81 FR 36978 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 110 (June 8, 2016)

Page Range		36978-36979
FR Document		2016-13466

Federal Register, Volume 81 Issue 110 (Wednesday, June 8, 2016)

[Federal Register Volume 81, Number 110 (Wednesday, June 8, 2016)]
[Notices]
[Pages 36978-36979]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-13466]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; 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 477, OMB Control No. 3235-0550, SEC File No. 270-493.

    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'') is soliciting comments on the collection of 
information summarized below. The Commission

[[Page 36979]]

plans to submit this existing collection of information to the Office 
of Management and Budget for extension and approval.
    Rule 477 (17 CFR 230.477) under the Securities Act of 1933 (15 
U.S.C. 77a et seq.) sets forth procedures for withdrawing a 
registration statement, including any amendments or exhibits to the 
registration statement. The rule provides that if an issuer intends to 
rely on the safe harbor contained in Securities Act Rule 155 to conduct 
an unregistered private offering of securities, the issuer must 
affirmatively state in the withdrawal application that it plans to 
undertake a subsequent private offering of its securities. Without this 
statement, the Commission would not be able to monitor a company's 
reliance on, and compliance with, Securities Act Rule 155(c). We 
estimate that approximately 327 issuers will file Securities Act Rule 
477 submissions annually at an estimated one hour per response for a 
total annual burden of approximately 327 hours.
    Written comments are invited on: (a) Whether this proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden imposed by the collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information collected; 
and (d) ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    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.
    Please direct your written comments to 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].

    Dated: June 2, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-13466 Filed 6-7-16; 8:45 am]
 BILLING CODE 8011-01-P

36978 Federal Register / Vol. 81, No. 110 / Wednesday, June 8, 2016 / Notices

(’’PRA’’) (44 U.S.C. 3501 et seq.), the (d) ways to minimize the burden of the Form D allows the Commission to elicit
Securities and Exchange Commission collection of information on information necessary in assessing the
(‘‘Commission’’) is soliciting comments respondents, including through the use effectiveness of Regulation D (17 CFR
on the existing collection of information of automated collection techniques or 230.501 et seq.) and Section 4(6) of the
provided for in Rule 31 (17 CFR 240.31) other forms of information technology. Securities Act of 1933 (15 U.S.C. 77d(6))
and Form R31 (17 CFR 249.11) under Consideration will be given to as capital-raising devices for all
the Securities Exchange Act of 1934 (15 comments and suggestions submitted in businesses. Approximately 21,686
U.S.C. 78ee) (‘‘Exchange Act’’). The writing within 60 days of this issuers file Form D and it takes
Commission plans to submit this publication. approximately 4 hours per response. We
existing collection of information to the An agency may not conduct or estimate that 25% of 4 hours per
Office of Management and Budget sponsor, and a person is not required to response (1 hour per response) is
(‘‘OMB’’) for extension and approval. respond to, a collection of information prepared by the issuer for an annual
Section 31 of the Exchange Act under the PRA unless it displays a reporting burden 21,686 hours (1 hour
requires the Commission to collect fees currently valid OMB control number. per response x 21,686 responses).
and assessments from national Please direct your written comments Written comments are invited on: (a)
securities exchanges and national to: Pamela Dyson, Director/Chief Whether this collection of information
securities associations (collectively, Information Officer, Securities and is necessary for the proper performance
‘‘self-regulatory organizations’’ or Exchange Commission, c/o Remi Pavlik- of the functions of the agency, including
‘‘SROs’’) based on the volume of their Simon, 100 F Street NE., Washington, whether the information will have
securities transactions. To collect the DC 20549 or send an email to: PRA_ practical utility; (b) the accuracy of the
proper amounts, the Commission Mailbox@sec.gov. agency’s estimate of the burden imposed
adopted Rule 31 and Form R31 under by the collection of information; (c)
Dated: June 2, 2016.
the Exchange Act whereby the SROs ways to enhance the quality, utility, and
must report to the Commission the Brent J. Fields
clarity of the information collected; and
volume of their securities transactions Secretary.
(d) ways to minimize the burden of the
and the Commission, based on those [FR Doc. 2016–13465 Filed 6–7–16; 8:45 am]
collection of information on
data, calculates the amount of fees and BILLING CODE 8011–01–P
respondents, including through the use
assessments that the SROs owe pursuant of automated collection techniques or
to Section 31. Rule 31 and Form R31 other forms of information technology.
require the SROs to provide this data on SECURITIES AND EXCHANGE
Consideration will be given to
a monthly basis. COMMISSION
comments and suggestions submitted in
Currently, there are 23 respondents writing within 60 days of this
under Rule 31: 19 national securities Proposed Collection; Comment
Request publication.
exchanges, one security futures Please direct your written comments
exchange, and one national securities Upon Written Request, Copies Available to Pamela Dyson, Director/Chief
association subject to the collection of From: Securities and Exchange Information Officer, Securities and
information requirements of Rule 31; Commission, Office of FOIA Services, Exchange Commission, c/o Remi Pavlik-
there are additionally two registered 100 F Street NE., Washington, DC Simon, 100 F Street NE., Washington,
clearing agencies that are required to 20549–2736. DC 20549 or send an email to: PRA_
provide certain data in their possession Mailbox@sec.gov.
needed by the SROs to complete Form Extension:
Form D, OMB Control No. 3235–0076, SEC Dated: June 2, 2016.
R31, although these two entities are not File No. 270–072.
themselves required to complete and Brent J. Fields,
submit Form R31. The Commission Notice is hereby given that, pursuant Secretary.
estimates that the total burden for all 23 to the Paperwork Reduction Act of 1995 [FR Doc. 2016–13464 Filed 6–7–16; 8:45 am]
respondents is 390 hours per year. The (44 U.S.C. 3501 et seq.), the Securities BILLING CODE 8011–01–P
Commission notes that, based on and Exchange Commission
previous and current experience, it (‘‘Commission’’) is soliciting comments
estimates an additional three new on the collection of information SECURITIES AND EXCHANGE
national securities exchanges will summarized below. The Commission COMMISSION
become registered and subject to the plans to submit this existing collection
reporting requirements of Rule 31 over of information to the Office of Proposed Collection; Comment
the course of the authorization period Management and Budget for extension Request
and incur a burden of 18 hours per year. and approval.
Form D (17 CFR 239.500) is a notice Upon Written Request Copies Available
Thus, the Commission estimates the From: Securities and Exchange
total burden for the existing and of sales filed by issuers making an
offering of securities in reliance on an Commission, Office of FOIA Services,
expected new respondents to be 408 100 F Street NE., Washington, DC
hours per year. exemption under Regulation D (17 CFR
230.501 et seq.) or Section 4(a)(5) of the 20549–2736.
Written comments are invited on: (a)
Whether the proposed collection of Securities Act of 1933 (15 U.S.C. Extension:
information is necessary for the proper 77d(a)(5)). Regulation D sets forth rules Rule 477, OMB Control No. 3235–0550,
performance of the functions of the governing the limited offer and sale of SEC File No. 270–493.
mstockstill on DSK3G9T082PROD with NOTICES

Commission, including whether the securities without Securities Act Notice is hereby given that, pursuant
information shall have practical utility; registration. The purpose of Form D is to the Paperwork Reduction Act of 1995
(b) the accuracy of the Commission’s to collect empirical data, which (44 U.S.C. 3501 et seq.), the Securities
estimate of the burden of the proposed provides a continuing basis for action by and Exchange Commission
collection of information; (c) ways to the Commission either in terms of (‘‘Commission’’) is soliciting comments
enhance the quality, utility, and clarity amending existing rules and regulations on the collection of information
of the information to be collected; and or proposing new ones. In addition, the summarized below. The Commission

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Federal Register / Vol. 81, No. 110 / Wednesday, June 8, 2016 / Notices 36979

plans to submit this existing collection SECURITIES AND EXCHANGE action); and explain how stress test
of information to the Office of COMMISSION results are used in the governance
Management and Budget for extension process.
[Release No. 34–77982; File No. SR–ICC– ICC states that the stress testing
and approval. 2016–005]
framework helps ICC identify potential
Rule 477 (17 CFR 230.477) under the weaknesses in the risk management
Securities Act of 1933 (15 U.S.C. 77a et Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing of methodology currently used and, as a
seq.) sets forth procedures for result, allows ICC to identify potential
withdrawing a registration statement, Amendment No. 1 and Order
Approving Proposed Rule Change, as model enhancements to the Initial
including any amendments or exhibits Margin and Guaranty Fund models, as
Modified by Amendment No. 1 Thereto,
to the registration statement. The rule well as identify the need to exercise
To Update and Formalize the ICC
provides that if an issuer intends to rely short term remedies based upon specific
Stress Testing Framework
on the safe harbor contained in CP positions and risk of exposure prior
Securities Act Rule 155 to conduct an June 2, 2016. to introduction of model enhancements.
unregistered private offering of ICC represents that during the
I. Introduction
securities, the issuer must affirmatively execution of stress testing, the ICC Risk
state in the withdrawal application that On March 31, 2016, ICE Clear Credit Department (‘‘Risk Department’’)
it plans to undertake a subsequent LLC (‘‘ICC’’ or ‘‘ICE Clear Credit’’) filed applies the standard set of pre-defined
with the Securities and Exchange Stress Test Scenarios against actual
private offering of its securities. Without
Commission (‘‘Commission’’), pursuant portfolios, sample portfolios derived
this statement, the Commission would
to Section 19(b)(1) of the Securities from currently cleared positions, and
not be able to monitor a company’s Exchange Act of 1934 (‘‘Act’’) 1 and Rule
reliance on, and compliance with, expected future portfolios, as
19b–4 thereunder,2 a proposed rule appropriate, to generate hypothetical
Securities Act Rule 155(c). We estimate change to update and formalize ICC’s profits or losses. According to ICC, the
that approximately 327 issuers will file stress testing framework. On April 20, Risk Department compares the
Securities Act Rule 477 submissions 2016 ICC filed Amendment No. 1 to the hypothetical losses to the available
annually at an estimated one hour per proposal.3 The proposed rule change funds from the Initial Margin
response for a total annual burden of was published for comment in the requirements and Guaranty Fund
approximately 327 hours. Federal Register on April 21, 2016.4 contribution related to the selected
Written comments are invited on: (a) The Commission did not receive portfolios. A scenario deficiency is
Whether this proposed collection of comments on the proposed rule change. identified in the event that the
information is necessary for the proper For the reasons discussed below, the hypothetical loss exceeds the protection
performance of the functions of the Commission is approving the proposed provided by the available collateral
agency, including whether the rule change, as modified by Amendment assets and mutualization funds. ICC
No. 1. states that, depending on the
information will have practical utility;
(b) the accuracy of the agency’s estimate II. Description of the Proposed Rule plausibility of the stress scenarios and
of the burden imposed by the collection Change the frequency and severity of any
resulting deficiencies, the Risk
of information; (c) ways to enhance the The principal purpose of the Department may recommend
quality, utility, and clarity of the proposed rule change is to update and enhancements to the risk methodology.
information collected; and (d) ways to formalize ICC’s Stress Testing ICC represents that it utilizes certain
minimize the burden of the collection of Framework, which sets forth the stress predefined scenarios for its stress
information on respondents, including testing practices instituted by ICC. The testing, which fall into three standard
through the use of automated collection framework, according to ICC, is categories: (i) Historically observed
techniques or other forms of information designed to: Articulate the types of extreme but plausible market scenarios;
technology. Consideration will be given stress tests executed and the main (ii) historically observed and
to comments and suggestions submitted purpose of each type of test; describe hypothetically constructed (forward
in writing within 60 days of this how stress tests are conducted; define looking) extreme but plausible market
publication. the actual test scenarios currently scenarios with a baseline credit event;
executed; outline the range of remedial and (iii) extreme model response tests
An agency may not conduct or
actions available (which, depending on (collectively, ‘‘Stress Test Scenarios’’).
sponsor, and a person is not required to the results, may include enhancements ICC states that discordant scenarios (i.e.,
respond to, a collection of information to the risk methodology or certain scenarios under which selected risk
unless it displays a currently valid Clearing Participant (‘‘CP’’) specific factors move in opposite directions;
control number. commonly the behavior deviates from
Please direct your written comments 1 15 U.S.C. 78s(b)(1). historically observed behavior) are
2 17 CFR 240.19b–4.
to Pamela Dyson, Director/Chief applied to certain instruments to
3 ICE Clear Credit filed Amendment No. 1 to
Information Officer, Securities and further revise the Stress Testing Framework to
account for discordant price moves.
Exchange Commission, c/o Remi Pavlik- incorporate language regarding the treatment of ICC asserts that it applies the Stress
Simon, 100 F Street NE., Washington, unrated reference entities for the purposes of Test Scenarios to a variety of portfolios.
DC 20549 or send an email to: PRA_ applying the stress scenarios. Under Amendment Specifically, ICC applies the Stress Test
No. 1, ICC has clarified that unrated reference Scenarios to all currently cleared
mstockstill on DSK3G9T082PROD with NOTICES

Mailbox@sec.gov. entities are treated as non-investment grade entities
with respect to the application of stress scenarios. portfolios. ICC states that its Risk
Dated: June 2, 2016.
Amendment No. 1 is not subject to comment Department may also apply the Stress
Brent J. Fields, because it is a technical, clarifying amendment that Test Scenarios to sample portfolios
Secretary. does not alter the substance of the proposed rule obtained from currently cleared
change or raise any novel regulatory issues.
[FR Doc. 2016–13466 Filed 6–7–16; 8:45 am] 4 Securities Exchange Act Release No. 34–77633 portfolios and may also apply the Stress
BILLING CODE 8011–01–P (April 15, 2016), 81 FR 23531 (April 21, 2016) (SR– Test Scenarios to staff-constructed,
ICC–2016–005). expected future portfolios, as ICC’s Risk

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Document Created: 2016-06-08 03:10:39
Document Modified: 2016-06-08 03:10:39

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 36978