82 FR 39142 - Submission for OMB Review; Comment Request
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 158 (August 17, 2017)
Federal Register Volume 82, Issue 158 (August 17, 2017)
| Page Range | 39142-39143 | |
| FR Document | 2017-17405 |
[Federal Register Volume 82, Number 158 (Thursday, August 17, 2017)] [Notices] [Pages 39142-39143] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-17405] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270-495, OMB Control No. 3235-0553] Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F St. NE., Washington, DC 20549-2736 Extension: Rule 19b-7 and Form 19b-7 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq. ``PRA''), the Securities and Exchange Commission (``SEC'' or ``Commission'') has submitted to the Office of Management and Budget (``OMB'') a request for approval of extension of the existing collection of information provided for in Rule 19b-7 (17 CFR 240.19b-7) and Form 19b-7-Filings with respect to proposed rule changes submitted pursuant to Section 19b(7) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange Act''). The Exchange Act provides a framework for self-regulation under which various entities involved in the securities business, including national securities exchanges and national securities associations (collectively, self-regulatory organizations or ``SROs''), have primary responsibility for regulating their members or participants. The role of the Commission in this framework is primarily one of oversight; the Exchange Act charges the Commission with supervising the SROs and assuring that each complies with and advances the policies of the Exchange Act. The Exchange Act was amended by the Commodity Futures Modernization Act of 2000 (``CFMA''). Prior to the CFMA, federal law did not allow the trading of futures on individual stocks or on narrow-based stock indexes (collectively, ``security futures products''). The CFMA removed this restriction and provided that trading in security futures products would be regulated jointly by the Commission and the Commodity Futures Trading Commission (``CFTC''). The Exchange Act requires all SROs to submit to the SEC any proposals to amend, add, or delete any of their rules. Certain entities (Security Futures Product Exchanges) would be notice registered national securities exchanges only because they trade security futures products. Similarly, certain entities (Limited Purpose National Securities Associations) would be limited purpose national securities associations only because their members trade security futures products. The Exchange Act, as amended by the CFMA, established a procedure for Security Futures Product Exchanges and Limited Purpose National Securities Associations to provide notice of proposed rule changes relating to certain matters.\1\ Rule 19b-7 and Form 19b-7 implemented this procedure. Effective April 28, 2008, the SEC amended Rule 19b-7 and Form 19b-7 to require that Form 19b-7 be submitted electronically.\2\ --------------------------------------------------------------------------- \1\ These matters are higher margin levels, fraud or manipulation, recordkeeping, reporting, listing standards, or decimal pricing for security futures products; sales practices for security futures products for persons who effect transactions in security futures products; or rules effectuating the obligation of Security Futures Product Exchanges and Limited Purpose National Securities Associations to enforce the securities laws. See 15 U.S.C. 78s(b)(7)(A). \2\ See Securities Exchange Act Release No. 57526 (March 19, 2008), 73 FR 16179 (March 27, 2008). --------------------------------------------------------------------------- The collection of information is designed to provide the Commission with the information necessary to determine, as required by the Exchange Act, whether the proposed rule change is consistent with the Exchange Act and the rules thereunder. The information is used to determine if the proposed rule change should remain in effect or abrogated. The respondents to the collection of information are SROs. Three respondents file an average total of approximately 3 responses per year.\3\ Each response takes approximately 12.5 hours to complete and each amendment takes approximately 3 hours to complete, which correspond to an estimated annual response burden of 37.5 hours ((3 rule change proposals x 12.5 hours) + (0 amendments \4\ x 3 hours)). The average internal cost of compliance per response is $4,761 (11.5 legal hours multiplied by an average hourly rate of $396 \5\ plus 1 hour of paralegal work [[Page 39143]] multiplied by an average hourly rate of $207 \6\). The total resulting internal cost of compliance for a respondent is $14,283 per year (3 responses x $4,761 per response). --------------------------------------------------------------------------- \3\ There are currently four Security Futures Product Exchanges and one Limited Purpose National Securities Association, the National Futures Authority. However, two Security Futures Product Exchanges currently do not trade security futures products and, as a result, have not been filing proposed rule changes. Therefore, there are currently three respondents to Form 19b-7. \4\ SEC staff notes that even though no amendments were received in the previous three years and that staff does not anticipate the receipt of any amendments, calculation of amendments is a separate step in the calculation of the PRA burden and it is possible that amendments are filed in the future. Therefore, instead of removing the calculation altogether, staff has shown the calculation as anticipating zero amendments. \5\ The $396 per hour figure for an Attorney is from SIFMA's Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for inflation and an 1800- hour work-year and then multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. \6\ The $207 per hour figure for a Paralegal is from SIFMA's Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for inflation and an 1800- hour work-year and then multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. --------------------------------------------------------------------------- In addition to filing its proposed rule changes, and any amendments thereto, with the Commission, a respondent is also required to post each of its proposals and any amendments thereto, on its Web site. This process takes approximately 0.5 hours to complete per proposal and 0.5 hours per amendment. Thus, for the approximately 3 responses and 0 amendments,\7\ the total annual reporting burden on a respondent to post these on its Web site is 1.5 hours ((3 proposals per year x 0.5 hours per filing) + (0 amendments x 0.5 hours)). Further, a respondent is required to update its rulebook, which it maintains on its Web site, to reflect the changes that it makes in each proposal and any amendment thereto. Thus, for all filings that were not withdrawn by a respondent (0 withdrawn filings in calendar years 2014-2016) or disapproved by the Commission (0 disapproved filings in calendar years 2014-2016), a respondent was required to update its online rulebook to reflect the effectiveness of 3 filings on average, each of which takes approximately 4 hours to complete per proposal. Thus, the total annual reporting burden for updating an online rulebook is 12 hours ((3 filings per year--0 withdrawn filings--0 disapproved filings) x 4 hours). --------------------------------------------------------------------------- \7\ See supra note 4. --------------------------------------------------------------------------- Compliance with Rule 19b-7 is mandatory. Information received in response to Rule 19b-7 is not kept confidential; the information collected is public information. 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 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 by sending an email to: [email protected]. Comments must be submitted to OMB within 30 days of this notice. Dated: August 14, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-17405 Filed 8-16-17; 8:45 am] BILLING CODE 8011-01-P
![39142 Federal Register / Vol. 82, No. 158 / Thursday, August 17, 2017 / Notices
proximity to a facility or site. With FOR FURTHER INFORMATION CONTACT: Commodity Futures Trading Commission
respect to copyrighted works, except for Elizabeth A. Reed, 202–268–3179. (‘‘CFTC’’).
limited excerpts that serve the purpose The Exchange Act requires all SROs to
SUPPLEMENTARY INFORMATION: The submit to the SEC any proposals to amend,
of the adjudicatory filings and would United States Postal Service® hereby add, or delete any of their rules. Certain
constitute a Fair Use application, gives notice that, pursuant to 39 U.S.C. entities (Security Futures Product Exchanges)
participants are requested not to include 3642 and 3632(b)(3), on August 9, 2017, would be notice registered national securities
copyrighted materials in their it filed with the Postal Regulatory exchanges only because they trade security
submission. Commission a Request of the United futures products. Similarly, certain entities
The Commission will issue a notice or States Postal Service to Add Priority (Limited Purpose National Securities
order granting or denying a hearing Associations) would be limited purpose
Mail Contract 340 to Competitive
request or intervention petition, national securities associations only because
Product List. Documents are available at their members trade security futures
designating the issues for any hearing www.prc.gov, Docket Nos. MC2017–169, products. The Exchange Act, as amended by
that will be held and designating the CP2017–262. the CFMA, established a procedure for
Presiding Officer. A notice granting a Security Futures Product Exchanges and
hearing will be published in the Federal Stanley F. Mires,
Limited Purpose National Securities
Register and served on the parties to the Attorney, Federal Compliance. Associations to provide notice of proposed
hearing. [FR Doc. 2017–17350 Filed 8–16–17; 8:45 am] rule changes relating to certain matters.1 Rule
For further details with respect to this BILLING CODE 7710–12–P 19b–7 and Form 19b–7 implemented this
application, see the application dated procedure. Effective April 28, 2008, the SEC
amended Rule 19b–7 and Form 19b–7 to
July 24, 2017.
require that Form 19b–7 be submitted
SECURITIES AND EXCHANGE electronically.2
VI. Access to Sensitive Unclassified COMMISSION The collection of information is designed
Non-Safeguards Information for to provide the Commission with the
[SEC File No. 270–495, OMB Control No. information necessary to determine, as
Contention Preparation 3235–0553] required by the Exchange Act, whether the
Any person who desires access to proposed rule change is consistent with the
proprietary, confidential commercial Submission for OMB Review; Exchange Act and the rules thereunder. The
information that has been redacted from Comment Request information is used to determine if the
proposed rule change should remain in effect
the application should contact the Upon Written Request, Copies Available or abrogated.
applicants by telephoning David P. From: Securities and Exchange The respondents to the collection of
Helker, Exelon Corporation, at 610–765– Commission, Office of FOIA Services, information are SROs. Three respondents file
5525 for the purpose of negotiating a 100 F St. NE., Washington, DC 20549– an average total of approximately 3 responses
confidentiality agreement or a proposed 2736 per year.3 Each response takes approximately
protective order with the applicants. If 12.5 hours to complete and each amendment
no agreement can be reached, persons Extension: takes approximately 3 hours to complete,
Rule 19b–7 and Form 19b–7 which correspond to an estimated annual
who desire access to this information
may file a motion with the Secretary Notice is hereby given that pursuant to the response burden of 37.5 hours ((3 rule change
and addressed to the Commission that Paperwork Reduction Act of 1995 (44 U.S.C. proposals × 12.5 hours) + (0 amendments 4 ×
3501 et seq. ‘‘PRA’’), the Securities and 3 hours)). The average internal cost of
requests the issuance of a protective compliance per response is $4,761 (11.5 legal
Exchange Commission (‘‘SEC’’ or
order. ‘‘Commission’’) has submitted to the Office of hours multiplied by an average hourly rate of
Dated at Rockville, Maryland, this 14th day Management and Budget (‘‘OMB’’) a request $396 5 plus 1 hour of paralegal work
of August, 2017. for approval of extension of the existing
For the Nuclear Regulatory Commission. collection of information provided for in 1 These matters are higher margin levels, fraud or
Rule 19b–7 (17 CFR 240.19b–7) and Form manipulation, recordkeeping, reporting, listing
Booma Venkataraman, standards, or decimal pricing for security futures
19b–7–Filings with respect to proposed rule
Project Manager, Plant Licensing Branch I, changes submitted pursuant to Section 19b(7) products; sales practices for security futures
Division of Operator Reactor Licensing, Office products for persons who effect transactions in
under the Securities Exchange Act of 1934 security futures products; or rules effectuating the
of Nuclear Reactor Regulation. (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). obligation of Security Futures Product Exchanges
[FR Doc. 2017–17403 Filed 8–16–17; 8:45 am] The Exchange Act provides a framework and Limited Purpose National Securities
BILLING CODE P7590–01–P for self-regulation under which various Associations to enforce the securities laws. See 15
entities involved in the securities business, U.S.C. 78s(b)(7)(A).
including national securities exchanges and 2 See Securities Exchange Act Release No. 57526
national securities associations (collectively, (March 19, 2008), 73 FR 16179 (March 27, 2008).
POSTAL SERVICE self-regulatory organizations or ‘‘SROs’’), 3 There are currently four Security Futures
have primary responsibility for regulating Product Exchanges and one Limited Purpose
Product Change—Priority Mail their members or participants. The role of the National Securities Association, the National
Negotiated Service Agreement Futures Authority. However, two Security Futures
Commission in this framework is primarily Product Exchanges currently do not trade security
one of oversight; the Exchange Act charges futures products and, as a result, have not been
AGENCY: Postal ServiceTM. the Commission with supervising the SROs filing proposed rule changes. Therefore, there are
ACTION: Notice. and assuring that each complies with and currently three respondents to Form 19b–7.
advances the policies of the Exchange Act. 4 SEC staff notes that even though no
SUMMARY: The Postal Service gives The Exchange Act was amended by the amendments were received in the previous three
notice of filing a request with the Postal Commodity Futures Modernization Act of years and that staff does not anticipate the receipt
sradovich on DSK3GMQ082PROD with NOTICES
Regulatory Commission to add a 2000 (‘‘CFMA’’). Prior to the CFMA, federal of any amendments, calculation of amendments is
law did not allow the trading of futures on a separate step in the calculation of the PRA burden
domestic shipping services contract to and it is possible that amendments are filed in the
the list of Negotiated Service individual stocks or on narrow-based stock future. Therefore, instead of removing the
Agreements in the Mail Classification indexes (collectively, ‘‘security futures calculation altogether, staff has shown the
products’’). The CFMA removed this calculation as anticipating zero amendments.
Schedule’s Competitive Products List. restriction and provided that trading in 5 The $396 per hour figure for an Attorney is from
DATES: Date of notice required under 39 security futures products would be regulated SIFMA’s Management & Professional Earnings in
U.S.C. 3642(d)(1): August 17, 2017. jointly by the Commission and the the Securities Industry 2013, modified by
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![Federal Register / Vol. 82, No. 158 / Thursday, August 17, 2017 / Notices 39143
multiplied by an average hourly rate of Dated: August 14, 2017. information required by Form X–17A–5
$207 6). The total resulting internal cost of Eduardo A. Aleman, and which transmit to the Commission
compliance for a respondent is $14,283 per Assistant Secretary. copies of the records pursuant to a plan
year (3 responses × $4,761 per response). which has been declared effective by the
[FR Doc. 2017–17405 Filed 8–16–17; 8:45 am]
In addition to filing its proposed rule Commission.
BILLING CODE 8011–01–P
changes, and any amendments thereto, with
the Commission, a respondent is also
The Commission estimates that
required to post each of its proposals and any approximately 38 broker-dealers will
amendments thereto, on its Web site. This SECURITIES AND EXCHANGE spend an average of 12 hours per year
process takes approximately 0.5 hours to COMMISSION complying with Rule 17a–10. Thus, the
complete per proposal and 0.5 hours per total compliance burden is estimated to
amendment. Thus, for the approximately 3
Submission for OMB Review; be approximately 456 burden-hours per
responses and 0 amendments,7 the total Comment Request year.
annual reporting burden on a respondent to Upon Written Request, Copies Available An agency may not conduct or
post these on its Web site is 1.5 hours ((3 From: Securities and Exchange sponsor, and a person is not required to
proposals per year × 0.5 hours per filing) + Commission, Office of FOIA Services, respond to, a collection of information
(0 amendments × 0.5 hours)). Further, a 100 F Street NE., Washington, DC under the PRA unless it displays a
respondent is required to update its rulebook, currently valid OMB control number.
20549–2736
which it maintains on its Web site, to reflect
the changes that it makes in each proposal Extension: The public may view background
and any amendment thereto. Thus, for all Rule 17a–10, SEC File No. 270–154, OMB documentation for this information at
filings that were not withdrawn by a Control No. 3235–0122 the following Web site:
respondent (0 withdrawn filings in calendar Notice is hereby given that pursuant www.reginfo.gov. Comments should be
years 2014–2016) or disapproved by the to the Paperwork Reduction Act of 1995 directed to: (i) Desk Officer for the
Commission (0 disapproved filings in (44 U.S.C. 3501 et seq.) (‘‘PRA’’), the Securities and Exchange Commission,
calendar years 2014–2016), a respondent was Securities and Exchange Commission Office of Information and Regulatory
required to update its online rulebook to (‘‘Commission’’) has submitted to the Affairs, Office of Management and
reflect the effectiveness of 3 filings on Office of Management and Budget Budget, Room 10102, New Executive
average, each of which takes approximately (‘‘OMB’’) a request for approval of Office Building, Washington, DC 20503,
4 hours to complete per proposal. Thus, the or by sending an email to: Shagufta_
extension of the previously approved
total annual reporting burden for updating an Ahmed@omb.eop.gov; and (ii) Pamela
collection of information provided for in
online rulebook is 12 hours ((3 filings per Dyson, Director/Chief Information
year—0 withdrawn filings—0 disapproved
Rule 17a–10 (17 CFR 240.17a–10) under
the Securities Exchange Act of 1934 (15 Officer, Securities and Exchange
filings) × 4 hours).
U.S.C. 78a et seq.) (‘‘Exchange Act’’). Commission, c/o Remi Pavlik-Simon,
Compliance with Rule 19b–7 is mandatory.
Information received in response to Rule The primary purpose of Rule 17a–10 100 F Street NE. Washington, DC 20549,
19b–7 is not kept confidential; the is to obtain the economic and statistical or by sending an email to: PRA_
information collected is public information. data necessary for an ongoing analysis Mailbox@sec.gov. Comments must be
An agency may not conduct or sponsor, of the securities industry. Paragraph submitted to OMB within 30 days of
and a person is not required to respond to, (a)(1) of Rule 17a–10 generally requires this notice.
a collection of information under the PRA broker-dealers that are exempted from Dated: August 14, 2017.
unless it displays a currently valid OMB the requirement to file monthly and Eduardo A. Aleman,
control number. quarterly reports pursuant to paragraph
The public may view background Assistant Secretary.
(a) of Exchange Act Rule 17a–5 (17 CFR
documentation for this information [FR Doc. 2017–17407 Filed 8–16–17; 8:45 am]
240.17a–5) to file with the Commission
collection at the following Web site: the Facing Page, a Statement of Income BILLING CODE 8011–01–P
www.reginfo.gov. Comments should be (Loss), and balance sheet from Part IIA
directed to: (i) Desk Officer for the Securities of Form X–17A–5 1 (17 CFR 249.617),
and Exchange Commission, Office of and Schedule I of Form X–17A–5 not SECURITIES AND EXCHANGE
Information and Regulatory Affairs, Office of COMMISSION
later than 17 business days after the end
Management and Budget, Room 10102, New
Executive Office Building, Washington, DC
of each calendar year. Submission for OMB Review;
20503, or by sending an email to: Shagufta_
Paragraph (a)(2) of Rule 17a–10
Comment Request
Ahmed@omb.eop.gov; and (ii) Pamela Dyson, requires a broker-dealer subject to Rule
Director/Chief Information Officer, Securities 17a–5(a) to submit Schedule I of Form Upon Written Request, Copies Available
and Exchange Commission, c/o Remi Pavlik- X–17A–5 with its Form X–17A–5 for the From: Securities and Exchange
Simon, 100 F Street NE., Washington, DC calendar quarter ending December 31 of Commission, Office of FOIA Services,
20549, or by sending an email to: PRA_ each year. The burden associated with 100 F Street NE., Washington, DC
Mailbox@sec.gov. Comments must be filing Schedule I of Form X–17A–5 is 20549–2736.
submitted to OMB within 30 days of this accounted for in the PRA filing
notice. associated with Rule 17a–5. Extension: Rule 17f–2(e); SEC File No. 270–
Paragraph (b) of Rule 17a–10 provides 037; OMB Control No. 3235–0031.
Commission staff to account for inflation and an that the provisions of paragraph (a) do Notice is hereby given that pursuant
1800-hour work-year and then multiplied by 5.35 not apply to members of national to the Paperwork Reduction Act of 1995
to account for bonuses, firm size, employee securities exchanges or registered (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
sradovich on DSK3GMQ082PROD with NOTICES
benefits, and overhead.
6 The $207 per hour figure for a Paralegal is from
national securities associations that Securities and Exchange Commission
SIFMA’s Management & Professional Earnings in maintain records containing the (‘‘Commission’’) has submitted to the
the Securities Industry 2013, modified by Office of Management and Budget
Commission staff to account for inflation and an 1 Form X–17A–5 is the Financial and Operational
(‘‘OMB’’) a request for approval of
1800-hour work-year and then multiplied by 5.35 Combined Uniform Single Report (‘‘FOCUS
to account for bonuses, firm size, employee Report’’), which is used by broker-dealers to
extension of the previously approved
benefits, and overhead. provide certain required information to the collection of information provided for in
7 See supra note 4. Commission. Rule 17f–2(e) (17 CFR 240.17f–2(e))
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Document Created: 2017-08-17 01:43:12
Document Modified: 2017-08-17 01:43:12
| 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 39142 |
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