82 FR 56308 - Submission for OMB Review; Comment Request
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 227 (November 28, 2017)
Federal Register Volume 82, Issue 227 (November 28, 2017)
| Page Range | 56308-56309 | |
| FR Document | 2017-25642 |
[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)] [Notices] [Pages 56308-56309] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-25642] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION 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 Extension: Rule 30b2-1, SEC File No. 270-213, OMB Control No. 3235-0220 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 (``OMB'') a request for extension of the previously approved collection of information discussed below. Rule 30b2-1 (17 CFR 270.30b2-1) under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (the ``Investment Company Act'') requires a registered management investment company (``fund'') to (1) file a report with the Commission on Form N-CSR (17 CFR 249.331 and 274.128) not later than 10 days after the transmission of any report required to be transmitted to [[Page 56309]] shareholders under rule 30e-1 under the Investment Company Act, and (2) file with the Commission a copy of every periodic or interim report or similar communication containing financial statements that is transmitted by or on behalf of such fund to any class of such fund's security holders and that is not required to be filed with the Commission under (1), not later than 10 days after the transmission to security holders. The purpose of the collection of information required by rule 30b2-1 is to meet the disclosure requirements of the Investment Company Act and certification requirements of the Sarbanes-Oxley Act of 2002 (Pub. L. 107-204, 116 Stat. 745 (2002)) and to provide investors with information necessary to evaluate an interest in the fund. The Commission estimates that there are 2,401 funds, with a total of approximately 11,555 portfolios, that are governed by the rule. For purposes of this analysis, the burden associated with the requirements of rule 30b2-1 has been included in the collection of information requirements of rule 30e-1 and Form N-CSR, rather than the rule. The Commission has, however, requested a one hour burden for administrative purposes. The collection of information under rule 30b2-1 is mandatory. The information provided under rule 30b2-1 is not 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 OMB 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 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 send an email to: [email protected]. Comments must be submitted to OMB within 30 days of this notice. Dated: November 22, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-25642 Filed 11-27-17; 8:45 am] BILLING CODE 8011-01-P
![56308 Federal Register / Vol. 82, No. 227 / Tuesday, November 28, 2017 / Notices
proposed rule change has become The Commission notes that the proposed rule change between the
effective pursuant to Section 19(b)(3)(A) Temporary Rules will be in effect until Commission and any person, other than
of the Act 20 and Rule 19b–4(f)(6) the Exchange implements its technology those that may be withheld from the
thereunder.21 changes or until February 26, 2018, public in accordance with the
A proposed rule change filed whichever is earlier. Accordingly, the provisions of 5 U.S.C. 552, will be
pursuant to Rule 19b–4(f)(6) under the Commission hereby waives the 30-day available for Web site viewing and
Act 22 normally does not become operative delay and designates the printing in the Commission’s Public
operative for 30 days after the date of its proposal operative upon filing.26 Reference Room, 100 F Street NE.,
filing. However, Rule 19b–4(f)(6)(iii) 23 At any time within 60 days of the Washington, DC 20549 on official
permits the Commission to designate a filing of the proposed rule change, the business days between the hours of
shorter time if such action is consistent Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the
with the protection of investors and the temporarily suspend the rule change if filing also will be available for
public interest. The Exchange has asked it appears to the Commission that such inspection and copying at the principal
the Commission to waive the 30-day action is necessary or appropriate in the office of the Exchange. All comments
operative delay so that the proposal may public interest, for the protection of received will be posted without change.
become operative immediately upon investors, or otherwise in furtherance of Persons submitting comments are
filing. According to the Exchange, the the purposes of the Act. If the cautioned that we do not redact or edit
implementation date of November 20, Commission takes such action, the personal identifying information from
2017 for the changes described in the Commission shall institute proceedings comment submissions. You should
Reopening Filing and LULD to determine whether the proposed rule submit only information that you wish
Amendment 12 is an industry-wide change should be approved or to make available publicly. All
implementation date. The Exchange disapproved. submissions should refer to File
states that it fully intends to implement Number SR–NYSEArca–2017–133 and
IV. Solicitation of Comments should be submitted on or before
the rules as approved in the Reopening
Filing, but it will not be able to Interested persons are invited to December 19, 2017.
implement Rule 7.35–E(e)(5) or apply submit written data, views, and For the Commission, by the Division of
the processing described in Rules 7.35– arguments concerning the foregoing, Trading and Markets, pursuant to delegated
E(e)(5), (6), (7)(C), (8), and (10) to including whether the proposed rule authority.27
Trading Halt Auctions following a change is consistent with the Act. Eduardo A. Aleman,
MWCB Halt or regulatory halt until the Comments may be submitted by any of Assistant Secretary.
proposed amendments to Rule 7.35– the following methods: [FR Doc. 2017–25608 Filed 11–27–17; 8:45 am]
E(a)(10) are implemented.24 According Electronic Comments BILLING CODE 8011–01–P
to the Exchange, until it makes the
changes in the proposed amendments to • Use the Commission’s Internet
Rule 7.35–E(a)(10), it will have comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
functionality in production that does rules/sro.shtml); or COMMISSION
• Send an email to rule-comments@
not match its current rules.
The Commission believes that sec.gov. Please include File Number SR– Submission for OMB Review;
waiving the 30-day operative delay is NYSEArca–2017–133 on the subject Comment Request
consistent with the protection of line.
Upon Written Request, Copies Available
investors and the public interest. The Paper Comments From: Securities and Exchange
Commission believes that implementing • Send paper comments in triplicate Commission, Office of FOIA Services,
the Temporary Rules without delay will to Secretary, Securities and Exchange 100 F Street NE., Washington, DC
promote transparency in the Exchange’s Commission, 100 F Street NE., 20549–2736
rules regarding how the Exchange will Washington, DC 20549–1090.
function during this interim period.25 Extension:
All submissions should refer to File Rule 30b2–1, SEC File No. 270–213, OMB
20 15 Number SR–NYSEArca–2017–133. This Control No. 3235–0220
U.S.C. 78s(b)(3)(A).
21 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– file number should be included on the Notice is hereby given that, pursuant
4(f)(6)(iii) requires a self-regulatory organization to subject line if email is used. To help the to the Paperwork Reduction Act of 1995
give the Commission written notice of its intent to Commission process and review your (44 U.S.C. 3501 et seq.), the Securities
file the proposed rule change, along with a brief
description and the text of the proposed rule
comments more efficiently, please use and Exchange Commission (the
change, at least five business days prior to the date only one method. The Commission will ‘‘Commission’’) has submitted to the
of filing of the proposed rule change, or such post all comments on the Commission’s Office of Management and Budget
shorter time as designated by the Commission. The Internet Web site (http://www.sec.gov/ (‘‘OMB’’) a request for extension of the
Exchange has satisfied this requirement.
22 17 CFR 240.19b–4(f)(6).
rules/sro.shtml). Copies of the previously approved collection of
23 17 CFR 240.19b–4(f)(6)(iii).
submission, all subsequent information discussed below.
24 According to the Exchange, the proposed amendments, all written statements Rule 30b2–1 (17 CFR 270.30b2–1)
amendments to Rules 7.35–E(a)(10) and (e)(7) are with respect to the proposed rule under the Investment Company Act of
consistent with the goal of having standardized change that are filed with the 1940 (15 U.S.C. 80a–1 et seq.) (the
processes across primary listing exchanges for re- Commission, and all written ‘‘Investment Company Act’’) requires a
opening a security following a Trading Pause, will
communications relating to the registered management investment
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promote consistency when determining Auction
Collars across the Exchange’s auctions, and will company (‘‘fund’’) to (1) file a report
make clear that an auction could run even if the specific times prior to the Core Open and Closing with the Commission on Form N–CSR
Auction Collar would mathematically be equal to or Auctions. (17 CFR 249.331 and 274.128) not later
below $0.00. 26 For purposes only of waiving the 30-day
25 In addition, according to the Exchange, the
than 10 days after the transmission of
operative delay, the Commission has also
proposed amendments to Rule 7.35–E(c)(1) and considered the proposed rule’s impact on any report required to be transmitted to
(d)(1) will provide transparency regarding which efficiency, competition, and capital formation. See
imbalance information would be published at 15 U.S.C. 78c(f). 27 17 CFR 200.30–3(a)(12).
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![Federal Register / Vol. 82, No. 227 / Tuesday, November 28, 2017 / Notices 56309
shareholders under rule 30e–1 under SECURITIES AND EXCHANGE II. Background
the Investment Company Act, and (2) COMMISSION Rule 17g–5 identifies, in paragraphs
file with the Commission a copy of (b) and (c) of the rule, a series of
every periodic or interim report or [Release No. 34–82144; File No. S7–04–09]
conflicts of interest arising from the
similar communication containing business of determining credit ratings.5
Order Extending Conditional
financial statements that is transmitted Paragraph (a) of Rule 17g–5 6 prohibits
Temporary Exemption for Nationally
by or on behalf of such fund to any class Recognized Statistical Rating an NRSRO from issuing or maintaining
of such fund’s security holders and that Organizations From Requirements of a credit rating if it is subject to the
is not required to be filed with the Rule 17g–5(A)(3) Under the Securities conflicts of interest identified in
Commission under (1), not later than 10 Exchange Act of 1934 paragraph (b) of Rule 17g–5 unless the
days after the transmission to security NRSRO has taken the steps prescribed
holders. The purpose of the collection of November 22, 2017. in paragraph (a)(1) (i.e., disclosed the
information required by rule 30b2–1 is type of conflict of interest in Exhibit 6
I. Introduction
to meet the disclosure requirements of to Form NRSRO in accordance with
the Investment Company Act and On May 19, 2010, the Securities and Section 15E(a)(1)(B)(vi) of the Exchange
certification requirements of the Exchange Commission (‘‘Commission’’) Act 7 and Rule 17g–1 8) and paragraph
Sarbanes-Oxley Act of 2002 (Pub. L. conditionally exempted, with respect to (a)(2) (i.e., established and is
107–204, 116 Stat. 745 (2002)) and to certain credit ratings and until maintaining and enforcing written
provide investors with information December 2, 2010, nationally recognized policies and procedures to address and
necessary to evaluate an interest in the statistical rating organizations manage conflicts of interest in
fund. (‘‘NRSROs’’) from certain requirements accordance with Section 15E(h) of the
in Rule 17g–5(a)(3) 1 under the Exchange Act 9). Paragraph (c) of Rule
The Commission estimates that there
Securities Exchange Act of 1934 17g–5 specifically prohibits eight types
are 2,401 funds, with a total of
(‘‘Exchange Act’’), which had a of conflicts of interest. Consequently, an
approximately 11,555 portfolios, that
compliance date of June 2, 2010.2 NRSRO is prohibited from issuing or
are governed by the rule. For purposes
Pursuant to the Order, an NRSRO is not maintaining a credit rating when it is
of this analysis, the burden associated
required to comply with Rule 17g– subject to these conflicts regardless of
with the requirements of rule 30b2–1
5(a)(3) until December 2, 2010 with whether it had disclosed them and
has been included in the collection of
respect to credit ratings where: (1) The established procedures reasonably
information requirements of rule 30e–1
issuer of the structured finance product designed to address them.
and Form N–CSR, rather than the rule.
is a non-U.S. person; and (2) the NRSRO
The Commission has, however, In November 2009, the Commission
has a reasonable basis to conclude that
requested a one hour burden for adopted paragraph (a)(3) of Rule 17g–5.
the structured finance product will be
administrative purposes. This provision requires an NRSRO that
offered and sold upon issuance, and that
The collection of information under is hired by an arranger to determine an
any arranger linked to the structured
rule 30b2–1 is mandatory. The initial credit rating for a structured
finance product will effect transactions
information provided under rule 30b2– finance product to take certain steps
of the structured finance product after
1 is not kept confidential. An agency designed to allow an NRSRO that is not
issuance, only in transactions that occur
may not conduct or sponsor, and a hired by the arranger to nonetheless
outside the U.S. (‘‘covered
person is not required to respond to, a determine an initial credit rating—and
transactions’’).3 The conditional
collection of information unless it subsequently monitor that credit
temporary exemption was extended
displays a currently valid OMB control rating—for the structured finance
until December 2, 2011, and
number. product.10 In particular, under Rule
subsequently further extended until
17g–5(a)(3), an NRSRO is prohibited
The public may view the background December 2, 2017.4 The Commission is
from issuing or maintaining a credit
documentation for this information extending the conditional temporary
rating when it is subject to the conflict
collection at the following Web site, exemption exempting NRSROs from
of interest identified in paragraph (b)(9)
www.reginfo.gov. Comments should be complying with Rule 17g–5(a)(3) with
of Rule 17g–5 (i.e., being hired by an
directed to: (i) Desk Officer for the respect to rating covered transactions
arranger to determine a credit rating for
Securities and Exchange Commission, until the earlier of (i) December 2, 2019,
a structured finance product) 11 unless it
Office of Information and Regulatory or (ii) the compliance date set forth in
has taken the steps prescribed in
Affairs, Office of Management and any final rule that may be adopted by
paragraphs (a)(1) and (2) of Rule 17g–5
Budget, Room 10102, New Executive the Commission that provides for a
(discussed above) and the steps
Office Building, Washington, DC 20503, similar exemption.
prescribed in paragraph (a)(3) of Rule
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Pamela 1 See 17 CFR 240.17g–5(a)(3). 5 17 CFR 240.17g–5(b) and (c).
2 See Exchange Act Release No. 62120 (May 19,
Dyson, Director/Chief Information 6 17 CFR 240.17g–5(a).
2010), 75 FR 28825 (May 24, 2010) (‘‘Order’’).
Officer, Securities and Exchange 3 See id. at 28827–28 (setting forth conditions of
7 15 U.S.C. 78o–7(a)(1)(B)(vi).
Commission, c/o Remi Pavlik-Simon, relief).
8 17 CFR 240.17g–1.
100 F Street NE., Washington, DC 20549 4 See Exchange Act Release No. 34–76183 (Oct. 9 15 U.S.C. 78o–7(h).
or send an email to: PRA_Mailbox@ 16, 2015), 80 FR 64031 (Oct. 22, 2015); see also 10 See 17 CFR 240.17g–5(a)(3); see also Exchange
sec.gov. Comments must be submitted to Exchange Act Release No. 34–73649 (Nov. 19, Act Release No. 61050 (Nov. 23, 2009), 74 FR 63832
ethrower on DSK3G9T082PROD with NOTICES
2014), 79 FR 70261 (Nov. 25, 2014), Exchange Act (Dec. 4, 2009) (‘‘Adopting Release’’) at 63844–45.
OMB within 30 days of this notice. Release No. 34–70919 (Nov. 22, 2013), 78 FR 70984 11 Paragraph (b)(9) of Rule 17g–5 identifies the
Dated: November 22, 2017. (Nov. 27, 2013), Exchange Act Release No. 34– following conflict of interest: Issuing or maintaining
68286 (Nov. 26, 2012), 77 FR 71201(Nov. 29, 2012), a credit rating for a security or money market
Eduardo A. Aleman, Exchange Act Release No. 65765 (Nov. 16, 2011), instrument issued by an asset pool or as part of any
Assistant Secretary. 76 FR 72227 (Nov. 22, 2011), and Exchange Act asset-backed securities transaction that was paid for
Release No. 63363 (Nov. 23, 2010), 75 FR 73137 by the issuer, sponsor, or underwriter of the
[FR Doc. 2017–25642 Filed 11–27–17; 8:45 am]
(Nov. 29, 2010) (collectively, the ‘‘Extension security or money market instrument. 17 CFR
BILLING CODE 8011–01–P Orders’’). 240.17g–5(b)(9).
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Document Created: 2017-11-28 01:51:15
Document Modified: 2017-11-28 01:51:15
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 56308 |
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