81_FR_26935 81 FR 26849 - Submission for OMB Review; Comment Request

81 FR 26849 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 86 (May 4, 2016)

Page Range26849-26850
FR Document2016-10365

Federal Register, Volume 81 Issue 86 (Wednesday, May 4, 2016) 
[Federal Register Volume 81, Number 86 (Wednesday, May 4, 2016)]
[Notices]
[Pages 26849-26850]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-10365]


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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 6h-1, SEC File No. 270-497; OMB Control No. 3235-0555

    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 
6h-1 (17 CFR 240.6h-1) under the Securities Exchange Act of 1934, as 
amended (``Act'') (15 U.S.C. 78a et seq.).
    Section 6(h) of the Act (15 U.S.C. 78f(h)) requires national 
securities

[[Page 26850]]

exchanges and national securities associations that trade security 
futures products to establish listing standards that, among other 
things, require that: (i) Trading in such products not be readily 
susceptible to price manipulation; and (ii) the market on which the 
security futures product trades has in place procedures to coordinate 
trading halts with the listing market for the security or securities 
underlying the security futures product. Rule 6h-1 implements these 
statutory requirements and requires that (1) the final settlement price 
for each cash-settled security futures product fairly reflect the 
opening price of the underlying security or securities, and (2) the 
exchanges and associations trading security futures products halt 
trading in any security futures product for as long as trading in the 
underlying security, or trading in 50% or more of the underlying 
securities, is halted on the listing market.
    It is estimated that approximately 1 respondent, consisting of a 
designated contract market not already registered as a national 
securities exchange under Section 6(g) of the Exchange Act that seeks 
to list or trade security futures products, will incur an average 
burden of 10 hours per year to comply with this rule, for a total 
burden of 10 hours. At an average cost per hour of approximately $387, 
the resultant total cost of compliance for the respondents is $3,870 
per year (1 respondent x 10 hours/respondent x $387/hour).
    Compliance with Rule 6h-1 is mandatory. Any listing standards 
established pursuant to Rule 6h-1 would be filed with the Commission as 
proposed rule changes pursuant to Section 19(b) of the Act and would be 
published in the Federal Register.
    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 28, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-10365 Filed 5-3-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 86 / Wednesday, May 4, 2016 / Notices 26849 over 40 brokers and multilateral trading are utilizing this data so there will be no rules/sro.shtml). Copies of the facilities.15 immediate impact on any subscribers. submission, all subsequent In the case of TRFs, the rapid entry of In sum, if the rule change proposed amendments, all written statements several exchanges into this space in herein is unattractive to market with respect to the proposed rule 2006–2007 following the development participants, it is likely that the change that are filed with the and Commission approval of the TRF Exchange will lose market share as a Commission, and all written structure demonstrates the result. Accordingly, the Exchange does communications relating to the contestability of this aspect of the not believe that the proposed change proposed rule change between the market.16 Given the demand for trade will impair the ability of members or Commission and any person, other than reporting services that is itself a by- competing order execution venues to those that may be withheld from the product of the fierce competition for maintain their competitive standing in public in accordance with the transaction executions—characterized the financial markets. provisions of 5 U.S.C. 552, will be notably by a proliferation of ATSs and available for Web site viewing and C. Self-Regulatory Organization’s printing in the Commission’s Public BDs offering internalization—any supra- Statement on Comments on the competitive increase in the fees Reference Room, 100 F Street NE., Proposed Rule Change Received From Washington, DC 20549, on official associated with trade reporting or TRF Members, Participants or Others data would shift trade report volumes business days between the hours of from one of the existing TRFs to the Written comments were neither 10:00 a.m. and 3:00 p.m. Copies of such other 17 and create incentives for other solicited nor received. filing also will be available for TRF operators to enter the space. inspection and copying at the principal III. Date of Effectiveness of the Alternatively, because BDs reporting to office of the Exchange. All comments Proposed Rule Change and Timing for TRFs are themselves free to consolidate received will be posted without change; Commission Action the market data that they report, the the Commission does not edit personal The foregoing change has become identifying information from market for over-the-counter data itself, effective pursuant to Section separate and apart from the markets for submissions. You should submit only 19(b)(3)(A)(ii) of the Act.18 At any time information that you wish to make execution and trade reporting services— within 60 days of the filing of the available publicly. All submissions is fully contestable. proposed rule change, the Commission should refer to File Number SR– Moreover, consolidated data provides summarily may temporarily suspend NASDAQ–2016–058, and should be two additional measures of pricing such rule change if it appears to the submitted on or before May 25, 2016. discipline for proprietary data products Commission that such action is that are a subset of the consolidated data For the Commission, by the Division of necessary or appropriate in the public Trading and Markets, pursuant to delegated stream. First, the consolidated data is interest, for the protection of investors, authority.19 widely available in real-time at $1 per or otherwise in furtherance of the Robert W. Errett, month for non-professional users. purposes of the Act. Deputy Secretary. Second, consolidated data is also available at no cost with a 15- or 20- IV. Solicitation of Comments [FR Doc. 2016–10370 Filed 5–3–16; 8:45 am] minute delay. Because consolidated BILLING CODE 8011–01–P Interested persons are invited to data contains marketwide information, submit written data, views, and it effectively places a cap on the fees arguments concerning the foregoing, assessed for proprietary data (such as SECURITIES AND EXCHANGE including whether the proposed rule COMMISSION last sale data) that is simply a subset of change is consistent with the Act. the consolidated data. The mere Comments may be submitted by any of Submission for OMB Review; availability of low-cost or free the following methods: Comment Request consolidated data provides a powerful form of pricing discipline for Electronic Comments Upon Written Request, Copies Available proprietary data products that contain • Use the Commission’s Internet From: Securities and Exchange data elements that are a subset of the comment form (http://www.sec.gov/ Commission, Office of FOIA Services, consolidated data, by highlighting the rules/sro.shtml); or 100 F Street NE., Washington, DC optional nature of proprietary products. • Send an email to rule-comments@ 20549–2736 In this instance, the proposed rule sec.gov. Please include File Number SR– Extension: change to charge all market participants NASDAQ–2016–058 on the subject line. Rule 6h–1, SEC File No. 270–497; OMB that create a Top-of-File product using Control No. 3235–0555 Paper Comments Nasdaq OpenView data the fee rate Notice is hereby given that, pursuant applicable to Non-Professional • Send paper comments in triplicate to the Paperwork Reduction Act of 1995 Subscribers or Professional Subscribers, to Brent J. Fields, Secretary, Securities (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the as appropriate, by eliminating current and Exchange Commission, 100 F Street Securities and Exchange Commission rule text in Nasdaq Rule 7023(b)(3)(C), NE., Washington, DC 20549–1090. (‘‘Commission’’) has submitted to the does not impose a burden on All submissions should refer to File Office of Management and Budget competition because no firms currently Number SR–NASDAQ–2016–058. This (‘‘OMB’’) a request for approval of file number should be included on the asabaliauskas on DSK3SPTVN1PROD with NOTICES extension of the previously approved 15 See http://www.cinnober.com/boat-trade- subject line if email is used. To help the collection of information provided for in reporting. Commission process and review your Rule 6h–1 (17 CFR 240.6h–1) under the 16 The low cost exit of two TRFs from the market comments more efficiently, please use Securities Exchange Act of 1934, as is also evidence of a contestable market, because only one method. The Commission will amended (‘‘Act’’) (15 U.S.C. 78a et seq.). new entrants are reluctant to enter a market where exit may involve substantial shut-down costs. post all comments on the Commission’s Section 6(h) of the Act (15 U.S.C. 17 It should be noted that the FINRA/NYSE TRF Internet Web site (http://www.sec.gov/ 78f(h)) requires national securities has, in recent weeks, received reports for almost 10% of all over-the-counter volume in NMS stocks. 18 15 U.S.C. 78s(b)(3)(A)(ii). 19 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 18:44 May 03, 2016 Jkt 238001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 E:\FR\FM\04MYN1.SGM 04MYN1

26850 Federal Register / Vol. 81, No. 86 / Wednesday, May 4, 2016 / Notices exchanges and national securities submitted to OMB within 30 days of The types of proposals voted upon by associations that trade security futures this notice. Fund shareholders include not only the products to establish listing standards Dated: April 28, 2016. typical matters considered in proxy that, among other things, require that: (i) Robert W. Errett, solicitations made by operating Trading in such products not be readily companies, such as the election of Deputy Secretary. susceptible to price manipulation; and directors, but also include issues that (ii) the market on which the security [FR Doc. 2016–10365 Filed 5–3–16; 8:45 am] are unique to Funds, such as the futures product trades has in place BILLING CODE 8011–01–P approval of an investment advisory procedures to coordinate trading halts contract and the approval of changes in with the listing market for the security fundamental investment policies of the or securities underlying the security SECURITIES AND EXCHANGE Fund. Through rule 20a–1, any person futures product. Rule 6h–1 implements COMMISSION making a solicitation with respect to a these statutory requirements and security issued by a Fund must, similar Submission for OMB Review; requires that (1) the final settlement to operating company solicitations, Comment Request price for each cash-settled security comply with the rules and regulations futures product fairly reflect the Upon Written Request, Copies Available adopted pursuant to Section 14(a) of the opening price of the underlying security From: Securities and Exchange 1934 Act. Some of those Section 14(a) or securities, and (2) the exchanges and Commission, Office of FOIA Services, rules and regulations, however, include associations trading security futures 100 F Street NE., Washington, DC provisions specifically related to Funds, products halt trading in any security 20549–2736 including certain particularized futures product for as long as trading in Extension: disclosure requirements set forth in Item the underlying security, or trading in Rule 20a–1, SEC File No. 270–132, OMB 22 of Schedule 14A under the 1934 Act. 50% or more of the underlying Control No. 3235–0158 Rule 20a–1 is intended to ensure that securities, is halted on the listing investors in Fund securities are Notice is hereby given that, pursuant market. provided with appropriate information to the Paperwork Reduction Act of 1995 It is estimated that approximately 1 upon which to base informed decisions (44 U.S.C. 3501–3520), the Securities respondent, consisting of a designated regarding the actions for which Funds and Exchange Commission has solicit proxies. Without rule 20a–1, contract market not already registered as a national securities exchange under submitted to the Office of Management Fund issuers would not be required to Section 6(g) of the Exchange Act that and Budget a request for extension of comply with the rules and regulations seeks to list or trade security futures the previously approved collection of adopted under Section 14(a) of the 1934 products, will incur an average burden information discussed below. Act, which are applicable to non-Fund of 10 hours per year to comply with this Rule 20a–1 (17 CFR 270.20a–1) was issuers, including the provisions rule, for a total burden of 10 hours. At adopted under Section 20(a) of the relating to the form of proxy and an average cost per hour of Investment Company Act of 1940 disclosure in proxy statements. approximately $387, the resultant total (‘‘1940 Act’’) (15 U.S.C. 80a–20(a)) and The staff currently estimates that cost of compliance for the respondents concerns the solicitation of proxies, approximately 1,196 proxy statements is $3,870 per year (1 respondent × 10 consents, and authorizations with are filed by Funds annually. Based on hours/respondent × $387/hour). respect to securities issued by registered staff estimates and information from the Compliance with Rule 6h–1 is investment companies (‘‘Funds’’). More industry, the staff estimates that the mandatory. Any listing standards specifically, rule 20a–1 under the 1940 average annual burden associated with established pursuant to Rule 6h–1 Act (15 U.S.C. 80a–1 et seq.) requires the preparation and submission of proxy would be filed with the Commission as that the solicitation of a proxy, consent, statements is 85 hours per response, for proposed rule changes pursuant to or authorization with respect to a a total annual burden of 101,660 hours Section 19(b) of the Act and would be security issued by a Fund be in (1,196 responses × 85 hours per published in the Federal Register. compliance with Regulation 14A (17 response = 101,660). In addition, the An agency may not conduct or CFR 240.14a–1 et seq.), Schedule 14A staff estimates the costs for purchased sponsor, and a person is not required to (17 CFR 240.14a–101), and all other services, such as outside legal counsel, respond to, a collection of information rules and regulations adopted pursuant proxy statement mailing, and proxy under the PRA unless it displays a to section 14(a) of the Securities tabulation services, to be approximately currently valid OMB control number. Exchange Act of 1934 (‘‘1934 Act’’) (15 $30,000 per proxy solicitation. The public may view background U.S.C. 78n(a)). It also requires, in certain Rule 20a–1 does not involve any documentation for this information circumstances, a Fund’s investment recordkeeping requirements. Providing collection at the following Web site: adviser or a prospective adviser, and the information required by the rule is www.reginfo.gov. Comments should be certain affiliates of the adviser or mandatory and information provided directed to: (i) Desk Officer for the prospective adviser, to transmit to the under the rule will not be kept Securities and Exchange Commission, person making the solicitation the confidential. Office of Information and Regulatory information necessary to enable that An agency may not conduct or Affairs, Office of Management and person to comply with the rules and sponsor, and a person is not required to Budget, Room 10102, New Executive regulations applicable to the respond to a collection of information Office Building, Washington, DC 20503, solicitation. In addition, rule 20a–1 unless it displays a currently valid asabaliauskas on DSK3SPTVN1PROD with NOTICES or by sending an email to: Shagufta_ instructs Funds that have made a public control number. Ahmed@omb.eop.gov; and (ii) Pamela offering of securities and that hold The public may view the background Dyson, Director/Chief Information security holder votes for which proxies, documentation for this information Officer, Securities and Exchange consents, or authorizations are not being collection at the following Web site, Commission, c/o Remi Pavlik-Simon, solicited, to refer to section 14(c) of the www.reginfo.gov. Comments should be 100 F Street NE., Washington, DC 1934 Act (15 U.S.C. 78n(c)) and the directed to: (i) Desk Officer for the 20549, or by sending an email to: PRA_ information statement requirements set Securities and Exchange Commission, Mailbox@sec.gov. Comments must be forth in the rules thereunder. Office of Information and Regulatory VerDate Sep<11>2014 18:44 May 03, 2016 Jkt 238001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\04MYN1.SGM 04MYN1


Document Created: 2016-05-04 01:22:45
Document Modified: 2016-05-04 01:22:45
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 Citation81 FR 26849 
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