81 FR 71777 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 201 (October 18, 2016)

Page Range		71777-71778
FR Document		2016-25088
Federal Register, Volume 81 Issue 201 (Tuesday, October 18, 2016)
[Federal Register Volume 81, Number 201 (Tuesday, October 18, 2016)]
[Notices]
[Pages 71777-71778]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-25088]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copy Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736.

Extension:
    Rule 0-4 SEC File No. 270-569, OMB Control No. 3235-0633.

    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 (the ``Commission'') has submitted to the Office of 
Management and Budget a request for approval of the collection of 
information discussed below.
    Rule 0-4 (17 CFR 275.0-4) under the Investment Advisers Act of 1940 
(``Act'' or ``Advisers Act'') (15 U.S.C. 80b-1 et seq.) entitled 
``General Requirements of Papers and Applications,'' prescribes general 
instructions for filing an application seeking exemptive relief with 
the Commission. Rule 0-4 currently requires that every application for 
an order for which a form is not specifically prescribed and which is 
executed by a corporation, partnership or other company and filed with 
the Commission contain a statement of the applicable provisions of the 
articles of incorporation, bylaws or similar documents, relating to the 
right of the person signing and filing such application to take such 
action on behalf of the applicant, and a statement that all such 
requirements have been complied with and that the person signing and 
filing the application is fully authorized to do so. If such 
authorization is dependent on resolutions of stockholders, directors, 
or other bodies, such resolutions must be attached as an exhibit to or 
quoted in the application. Any amendment to the application must 
contain a similar statement as to the applicability of the original 
statement of authorization. When any application or amendment is signed 
by an agent or attorney, rule 0-4 requires that the power of attorney 
evidencing his authority to sign shall state the basis for the agent's 
authority and shall be filed with the Commission. Every application 
subject to rule 0-4 must be verified by the person executing the 
application by providing a notarized signature in substantially the 
form specified in the rule. Each application subject to rule 0-4 must 
state the reasons why the applicant is deemed to be entitled to the 
action requested with a reference to the provisions of the Act and 
rules thereunder, the name and address of each applicant, and the name 
and address of any person to whom any questions regarding the 
application should be directed. Rule 0-4 requires that a proposed 
notice of the proceeding initiated by the filing of the application 
accompany each application as an exhibit and, if necessary, be modified 
to reflect any amendment to the application.
    The requirements of rule 0-4 are designed to provide Commission 
staff with the necessary information to assess whether granting the 
orders of exemption are necessary and appropriate in the public 
interest and consistent with the protection of investors and the 
intended purposes of the Act.
    Applicants for orders under the Advisers Act can include registered 
investment advisers, affiliated persons of registered investment 
advisers, and entities seeking to avoid investment adviser status, 
among others. Commission staff estimates that it receives up to 3 
applications per year submitted under rule 0-4 of the Act seeking 
relief from various provisions of the Advisers Act and, in addition, up 
to 9 applications per year submitted under Advisers Act rule 206(4)-5, 
which addresses certain ``pay to play'' practices and also provides the 
Commission the authority to grant applications seeking relief from 
certain of the rule's restrictions. Although each application typically 
is submitted on behalf of multiple applicants, the applicants in the 
vast majority of cases are related entities and are treated as a single 
respondent for purposes of this analysis. Most of the work of preparing 
an application is performed by outside counsel and, therefore, imposes 
no hourly burden on respondents. The cost outside counsel charges 
applicants depends on the complexity of the issues covered by the 
application and the time required. Based on conversations with 
applicants and attorneys, the cost for applications ranges from 
approximately $12,800 for preparing a well-precedented, routine (or 
otherwise less involved) application to approximately $200,000 to 
prepare a complex or novel application. We estimate that the Commission 
receives 1 of the most time-consuming applications annually, 2 
applications of medium difficulty, and 9 of the least difficult 
applications subject to rule 0-4.\1\ This distribution gives a total 
estimated annual cost burden to applicants of filing all applications 
of $402,200 [(1 x $200,000) + (2 x $43,500) + (9 x $12,800)]. The 
estimate of annual cost burden is made solely for the purposes of the 
Paperwork Reduction Act, and is not derived from a comprehensive or 
even representative survey or study of the costs of Commission rules 
and forms.
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    \1\ The estimated 9 least difficult applications include the 
estimated 9 applications per year submitted under Advisers Act rule 
206(4)-5.
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    The requirements of this collection of information are required to 
obtain or retain benefits. Responses will not be kept confidential. 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 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 send an email to: 
[email protected]; and (ii) Pamela Dyson, 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.


[[Page 71778]]


    Dated: October 11, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-25088 Filed 10-17-16; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 81, No. 201 / Tuesday, October 18, 2016 / Notices 71777

the Commission shall either approve the incorporation, bylaws or similar of the rule’s restrictions. Although each
proposed rule change, disapprove the documents, relating to the right of the application typically is submitted on
proposed rule change, or institute person signing and filing such behalf of multiple applicants, the
proceedings to determine whether the application to take such action on behalf applicants in the vast majority of cases
proposed rule change should be of the applicant, and a statement that all are related entities and are treated as a
disapproved. The Commission is such requirements have been complied single respondent for purposes of this
extending this 45-day time period. The with and that the person signing and analysis. Most of the work of preparing
Commission finds that it is appropriate filing the application is fully authorized an application is performed by outside
to designate a longer period within to do so. If such authorization is counsel and, therefore, imposes no
which to take action on the proposed dependent on resolutions of hourly burden on respondents. The cost
rule change so that it has sufficient time stockholders, directors, or other bodies, outside counsel charges applicants
to consider the proposed rule change. such resolutions must be attached as an depends on the complexity of the issues
Accordingly, the Commission, exhibit to or quoted in the application. covered by the application and the time
pursuant to Section 19(b)(2) of the Act,5 Any amendment to the application must required. Based on conversations with
designates November 29, 2016 as the contain a similar statement as to the applicants and attorneys, the cost for
date by which the Commission shall applicability of the original statement of applications ranges from approximately
either approve or disapprove or institute authorization. When any application or
proceedings to determine whether to $12,800 for preparing a well-
amendment is signed by an agent or
disapprove the proposed rule change precedented, routine (or otherwise less
attorney, rule 0–4 requires that the
(File Number SR–Phlx–2016–86). involved) application to approximately
power of attorney evidencing his
authority to sign shall state the basis for $200,000 to prepare a complex or novel
For the Commission, by the Division of application. We estimate that the
Trading and Markets, pursuant to delegated the agent’s authority and shall be filed
authority.6 with the Commission. Every application Commission receives 1 of the most time-
Robert W. Errett, subject to rule 0–4 must be verified by consuming applications annually, 2
the person executing the application by applications of medium difficulty, and 9
Deputy Secretary.
providing a notarized signature in of the least difficult applications subject
[FR Doc. 2016–25086 Filed 10–17–16; 8:45 am]
substantially the form specified in the to rule 0–4.1 This distribution gives a
BILLING CODE 8011–01–P
rule. Each application subject to rule 0– total estimated annual cost burden to
4 must state the reasons why the applicants of filing all applications of
SECURITIES AND EXCHANGE applicant is deemed to be entitled to the $402,200 [(1 × $200,000) + (2 × $43,500)
COMMISSION action requested with a reference to the + (9 × $12,800)]. The estimate of annual
provisions of the Act and rules cost burden is made solely for the
Submission for OMB Review; thereunder, the name and address of purposes of the Paperwork Reduction
Comment Request each applicant, and the name and Act, and is not derived from a
address of any person to whom any comprehensive or even representative
Upon Written Request, Copy Available questions regarding the application survey or study of the costs of
From: Securities and Exchange should be directed. Rule 0–4 requires Commission rules and forms.
Commission, Office of FOIA Services, that a proposed notice of the proceeding
100 F Street NE., Washington, DC The requirements of this collection of
initiated by the filing of the application information are required to obtain or
20549–2736. accompany each application as an retain benefits. Responses will not be
Extension: exhibit and, if necessary, be modified to
Rule 0–4 SEC File No. 270–569, OMB kept confidential. An agency may not
reflect any amendment to the conduct or sponsor, and a person is not
Control No. 3235–0633. application. required to respond to a collection of
Notice is hereby given that pursuant The requirements of rule 0–4 are
information unless it displays a
to the Paperwork Reduction Act of 1995 designed to provide Commission staff
currently valid control number.
(44 U.S.C. 3501 et seq.), the Securities with the necessary information to assess
and Exchange Commission (the whether granting the orders of The public may view the background
‘‘Commission’’) has submitted to the exemption are necessary and documentation for this information
Office of Management and Budget a appropriate in the public interest and collection at the following Web site,
request for approval of the collection of consistent with the protection of www.reginfo.gov. Comments should be
information discussed below. investors and the intended purposes of directed to: (i) Desk Officer for the
Rule 0–4 (17 CFR 275.0–4) under the the Act. Securities and Exchange Commission,
Investment Advisers Act of 1940 (‘‘Act’’ Applicants for orders under the Office of Information and Regulatory
or ‘‘Advisers Act’’) (15 U.S.C. 80b–1 et Advisers Act can include registered Affairs, Office of Management and
seq.) entitled ‘‘General Requirements of investment advisers, affiliated persons Budget, Room 10102, New Executive
Papers and Applications,’’ prescribes of registered investment advisers, and Office Building, Washington, DC 20503,
general instructions for filing an entities seeking to avoid investment or send an email to: Shagufta_Ahmed@
application seeking exemptive relief adviser status, among others. omb.eop.gov; and (ii) Pamela Dyson,
with the Commission. Rule 0–4 Commission staff estimates that it Chief Information Officer, Securities
currently requires that every application receives up to 3 applications per year and Exchange Commission, c/o Remi
for an order for which a form is not submitted under rule 0–4 of the Act Pavlik-Simon, 100 F Street NE.,
specifically prescribed and which is seeking relief from various provisions of Washington, DC 20549, or send an email
Lhorne on DSK30JT082PROD with NOTICES

executed by a corporation, partnership the Advisers Act and, in addition, up to to: PRA_Mailbox@sec.gov. Comments
or other company and filed with the 9 applications per year submitted under must be submitted to OMB within 30
Commission contain a statement of the Advisers Act rule 206(4)–5, which days of this notice.
applicable provisions of the articles of addresses certain ‘‘pay to play’’
practices and also provides the 1 The estimated 9 least difficult applications
5 Id. Commission the authority to grant include the estimated 9 applications per year
6 17 CFR 200.30–3(a)(31). applications seeking relief from certain submitted under Advisers Act rule 206(4)–5.

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71778 Federal Register / Vol. 81, No. 201 / Tuesday, October 18, 2016 / Notices

Dated: October 11, 2016. monthly report summarizing the futures other forms of information technology.
Robert W. Errett, market’s trading of security futures Consideration will be given to
Deputy Secretary. products. The information required to comments and suggestions submitted in
[FR Doc. 2016–25088 Filed 10–17–16; 8:45 am] be filed with the Commission pursuant writing within 60 days of this
BILLING CODE 8011–01–P to Rule 6a–4 is designed to enable the publication.
Commission to carry out its statutorily An agency may not conduct or
mandated oversight functions and to sponsor, and a person is not required to
SECURITIES AND EXCHANGE ensure that registered and exempt respond to, a collection of information
COMMISSION exchanges continue to be in compliance under the PRA unless it displays a
with the Act. currently valid OMB control number.
Proposed Collection; Comment The respondents to the collection of Please direct your written comments
Request information are futures markets. to: Pamela Dyson, Director/Chief
The Commission estimates that the Information Officer, Securities and
Upon Written Request, Copies Available total annual burden for all respondents
From: Securities and Exchange Exchange Commission, c/o Remi Pavlik-
to provide ad hoc amendments 4 to keep Simon, 100 F Street NE., Washington,
Commission, Office of FOIA Services, the Form 1–N accurate and up to date
100 F Street NE., Washington, DC DC 20549 or send an email to: PRA_
as required under Rule 6a–4 would be Mailbox@sec.gov.
20549–2736. 60 hours (15 hours/respondent per year
Dated: October 12, 2016.
Extension: × 4 respondents 5) and $400 of
Rule 6a–4, Form 1–N; SEC File No. 270– miscellaneous clerical expenses. The Robert W. Errett,
496, OMB Control No. 3235–0554. Commission estimates that the total Deputy Secretary.
Notice is hereby given that pursuant annual burden for all respondents to [FR Doc. 2016–25089 Filed 10–17–16; 8:45 am]
to the Paperwork Reduction Act of 1995 provide annual and three-year BILLING CODE 8011–01–P
(44 U.S.C. 3501 et seq.), the Securities amendments 6 under Rule 6a–4 would
and Exchange Commission be 88 hours (22 hours/respondent per
(‘‘Commission’’) is soliciting comments year × 4 respondents) and $576 ($144 SECURITIES AND EXCHANGE
on the collection of information per year × 4 respondents 7). The COMMISSION
provided for in Rule 6a–4 and Form 1– Commission estimates that the total [Release No. 34–79084; File No. SR–
N, summarized below. The Commission annual burden for the filing of the BatsBZX–2016–30]
plans to submit this existing collection supplemental information 8 and the
of information to the Office of monthly reports required under Rule Self-Regulatory Organizations; Bats
Management and Budget for extension 6a–4 would be 24 hours (6 hours/ BZX Exchange, Inc.; Order Instituting
and approval. The Code of Federal respondent per year × 4 respondents 9) Proceedings To Determine Whether To
Regulation citation to this collection of and $240 of miscellaneous clerical Approve or Disapprove a Proposed
information is 17 CFR 240.6a–4 and 17 expenses. Thus, the Commission Rule Change to BZX Rule 14.11(e)(4),
CFR 249.10 under the Securities estimates the total annual burden for Commodity-Based Trust Shares, To
Exchange Act of 1934 (15 U.S.C. 78a et complying with Rule 6a–4 is 172 hours List and Trade Winklevoss Bitcoin
seq.) (the ‘‘Act’’). and $1216 in miscellaneous clerical Shares Issued by the Winklevoss
Section 6 of the Act 1 sets out a expenses. Bitcoin Trust
framework for the registration and Compliance with Rule 6a–4 is
regulation of national securities October 12, 2016.
mandatory. Information received in
exchanges. Under the Commodity response to Rule 6a–4 shall not be kept On June 30, 2016, Bats BZX Exchange,
Futures Modernization Act of 2000, a confidential; the information collected Inc. (‘‘BZX’’ or ‘‘Exchange’’) filed with
futures market may trade security is public information. the Securities and Exchange
futures products by registering as a Written comments are invited on: (a) Commission (‘‘Commission’’), pursuant
national securities exchange. Rule 6a– Whether the proposed collection of to Section 19(b)(1) of the Securities
4 2 sets forth these registration information is necessary for the proper Exchange Act of 1934 (‘‘Act’’) 1 and Rule
procedures and directs futures markets performance of the functions of the 19b–4 thereunder,2 a proposed rule
to submit a notice registration on Form agency, including whether the change to list and trade Winklevoss
1–N.3 Form 1–N calls for information information shall have practical utility; Bitcoin Shares (‘‘Shares’’) issued by the
regarding how the futures market (b) the accuracy of the agency’s estimate Winklevoss Bitcoin Trust (‘‘Trust’’)
operates, its rules and procedures, of the burden of the proposed collection under BZX Rule 14.11(e)(4). The
corporate governance, its criteria for of information; (c) ways to enhance the proposed rule change was published for
membership, its subsidiaries and quality, utility, and clarity of the comment in the Federal Register on July
affiliates, and the security futures information to be collected; and (d) 14, 2016.3
products it intends to trade. Rule 6a–4 ways to minimize the burden of the The Commission has received six
also requires entities that have collection of information on comment letters on the proposed rule
submitted an initial Form 1–N to file: (1) respondents, including through the use change.4 On August 23, 2016, pursuant
Amendments to Form 1–N in the event of automated collection techniques or 1 15 U.S.C. 78s(b)(1).
of material changes to the information 2 17 CFR 240.19b–4.
provided in the initial Form 1–N; (2) 4 17 CFR 240.6a–4(b)(1). 3 See Securities Exchange Act Release No. 78262
periodic updates of certain information 5 The Commission estimates that four exchanges (Jul. 8, 2016), 81 FR 45554 (‘‘Notice’’).
Lhorne on DSK30JT082PROD with NOTICES

provided in the initial Form 1–N; (3) will file amendments with the Commission in order 4 See Letters from Robert D. Miller, VP Technical
to keep their Form 1–N current.
certain information that is provided to 6 17 CFR 240.6a–4(b)(3) and (4).
Services, RKL eSolutions (July 11, 2016) (‘‘Miller
the futures market’s members; and (4) a Letter’’); Jorge Stolfi, Full Professor, Institute of
7 The Commission notes that while there are
Computing UNICAMP (July 13, 2016) (‘‘Stolfi
currently five Security Futures Product Exchanges, Letter’’); Guillaume Lethuillier (July 26, 2016)
1 15 U.S.C. 78f. one of those exchanges, NQLX, is dormant. (‘‘Lethuillier Letter’’); Michael B. Casey (July 31,
2 17 CFR 240.6a–4. 8 17 CFR 240.6a–4(c).
2016) (‘‘Casey Letter’’); Erik A. Aronesty, Sr.
3 17 CFR 249.10. 9 See supra footnote 7. Software Engineer, Bloomberg LP (Aug. 2, 2016)

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Document Created: 2016-10-17 23:52:32
Document Modified: 2016-10-17 23:52:32
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 71777