82_FR_47451 82 FR 47256 - Proposed Collection; Comment Request

82 FR 47256 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 195 (October 11, 2017)

Page Range47256-47257
FR Document2017-21909

Federal Register, Volume 82 Issue 195 (Wednesday, October 11, 2017) 
[Federal Register Volume 82, Number 195 (Wednesday, October 11, 2017)]
[Notices]
[Pages 47256-47257]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-21909]


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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 15c2-7, SEC File No. 270-420, OMB Control No. 3235-0479

    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 on the existing 
collection of information provided for in Rule 15c2-7 (17 CFR 240.15c2-
7) under the Securities Exchange Act of 1934 (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.

[[Page 47257]]

    Rule 15c2-7 places disclosure requirements on broker-dealers who 
have correspondent relationships, or agreements identified in the rule, 
with other broker-dealers. Whenever any such broker-dealer enters a 
quotation for a security through an inter-dealer quotation system, Rule 
15c2-7 requires the broker-dealer to disclose these relationships and 
agreements in the manner required by the rule. The inter-dealer 
quotation system must also be able to make these disclosures public in 
association with the quotation the broker-dealer is making.
    When rule 15c2-7 was adopted in 1964, the information it requires 
was necessary for execution of the Commission's mandate under the 
Securities Exchange Act of 1934 to prevent fraudulent, manipulative and 
deceptive acts by broker-dealers. In the absence of the information 
collection required under Rule 15c2-7, investors and broker-dealers 
would have been unable to accurately determine the market depth of, and 
demand for, securities in an inter-dealer quotation system.
    There are approximately 3,939 broker-dealers registered with the 
Commission. Any of these broker-dealers could be potential respondents 
for Rule 15c2-7, so the Commission is using that figure to represent 
the number of respondents. Rule 15c2-7 applies only to quotations 
entered into an inter-dealer quotation system, such as the OTC Bulletin 
Board (``OTCBB''), or OTC Link (formerly, ``Pink Sheets''), operated by 
OTC Markets Group Inc. (``OTC Link''). According to representatives of 
both OTC Link and the OTCBB, neither entity has recently received, or 
anticipates receiving any Rule 15c2-7 notices. However, because such 
notices could be made, the Commission estimates that one filing is made 
annually pursuant to Rule 15c2-7.
    Based on prior industry reports, the Commission estimates that the 
average time required to enter a disclosure pursuant to the rule is .75 
minutes, or 45 seconds. The Commission sees no reason to change this 
estimate. We estimate that impacted respondents spend a total of .0125 
hours per year to comply with the requirements of Rule 15c2-7 (1 notice 
(x) 45 seconds/notice).
    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: October 4, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-21909 Filed 10-10-17; 8:45 am]
BILLING CODE 8011-01-P

47256 Federal Register / Vol. 82, No. 195 / Wednesday, October 11, 2017 / Notices perfect the mechanism of a free and B. Self-Regulatory Organization’s submission, all subsequent open market and a national market Statement on Burden on Competition amendments, all written statements system, and, in general to protect The Exchange does not believe that with respect to the proposed rule investors and the public interest. the proposed rule change will impose change that are filed with the The Exchange believes that the any burden on competition not Commission, and all written proposed changes to its listing standards necessary or appropriate in furtherance communications relating to the for covered securities would allow the of the purposes of the Act. The proposed rule change between the Exchange to more quickly list options proposed rule change reduces the Commission and any person, other than number of days to list options on an those that may be withheld from the on a qualifying covered security that has underlying security, and is intended to public in accordance with the met the $3.00 eligibility price without bring new options listings to the provisions of 5 U.S.C. 552, will be sacrificing investor protection. As marketplace quicker. available for Web site viewing and discussed above, the Exchange believes printing in the Commission’s Public that its existing trading surveillances C. Self-Regulatory Organization’s Reference Room, 100 F Street NE., provide a sufficient measure of Statement on Comments on the Washington, DC 20549, on official protection against potential price Proposed Rule Change Received From business days between the hours of manipulation within the proposed three Members, Participants, or Others 10:00 a.m. and 3:00 p.m. Copies of the consecutive business day timeframe. No written comments were either filing also will be available for The Exchange also believes that the solicited or received. inspection and copying at the principal proposed three consecutive business office of the Exchange. All comments day timeframe would continue to be a III. Date of Effectiveness of the received will be posted without change; reliable test for price stability in light of Proposed Rule Change and Timing for Commission Action the Commission does not edit personal its findings that none of the IPO-related identifying information from issues on Nasdaq within the past five Within 45 days of the date of submissions. You should submit only years that qualified for the $3.00 per publication of this notice in the Federal information that you wish to make share price standard during the first Register or within such longer period (i) available publicly. All submissions three trading days fell below the $3.00 as the Commission may designate up to should refer to File Number SR–Phlx– threshold during the fourth or fifth 90 days of such date if it finds such 2017–75, and should be submitted on or trading day. Furthermore, the longer period to be appropriate and before November 1, 2017. established guidelines to be considered publishes its reasons for so finding or For the Commission, by the Division of by the Exchange in evaluating the (ii) as to which the Exchange consents, Trading and Markets, pursuant to delegated potential underlying securities for the Commission shall: (a) By order authority.20 Exchange option transactions,18 together approve or disapprove such proposed Eduardo A. Aleman, with existing trading surveillances, rule change, or (b) institute proceedings Assistant Secretary. provide adequate safeguards in the to determine whether the proposed rule [FR Doc. 2017–21812 Filed 10–10–17; 8:45 am] review of any covered security that may change should be disapproved. BILLING CODE 8011–01–P meet the proposed criteria for IV. Solicitation of Comments consideration of the option within the Interested persons are invited to proposed timeframe. SECURITIES AND EXCHANGE submit written data, views, and In addition, the Exchange believes arguments concerning the foregoing, COMMISSION that basing the proposed timeframe on including whether the proposed rule the T+2 settlement cycle adequately change is consistent with the Act. Proposed Collection; Comment addresses the potential difficulties in Comments may be submitted by any of Request confirming the number of shareholders the following methods: of the underlying covered security. Upon Written Request, Copies Available Having some of the largest brokerage Electronic Comments From: Securities and Exchange firms that provide these shareholder • Use the Commission’s Internet Commission, Office of FOIA Services, counts to the Exchange confirm that comment form (http://www.sec.gov/ 100 F Street NE., Washington, DC they are able to provide these numbers rules/sro.shtml); or 20549–2736 within T+2 further demonstrates that • Send an email to rule-comments@ Extension: the 2,000 shareholder requirement can sec.gov. Please include File Number SR– Rule 15c2–7, SEC File No. 270–420, OMB be sufficiently verified within the Phlx–2017–75 on the subject line. Control No. 3235–0479 proposed timeframe. For the foregoing Paper Comments Notice is hereby given that pursuant reasons, the Exchange believes that the • Send paper comments in triplicate to the Paperwork Reduction Act of 1995 proposed amendments will remove and to Secretary, Securities and Exchange (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the perfect the mechanism of a free and Commission, 100 F Street NE., Securities and Exchange Commission open market and a national market Washington, DC 20549–1090. (‘‘Commission’’) is soliciting comments system by providing an avenue for on the existing collection of information All submissions should refer to File investors to swiftly hedge their provided for in Rule 15c2–7 (17 CFR asabaliauskas on DSKBBXCHB2PROD with NOTICES Number SR–Phlx–2017–75. This file investment in the stock in a shorter number should be included on the 240.15c2–7) under the Securities amount of time than what is currently subject line if email is used. To help the Exchange Act of 1934 (15 U.S.C. 78a et in place.19 Commission process and review your seq.). The Commission plans to submit comments more efficiently, please use this existing collection of information to 18 See notes 10–15 above. only one method. The Commission will the Office of Management and Budget 19 This proposed rule change does not alter any post all comments on the Commission’s (‘‘OMB’’) for extension and approval. obligations of issuers or other investors of an IPO that may be subject to a lock-up or other restrictions Internet Web site (http://www.sec.gov/ on trading related securities. rules/sro.shtml). Copies of the 20 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:58 Oct 10, 2017 Jkt 244001 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 E:\FR\FM\11OCN1.SGM 11OCN1

Federal Register / Vol. 82, No. 195 / Wednesday, October 11, 2017 / Notices 47257 Rule 15c2–7 places disclosure of the information collected; and (d) Commission received no comments requirements on broker-dealers who ways to minimize the burden of the regarding the proposed changes. have correspondent relationships, or collection of information on Section 19(b)(2) of the Act provides agreements identified in the rule, with respondents, including through the use that within 45 days of the publication of other broker-dealers. Whenever any of automated collection techniques or the notice of the filing or a proposed such broker-dealer enters a quotation for other forms of information technology. rule change, or within such longer a security through an inter-dealer Consideration will be given to period up to 90 days as the Commission quotation system, Rule 15c2–7 requires comments and suggestions submitted in may designate if it finds such longer the broker-dealer to disclose these writing within 60 days of this period to be appropriate and publishes relationships and agreements in the publication. its reasons for so finding, or as to which manner required by the rule. The inter- An agency may not conduct or the self-regulatory organization dealer quotation system must also be sponsor, and a person is not required to consents, the Commission shall either able to make these disclosures public in respond to, a collection of information approve the proposed rule change, association with the quotation the under the PRA unless it displays a disapprove the proposed rule change, or broker-dealer is making. currently valid OMB control number. institute proceedings to determine When rule 15c2–7 was adopted in whether the proposed rule change 1964, the information it requires was Please direct your written comments should be disapproved.4 The 45th day necessary for execution of the to: Pamela Dyson, Director/Chief from the publication of the Notice is Commission’s mandate under the Information Officer, Securities and October 15, 2017. Securities Exchange Act of 1934 to Exchange Commission, c/o Remi Pavlik- The Commission is extending the 45- prevent fraudulent, manipulative and Simon, 100 F Street NE., Washington, day time period for Commission action deceptive acts by broker-dealers. In the DC 20549, or send an email to: PRA_ on the proposed rule change. As noted absence of the information collection Mailbox@sec.gov. above, LCH SA proposed to revise its required under Rule 15c2–7, investors Dated: October 4, 2017. CDS Clearing Rule Book, CDS Clearing and broker-dealers would have been Eduardo A. Aleman, Supplement, CDS Clearing Procedures, unable to accurately determine the Assistant Secretary. and CDS Dispute Resolution Protocol in market depth of, and demand for, [FR Doc. 2017–21909 Filed 10–10–17; 8:45 am] order to permit it to clear options on securities in an inter-dealer quotation BILLING CODE 8011–01–P index credit default swaps. The system. Commission finds that it is appropriate There are approximately 3,939 broker- to designate a longer period within dealers registered with the Commission. SECURITIES AND EXCHANGE which to take action on the proposed Any of these broker-dealers could be COMMISSION rule change so that it has sufficient time potential respondents for Rule 15c2–7, to consider LCH SA’s proposed rule so the Commission is using that figure change and the associated risks. to represent the number of respondents. [Release No. 34–81819; File No. SR–LCH SA–2017–006] Accordingly, the Commission, Rule 15c2–7 applies only to quotations pursuant to Section 19(b)(2) of the Act, entered into an inter-dealer quotation Self-Regulatory Organizations; LCH extends the period by which the system, such as the OTC Bulletin Board SA; Notice of Designation of Longer Commission shall either approve or (‘‘OTCBB’’), or OTC Link (formerly, Period for Commission Action on disapprove, or institute proceedings to ‘‘Pink Sheets’’), operated by OTC Proposed Rule Change Relating to determine whether to disapprove, the Markets Group Inc. (‘‘OTC Link’’). Options on Index Credit Default Swaps proposed rule change (File No. SR–LCH According to representatives of both SA–2017–006) to no later than OTC Link and the OTCBB, neither October 4, 2017. November 29, 2017. entity has recently received, or On August 18, 2017, Banque Central For the Commission by the Division of anticipates receiving any Rule 15c2–7 de Compensation, which conducts Trading and Markets, pursuant to delegated notices. However, because such notices business under the name LCH SA (‘‘LCH authority.5 could be made, the Commission SA’’), filed with the Securities and Eduardo A. Aleman, estimates that one filing is made Exchange Commission (‘‘Commission’’), Assistant Secretary. annually pursuant to Rule 15c2–7. pursuant to Section 19(b)(1) of the Based on prior industry reports, the [FR Doc. 2017–21816 Filed 10–10–17; 8:45 am] Securities Exchange Act of 1934 Commission estimates that the average (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a BILLING CODE 8011–01–P time required to enter a disclosure proposed rule change (SR–LCH SA– pursuant to the rule is .75 minutes, or 2017–006) to amend LCH SA’s CDS 45 seconds. The Commission sees no SECURITIES AND EXCHANGE Clearing Rule Book, CDS Clearing COMMISSION reason to change this estimate. We Supplement, CDS Clearing Procedures, estimate that impacted respondents and CDS Dispute Resolution Protocol to [Investment Company Act Release No. spend a total of .0125 hours per year to incorporate relevant terms and make 32849; 812–14248] comply with the requirements of Rule certain conforming and clarifying 15c2–7 (1 notice (×) 45 seconds/notice). OppenheimerFunds, Inc., et al. changes in order to permit LCH SA to Written comments are invited on: (a) October 4, 2017. clear options on index credit default asabaliauskas on DSKBBXCHB2PROD with NOTICES Whether the proposed collection of AGENCY: Securities and Exchange swaps. The proposed rule change was information is necessary for the proper Commission (‘‘Commission’’) published for comment in the Federal performance of the functions of the Register on August 31, 2017.3 The ACTION: Notice. Commission, including whether the information shall have practical utility; 1 15 Notice of application for an order U.S.C. 78s(b)(1). (b) the accuracy of the Commission’s 2 17 under sections 6(c) and 17(b) of the CFR 240.19b–4. estimates of the burden of the proposed 3 Securities Exchange Act Release No. 34–81487 collection of information; (c) ways to (Aug. 25, 2017), 82 FR 41438 (Aug. 31, 2017) (SR– 4 15 U.S.C. 78s(b)(2). enhance the quality, utility, and clarity LCH SA–2017–006) (‘‘Notice’’). 5 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:58 Oct 10, 2017 Jkt 244001 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 E:\FR\FM\11OCN1.SGM 11OCN1


Document Created: 2018-10-25 10:01:11
Document Modified: 2018-10-25 10:01:11
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 47256 
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