81 FR 23792 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 78 (April 22, 2016)

Page Range		23792-23793
FR Document		2016-09359
Federal Register, Volume 81 Issue 78 (Friday, April 22, 2016)
[Federal Register Volume 81, Number 78 (Friday, April 22, 2016)]
[Notices]
[Pages 23792-23793]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-09359]


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

Extension:
    Rule 15a-6, SEC File No. 270-0329, OMB Control No. 3235-0371.

    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 Rule 15a-
6 (17 CFR 240.15a-6) under the Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.).
    Rule 15a-6 provides conditional exemptions from the requirement to 
register as a broker-dealer pursuant to Section 15 of the Exchange Act 
(15 U.S.C. 78o) for foreign broker-dealers that engage in certain 
specified activities involving U.S. persons. In particular, Rule 15a-
6(a)(3) provides an exemption from broker-dealer registration for 
foreign broker-dealers that solicit and effect transactions with or for 
U.S. institutional investors or major U.S. institutional investors 
through a registered broker-dealer, provided that the U.S. broker-
dealer, among other things, obtains certain information about, and 
consents to service of process from, the personnel of the foreign 
broker-dealer involved in such transactions, and maintains certain 
records in connection therewith.
    These requirements are intended to ensure (a) that the registered 
broker-dealer will receive notice of the identity of, and has reviewed 
the background of, foreign personnel who will contact U.S. investors, 
(b) that the foreign broker-dealer and its personnel effectively may be 
served with process in the event enforcement action is necessary, and 
(c) that the Commission has ready access to information concerning 
these persons and their U.S. securities activities. Commission staff 
estimates that approximately 2,000 U.S. registered broker-dealers will 
spend an average of two hours of clerical staff time and one hour of 
managerial staff time per year obtaining the information required by 
the rule, resulting in a total aggregate burden of 6,000 hours per year 
for complying with the rule. Assuming an hourly cost of $63 \1\ for a 
compliance clerk and $269 \2\ for a compliance manager, the resultant 
total internal labor cost of compliance for the respondents is $818,000 
per year (2,000 entities x ((2 hours/entity x $63/hour) + (1 hour per 
entity x $283/hour)) = $818,000).
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    \1\ The hourly rate used for a compliance clerk was from SIFMA's 
Office Salaries in the Securities Industry 2013, modified by 
Commission 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.
    \2\ The hourly rate used for a compliance manager was from 
SIFMA's Management & Professional Earnings in the Securities 
Industry 2013, modified by Commission 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.
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    In general, the records to be maintained under Rule 15a-6 must be 
kept for the applicable time periods as set forth in Rule 17a-4 (17 CFR 
240.17a-4) under the Exchange Act or,

[[Page 23793]]

with respect to the consents to service of process, for a period of not 
less than six years after the applicable person ceases engaging in U.S. 
securities activities. Reliance on the exemption set forth in Rule 15a-
6 is voluntary, but if a foreign broker-dealer elects to rely on such 
exemption, the collection of information described therein is 
mandatory. The collection does not involve 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.

    Dated: April 19, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-09359 Filed 4-21-16; 8:45 am]
 BILLING CODE 8011-01-P
23792 Federal Register / Vol. 81, No. 78 / Friday, April 22, 2016 / Notices

in which market participants can comments more efficiently, please use Rule 15a–6 (17 CFR 240.15a–6) under
readily favor competing venues if, for only one method. The Commission will the Securities Exchange Act of 1934 (15
example, they deem fee levels at a post all comments on the Commission’s U.S.C. 78a et seq.).
particular venue to be excessive or if Internet Web site (http://www.sec.gov/ Rule 15a–6 provides conditional
they determine that another venue’s rules/sro.shtml). Copies of the exemptions from the requirement to
products and services are more submission, all subsequent register as a broker-dealer pursuant to
competitive than on the Exchange. In amendments, all written statements Section 15 of the Exchange Act (15
such an environment, the Exchange with respect to the proposed rule U.S.C. 78o) for foreign broker-dealers
must continually review, and consider change that are filed with the that engage in certain specified
adjusting, the services it offers as well Commission, and all written activities involving U.S. persons. In
as any corresponding fees and credits to communications relating to the particular, Rule 15a–6(a)(3) provides an
remain competitive with other proposed rule change between the exemption from broker-dealer
exchanges. For the reasons described Commission and any person, other than registration for foreign broker-dealers
above, the Exchange believes that the those that may be withheld from the that solicit and effect transactions with
proposed rule change reflects this public in accordance with the or for U.S. institutional investors or
competitive environment. provisions of 5 U.S.C. 552, will be major U.S. institutional investors
available for Web site viewing and through a registered broker-dealer,
C. Self-Regulatory Organization’s provided that the U.S. broker-dealer,
printing in the Commission’s Public
Statement on Comments on the among other things, obtains certain
Reference Room, 100 F Street NE.,
Proposed Rule Change Received From information about, and consents to
Washington, DC 20549 on official
Members, Participants, or Others service of process from, the personnel of
business days between the hours of
No written comments were solicited 10:00 a.m. and 3:00 p.m. Copies of such the foreign broker-dealer involved in
or received with respect to the proposed filing also will be available for such transactions, and maintains certain
rule change. inspection and copying at the principal records in connection therewith.
office of the Exchange. All comments These requirements are intended to
III. Date of Effectiveness of the ensure (a) that the registered broker-
Proposed Rule Change and Timing for received will be posted without change;
the Commission does not edit personal dealer will receive notice of the identity
Commission Action of, and has reviewed the background of,
identifying information from
Within 45 days of the date of submissions. You should submit only foreign personnel who will contact U.S.
publication of this notice in the Federal information that you wish to make investors, (b) that the foreign broker-
Register or within such longer period (i) available publicly. All submissions dealer and its personnel effectively may
as the Commission may designate up to should refer to File No. SR–NYSE– be served with process in the event
90 days of such date if it finds such enforcement action is necessary, and (c)
2016–11, and should be submitted on or
longer period to be appropriate and that the Commission has ready access to
before May 13, 2016.
publishes its reasons for so finding or information concerning these persons
(ii) as to which the Exchange consents, For the Commission, by the Division of and their U.S. securities activities.
Trading and Markets, pursuant to delegated Commission staff estimates that
the Commission shall: (a) By order authority.24
approve or disapprove such proposed approximately 2,000 U.S. registered
Robert W. Errett, broker-dealers will spend an average of
rule change, or (b) institute proceedings
to determine whether the proposed rule Deputy Secretary. two hours of clerical staff time and one
change should be disapproved. [FR Doc. 2016–09323 Filed 4–21–16; 8:45 am] hour of managerial staff time per year
BILLING CODE 8011–01–P obtaining the information required by
IV. Solicitation of Comments the rule, resulting in a total aggregate
Interested persons are invited to burden of 6,000 hours per year for
submit written data, views, and SECURITIES AND EXCHANGE complying with the rule. Assuming an
arguments concerning the foregoing, COMMISSION hourly cost of $63 1 for a compliance
including whether the proposed rule clerk and $269 2 for a compliance
change is consistent with the Act. Submission for OMB Review; manager, the resultant total internal
Comments may be submitted by any of Comment Request labor cost of compliance for the
the following methods: Upon Written Request, Copies Available respondents is $818,000 per year (2,000
From: Securities and Exchange entities × ((2 hours/entity × $63/hour) +
Electronic Comments (1 hour per entity × $283/hour)) =
Commission, Office of FOIA Services,
• Use the Commission’s Internet 100 F Street NE., Washington, DC $818,000).
comment form (http://www.sec.gov/ 20549–2736. In general, the records to be
rules/sro.shtml); or maintained under Rule 15a–6 must be
• Send an email to rule-comments@ Extension: kept for the applicable time periods as
Rule 15a–6, SEC File No. 270–0329, OMB
sec.gov. Please include File No. SR– set forth in Rule 17a–4 (17 CFR
Control No. 3235–0371.
NYSE–2016–11 on the subject line. 240.17a–4) under the Exchange Act or,
Notice is hereby given that pursuant
Paper Comments to the Paperwork Reduction Act of 1995 1 The hourly rate used for a compliance clerk was

• Send paper comments in triplicate (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the from SIFMA’s Office Salaries in the Securities
Industry 2013, modified by Commission staff to
mstockstill on DSK4VPTVN1PROD with NOTICES

to Secretary, Securities and Exchange Securities and Exchange Commission
account for an 1,800 hour work-year and multiplied
Commission, 100 F Street NE., (‘‘Commission’’) has submitted to the by 2.93 to account for bonuses, firm size, employee
Washington, DC 20549–1090. Office of Management and Budget benefits and overhead.
All submissions should refer to File No. (‘‘OMB’’) a request for approval of 2 The hourly rate used for a compliance manager

SR–NYSE–2016–11. This file number extension of the previously approved was from SIFMA’s Management & Professional
Earnings in the Securities Industry 2013, modified
should be included on the subject line collection of information provided for in by Commission staff to account for an 1,800 hour
if email is used. To help the work-year and multiplied by 5.35 to account for
Commission process and review your 24 17 CFR 200.30–3(a)(12). bonuses, firm size, employee benefits and overhead.

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Federal Register / Vol. 81, No. 78 / Friday, April 22, 2016 / Notices 23793

with respect to the consents to service 275.204A–1) under the Investment advisers use the information collected to
of process, for a period of not less than Advisers Act of 1940.’’ (15 U.S.C. 80b– control and assess the personal trading
six years after the applicable person 1 et seq.) Rule 204A–1 (the ‘‘Code of activities of their supervised persons.
ceases engaging in U.S. securities Ethics Rule’’) requires investment Responses to the reporting requirements
activities. Reliance on the exemption set advisers registered with the SEC to (i) will be kept confidential to the extent
forth in Rule 15a–6 is voluntary, but if set forth standards of conduct expected each investment adviser provides
a foreign broker-dealer elects to rely on of advisory personnel (including confidentiality under its particular
such exemption, the collection of compliance with the federal securities practices and procedures. An agency
information described therein is laws); (ii) safeguard material nonpublic may not conduct or sponsor, and a
mandatory. The collection does not information about client transactions; person is not required to respond to, a
involve confidential information. and (iii) require the adviser’s ‘‘access collection of information unless it
An agency may not conduct or persons’’ to report their personal displays a currently valid control
sponsor, and a person is not required to securities transactions, including number.
respond to, a collection of information transactions in any mutual fund The public may view the background
under the PRA unless it displays a managed by the adviser. The Code of documentation for this information
currently valid OMB control number. Ethics Rule requires access persons to collection at the following Web site,
The public may view background obtain the adviser’s approval before www.reginfo.gov. Comments should be
documentation for this information investing in an initial public offering directed to: (i) Desk Officer for the
collection at the following Web site, (‘‘IPO’’) or private placement. The Code Securities and Exchange Commission,
www.reginfo.gov. Comments should be of Ethics Rule also requires prompt Office of Information and Regulatory
directed to: (i) Desk Officer for the reporting, to the adviser’s chief Affairs, Office of Management and
Securities and Exchange Commission, compliance officer or another person Budget, Room 10102, New Executive
Office of Information and Regulatory designated in the code of ethics, of any Office Building, Washington, DC 20503,
Affairs, Office of Management and violations of the code. Finally, the Code or by sending an email to: Shagufta_
Budget, Room 10102, New Executive of Ethics Rule requires the adviser to Ahmed@omb.eop.gov; and (ii) Pamela
Office Building, Washington, DC 20503, provide each supervised person with a Dyson, Director/Chief Information
or by sending an email to: Shagufta_ copy of the code of ethics and any Officer, Securities and Exchange
Ahmed@omb.eop.gov; and (ii) Pamela amendments, and require the Commission, c/o Remi Pavlik-Simon,
Dyson, Director/Chief Information supervised persons to acknowledge, in 100 F Street NE., Washington, DC 20549
Officer, Securities and Exchange writing, their receipt of these copies. or send an email to: PRA_Mailbox@
Commission, c/o Remi Pavlik-Simon, The purposes of the information sec.gov. Comments must be submitted to
100 F Street NE., Washington, DC collection requirements are to (i) ensure OMB within 30 days of this notice.
20549, or by sending an email to: PRA_ that advisers maintain codes of ethics
applicable to their supervised persons; Dated: April 19, 2016.
Mailbox@sec.gov. Comments must be
(ii) provide advisers with information Robert W. Errett,
submitted to OMB within 30 days of
about the personal securities Deputy Secretary.
this notice.
transactions of their access persons for [FR Doc. 2016–09358 Filed 4–21–16; 8:45 am]
Dated: April 19, 2016. purposes of monitoring such BILLING CODE 8011–01–P
Robert W. Errett, transactions; (iii) provide advisory
Deputy Secretary. clients with information with which to
[FR Doc. 2016–09359 Filed 4–21–16; 8:45 am] evaluate advisers’ codes of ethics; and SECURITIES AND EXCHANGE
BILLING CODE 8011–01–P (iv) assist the Commission’s COMMISSION
examination staff in assessing the [Release No. 34–77636; File No. SR-
adequacy of advisers’ codes of ethics BatsEDGX–2016–12]
SECURITIES AND EXCHANGE and assessing personal trading activity
COMMISSION by advisers’ supervised persons. Self-Regulatory Organizations; Bats
The respondents to this information EDGX Exchange, Inc.; Notice of Filing
Submission for OMB Review; collection are investment advisers and Immediate Effectiveness of a
Comment Request registered with the Commission. The Proposed Rule Change To Adopt
Upon Written Request, Copies Available Commission has estimated that Exchange Rule 14.10 Setting Forth
From: Securities and Exchange compliance with rule 204A–1 imposes a Additional Requirements for the
Commission, Office of FOIA Services, burden of approximately 118 hours per Listing of Securities That Are Issued
100 F Street NE., Washington, DC adviser annually based on an average by the Exchange or Any of Its Affiliates
20549–2736. adviser having 84 access persons. Our
latest data indicate that there were April 18, 2016.
Extension: 12,028 advisers registered with the Pursuant to Section 19(b)(1) of the
Rule 204A–1, SEC File No. 270–536, OMB Commission. Based on this figure, the Securities Exchange Act of 1934 (the
Control No. 3235–0596.
Commission estimates a total annual ‘‘Act’’),1 and Rule 19b–4 thereunder,2
Notice is hereby given that, pursuant burden of 1,418,703 hours for this notice is hereby given that on April 13,
to the Paperwork Reduction Act of 1995 collection of information. 2016, Bats EDGX Exchange, Inc. (the
(44 U.S.C. 3501 et seq.), the Securities Rule 204A–1 does not require ‘‘Exchange’’ or ‘‘EDGX’’) filed with the
mstockstill on DSK4VPTVN1PROD with NOTICES

and Exchange Commission (the recordkeeping or record retention. The Securities and Exchange Commission
‘‘Commission’’) has submitted to the collection of information requirements (‘‘Commission’’) the proposed rule
Office of Management and Budget a under the rule is mandatory. The change as described in Items I and II
request for extension of the previously information collected pursuant to the below, which Items have been prepared
approved collection of information rule is not filed with the Commission, by the Exchange. The Exchange has
discussed below. but rather takes the form of
The title for the collection of communications between advisers and 1 15 U.S.C. 78s(b)(1).
information is ‘‘Rule 204A–1 (17 CFR their supervised persons. Investment 2 17 CFR 240.19b–4.

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Document Created: 2017-08-22 23:37:46
Document Modified: 2017-08-22 23:37:46
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		81 FR 23792