81 FR 31993 - Submission for OMB Review; Comment Request
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 98 (May 20, 2016)
Federal Register Volume 81, Issue 98 (May 20, 2016)
| Page Range | 31993-31994 | |
| FR Document | 2016-11874 |
[Federal Register Volume 81, Number 98 (Friday, May 20, 2016)] [Notices] [Pages 31993-31994] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-11874] ----------------------------------------------------------------------- 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: Industry Guides, SEC File No. 270-069, OMB Control No. 3235- 0069. 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 this requests for extension of the previously approved collections of information discussed below. Industries Guides are used by registrants in certain industries as disclosure guidelines to be followed in presenting information to investors in registration statements and reports under the Securities Act (15 U.S.C. 77a et seq.) and Exchange Act (15 U.S.C. 78a et seq.). The paperwork burden from the Industry Guides is imposed through the forms that are subject to the disclosure requirements in the Industry Guides and is reflected in the analysis of these documents. To avoid a Paperwork Reduction Act inventory reflecting duplicative burdens and for administrative convenience, the Commission estimates the total annual burden imposed by the Industry Guides to be one hour. The information required by the Industry Guides is filed on occasion and is mandatory. All information is provided to the public. The Industry Guides do not directly impose any disclosure burden. 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 [[Page 31994]] 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: May 16, 2016. Robert W. Errett, Deputy Secretary. [FR Doc. 2016-11874 Filed 5-19-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 98 / Friday, May 20, 2016 / Notices 31993
14. The Trustees of each Fund, initial report describing the operations information all material facts about its
including a majority of the Independent of the proposed credit facility and the intended participation.
Trustees, will: procedures to be implemented to ensure For the Commission, by the Division of
(a) Review, no less frequently than that all Funds are treated fairly. After Investment Management, under delegated
quarterly, the Fund’s participation in the commencement of the proposed authority.
the proposed credit facility during the credit facility, the Adviser will report on Robert W. Errett,
preceding quarter for compliance with the operations of the proposed credit Deputy Secretary.
the conditions of any order permitting facility at the Trustees’ quarterly
[FR Doc. 2016–11873 Filed 5–19–16; 8:45 am]
such transactions; meetings.
BILLING CODE 8011–01–P
(b) establish the Bank Loan Rate Each Fund’s chief compliance officer,
formula used to determine the interest as defined in rule 38a–1(a)(4) under the
rate on Interfund Loans and review, no Act, shall prepare an annual report for
SECURITIES AND EXCHANGE
less frequently than annually, the its Trustees each year that the Fund
COMMISSION
continuing appropriateness of the Bank participates in the proposed credit
Loan Rate formula; and facility, that evaluates the Fund’s Submission for OMB Review;
(c) review, no less frequently than compliance with the terms and Comment Request
annually, the continuing conditions of the application and the
appropriateness of the Fund’s procedures established to achieve such Upon Written Request; Copies Available
participation in the proposed credit compliance. Each Fund’s chief From: Securities and Exchange
facility. compliance officer will also annually Commission, Office of FOIA Services,
15. In the event an Interfund Loan is file a certification pursuant to Item 100 F Street NE., Washington, DC
not paid according to its terms and such 77Q3 of Form N–SAR as such Form may 20549–2736
default is not cured within two business be revised, amended or superseded from Extension:
days from its maturity or from the time time to time, for each year that the Fund Industry Guides, SEC File No. 270–069,
the lending Fund makes a demand for participates in the proposed credit OMB Control No. 3235–0069.
payment under the provisions of the facility, that certifies that the Fund and
Notice is hereby given that, pursuant
Interfund Lending Agreement, the the Adviser have established procedures
to the Paperwork Reduction Act of 1995
Adviser will promptly refer such loan reasonably designed to achieve
(44 U.S.C. 3501 et seq.), the Securities
for arbitration to an independent compliance with the terms and
and Exchange Commission
arbitrator selected by the Trustees of conditions of the order. In particular,
(‘‘Commission’’) has submitted to the
each Fund involved in the loan who such certification will address
Office of Management and Budget this
will serve as arbitrator of disputes procedures designed to achieve the
requests for extension of the previously
concerning Interfund Loans.2 The following objectives:
approved collections of information
arbitrator will resolve any problem (a) That the Interfund Loan Rate will
discussed below.
promptly, and the arbitrator’s decision be higher than the Repo Rate, and, if
Industries Guides are used by
will be binding on both Funds. The applicable, the yield of any money
registrants in certain industries as
arbitrator will submit, at least annually, market fund in which the lending Fund
disclosure guidelines to be followed in
a written report to the Trustees setting could otherwise invest, but lower than
presenting information to investors in
forth a description of the nature of any the Bank Loan Rate;
(b) compliance with the collateral registration statements and reports
dispute and the actions taken by the under the Securities Act (15 U.S.C. 77a
Funds to resolve the dispute. requirements as set forth in the
application; et seq.) and Exchange Act (15 U.S.C. 78a
16. Each Fund will maintain and et seq.). The paperwork burden from the
preserve for a period of not less than six (c) compliance with the percentage
limitations on interfund borrowing and Industry Guides is imposed through the
years from the end of the fiscal year in forms that are subject to the disclosure
which any transaction by it under the lending;
(d) allocation of interfund borrowing requirements in the Industry Guides and
proposed credit facility occurred, the is reflected in the analysis of these
first two years in an easily accessible and lending demand in an equitable
manner and in accordance with documents. To avoid a Paperwork
place, written records of all such Reduction Act inventory reflecting
transactions setting forth a description procedures established by the Trustees;
and duplicative burdens and for
of the terms of the transactions, administrative convenience, the
(e) that the Interfund Loan Rate does
including the amount, the maturity and Commission estimates the total annual
not exceed the interest rate on any third
the Interfund Loan Rate, the rate of burden imposed by the Industry Guides
party borrowings of a borrowing Fund at
interest available at the time each to be one hour. The information
the time of the Interfund Loan.
Interfund Loan is made on overnight Additionally, each Fund’s required by the Industry Guides is filed
repurchase agreements and commercial independent public accountants, in on occasion and is mandatory. All
bank borrowings, the yield of any connection with their audit examination information is provided to the public.
money market fund in which the of the Fund, will review the operation The Industry Guides do not directly
lending Fund could otherwise invest, of the proposed credit facility for impose any disclosure burden.
and such other information presented to compliance with the conditions of the An agency may not conduct or
the Fund’s Trustees in connection with application and their review will form sponsor, and a person is not required to
the review required by conditions 13 the basis, in part, of the auditor’s report respond to, a collection of information
mstockstill on DSK3G9T082PROD with NOTICES
and 14. on internal accounting controls in Form unless it displays a currently valid
17. The Adviser will prepare and N–SAR. control number.
submit to the Trustees for review an 18. No Fund will participate in the The public may view the background
2 If the dispute involves Funds with different
proposed credit facility upon receipt of documentation for this information
Trustees, the respective Trustees of each Fund will
requisite regulatory approval unless it collection at the following Web site,
select an independent arbitrator that is satisfactory has fully disclosed in its prospectus www.reginfo.gov. Comments should be
to each Fund. and/or statement of additional directed to: (i) Desk Officer for the
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![31994 Federal Register / Vol. 81, No. 98 / Friday, May 20, 2016 / Notices
Securities and Exchange Commission, II. Self-Regulatory Organization’s represent orders entered on the
Office of Information and Regulatory Statement of the Purpose of, and Exchange, ATP Holders are required to
Affairs, Office of Management and Statutory Basis for, the Proposed Rule indicate whether Customer orders are
Budget, Room 10102, New Executive Change ‘‘Professional Customer’’ orders.6 To
Office Building, Washington, DC 20503, In its filing with the Commission, the comply with this requirement, member
or by sending an email to: Shagufta_ self-regulatory organization included organizations are required to review
Ahmed@omb.eop.gov; and (ii) Pamela statements concerning the purpose of, their Customers’ activity on at least a
Dyson, Director/Chief Information and basis for, the proposed rule change quarterly basis to determine whether
Officer, Securities and Exchange and discussed any comments it received orders that are not for the account of a
Commission, c/o Remi Pavlik-Simon, on the proposed rule change. The text broker-dealer should be represented as
100 F Street NE., Washington, DC 20549 of those statements may be examined at Customer orders or Professional
or send an email to: PRA_Mailbox@ the places specified in Item IV below. Customer orders.7
sec.gov. Comments must be submitted to The Exchange has prepared summaries, The advent of new multi-leg spread
OMB within 30 days of this notice. set forth in sections A, B, and C below, products and the proliferation of the use
of the most significant parts of such of complex orders and algorithmic
Dated: May 16, 2016.
statements. execution strategies by both
Robert W. Errett, institutional and retail market
Deputy Secretary. A. Self-Regulatory Organization’s participants has raised questions as to
[FR Doc. 2016–11874 Filed 5–19–16; 8:45 am] Statement of the Purpose of, and what should be counted as an ‘‘order’’
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule for Professional Customer order
Change counting purposes. The proposed
1. Purpose changes would specifically address the
SECURITIES AND EXCHANGE counting of multi-leg spread products,
COMMISSION The Exchange proposes to amend the algorithm generated orders, and
definition of Professional Customer in complex orders for purposes of
[Release No. 34–77836; File No. SR– Rule 900.2NY(18A) to adopt a
NYSEMKT–2016–53] determining Professional Customer
methodology for counting average daily status. In addition, the proposal is
Self-Regulatory Organizations; NYSE order submissions in listed options to intended to provide guidance regarding
determine whether a person or entity the methodology used by the Exchange
MKT LLC; Notice of Filing and
meets the definition of a Professional when calculating average daily orders
Immediate Effectiveness of Proposed
Customer (‘‘Professional Customer order for Professional order counting
Rule Change To Amend the Definition
counting’’). The proposed rule change is purposes.8
of Professional Customer in Rule
designed to harmonize Professional As proposed, the rule would provide
900.2NY(18A)
Customer order counting with the that an order would count as one order
May 16, 2016. recently adopted rules of competing for Professional Customer counting
Pursuant to Section 19(b)(1) 1 of the options exchanges—specifically the purposes, unless one of the exceptions
Securities Exchange Act of 1934 (the Chicago Board of Options Exchange, enumerated in the proposed rule
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Inc. (‘‘CBOE’’) and NASDAQ OMX stipulates otherwise (each an
notice is hereby given that on May 3, PHLX LLC (‘‘PHLX’’).4 ‘‘Exception’’). The first Exception relates
2016, NYSE MKT LLC (the ‘‘Exchange’’ Rule 900.2NY(18A) defines to the treatment of complex orders for
or ‘‘NYSE MKT’’) filed with the Professional Customer ‘‘as an individual purposes of computing orders for
Securities and Exchange Commission or organization that (i) is not a Broker/ Professional order counting purposes.
(the ‘‘Commission’’) the proposed rule Dealer in securities, and (ii) places more Specifically, the proposed rule provides
change as described in Items I and II than 390 orders in listed options per day that a complex order of eight legs or less
below, which Items have been prepared on average during a calendar month for would count as one order, whereas a
by the self-regulatory organization. The its own beneficial account(s).’’ The complex order comprised of nine (9)
Commission is publishing this notice to Exchange believes that identifying option legs or more counts as multiple
solicit comments on the proposed rule Professional Customer accounts based orders with each option leg counting as
change from interested persons. upon the average number of orders
entered in qualified accounts is an immediately effective basis, citing rules of various
I. Self-Regulatory Organization’s appropriate, objective approach that exchanges, including Rule 900.2NY(18A)).
Statement of the Terms of the Substance will reasonably distinguish such 6 See e.g., Rule 957NY (Reporting Duties),
of the Proposed Rule Change persons and entities from non- Commentary .02 (requiring that manual orders
submitted be marked with an origin code ‘‘PC.’’).
The Exchange proposes to amend the professional, retail investors or market 7 Orders for any customer that had an average of
definition of Professional Customer in participants.5 In order to properly more than 390 orders per day during any month of
Rule 900.2NY(18A) to specify the a calendar quarter must be represented as
4 See Securities Exchange Act Release Nos. 77450 Professional Customer orders for the next calendar
manner in which the Exchange
(March 25, 2016), 81 FR 18668, (March 31, 2016) quarter. ATP Holders would be required to conduct
calculates average daily order (SR–CBOE–2016–005); 77449 (March 25, 2016), 81 a quarterly review and make any appropriate
submissions for purposes of counting FR 18665, (March 31, 2016) (SR–Phlx–2016–10) changes to the way in which they are representing
Professional Customer orders. The (approval orders). The Exchange notes that it orders within five business days after the end of
proposed rule change is available on the recently issued guidance regarding Professional each calendar quarter. While members only would
Customer order counting. See e.g., NYSE Arca, be required to review their accounts on a quarterly
mstockstill on DSK3G9T082PROD with NOTICES
Exchange’s Web site at www.nyse.com, Inc.’s and NYSE MKT LLC’s Joint Regulatory basis, if during a quarter the Exchange identifies a
at the principal office of the Exchange, Bulletin (RBO–15–03 and RBO–15–06, respectively) customer for which orders are being represented as
and at the Commission’s Public dated September 9, 2015. This proposal codifies Customer orders but that has averaged more than
Reference Room. that guidance in a manner that is consistent with 390 orders per day during a month, the Exchange
CBOE and PHLX’s approved rules. would notify the ATP Holder would be required to
5 See, e.g., Securities Exchange Act Release No. change the manner in which it is representing the
1 15 U.S.C. 78s(b)(1). 73665 (November 21, 2014), 79 FR 70907, 70908 customer’s orders within five business days.
2 15 U.S.C. 78a. (November 21, 2014) (SR–NYSEArca–2014–133) 8 This proposal is consistent with CBOE and
3 17 CFR 240.19b–4. (adopting professional customer definition on PHLX’s approved rules. See supra n. 4.
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Document Created: 2016-05-20 01:59:21
Document Modified: 2016-05-20 01:59:21
| 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 31993 |
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