80 FR 61539 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

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

Page Range		61539-61540
FR Document		2015-25870

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

[Federal Register Volume 80, Number 197 (Tuesday, October 13, 2015)]
[Notices]
[Pages 61539-61540]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-25870]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

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

[[Page 61540]]

100 F Street NE., Washington, DC 20549-2736.

Extension:
    Rule 17f-2(a). SEC File No. 270-34, OMB Control No. 3235-0034.

    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 the Rule 
17f-2(a), (17 CFR 240.17f-2(a)), under the Securities Exchange Act of 
1934 (15 U.S.C. 78a et seq.).
    Rule 17f-2(a) (Fingerprinting Requirements for Securities 
Professionals) requires that securities professionals be fingerprinted. 
This requirement serves to identify security- risk personnel, to allow 
an employer to make fully informed employment decisions, and to deter 
possible wrongdoers from seeking employment in the securities industry. 
Partners, directors, officers, and employees of exchanges, brokers, 
dealers, transfer agents, and clearing agencies are included.
    The Commission staff estimates that approximately 4,500 respondents 
will submit an aggregate total 300,700 new fingerprint cards each year 
or approximately 67 fingerprint cards per year per registrant. The 
staff estimates that the average number of hours necessary to complete 
a fingerprint card is one-half hour. Thus, the total estimated annual 
burden is 150,350 hours for all respondents (300,700 times one-half 
hour). The average internal labor cost of compliance per hour is 
approximately $283. Therefore, the total estimated annual internal 
labor cost of compliance for all respondents is $42,549,050 (150,350 
times $283).
    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: 
Shagufta_Ahmed@omb.eop.gov; 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: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: October 6, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-25870 Filed 10-9-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 197 / Tuesday, October 13, 2015 / Notices 61539

proposed Refund is a unique, one-time The Exchange operates in a highly • Send an email to rule-comments@
situation that applies only to the April competitive market, comprised of sec.gov. Please include File Number SR–
billing period. The Exchange believes twelve options exchanges, in which Phlx–2015–79 on the subject line.
that its well-formulated fee structure in market participants can easily and
Paper Comments
the Pricing Schedule, which includes readily direct order flow to competing
the Active SQF Port Fees, continues to venues if they deem fee levels at a • Send paper comments in triplicate
work to attract liquidity to the particular venue to be excessive or to Secretary, Securities and Exchange
Exchange. This benefits market rebates to be inadequate. Accordingly, Commission, 100 F Street NE.,
participants and provides the the fees that are assessed by the Washington, DC 20549–1090.
opportunity for increased order Exchange are influenced by these robust All submissions should refer to File
interaction on the Exchange. The market forces and therefore must remain Number SR–Phlx–2015–79. This file
Exchange continues to incentivize competitive with fees charged and number should be included on the
members and member organizations, rebates paid by other venues and subject line if email is used. To help the
through the Exchange’s Pricing therefore must continue to be reasonable Commission process and review your
Schedule, to select Phlx as a venue for and equitably allocated to those comments more efficiently, please use
bringing liquidity and trading by members that opt to direct orders to the only one method. The Commission will
offering competitive pricing. Such Exchange rather than competing venues. post all comments on the Commission’s
competitive, differentiated pricing exists Finally, in establishing the pricing Internet Web site (http://www.sec.gov/
today on other options exchanges. The structure for Active SQF Ports, the rules/sro.shtml). Copies of the
Exchange’s goal is creating and Exchange has considered the submission, all subsequent
increasing incentives to attract orders to competitive nature of the market and amendments, all written statements
the Exchange that will, in turn, benefit believes that it has considered all with respect to the proposed rule
all market participants through relevant factors and has not considered change that are filed with the
increased liquidity at the Exchange. irrelevant factors in order to establish Commission, and all written
The Exchange believes that its fair, reasonable, and not unreasonably communications relating to the
proposal to refund Specialists and discriminatory fees and an equitable proposed rule change between the
Market Makers as discussed is equitable allocation of fees among all users. The Commission and any person, other than
and not unfairly discriminatory because Exchange believes that its proposal to those that may be withheld from the
the Exchange will refund all Specialists return the overages from the April public in accordance with the
and Market Makers that are eligible for billing period complement this process. provisions of 5 U.S.C. 552, will be
such Refunds. A few Specialists and available for Web site viewing and
Market Makers hit the cap of $42,000 for C. Self-Regulatory Organization’s
Statement on Comments on the printing in the Commission’s Public
the variable Active SQF Port Fee and Reference Room, 100 F Street NE.,
the cap of $42,000 for the fixed Active Proposed Rule Change Received From
Members, Participants, or Others Washington, DC 20549, on official
SQF Port Fee. As a result, they did not, business days between the hours of
in fact, pay any overage and are not No written comments were either 10:00 a.m. and 3:00 p.m. Copies of the
eligible for a Refund.17 The Exchange solicited or received. filing also will be available for
believes that this is equitable because inspection and copying at the principal
the Refunds will be given to all III. Date of Effectiveness of the
Proposed Rule Change and Timing for office of the Exchange. All comments
Specialists and Market Makers that are received will be posted without change;
eligible. The Exchange believes that this Commission Action
the Commission does not edit personal
is not unfairly discriminatory because Within 45 days of the date of identifying information from
the Refunds will be given only to those publication of this notice in the Federal submissions. You should submit only
Specialists and Market Makers that, in Register or within such longer period (i) information that you wish to make
fact, paid an overage for the April as the Commission may designate up to available publicly. All submissions
billing period. 90 days of such date if it finds such should refer to File Number SR–Phlx–
B. Self-Regulatory Organization’s longer period to be appropriate and 2015–79 and should be submitted on or
Statement on Burden on Competition publishes its reasons for so finding or before November 3, 2015.
(ii) as to which the Exchange consents,
The Exchange does not believe that For the Commission, by the Division of
the Commission shall: (a) By order Trading and Markets, pursuant to delegated
the proposed rule change will impose
approve or disapprove such proposed authority.18
an undue burden on competition not
rule change, or (b) institute proceedings Robert W. Errett,
necessary or appropriate in furtherance
to determine whether the proposed rule
of the purposes of the Act. Deputy Secretary.
The Exchange believes that offering change should be disapproved.
[FR Doc. 2015–25862 Filed 10–9–15; 8:45 am]
Specialists and Market Makers the IV. Solicitation of Comments BILLING CODE 8011–01–P
opportunity to utilize certain Active
SQF Ports and returning to eligible Interested persons are invited to
Specialists and Market Makers the submit written data, views, and SECURITIES AND EXCHANGE
overages between the variable Active arguments concerning the foregoing, COMMISSION
SQF Port Fee and fixed Active SQF Port including whether the proposed rule
mstockstill on DSK4VPTVN1PROD with NOTICES

Fee for the April billing period does not change is consistent with the Act. Submission for OMB Review;
burden competition. The Exchange Comments may be submitted by any of Comment Request
continues to charge all Specialists and the following methods:
Market Makers the Active SQF Port Fee. Upon Written Request, Copies Available
Electronic Comments From: Securities and Exchange
by the technology refresh, a few members still need • Use the Commission’s Internet Commission, Office of FOIA Services,
to keep the same number of ports. comment form (http://www.sec.gov/
17 See supra note 13. rules/sro.shtml); or 18 17 CFR 200.30–3(a)(12).

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61540 Federal Register / Vol. 80, No. 197 / Tuesday, October 13, 2015 / Notices

100 F Street NE., Washington, DC Officer, Securities and Exchange Register on September 9, 2015.7 The
20549–2736. Commission, c/o Remi Pavlik-Simon, Commission did not receive any
Extension: 100 F Street NE., Washington, DC comment letters regarding the proposed
Rule 17f–2(a). SEC File No. 270–34, OMB 20549, or by sending an email to: PRA_ rule change.
Control No. 3235–0034. Mailbox@sec.gov. Comments must be This order approves the proposed rule
submitted to OMB within 30 days of change, as modified by Amendment No.
Notice is hereby given that pursuant 1, on an accelerated basis.
this notice.
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities Dated: October 6, 2015. II. Summary of the Proposal, as
and Exchange Commission Robert W. Errett, Modified by Amendment No. 1
(‘‘Commission’’) has submitted to the Deputy Secretary. The Exchange proposes to adopt and
Office of Management and Budget [FR Doc. 2015–25870 Filed 10–9–15; 8:45 am] implement a new auction, titled the
(‘‘OMB’’) a request for approval of BILLING CODE 8011–01–P Sub-second Non-displayed Auction
extension of the previously approved Process (‘‘SNAP’’), that is designed to
collection of information provided for in facilitate the bulk trading 8 of a security
the Rule 17f–2(a), (17 CFR 240.17f–2(a)), SECURITIES AND EXCHANGE within the Exchange’s matching system
under the Securities Exchange Act of COMMISSION (the ‘‘Matching System’’). As proposed,
1934 (15 U.S.C. 78a et seq.). SNAP is a fully-hidden, on-demand
Rule 17f–2(a) (Fingerprinting [Release No. 34–76087; File No. SR–CHX–
2015–03]
auction for a security 9 that may be
Requirements for Securities initiated only by the Exchange’s
Professionals) requires that securities Self-Regulatory Organizations; Participants and may occur only during
professionals be fingerprinted. This Chicago Stock Exchange, Inc.; Order the Exchange’s regular trading session.10
requirement serves to identify security- Granting Accelerated Approval of a Members may initiate multiple SNAPs
risk personnel, to allow an employer to Proposed Rule Change, as Modified by for a security throughout the course of
make fully informed employment Amendment No. 1 Thereto, To Adopt the regular trading session.
decisions, and to deter possible and Implement CHX SNAP SM, an Intra- During the stages of a SNAP (the
wrongdoers from seeking employment day and On-Demand Auction Service ‘‘SNAP Cycle’’), the Exchange
in the securities industry. Partners, temporarily suspends automated trading
directors, officers, and employees of October 6, 2015. on the Exchange for the security subject
exchanges, brokers, dealers, transfer to the SNAP. At the conclusion of the
I. Introduction
agents, and clearing agencies are SNAP Cycle, the Exchange transitions
included. On June 23, 2015, the Chicago Stock back to automated trading on the
The Commission staff estimates that Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’) Exchange for the subject security.11 The
approximately 4,500 respondents will filed with the Securities and Exchange SNAP Cycle has the following five
submit an aggregate total 300,700 new Commission (‘‘Commission’’), pursuant stages, which are set forth in proposed
fingerprint cards each year or to section 19(b)(1) of the Securities CHX Article 18, Rule 1: 12 (1) Initiating
approximately 67 fingerprint cards per Exchange Act of 1934 (‘‘Act’’) 1 and Rule the SNAP; (2) SNAP Order Acceptance
year per registrant. The staff estimates 19b–4 thereunder,2 a proposed rule Period; (3) Pricing and Satisfaction
that the average number of hours change to implement CHX SNAP SM, an Period; (4) Order Matching Period; and
necessary to complete a fingerprint card intra-day and on-demand auction (5) Transition to Open Trading State.13
is one-half hour. Thus, the total service initiated at the request of market
estimated annual burden is 150,350 participants seeking to trade securities 7 See Securities Exchange Act Release No. 75816

hours for all respondents (300,700 times in bulk. The proposed rule change was (September 2, 2015), 80 FR 54331 (‘‘Notice’’).
8 As explained further below, under the proposal,
one-half hour). The average internal published for comment in the Federal an order must meet a minimum size requirement to
labor cost of compliance per hour is Register on July 8, 2015.3 On August 6, be eligible to initiate a SNAP. See infra, note 39 and
approximately $283. Therefore, the total 2015, pursuant to section 19(b)(2) of the accompanying text.
estimated annual internal labor cost of Act,4 the Commission designated a 9 Under the proposal, the SNAP functionality will

longer period within which to approve be available for all securities traded within the
compliance for all respondents is Matching System. The Exchange represents that it
$42,549,050 (150,350 times $283). the proposed rule change, disapprove will announce any future changes to the securities
This rule does not involve the the proposed rule change, or institute eligible for the SNAP functionality via an
collection of confidential information. proceedings to determine whether to Information Memorandum and that any such
An agency may not conduct or disapprove the proposed rule change.5 change would be effective no sooner than the
trading day after it issues the Information
sponsor, and a person is not required to On August 24, 2015, the Exchange filed Memorandum. See Notice, supra note 7, 80 FR at
respond to, a collection of information Amendment No. 1 to the proposed rule 54332, n.15.
under the PRA unless it displays a change.6 Amendment No. 1 was 10 The Exchange’s regular trading session begins

currently valid OMB control number. published for comment in the Federal at 8:30 a.m. Central Standard Time and concludes
The public may view background at 3:00 p.m. Central Standard Time on the days that
the Exchange is open for the transaction of
documentation for this information 1 15 U.S.C. 78s(b)(1). business. See CHX Article 20, Rules 1(b) and (c).
collection at the following Web site: 2 17 CFR 240.19b–4. 11 The Exchange represents that the SNAP Cycle

www.reginfo.gov. Comments should be 3 See Securities Exchange Act Release No. 75346
on CHX is designed to occur simultaneously with
directed to: (i) Desk Officer for the (July 1, 2015), 80 FR 39172. automated trading in the subject security elsewhere
4 15 U.S.C. 78s(b)(2). in the national market system. See Notice, supra
mstockstill on DSK4VPTVN1PROD with NOTICES

Securities and Exchange Commission, 5 See Securities Exchange Act Release No. 75630, note 7, 80 FR at 54332.
Office of Information and Regulatory 80 FR 48375 (August 12, 2015). The Commission 12 In the filing, the Exchange provides examples
Affairs, Office of Management and designated October 6, 2015, as the date by which demonstrating the procedures and functionalities of
Budget, Room 10102, New Executive it should approve, disapprove, or institute each stage of the SNAP Cycle. See Notice, supra
Office Building, Washington, DC 20503, proceedings to determine whether to disapprove the note 7, 80 FR at 54342–46.
proposed rule change. 13 The Exchange proposes to define ‘‘Open
or by sending an email to: Shagufta_ 6 Amendment No. 1 is publicly available on the Trading State’’ under proposed CHX Article 1, Rule
Ahmed@omb.eop.gov; and (ii) Pamela Commission’s Web site at: https://www.sec.gov/ 1(qq) as the period of time during the regular
Dyson, Director/Chief Information comments/sr-chx-2015-;03/chx201503-1.pdf. trading session when orders are eligible for

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Document Created: 2018-02-27 08:47:47
Document Modified: 2018-02-27 08:47:47

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 61539