82_FR_13582 82 FR 13535 - Submission for OMB Review; Comment Request

82 FR 13535 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 47 (March 13, 2017)

Page Range13535-13536
FR Document2017-04867

Federal Register, Volume 82 Issue 47 (Monday, March 13, 2017) 
[Federal Register Volume 82, Number 47 (Monday, March 13, 2017)]
[Notices]
[Pages 13535-13536]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-04867]


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SECURITIES AND EXCHANGE COMMISSION

[Extension: Rule 104; SEC File No. 270-411, OMB Control No. 3235-0465]


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.

    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 104 
of Regulation M (17 CFR 242.104), under the Securities Exchange Act of 
1934 (15 U.S.C. 78a et seq.).
    Rule 104 permits stabilizing by a distribution participant during a 
distribution so long as the distribution participant discloses 
information to the market and investors. This rule requires disclosure 
in offering materials of the potential stabilizing transactions and 
that the distribution participant inform the market when a stabilizing 
bid is made. It also requires the distribution participants (i.e., the 
syndicate manager) to maintain information regarding syndicate covering 
transactions and penalty bids and disclose such information to the 
Self-Regulatory Organization.
    There are approximately 848 respondents per year that require an 
aggregate total of 170 hours to comply with this rule. Each respondent 
makes an estimated 1 annual response. Each response takes approximately 
0.20 hours (12 minutes) to complete. Thus, the total compliance burden 
per year is 170 hours. The total internal labor cost of compliance for 
the respondents is approximately $11,050.00 per year, resulting in an 
internal cost of compliance of about $13.03 (i.e., $11,050.00/848 
responses) per response.
    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

[[Page 13536]]

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, c/o Remi Pavlik-Simon, 100 F 
Street NE., Washington, DC 20549 or by sending an email to: 
[email protected]. Comments must be submitted within 30 days of this 
notice.

    Dated: March 8, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-04867 Filed 3-10-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 47 / Monday, March 13, 2017 / Notices 13535 beneficially owned by not more than Family Office Rule) that are Family SECURITIES AND EXCHANGE 100 persons and which is not making Clients. COMMISSION and does not presently propose to make 3. Applicant will not have as an a public offering of its securities. [Extension: Rule 104; SEC File No. 270– investment adviser any investment 411, OMB Control No. 3235–0465] Applicant submits that the descendants adviser other than (i) a Commission- of J.A. Jeffrey are numerous and Submission for OMB Review; registered investment adviser, (ii) a Applicant does not wish to exclude any ‘‘family office’’ as defined in the Family Comment Request Family Member from investing in Applicant. Office Rule or (iii) an entity that has Upon Written Request, Copies Available 3. Applicant submits that the obtained an order from the Commission From: Securities and Exchange exemption requested is necessary and declaring it to be a person not within Commission, Office of FOIA Services, appropriate in the public interest and the intent of the Advisers Act to the 100 F Street NE., Washington, DC consistent with the protection of extent that it cannot satisfy all of the 20549–2736. investors and the purposes fairly conditions to be a ‘‘family office’’, as Notice is hereby given that pursuant intended by the policy and provisions of defined in the Family Office Rule. to the Paperwork Reduction Act of 1995 the Act. Applicant further submits that 4. A majority of the Board will consist (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the the exemption requested is consistent of Family Members; provided, however, Securities and Exchange Commission with relief granted by the Commission that if by reason of the death, (‘‘Commission’’) has submitted to the to other private investment companies Office of Management and Budget disqualification or bona fide resignation that have more than 100 beneficial of any director or directors, a majority (‘‘OMB’’) a request for approval of owners and that are substantially owned of the directors are not Family Members, extension of the previously approved and controlled by a single family. 4. Applicant submits that one of the the vacancy or vacancies will be filled collection of information provided for in key purposes of the Act is to ensure that in order to reestablish such majority Rule 104 of Regulation M (17 CFR every investment company properly within 90 days (consistent with Act 242.104), under the Securities Exchange identifies and mitigates conflicts of Rule 10e–1(a) under the Act). Act of 1934 (15 U.S.C. 78a et seq.). interest and legal, compliance, financial, Rule 104 permits stabilizing by a 5. Applicant will continue to hold distribution participant during a and operational risks. Applicant annual meetings of its investors for the submits that the Board’s structure and distribution so long as the distribution purpose of electing Board members and participant discloses information to the practice, including its review of transacting such other business as may compliance with legal and regulatory market and investors. This rule requires properly come before such meetings. disclosure in offering materials of the requirements, evaluation of operational risk management processes, 6. The Board will meet no less potential stabilizing transactions and establishment of a Code of Ethics frequently than quarterly to review that the distribution participant inform (addressing, among other things, Applicant’s investment portfolio to the market when a stabilizing bid is conflicts of interest) and provision of review compliance with all applicable made. It also requires the distribution periodic reports to investors, are investment restrictions and policies. participants (i.e., the syndicate manager) designed to protect Applicant’s to maintain information regarding 7. Applicant will not knowingly make syndicate covering transactions and investors. Applicant submits that available to any broker or dealer Applicant’s ‘‘co-op’’ style, where no penalty bids and disclose such registered under the Securities information to the Self-Regulatory money is taken off the top for Exchange Act of 1934, as amended, any management (i.e., management does not Organization. financial information concerning There are approximately 848 receive a carried interest or other share Applicant for the purpose of knowingly of profits), no performance fees are paid, respondents per year that require an enabling such broker or dealer to initiate aggregate total of 170 hours to comply and management’s incentives otherwise any regular trading market in any with this rule. Each respondent makes are aligned with clients, provides interests in Applicant. an estimated 1 annual response. Each further protection. Applicant represents that its efforts to mitigate conflicts of 8. Applicant will provide each response takes approximately 0.20 interest are at least as robust as those the investor in Applicant annual financial hours (12 minutes) to complete. Thus, Commission historically has required in statements audited by an independent the total compliance burden per year is similar exemptive relief. public accountant. 170 hours. The total internal labor cost of compliance for the respondents is Applicant’s Conditions 9. Applicant will comply with the approximately $11,050.00 per year, provisions set forth in subparagraphs resulting in an internal cost of Applicant agrees that the order of the Commission granting the requested (A)(i) and (B)(i) of Section 12(d)(1) of compliance of about $13.03 (i.e., relief shall be subject to the following the Act as if Applicant were an $11,050.00/848 responses) per response. conditions, which conditions shall investment company relying on the An agency may not conduct or continue for so long as Applicant seeks exemption set forth in Section 3(c)(1) of sponsor, and a person is not required to to rely on such relief: the Act. respond to, a collection of information 1. Interests in Applicant have not For the Commission, by the Division of under the PRA unless it displays a been and will not be offered or sold to Investment Management, under delegated currently valid OMB control number. the public. Applicant will neither admit The public may view background mstockstill on DSK3G9T082PROD with NOTICES authority. as a new investor, nor permit the Eduardo A. Aleman, documentation for this information assignment or transfer of any interest in collection at the following Web site: Assistant Secretary. Applicant to, any individual or entity www.reginfo.gov. Comments should be [FR Doc. 2017–04813 Filed 3–10–17; 8:45 am] directed to: (i) Desk Officer for the that is not a Family Client. 2. Applicant at all times will be BILLING CODE 8011–01–P Securities and Exchange Commission, controlled by Family Members and/or Office of Information and Regulatory ‘‘family entities’’ (as defined under the Affairs, Office of Management and VerDate Sep<11>2014 17:49 Mar 10, 2017 Jkt 241001 PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 E:\FR\FM\13MRN1.SGM 13MRN1

13536 Federal Register / Vol. 82, No. 47 / Monday, March 13, 2017 / Notices Budget, Room 10102, New Executive 2017, the Exchange filed Amendment pursuant to Rule 19b–4(e) under the Act Office Building, Washington, DC 20503 No. 2 to the proposed rule change.6 The (‘‘generically-listed products’’) and or by sending an email to: Shagufta_ Commission received nine comment products listed pursuant to proposed Ahmed@omb.eop.gov; and (ii) Pamela letters on the proposed rule change.7 rule changes filed with the Commission Dyson, Director/Chief Information The Commission is publishing this (‘‘non-generically-listed products’’).8 Officer, c/o Remi Pavlik-Simon, 100 F notice to solicit comments on The Exchange also proposes to amend Street NE., Washington, DC 20549 or by Amendment Nos. 1 and 2 from Rule 14.11(a) to specify issuer sending an email to: PRA_Mailbox@ interested persons, and is approving the notification requirements related to sec.gov. Comments must be submitted proposed rule change, as modified by failures to comply with continued within 30 days of this notice. Amendment Nos. 1 and 2, on an listing requirements. Specifically, the Dated: March 8, 2017. accelerated basis. Exchange proposes to amend Rule Eduardo A. Aleman, 14.11(a) to require a company with II. Description of the Proposed Rule Assistant Secretary. securities listed under Rule 14.11 to Change, as Modified by Amendment promptly notify the Exchange after the [FR Doc. 2017–04867 Filed 3–10–17; 8:45 am] Nos. 1 and 2 company becomes aware of any non- BILLING CODE 8011–01–P The Exchange proposes to amend compliance by the company with the Rule 14.11 to specify continued listing requirements of the rule. As proposed, SECURITIES AND EXCHANGE requirements for products listed under the Exchange would initiate delisting COMMISSION that rule, which include products listed proceedings for a product listed under Rule 14.11 if any of its continued listing [Release No. 34–80169; File No. SR– securities listed under Rule 14.11 to provide the requirements (including those set forth BatsBZX–2016–80] Exchange with prompt notification if the Company (rather than an Executive Officer of the Company) in an Exchange Rule and those set forth Self-Regulatory Organizations; Bats becomes aware of its non-compliance with the in an applicable proposed rule change) BZX Exchange, Inc.; Notice of Filing of requirements of Rule 14.11; (ii) further amended is not continuously maintained.9 Rule 14.11 to reflect that certain listing The Exchange also proposes to amend Amendment Nos. 1 and 2 and Order requirements apply on an initial and ongoing basis; Granting Accelerated Approval of a (iii) further amended Rule 14.11 to consistently Rule 14.12 to specify the delisting Proposed Rule Change, as Modified by state that the Exchange will initiate delisting procedures for products listed under Amendment Nos. 1 and 2, Relating to proceedings if continued listing requirements are Rule 14.11. Under proposed Rule not maintained; (iv) further amended Rule 14.11 to 14.12(f)(2)(A), unless the company is BZX Rule 14.11, Other Securities, and provide that the Exchange would initiate delisting BZX Rule 14.12, Failure To Meet Listing proceedings due to an interruption to the currently under review by an Standards dissemination of index, reference asset, or intraday Adjudicatory Body for a Staff Delisting indicative values (as applicable to the product) only Determination, the Listing March 7, 2017. if the interruption persists past the trading day in Qualifications Department may accept which it occurred; (v) further amended Rule 14.11 I. Introduction to consistently state that the Exchange will and review a plan to regain compliance implement and maintain surveillance procedures when the company fails to meet a On November 18, 2016, Bats BZX for the applicable product; and (vi) made other continued listing requirement contained Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’) technical, clarifying, and conforming changes in Rule 14.11. Under the proposed rule, filed with the Securities and Exchange throughout Rule 14.11. Amendment No. 1 is the company would be required to Commission (‘‘Commission’’), pursuant available at https://www.sec.gov/comments/sr- batsbzx-2016-80/batsbzx201680-1610929- submit its compliance plan within 45 to Section 19(b)(1) of the Securities 135984.pdf. calendar days of the Exchange staff’s Exchange Act of 1934 (‘‘Act’’) 1 and Rule 6 In Amendment No. 2, the Exchange specified notification of deficiencies. 19b–4 thereunder,2 a proposed rule the implementation date for the proposed rule Finally, the Exchange proposes to change to amend BZX Rule (‘‘Rule’’) change and made clarifying and technical changes. Amendment No. 2 is available at https:// make conforming and technical changes 14.11 to add specific continued listing www.sec.gov/comments/sr-batsbzx-2016-80/ throughout Rule 14.11 to maintain standards for exchange-traded products batsbzx201680-1610934-135985.pdf. consistency in its rules. For example, (‘‘ETPs’’) and to amend Rule 14.12 to 7 See Letters to Brent J. Fields, Secretary, the Exchange proposes to consistently specify the delisting procedures for Commission, from David W. Blass, General Counsel, Investment Company Institute, dated use the language ‘‘initiate delisting these products. The proposed rule January 12, 2017 (‘‘ICI Letter’’); Anna Paglia, Head proceedings pursuant to Rule 14.12’’ change was published for comment in of Legal, Invesco PowerShares Capital Management when describing the delisting the Federal Register on December 7, LLC, dated February 10, 2017 (‘‘PowerShares procedures for a product that fails to 2016.3 On January 18, 2017, the Letter’’); Steven Price, SVP, Director of Distribution Services and Chief Compliance Officer, ALPS meet continued listing requirements; 10 Commission designated a longer period Distributors, Inc., ALPS Portfolio Solutions consistently state that, if the index that within which to approve the proposed Distributor, Inc., dated February 10, 2017 (‘‘ALPS underlies a series of Portfolio rule change, disapprove the proposed Letter’’); James E. Ross, Executive Vice President rule change, or institute proceedings to Depository Receipts or Index Fund and Chairman, Global SPDR Business, State Street determine whether to approve or Global Advisors, dated February 13, 2017 (‘‘SSGA Shares is maintained by a broker-dealer disapprove the proposed rule change.4 Letter’’); Samara Cohen, Managing Director, U.S. or fund advisor, the index shall be On March 1, 2017, the Exchange filed Head of iShares Capital Markets, Joanne Medero, calculated by a third party who is not Managing Director, Government Relations & Public Amendment No. 1 to the proposed rule Policy, and Deepa Damre, Managing Director, Legal 8 See infra notes 33–35 and accompanying text. change, which amended and replaced & Compliance, BlackRock, Inc., dated February 14, 9 Unlike 2017 (‘‘BlackRock Letter’’); Peter K. Ewing, Senior failures to comply with other continued the original proposal.5 On March 3, listing requirements, if there is an interruption to Vice President, Northern Trust Investments, Inc., mstockstill on DSK3G9T082PROD with NOTICES dated February 14, 2017 (‘‘NTI Letter’’); Ryan the dissemination of the reference asset, index, or 1 15 U.S.C. 78s(b)(1). Louvar, General Counsel, WisdomTree Asset intraday indicative values for a listed product, the 2 17 CFR 240.19b–4. Management, Inc., dated February 15, 2017 Exchange would initiate delisting proceedings 3 See Securities Exchange Act Release No. 79450 under Rule 14.12 only if the interruption persists (‘‘WisdomTree Letter’’); Kevin McCarthy, Senior (December 1, 2016), 81 FR 88284. Managing Director, Nuveen Fund Advisors, LLC, past the trading day in which it occurred. See, e.g., 4 See Securities Exchange Act Release No. 79839, dated February 15, 2017 (‘‘Nuveen Letter’’); and proposed changes to Rules 14.11(b)(9)(B)(i)(b) and 82 FR 8452 (January 25, 2017). Matthew B. Farber, Assistant General Counsel, First (e), and 14.11(c)(9)(B)(i)(b) and (e). 5 In Amendment No. 1, the Exchange: (i) Further Trust Advisors L.P., dated February 23, 2017 (‘‘First 10 See, e.g., proposed changes to Rules amended Rule 14.11(a) to require a Company with Trust Letter’’). 14.11(b)(9)(B)(i) and 14.11(c)(9)(B)(i). VerDate Sep<11>2014 17:49 Mar 10, 2017 Jkt 241001 PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 E:\FR\FM\13MRN1.SGM 13MRN1


Document Created: 2018-02-01 14:58:06
Document Modified: 2018-02-01 14:58:06
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 Citation82 FR 13535 
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