82 FR 3837 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 8 (January 12, 2017)

Page Range		3837-3838
FR Document		2017-00469

Federal Register, Volume 82 Issue 8 (Thursday, January 12, 2017)

[Federal Register Volume 82, Number 8 (Thursday, January 12, 2017)]
[Notices]
[Pages 3837-3838]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-00469]


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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 8c-1; SEC File No. 270-455, OMB Control No. 3235-0514.

    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'') is soliciting comments

[[Page 3838]]

on the existing collection of information provided for in Rule 8c-1 (17 
CFR 240.8c-1), under the Securities Exchange Act of 1934 (``Exchange 
Act'') (15 U.S.C. 78a et seq.). The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    Rule 8c-1 generally prohibits a broker-dealer from using its 
customers' securities as collateral to finance its own trading, 
speculating, or underwriting transactions. More specifically, Rule 8c-1 
states three main principles: (1) A broker-dealer is prohibited from 
commingling the securities of different customers as collateral for a 
loan without the consent of each customer; (2) a broker-dealer cannot 
commingle customers' securities with its own securities under the same 
pledge; and (3) a broker-dealer can only pledge its customers' 
securities to the extent that customers are in debt to the broker-
dealer.\1\
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    \1\ See Exchange Act Release No. 2690 (November 15, 1940); 
Exchange Act Release No. 9428 (December 29, 1971).
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    The information required by Rule 8c-1 is necessary for the 
execution of the Commission's mandate under the Exchange Act to prevent 
broker-dealers from hypothecating or arranging for the hypothecation of 
any securities carried for the account of any customer under certain 
circumstances. In addition, the information required by Rule 8c-1 
provides important investor protections.
    There are approximately 60 respondents as of year-end 2015 (i.e., 
broker-dealers that conducted business with the public, filed Part II 
of the FOCUS Report, did not claim an exemption from the Reserve 
Formula computation, and reported that they had a bank loan during at 
least one quarter of the current year). Each respondent makes an 
estimated 45 annual responses, for an aggregate total of 2,700 
responses per year.\2\ Each response takes approximately 0.5 hours to 
complete. Therefore, the total third-party reporting burden per year is 
1,350 burden hours.\3\
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    \2\ 60 respondents x 45 annual responses = 2,700 aggregate total 
of annual responses.
    \3\ 2,700 responses x 0.5 hours = 1,350 hours.
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    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed 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 under the PRA unless it 
displays a currently valid OMB 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: January 3, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-00469 Filed 1-11-17; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 8 / Thursday, January 12, 2017 / Notices 3837

crafted to take into account suggestions 1, is consistent with the Act. Comments to the 30th day after the publication of
and issues raised by Participants, may be submitted by any of the Amendment No. 1 in the Federal
including to limit the circumstances in following methods: Register. As discussed above,
which those tools may be used, to limit Amendment No.1 clarifies various
Electronic Comments
the adverse impact of such tools on aspects of ICC’s proposal to utilize
netting, regulatory capital, and other • Use the Commission’s Internet reduced gains distributions, as well as
matters, and to consult with Risk comment form (http://www.sec.gov/ its proposal to collect additional initial
Committee in major decisions.31 In rules/sro.shtml); or margin after the cap on replenishments
addition, as described above, the • Send an email to rule-comments@ and assessments to the guaranty fund is
proposed rule change clarifies that ICC’s sec.gov. Please include File Number SR– reached. Amendment No. 1 does not
senior management would not be ICC–2016–013 on the subject line. raise any novel regulatory issues, nor
permitted to invoke emergency Paper Comments does it materially alter the substance of
authority to initiate these recovery tools ICC’s proposed rule changes.
without consulting the Risk Committee, Send paper comments in triplicate to Accordingly, on its own motion, the
if practicable, and obtaining the Board’s Secretary, Securities and Exchange Commission finds good cause for
approval. Commission, 100 F Street NE., approving the proposed rule changes, as
Based on the extensive ex ante Washington, DC 20549–1090. modified by Amendment No. 1, on an
consultation with Participants at the All submissions should refer to File accelerated basis, pursuant to section
proposal development stage and the Number SR–ICC–2016–013. This file 19(b)(2) of the Act.
enhanced governance provisions number should be included on the
subject line if email is used. To help the VII. Conclusion
surrounding ICC’s invoking tools that
impact loss distributions after the Commission process and review your On the basis of the foregoing, the
exhaustion of funded and unfunded comments more efficiently, please use Commission finds that the proposal is
resources, the Commission does not only one method. The Commission will consistent with the requirements of the
believe that the proposed rule change is post all comments on the Commission’s Act and in particular with the
inconsistent with the Act because it Internet Web site (http://www.sec.gov/ requirements of Section 17A of the
does not require ICC to consult with all rules/sro.shtml). Copies of the Act 33 and the rules and regulations
Participants when it invokes loss submission, all subsequent thereunder.
distribution tools. As discussed above, amendments, all written statements It is therefore ordered, pursuant to
the Commission finds that the with respect to the proposed rule Section 19(b)(2) of the Act,34 that the
governance provisions and related change that are filed with the proposed rule changes (File No. SR–
clarification changes as part of the Commission, and all written ICC–2016–013), as modified by
proposed rule change are reasonably communications relating to the Amendment No. 1, be, and hereby is,
designed to establish governance proposed rule change between the approved on an accelerated basis.35
arrangements that are clear and Commission and any person, other than For the Commission, by the Division of
transparent to fulfill the public interest those that may be withheld from the Trading and Markets, pursuant to delegated
and support the objectives of owners public in accordance with the authority.36
and participants, and promote the provisions of 5 U.S.C. 552, will be Eduardo A. Aleman,
effectiveness of the clearing agency’s available for Web site viewing and Assistant Secretary.
risk management procedures, consistent printing in the Commission’s Public [FR Doc. 2017–00491 Filed 1–11–17; 8:45 am]
with the requirements in Section 17A of Reference Room, 100 F Street NE., BILLING CODE 8011–01–P
the Act and Exchange Act Rule 17Ad– Washington, DC 20549, on official
22(d)(8). business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such SECURITIES AND EXCHANGE
V. Solicitation of Comments filings will also be available for COMMISSION
Interested persons are invited to inspection and copying at the principal
submit written data, views, and office of ICE Clear Credit and on ICE Proposed Collection; Comment
arguments concerning the foregoing, Clear Credit’s Web site at https:// Request
including whether the proposed rule www.theice.com/clear-credit/regulation.
Upon Written Request, Copies Available
change, as modified by Amendment No. All comments received will be posted
From: Securities and Exchange
without change; the Commission does
Commission, Office of FOIA Services,
31 See Notice, 81 FR 83914–15. The Commission
not edit personal identifying
also notes that in addition to consulting 100 F Street NE., Washington, DC
information from submissions. You
Participants on the proposed rule change and the 20549–2736
governance surrounding the use of recovery tools, should submit only information that
you wish to make available publicly. All Extension:
ICC also consulted with the customers of
Rule 8c–1; SEC File No. 270–455, OMB
Participants. In particular, ICC discussed the submissions should refer to File Control No. 3235–0514.
proposed rule change individually with members of Number SR–ICC–2016–013 and should
its buy-side advisory committee, which consists of Notice is hereby given that pursuant
customers of Participants. ICC also considered the be submitted on or before February 2,
views of industry groups representing customers of 2017. to the Paperwork Reduction Act of 1995
Participants, both through discussions with (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
members of such groups and through the public VI. Accelerated Approval of Proposed Securities and Exchange Commission
statements and positions of such groups. ICC has Rule Change, as Modified by (‘‘Commission’’) is soliciting comments
mstockstill on DSK3G9T082PROD with NOTICES

taken these views into account and incorporated Amendment No. 1
them into the proposed rule change, including 33 15
limiting the use of reduced gains distributions to The Commission finds good cause, U.S.C. 78q–1.
34 15 U.S.C. 78s(b)(2).
scenarios where all other financial resources of the pursuant to section 19(b)(2) of the Act,32
35 In approving the proposed rule changes, the
clearing house have been exhausted, and moving to approve the proposed rule changes,
the priority of ICC’s contributions in the waterfall Commission considered the proposal’s impact on
such that they are used prior to the guaranty fund as modified by Amendment No. 1, prior efficiency, competition and capital formation. 15
contributions of non-defaulting Participants. See id. U.S.C. 78s(f).
at 83915. 32 15 U.S.C. 78s(b)(2). 36 17 CFR 200.30–3(a)(12).

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Document Created: 2017-03-21 14:40:36
Document Modified: 2017-03-21 14:40:36

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		82 FR 3837