80_FR_61733 80 FR 61536 - Submission for OMB Review; Comment Request

80 FR 61536 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 197 (October 13, 2015)

Page Range61536-61537
FR Document2015-25869

Federal Register, Volume 80 Issue 197 (Tuesday, October 13, 2015) 
[Federal Register Volume 80, Number 197 (Tuesday, October 13, 2015)]
[Notices]
[Pages 61536-61537]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-25869]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-264, OMB Control No. 3235-0341]


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 17Ad-4(b) & (c).

    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 (``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 Rule 
17Ad-4(b) & (c) under the Securities Exchange Act of 1934 (15 U.S.C. 
78a et seq.) (``Exchange Act'').
    Rule 17Ad-4(b) & (c) (17 CFR 240.17Ad-4) is used to document when 
transfer agents are exempt, or no longer exempt, from the minimum 
performance standards and certain recordkeeping provisions of the 
Commission's transfer agent rules. Pursuant to Rule 17Ad-4(b), if the 
Commission or the Office of the Comptroller of the Currency (``OCC'') 
is the appropriate regulatory agency (``ARA'') for an exempt transfer 
agent, that transfer agent is required to prepare and maintain in its 
possession a notice certifying that it is exempt from certain 
performance standards and recordkeeping and record retention provisions 
of the Commission's transfer agent rules. This notice need not be filed 
with the Commission or OCC. If the Board of Governors of the Federal 
Reserve System (``Fed'') or the Federal Deposit Insurance Corporation 
(``FDIC'') is the transfer agent's ARA, that transfer agent must 
prepare a notice and file it with the Fed or FDIC.
    Rule 17Ad-4(c) sets forth the conditions under which a registered 
transfer agent loses its exempt status. Once the conditions for 
exemption no longer exist, the transfer agent, to keep the appropriate 
regulatory authority (``ARA'') apprised of its current status, must 
prepare, and file if the ARA for the transfer agent is the Board of 
Governors of the Federal Reserve System (``BGFRS'') or the Federal 
Deposit Insurance Corporation (``FDIC''), a notice of loss of exempt 
status under paragraph (c). The transfer agent then cannot claim exempt 
status under Rule 17Ad-4(b) again until it remains subject to the 
minimum performance standards for non-exempt transfer agents for six 
consecutive months.
    ARAs use the information contained in the notices required by Rules 
17Ad-4(b) and 17Ad-4(c) to determine whether a registered transfer 
agent qualifies for the exemption, to determine when a registered 
transfer agent no longer qualifies for the exemption, and to determine 
the extent to which that transfer agent is subject to regulation.
    The Commission estimates that approximately 10 registered transfer 
agents each year prepare or file notices in compliance with Rules 17Ad-
4(b) and 17Ad-4(c). The Commission estimates that each such registered 
transfer agent spends approximately 1.5 hours to prepare or file such 
notices for an aggregate total annual burden of 15 hours (1.5 hours 
times 10 transfer agents). The Commission staff estimates that 
compliance staff work at registered transfer agents results in an 
internal cost of compliance, at an estimated hourly wage of $283, of 
$424.5 per year per transfer agent (1.5 hours x $283 per hour = $424.5 
per year). Therefore, the aggregate annual internal cost of compliance 
for the approximate 10 transfer agents annually preparing or filing 
notices pursuant to Rules 17Ad-4(b) and 17Ad-4(c) is approximately 
$4,245 ($424.5 x 10 = $4,245).
    This rule does not involve the collection of confidential 
information.
    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 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 by sending an 
email to: [email protected]. Comments must be submitted to OMB within 
30 days of this notice.


[[Page 61537]]


    Dated: October 6, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-25869 Filed 10-9-15; 8:45 am]
BILLING CODE 8011-01-P

61536 Federal Register / Vol. 80, No. 197 / Tuesday, October 13, 2015 / Notices the notice required by the rule. Given SECURITIES AND EXCHANGE 17Ad–4(b) again until it remains subject these estimates, the total annual burden COMMISSION to the minimum performance standards of the notification requirement of rule for non-exempt transfer agents for six [SEC File No. 270–264, OMB Control No. 22e–3 for all money market funds and 3235–0341] consecutive months. conduit funds would be approximately ARAs use the information contained 30 minutes,4 at a cost of $190.5 Submission for OMB Review; in the notices required by Rules 17Ad– The estimate of average burden hours Comment Request 4(b) and 17Ad–4(c) to determine is made solely for the purposes of the Upon Written Request, Copies Available whether a registered transfer agent Paperwork Reduction Act, and is not From: Securities and Exchange qualifies for the exemption, to derived from a comprehensive or even Commission, Office of FOIA Services, determine when a registered transfer a representative survey or study of the 100 F Street NE., Washington, DC agent no longer qualifies for the costs of Commission rules and forms. 20549–2736. exemption, and to determine the extent Compliance with the collection of Extension: to which that transfer agent is subject to information requirements of the rule is Rule 17Ad–4(b) & (c). regulation. necessary to obtain the benefit of relying Notice is hereby given that pursuant The Commission estimates that on the rule. An agency may not conduct to the Paperwork Reduction Act of 1995 approximately 10 registered transfer or sponsor, and a person is not required (44 U.S.C. 3501 et seq.), the Securities agents each year prepare or file notices to respond to, a collection of and Exchange Commission in compliance with Rules 17Ad–4(b) information unless it displays a (‘‘Commission’’) has submitted to the and 17Ad–4(c). The Commission currently valid control number. Office of Management and Budget estimates that each such registered The public may view the background (‘‘OMB’’) a request for approval of transfer agent spends approximately 1.5 documentation for this information extension of the previously approved hours to prepare or file such notices for collection at the following Web site, collection of information provided for in an aggregate total annual burden of 15 www.reginfo.gov. Comments should be Rule 17Ad–4(b) & (c) under the hours (1.5 hours times 10 transfer Securities Exchange Act of 1934 (15 agents). The Commission staff estimates directed to: (i) Desk Officer for the U.S.C. 78a et seq.) (‘‘Exchange Act’’). that compliance staff work at registered Securities and Exchange Commission, Rule 17Ad–4(b) & (c) (17 CFR Office of Information and Regulatory transfer agents results in an internal cost 240.17Ad–4) is used to document when of compliance, at an estimated hourly Affairs, Office of Management and transfer agents are exempt, or no longer Budget, Room 10102, New Executive wage of $283, of $424.5 per year per exempt, from the minimum Office Building, Washington, DC 20503, transfer agent (1.5 hours × $283 per hour performance standards and certain or by sending an email to: Shagufta_ = $424.5 per year). Therefore, the recordkeeping provisions of the Ahmed@omb.eop.gov; and (ii) Pamela aggregate annual internal cost of Commission’s transfer agent rules. Dyson, Director/Chief Information Pursuant to Rule 17Ad–4(b), if the compliance for the approximate 10 Officer, Securities and Exchange Commission or the Office of the transfer agents annually preparing or Commission, c/o Remi Pavlik-Simon, Comptroller of the Currency (‘‘OCC’’) is filing notices pursuant to Rules 17Ad– 100 F Street NE., Washington, DC 20549 the appropriate regulatory agency 4(b) and 17Ad–4(c) is approximately or send an email to: PRA_Mailbox@ (‘‘ARA’’) for an exempt transfer agent, $4,245 ($424.5 × 10 = $4,245). sec.gov. Comments must be submitted to that transfer agent is required to prepare This rule does not involve the OMB within 30 days of this notice. and maintain in its possession a notice collection of confidential information. certifying that it is exempt from certain An agency may not conduct or Dated: October 6, 2015. performance standards and Robert W. Errett, sponsor, and a person is not required to recordkeeping and record retention Deputy Secretary. respond to, a collection of information provisions of the Commission’s transfer under the PRA unless it displays a [FR Doc. 2015–25871 Filed 10–9–15; 8:45 am] agent rules. This notice need not be filed with the Commission or OCC. If currently valid OMB control number. BILLING CODE 8011–01–P the Board of Governors of the Federal The public may view background Reserve System (‘‘Fed’’) or the Federal documentation for this information Deposit Insurance Corporation (‘‘FDIC’’) collection at the following Web site: is the transfer agent’s ARA, that transfer www.reginfo.gov. Comments should be agent must prepare a notice and file it directed to: (i) Desk Officer for the with the Fed or FDIC. Securities and Exchange Commission, 4 This estimate is based on the following Rule 17Ad–4(c) sets forth the Office of Information and Regulatory calculations: (1 hour ÷ 6 years) = 10 minutes per conditions under which a registered year for each fund and conduit fund that is required Affairs, Office of Management and transfer agent loses its exempt status. Budget, Room 10102, New Executive to provide notice under the rule. 10 minutes per year × 3 (combined number of affected funds and Once the conditions for exemption no Office Building, Washington, DC 20503, conduit funds) = 30 minutes. longer exist, the transfer agent, to keep or by sending an email to: Shagufta_ 5 This estimate is based on the following the appropriate regulatory authority Ahmed@omb.eop.gov; and (ii) Pamela calculation: $380/hour × 30 minutes = $190. The (‘‘ARA’’) apprised of its current status, Dyson, Director/Chief Information mstockstill on DSK4VPTVN1PROD with NOTICES estimated hourly wages used in this PRA analysis must prepare, and file if the ARA for the were derived from reports prepared by the Officer, Securities and Exchange transfer agent is the Board of Governors Securities Industry and Financial Markets Commission, c/o Remi Pavlik-Simon, of the Federal Reserve System Association, modified to account for an 1800-hour (‘‘BGFRS’’) or the Federal Deposit 100 F Street NE., Washington, DC work year and multiplied by 5.35 to account for Insurance Corporation (‘‘FDIC’’), a 20549, or by sending an email to: PRA_ bonuses, firm size, employee benefits and overhead. Mailbox@sec.gov. Comments must be See Securities Industry and Financial Markets notice of loss of exempt status under Association, Management & Professional Earnings paragraph (c). The transfer agent then submitted to OMB within 30 days of in the Securities Industry 2013. cannot claim exempt status under Rule this notice. VerDate Sep<11>2014 21:23 Oct 09, 2015 Jkt 238001 PO 00000 Frm 00203 Fmt 4703 Sfmt 4703 E:\FR\FM\13OCN1.SGM 13OCN1

Federal Register / Vol. 80, No. 197 / Tuesday, October 13, 2015 / Notices 61537 Dated: October 6, 2015. II. Self-Regulatory Organization’s Traders (‘‘RSQTs’’) 8 to connect and Robert W. Errett, Statement of the Purpose of, and send quotes into Phlx XL.9 Active SQF Deputy Secretary. Statutory Basis for, the Proposed Rule Ports are ports that receive inbound [FR Doc. 2015–25869 Filed 10–9–15; 8:45 am] Change quotes at any time within that month. BILLING CODE 8011–01–P In its filing with the Commission, the Active SQF Ports allow users to access Exchange included statements information such as execution reports, concerning the purpose of and basis for execution report messages, auction SECURITIES AND EXCHANGE the proposed rule change and discussed notifications, and administrative data COMMISSION any comments it received on the through a single feed. The variable Active SQF Port Fees [Release No. 34–76083; File No. SR–Phlx– proposed rule change. The text of these became operative on April 1, 2015. The 2015–79] statements may be examined at the proposal to replace the variable Active places specified in Item IV below. The SQF Port Fee with the current Active Self-Regulatory Organizations; Exchange has prepared summaries, set SQF Port Fee operative April 1, 2015 NASDAQ OMX PHLX LLC; Notice of forth in sections A, B, and C below, of was rejected and was refiled with the Filing of Proposed Rule Change the most significant aspects of such operative date of May 1, 2015.10 The Relating to Active Specialized Quote statements. Active SQF Port Fee with the operative Feed Port Fee A. Self-Regulatory Organization’s date of May 1, 2015 is not tiered or October 6, 2015. Statement of the Purpose of, and variable but rather is one price akin to Pursuant to Section 19(b)(1) of the Statutory Basis for, the Proposed Rule other current port fees.11 The variable Securities Exchange Act of 1934 (the Change Active SQF Port Fee, which like the ‘‘Act’’),1 and Rule 19b-4 thereunder,2 current Active SQF Port Fee is a 1. Purpose monthly fee, was therefore in effect only notice is hereby given that on The Exchange proposes to refund from April 1 to April 30, 2015 (the September 23, 2015, NASDAQ OMX Specialists and Market Makers a certain ‘‘April billing period’’). PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed portion of the variable Active SQF Port The variable Active SQF Fee was with the Securities and Exchange Fee that was effective and operative in implemented in December of last year Commission (‘‘SEC’’ or ‘‘Commission’’) the month of April 2015 and paid by with a delayed operative date of April the proposed rule change as described these Exchange members. The fees 1, 2015, in large measure to encourage in Items I and II below, which Items members and member organizations to proposed to be refunded (the ‘‘Refund’’) have been prepared by the Exchange. work through the now-completed represent the difference between the The Commission is publishing this technology refresh (‘‘technology variable Active SQF Port Fees that were notice to solicit comments on the refresh’’ or ‘‘refresh’’).12 The goal of the in place in Section VII B. of the Pricing proposed rule change from interested technology refresh (to deploy state-of- Schedule during the month of April persons. the-art hardware and software 2015 (‘‘variable Active SQF Port Fees’’), I. Self-Regulatory Organization’s and the current one price Active SQF architecture for a more efficient and Statement of the Terms of Substance of Fee with the operative date of May 1, robust infrastructure) has been met. As the Proposed Rule Change 2015 (‘‘Active SQF Port Fee’’). The the Exchange had anticipated, Refund is unique to April 2015 only, Specialists and Market Makers have The Exchange proposes to refund benefitted from the efficiency of the Specialists 3 and Market Makers 4 a and arose when a filing to delete the monthly variable Active SQF Port Fee service that is available to them as a certain portion of the variable Active result of the refresh. While Specialists SQF Port Fee that was effective and operative on April 1, 2015 was rejected for reasons unrelated to the changes and Market Makers were required to operative in the month of April 2015 make network and other technical and paid by these Exchange members. proposed in this filing, and was re-filed with the operative date of May 1, 2015.6 changes in order to connect to the Phlx The proposed refund is unique to April 2015 only, and arose when a filing to The Exchange did not intend to impose the variable Active SQF Port Fees in Exchange to generate and submit option quotations delete the variable Active SQF Port Fee 5 electronically in options to which such SQT is operative on April 1, 2015 was rejected April but rather intended to apply the assigned. and was then re-filed with the operative Active SQF Port Fee and is, therefore, 8 An RSQT is defined in Exchange Rule in date of May 1, 2015. proposing this unique, one-time Refund. 1014(b)(ii)(B) as an ROT that is a member or SQF is an interface that enables member organization with no physical trading floor The text of the proposed rule change presence who has received permission from the is available on the Exchange’s Web site Specialists, Streaming Quote Traders Exchange to generate and submit option quotations at http:// (‘‘SQTs’’) 7 and Remote Streaming Quote electronically in options to which such RSQT has been assigned. An RSQT may only submit such nasdaqomxphlx.cchwallstreet.com/, at 6 See Securities Exchange Act Release No. 74833 quotations electronically from off the floor of the the principal office of the Exchange, and (April 29, 2015), 80 FR 25749 (May 5, 2015) (SR– Exchange. at the Commission’s Public Reference Phlx–2015–36) (immediately effective filing that, 9 See Securities Exchange Act Release No. 63034 Room. among other things, instituted the one price Active (October 4, 2010), 75 FR 62441 (October 8, 2010) SQF Port Fee in lieu of a variable Active SQF Port (SR–Phlx–2010–124) (notice of filing and Fee with the operative date of May 1, 2015) (the immediate effectiveness regarding sending certain 1 15 U.S.C. 78s(b)(1). ‘‘one price Active SQF Fee filing’’). See also Equity information over SQF). 2 17 CFR 240.19b–4. Trader Alerts at http://nasdaqtrader.com/ 10 See supra note 6. 3 A ‘‘Specialist’’ is an Exchange member who is TraderNews.aspx?id=ETA2015-37 and http:// 11 See, e.g., Order Entry Port Fee and Clearing mstockstill on DSK4VPTVN1PROD with NOTICES registered as an options specialist pursuant to www.phlx.com/TraderNews.aspx?id=OTA2015-9 Trade Interface (‘‘CTI’’) Port Fee in Section VII B. Exchange Rule 1020(a). (the ‘‘alerts’’). The alerts show how some members of the Pricing Schedule. 4 A ‘‘Market Maker’’ includes Registered Options may have anticipated lower Active SQF Port Fees 12 See Securities Exchange Act Release No. 73687 Traders (Exchange Rule 1014(b)(i) and (ii)), which but had to pay higher fees because the filing to (November 25, 2014), 79 FR 71485 (December 2, includes Streaming Quote Traders (Exchange Rule delete the variable Active SQF Port Fee was 2014) (SR–Phlx–2014–73) (notice of filing and 1014(b)(ii)(A)) and Remote Streaming Quote initially rejected. immediate effectiveness that, among other things, Traders (Exchange Rule 1014(b)(ii)(B)). 7 An SQT is defined in Exchange Rule during the Phlx technology refresh instituted the 5 Exchange fees are found in the NASDAQ OMX 1014(b)(ii)(A) as a Registered Options Trader variable Active SQF Port Fee operative on April 1, PHLX LLC Pricing Schedule (‘‘Pricing Schedule’’). (‘‘ROT’’) who has received permission from the 2015) (the ‘‘technology refresh filing’’). VerDate Sep<11>2014 21:23 Oct 09, 2015 Jkt 238001 PO 00000 Frm 00204 Fmt 4703 Sfmt 4703 E:\FR\FM\13OCN1.SGM 13OCN1


Document Created: 2018-02-27 08:47:43
Document Modified: 2018-02-27 08:47:43
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 61536 
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