: [email protected]; and (ii) Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email to: [email protected]. Comments must be submitted to OMB within 30 days of this notice. Dated: March 31, 2015. Brent J. Fields, Secretary. [FR Doc. 2015-07753 Filed 4-3-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices 18449
B. Self-Regulatory Organization’s it appears to the Commission that such 2015–12, and should be submitted on or
Statement on Burden on Competition action is: (i) Necessary or appropriate in before April 27, 2015.
The Exchange believes the proposal is the public interest; (ii) for the protection For the Commission, by the Division of
consistent with Section 6(b)(8) of the of investors; or (iii) otherwise in Trading and Markets, pursuant to delegated
Act 6 in that it does not impose any furtherance of the purposes of the Act. authority.9
burden on competition that is not If the Commission takes such action, the Brent J. Fields,
necessary or appropriate in furtherance Commission shall institute proceedings Secretary.
of the purposes of the Act. The to determine whether the proposed rule [FR Doc. 2015–07850 Filed 4–3–15; 8:45 am]
proposed rule change is not designed to should be approved or disapproved.
BILLING CODE 8011–01–P
address any aspect of competition, but IV. Solicitation of Comments
would provide authority for the
Interested persons are invited to
Exchange to directly share risk settings SECURITIES AND EXCHANGE
submit written data, views, and
with Clearing Members regarding the COMMISSION
arguments concerning the foregoing,
Members with whom the Clearing
including whether the proposed rule Submission for OMB Review;
Member has executed a letter of
change is consistent with the Act. Comment Request
guarantee so the Clearing Member can
Comments may be submitted by any of
better monitor and manage the potential Upon Written Request, Copies Available
the following methods:
risks assumed by the Members, thereby From: Securities and Exchange
providing them with greater control and Electronic Comments
Commission, Office of FOIA Services,
flexibility over setting their own risk • Use the Commission’s Internet 100 F Street NE., Washington, DC
tolerance and exposure. The proposed comment form (http://www.sec.gov/ 20549–2736.
rule change does not pose an undue rules/sro.shtml); or
burden on non-Clearing Members Extension:
• Send an email to rule-comments@
because, unlike Clearing Members, non- Rule 23c–1. (SEC File No. 270–253, OMB
sec.gov. Please include File Number SR– Control No. 3235–0260).
Clearing Members do not guarantee the ISE–2015–12 on the subject line.
execution of the Member transactions Notice is hereby given that, pursuant
on the Exchange. The proposed rule Paper Comments to the Paperwork Reduction Act of 1995
change is structured to offer the same • Send paper comments in triplicate (44 U.S.C. 350l–3520), the Securities
enhancement to all Clearing Members, to Secretary, Securities and Exchange and Exchange Commission (the
regardless of size, and would not Commission, 100 F Street NE., ‘‘Commission’’) has submitted to the
impose a competitive burden on any Washington, DC 20549–1090. Office of Management and Budget a
participant. All submissions should refer to File request for extension of the previously
Number SR–ISE–2015–12. This file approved collection of information
C. Self-Regulatory Organization’s
number should be included on the discussed below.
Statement on Comments on the
subject line if email is used. To help the Rule 23c–1(a) under the Investment
Proposed Rule Change Received From
Commission process and review your Company Act (17 CFR 270.23c–1(a))
Members, Participants, or Others
comments more efficiently, please use permits a closed-end fund to repurchase
The Exchange has not solicited, and only one method. The Commission will its securities for cash if, in addition to
does not intend to solicit, comments on post all comments on the Commission’s the other requirements set forth in the
this proposed rule change. The Internet Web site (http://www.sec.gov/ rule, the following conditions are met:
Exchange has not received any rules/sro.shtml). Copies of the (i) Payment of the purchase price is
unsolicited written comments from submission, all subsequent accompanied or preceded by a written
members or other interested parties. confirmation of the purchase (‘‘written
amendments, all written statements
III. Date of Effectiveness of the with respect to the proposed rule confirmation’’); (ii) the asset coverage
Proposed Rule Change and Timing for change that are filed with the per unit of the security to be purchased
Commission Action Commission, and all written is disclosed to the seller or his agent
communications relating to the (‘‘asset coverage disclosure’’); and (iii) if
The Exchange believes that the the security is a stock, the fund has,
foregoing proposed rule change may proposed rule change between the
Commission and any person, other than within the preceding six months,
take effect upon filing with the informed stockholders of its intention to
Commission pursuant to those that may be withheld from the
public in accordance with the purchase stock (‘‘six month notice’’).
Section19(b)(3)(A) 7 of the Act and Rule Commission staff estimates that 78
19b–4(f)(6) thereunder 8 because the provisions of 5 U.S.C. 552, will be
available for Web site viewing and closed-end funds undertake a total of
foregoing proposed rule change does not 702 repurchases annually under Rule
(i) significantly affect the protection of printing in the Commission’s Public
Reference Room, 100 F Street NE., 23c–1.1 Staff estimates further that, with
investors or the public interest, (ii)
impose any significant burden on Washington DC, 20549, on official
9 17 CFR 200.30–3(a)(12).
competition, and (iii) become operative business days between the hours of 1 The number of closed-end funds that undertake
for 30 days after its filing date, or such 10:00 a.m. and 3:00 p.m. Copies of such repurchases annually under Rule 23c–1 is based on
shorter time as the Commission may filing also will be available for information provided in response to Item 9 of Form
designate. inspection and copying at the principal N–CSR from December 30, 2013 through December
offices of the Exchange. All comments 30, 2014. Although 112 closed-end funds made
At any time within 60 days of the disclosures regarding ‘‘publicly announced’’
tkelley on DSK4VPTVN1PROD with NOTICES
filing of the proposed rule change, the received will be posted without change; repurchase plans in response to Item 9, not all
Commission summarily may the Commission does not edit personal repurchases are made pursuant to Rule 23c–1. We
temporarily suspend such rule change if identifying information from estimate that approximately 30% of such closed-
submissions. You should submit only end funds have not made repurchases pursuant to
Rule 23c–1. Therefore, our estimate does not
6 15 U.S.C. 78f(b)(8). information that you wish to make include all 112 funds that made disclosures of
7 15 U.S.C. 78s(b)(3)(A). available publicly. All submissions publicly announced repurchases under Item 9, but
8 17 CFR 240.19b–4(f)(6). should refer to File Number SR–ISE– only a subset thereof.
VerDate Sep<11>2014 18:14 Apr 03, 2015 Jkt 235001 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 E:\FR\FM\06APN1.SGM 06APN1](https://thefederalregister.org/doc/80_FR_18514/page/1.svg)
![18450 Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices
respect to each repurchase, each fund or by sending an email to: Shagufta_ II. Self-Regulatory Organization’s
spends 2.5 hours to comply with the Ahmed@omb.eop.gov; and (ii) Pamela Statement of the Purpose of, and
rule’s written confirmation, asset Dyson, Director/Chief Information Statutory Basis for, the Proposed Rule
coverage disclosure and six month Officer, Securities and Exchange Change
notice requirements. Thus, Commission Commission, c/o Remi Pavlik-Simon,
staff estimates the total annual 100 F Street NE., Washington, DC 20549 In its filing with the Commission, the
respondent reporting burden is 1755 or send an email to: PRA_Mailbox@ Exchange included statements
hours.2 Commission staff further sec.gov. Comments must be submitted to concerning the purpose of and basis for
estimates that the cost of the hourly OMB within 30 days of this notice. the proposed rule change. The text of
burden per repurchase is $295 (one half these statements may be examined at
Dated: March 31, 2015.
hour of a compliance attorney’s time at the places specified in Item IV below.
Brent J. Fields,
$334 per hour,3 and two hours of The Exchange has prepared summaries,
Secretary. set forth in sections A, B, and C below,
clerical time at $64 per hour 4). The total
[FR Doc. 2015–07753 Filed 4–3–15; 8:45 am] of the most significant aspects of such
annual cost for all funds is estimated to
be $207,090.5 BILLING CODE 8011–01–P statements.
In addition, the fund must file with
A. Self-Regulatory Organization’s
the Commission a copy of any written
SECURITIES AND EXCHANGE Statement of the Purpose of, and
solicitation to purchase securities given
COMMISSION Statutory Basis for, the Proposed Rule
by or on behalf of the fund to 10 or more
persons. The copy must be filed as an Change
[Release No. 34–74616; File No. SR–
exhibit to Form N–CSR (17 CFR 249.331 NASDAQ–2015–027] 1. Purpose
and 274.128).6 The burden associated
with filing Form N–CSR is addressed in Self-Regulatory Organizations; The The Exchange proposes to increase
the submission related to that form. NASDAQ Stock Market LLC; Notice of Port Fees for the following ports from
The estimate of average burden hours Filing and Immediate Effectiveness of $600.00 to $650.00 per port, per month,
is made solely for the purposes of the Proposed Rule Change Relating to per mnemonic: Order Entry Port,3 CTI
Paperwork Reduction Act, and is not NASDAQ Options Market Fees and Port,4 ITTO Port,5 BONO Port,6 Order
derived from a comprehensive or even Rebates
a representative survey or study of the March 31, 2015.
3 The Order Entry Port Fee is a connectivity fee
costs of Commission rules and forms. Pursuant to Section 19(b)(1) of the
in connection with routing orders to the Exchange
Complying with the collection of via an external order entry port. NOM Participants
Securities Exchange Act of 1934 access the Exchange’s network through order entry
information requirements of the rule is
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 ports. A NOM Participant may have more than one
mandatory. The filings that the rule order entry port.
notice is hereby given that on March 25,
requires to be made with the 4 CTI offers real-time clearing trade updates. A
2015, The NASDAQ Stock Market LLC
Commission are available to the public. real-time clearing trade update is a message that is
(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with sent to a member after an execution has occurred
An agency may not conduct or sponsor,
the Securities and Exchange and contains trade details. The message containing
and a person is not required to respond
Commission (‘‘SEC’’ or ‘‘Commission’’) the trade details is also simultaneously sent to The
to, a collection of information unless it Options Clearing Corporation. The trade messages
the proposed rule change as described
displays a currently valid control are routed to a member’s connection containing
in Items I, II, and III, below, which Items certain information. The administrative and market
number.
The public may view the background have been prepared by NASDAQ. The event messages include, but are not limited to:
documentation for this information Commission is publishing this notice to System event messages to communicate
solicit comments on the proposed rule operational-related events; options directory
collection at the following Web site, messages to relay basic option symbol and contract
www.reginfo.gov. Comments should be change from interested persons. information for options traded on the Exchange;
directed to: (i) Desk Officer for the I. Self-Regulatory Organization’s complex strategy messages to relay information for
those strategies traded on the Exchange; trading
Securities and Exchange Commission, Statement of the Terms of Substance of action messages to inform market participants when
Office of Information and Regulatory the Proposed Rule Change a specific option or strategy is halted or released for
Affairs, Office of Management and NASDAQ proposes to amend the trading on the Exchange; and an indicator which
Budget, Room 10102, New Executive distinguishes electronic and non-electronically
manner in which the Exchange assesses delivered orders.
Office Building, Washington, DC 20503, Port Fees which are located in Chapter 5 ITTO is a data feed that provides quotation
2 This estimate is based on the following
XV, entitled ‘‘Options Pricing,’’ which information for individual orders on the NOM book,
governs pricing for NASDAQ members last sale information for trades executed on NOM,
calculation: 702 repurchases × 2.5 hours per and Order Imbalance Information as set forth in
repurchase = 1755 hours. using the NASDAQ Options Market NOM Rules Chapter VI, Section 8. ITTO is the
3 The $334/hour figure for a compliance attorney (‘‘NOM’’), NASDAQ’s facility for options equivalent of the NASDAQ TotalView/
is from SIFMA’s Management & Professional executing and routing standardized ITCH data feed that NASDAQ offers under
Earnings in the Securities Industry 2013, modified equity and index options. NASDAQ Rule 7023 with respect to equities traded
by Commission staff to account for an 1800-hour on NASDAQ. As with TotalView, members use
work-year and multiplied by 5.35 to account for While the changes proposed herein ITTO to ‘‘build’’ their view of the NOM book by
bonuses, firm size, employee benefits and overhead. are effective upon filing, the Exchange adding individual orders that appear on the feed,
4 The $64/hour figure for a compliance clerk is has designated the amendments become and subtracting individual orders that are executed.
from SIFMA’s Office Salaries in the Securities operative on April 1, 2015. See Chapter VI, Section 1 at subsection (a)(3)(A).
Industry 2013, modified by Commission staff to The text of the proposed rule change 6 BONOSM is a data feed that provides the NOM
account for an 1800-hour work-year and multiplied Best Bid and Offer (‘‘NOM NBBO’’) and last sale
by 2.93 to account for bonuses, firm size, employee is available on the Exchange’s Web site information for trades executed on NOM. The NOM
tkelley on DSK4VPTVN1PROD with NOTICES
benefits and overhead. at http://www.nasdaq. NBBO and last sale information are identical to the
5 This estimate is based on the following cchwallstreet.com, at the principal information that NOM sends to the Options Price
calculation: 702 repurchases × $295 per repurchase office of the Exchange, and at the Regulatory Authority (‘‘OPRA’’) and which OPRA
= $207,090. disseminates via the consolidated data feed for
6 In addition, Item 9 of Form N–CSR requires
Commission’s Public Reference Room. options. BONO is the options equivalent of the
closed-end funds to disclose information similar to NASDAQ Basic data feed offered for equities under
1 15 U.S.C. 78s(b)(1).
the information that was required in Form N–23C– NASDAQ Rule 7047. See Chapter VI, Section 1 at
1, which was discontinued in 2004. 2 17 CFR 240.19b–4. subsection (a)(3)(B).
VerDate Sep<11>2014 18:14 Apr 03, 2015 Jkt 235001 PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 E:\FR\FM\06APN1.SGM 06APN1](https://thefederalregister.org/doc/80_FR_18514/page/2.svg)
Document Created: 2015-12-18 11:17:54
Document Modified: 2015-12-18 11:17:54
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 18449 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR