83 FR 12069 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 53 (March 19, 2018)

Page Range		12069-12070
FR Document		2018-05522
Federal Register, Volume 83 Issue 53 (Monday, March 19, 2018)
[Federal Register Volume 83, Number 53 (Monday, March 19, 2018)]
[Notices]
[Pages 12069-12070]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-05522]


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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 9b-1, SEC File No. 270-429, OMB Control No. 3235-0480.

    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 9b-1 
(17 CFR 240.9b-1), under the Securities Exchange Act of 1934 (15 U.S.C. 
78a et seq.).
    Rule 9b-1 (17 CFR 240.9b-1) sets forth the categories of 
information required to be disclosed in an options disclosure document 
(``ODD'') and requires the options markets to file an ODD with the 
Commission 60 days prior to the date it is distributed to investors. In 
addition, Rule 9b-1 provides that the ODD must be amended if the 
information in the document becomes materially inaccurate or incomplete 
and that amendments must be filed with the Commission 30 days prior to 
the distribution to customers. Finally, Rule 9b-1 requires a broker-
dealer to furnish to each customer an ODD and any amendments, prior to 
accepting an order to purchase or sell an option on behalf of that 
customer.
    There are 15 options markets \1\ that must comply with Rule 9b-1. 
These respondents work together to prepare a single ODD covering 
options traded on each market, as well as amendments to the ODD. These 
respondents file approximately 3 amendments per year. The staff 
calculates that the preparation and filing of amendments should take no 
more than eight hours per options market. Thus, the total time burden 
for options markets per year is 360 hours (15 options markets x 8 hours 
per amendment x 3 amendments). The estimated cost for an in-house 
attorney is $412 per hour,\2\ resulting in a total internal cost of 
compliance for these respondents of $148,320 per year (360 hours at 
$412 per hour).
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    \1\ The fifteen options markets are as follows: The fifteen 
options markets are as follows: BOX Options Exchange LLC, Cboe BZX 
Exchange, Inc., Cboe C2 Exchange, Inc., Cboe EDGX Exchange, Inc., 
Cboe Exchange, Inc., Miami International Securities Exchange LLC, 
MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, 
Nasdaq MRX, LLC, Nasdaq PHLX LLC, the Nasdaq Options Market (NOM), 
NYSE Arca, Inc., and NYSE American LLC.
    \2\ SIFMA did its last annual survey in 2013 and will not resume 
the survey process. Accordingly, the $412 figure is based on the 
2013 figure ($380) adjusted by the inflation rate calculated using 
the Bureau of Labor Statistics' CPI Inflation Calculator. The $380 
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 an 1800-hour work-year and 
multiplied by 5.35 to account for bonuses, firm size, employee 
benefits and overhead.
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    In addition, approximately 1,144 broker-dealers \3\ must comply 
with Rule 9b-1. Each of these respondents will process an average of 3 
new customers for options each week and, therefore, will have to 
furnish approximately 156 ODDs per year. The postal mailing or 
electronic delivery of the ODD takes respondents no more than 30 
seconds to complete for an annual compliance burden for each of these 
respondents of 78 minutes or 1.3 hours. Thus, the total time burden per 
year for broker-dealers is 1,487 hours (1,144 broker-dealers x 1.3 
hours). The estimated cost for a general clerk of a broker-dealer is 
$62 per hour,\4\ resulting in a total internal cost of compliance for 
these respondents of $92,194 per year (1,487 hours at $62 per hour).
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    \3\ The estimate of 1,144 broker-dealers required to comply with 
Rule 9b-1 is derived from Item 12 of the Form BD (OMB Control No. 
3235-0012). This estimate may be high as it includes broker-dealers 
that engage in only a proprietary business, and as a result are not 
required to deliver an ODD, as well as those broker-dealers subject 
to Rule 9b-1.
    \4\ The $62 figure is based on the 2013 figure ($57) adjusted 
for inflation. See supra note 1. As noted above, SIFMA did its last 
annual survey in 2013 and will not resume the survey process. 
Accordingly, the $62 figure is based on the 2013 figure ($57) 
adjusted for inflation. The $57 per hour figure for a General Clerk 
is from SIFMA's Office Salaries in the Securities Industry 2013, 
modified by Commission staff to account for an 1800-hour work-year 
and multiplied by 2.93 to account for bonuses, firm size, employee 
benefits and overhead. The staff believes that the ODD would be 
mailed or electronically delivered to customers by a general clerk 
of the broker-dealer or some other equivalent position.
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    The total time burden for all respondents under this rule (both 
options markets and broker-dealers) is 1,847 hours per year (360 + 
1,487), and the total internal cost of compliance is $240,514 ($148,320 
+ $92,124).
    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 website: www.reginfo.gov. Comments should 
be directed to (i) Desk Officer for the Securities and Exchange 
Commission,

[[Page 12070]]

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: March 14, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-05522 Filed 3-16-18; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 53 / Monday, March 19, 2018 / Notices 12069

Electronic Comments SECURITIES AND EXCHANGE is $412 per hour,2 resulting in a total
COMMISSION internal cost of compliance for these
• Use the Commission’s internet respondents of $148,320 per year (360
comment form (http://www.sec.gov/ Submission for OMB Review; hours at $412 per hour).
rules/sro.shtml); or Comment Request In addition, approximately 1,144
• Send an email to rule-comments@ broker-dealers 3 must comply with Rule
Upon Written Request, Copies Available
sec.gov. Please include File Number SR– 9b–1. Each of these respondents will
From: Securities and Exchange
Phlx–2018–21 on the subject line. process an average of 3 new customers
Commission, Office of FOIA Services,
for options each week and, therefore,
Paper Comments 100 F Street NE, Washington, DC
will have to furnish approximately 156
20549–2736.
ODDs per year. The postal mailing or
• Send paper comments in triplicate Extension: electronic delivery of the ODD takes
to Secretary, Securities and Exchange Rule 9b–1, SEC File No. 270–429, OMB respondents no more than 30 seconds to
Commission, 100 F Street NE, Control No. 3235–0480.
complete for an annual compliance
Washington, DC 20549–1090. Notice is hereby given that pursuant burden for each of these respondents of
to the Paperwork Reduction Act of 1995 78 minutes or 1.3 hours. Thus, the total
All submissions should refer to File
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the time burden per year for broker-dealers
Number SR–Phlx–2018–21. This file
Securities and Exchange Commission is 1,487 hours (1,144 broker-dealers ×
number should be included on the (‘‘Commission’’) has submitted to the 1.3 hours). The estimated cost for a
subject line if email is used. To help the Office of Management and Budget general clerk of a broker-dealer is $62
Commission process and review your (‘‘OMB’’) a request for approval of per hour,4 resulting in a total internal
comments more efficiently, please use extension of the previously approved cost of compliance for these
only one method. The Commission will collection of information provided for in respondents of $92,194 per year (1,487
post all comments on the Commission’s Rule 9b–1 (17 CFR 240.9b–1), under the hours at $62 per hour).
internet website (http://www.sec.gov/ Securities Exchange Act of 1934 (15 The total time burden for all
rules/sro.shtml). Copies of the U.S.C. 78a et seq.). respondents under this rule (both
submission, all subsequent Rule 9b–1 (17 CFR 240.9b–1) sets options markets and broker-dealers) is
amendments, all written statements forth the categories of information 1,847 hours per year (360 + 1,487), and
with respect to the proposed rule required to be disclosed in an options the total internal cost of compliance is
change that are filed with the disclosure document (‘‘ODD’’) and $240,514 ($148,320 + $92,124).
Commission, and all written requires the options markets to file an An agency may not conduct or
communications relating to the ODD with the Commission 60 days prior sponsor, and a person is not required to
proposed rule change between the to the date it is distributed to investors. respond to, a collection of information
Commission and any person, other than In addition, Rule 9b–1 provides that the under the PRA unless it displays a
those that may be withheld from the ODD must be amended if the currently valid OMB control number.
information in the document becomes The public may view background
public in accordance with the
materially inaccurate or incomplete and documentation for this information
provisions of 5 U.S.C. 552, will be
that amendments must be filed with the collection at the following website:
available for website viewing and Commission 30 days prior to the www.reginfo.gov. Comments should be
printing in the Commission’s Public distribution to customers. Finally, Rule directed to (i) Desk Officer for the
Reference Room, 100 F Street NE, 9b–1 requires a broker-dealer to furnish Securities and Exchange Commission,
Washington, DC 20549, on official to each customer an ODD and any
business days between the hours of amendments, prior to accepting an order 2 SIFMA did its last annual survey in 2013 and

10:00 a.m. and 3:00 p.m. Copies of the to purchase or sell an option on behalf will not resume the survey process. Accordingly,
filing also will be available for of that customer. the $412 figure is based on the 2013 figure ($380)
adjusted by the inflation rate calculated using the
inspection and copying at the principal There are 15 options markets 1 that Bureau of Labor Statistics’ CPI Inflation Calculator.
office of the Exchange. All comments must comply with Rule 9b–1. These The $380 per hour figure for an Attorney is from
received will be posted without change. respondents work together to prepare a SIFMA’s Management & Professional Earnings in
single ODD covering options traded on the Securities Industry 2013, modified by
Persons submitting comments are Commission staff to account for an 1800-hour work-
cautioned that we do not redact or edit each market, as well as amendments to year and multiplied by 5.35 to account for bonuses,
personal identifying information from the ODD. These respondents file firm size, employee benefits and overhead.
comment submissions. You should approximately 3 amendments per year. 3 The estimate of 1,144 broker-dealers required to

submit only information that you wish The staff calculates that the preparation comply with Rule 9b–1 is derived from Item 12 of
and filing of amendments should take the Form BD (OMB Control No. 3235–0012). This
to make available publicly. All estimate may be high as it includes broker-dealers
no more than eight hours per options
submissions should refer to File that engage in only a proprietary business, and as
market. Thus, the total time burden for a result are not required to deliver an ODD, as well
Number SR–Phlx–2018–21 and should
options markets per year is 360 hours as those broker-dealers subject to Rule 9b–1.
be submitted on or before April 9, 2018. (15 options markets × 8 hours per 4 The $62 figure is based on the 2013 figure ($57)

For the Commission, by the Division of amendment × 3 amendments). The adjusted for inflation. See supra note 1. As noted
above, SIFMA did its last annual survey in 2013
Trading and Markets, pursuant to delegated estimated cost for an in-house attorney and will not resume the survey process.
authority.22 Accordingly, the $62 figure is based on the 2013
1 The fifteen options markets are as follows: The figure ($57) adjusted for inflation. The $57 per hour
sradovich on DSK3GMQ082PROD with NOTICES

Eduardo A. Aleman,
fifteen options markets are as follows: BOX Options figure for a General Clerk is from SIFMA’s Office
Assistant Secretary. Exchange LLC, Cboe BZX Exchange, Inc., Cboe C2 Salaries in the Securities Industry 2013, modified
[FR Doc. 2018–05450 Filed 3–16–18; 8:45 am] Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe by Commission staff to account for an 1800-hour
Exchange, Inc., Miami International Securities work-year and multiplied by 2.93 to account for
BILLING CODE 8011–01–P
Exchange LLC, MIAX PEARL, LLC, Nasdaq BX, bonuses, firm size, employee benefits and overhead.
Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq The staff believes that the ODD would be mailed or
MRX, LLC, Nasdaq PHLX LLC, the Nasdaq Options electronically delivered to customers by a general
Market (NOM), NYSE Arca, Inc., and NYSE clerk of the broker-dealer or some other equivalent
22 17 CFR 200.30–3(a)(12). American LLC. position.

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12070 Federal Register / Vol. 83, No. 53 / Monday, March 19, 2018 / Notices

Office of Information and Regulatory respect to such equity security, if the shipowners’ responsibilities in
Affairs, Office of Management and director or executive officer acquired respect of contractual claims for
Budget, Room 10102, New Executive the equity security in connection with personal injury to, or death of
Office Building, Washington, DC 20503, his or her service or employment. seafarers, in light of the progress of
or by sending an email to: Shagufta_ Approximately 1,647 issuers file using amendments to the ILO Maritime
Ahmed@omb.eop.gov; and (ii) Pamela Regulation RR responses and it takes Labour Convention, 2006
Dyson, Director/Chief Information approximately 14.389 hours per —Fair treatment of seafarers in the event
Officer, Securities and Exchange response. We estimate that 75% of the of a maritime accident
Commission, c/o Remi Pavlik-Simon, 14.389 hours per response (10.792 —Advice and guidance in connection
100 F Street NE, Washington, DC 20549, hours) is prepared by the registrant for with the implementation of IMO
or by sending an email to: PRA_ a total annual reporting burden of instruments
Mailbox@sec.gov. Comments must be 17,774 hours (10.792 hours per response —Piracy
submitted to OMB within 30 days of × 1,647 responses). —Matters arising from the 118th and
this notice. An agency may not conduct or 119th regular sessions of the Council,
Dated: March 14, 2018.
sponsor, and a person is not required to the twenty-ninth extraordinary
respond to, a collection of information session of the Council and the
Eduardo A. Aleman,
unless it displays a currently valid thirtieth regular session of the
Assistant Secretary. control number. Assembly
[FR Doc. 2018–05522 Filed 3–16–18; 8:45 am] The public may view the background —Technical cooperation activities
BILLING CODE 8011–01–P documentation for this information related to maritime legislation
collection at the following website, —Review of the status of conventions
www.reginfo.gov. Comments should be and other treaty instruments
SECURITIES AND EXCHANGE directed to: (i) Desk Officer for the
COMMISSION emanating from the Legal Committee
Securities and Exchange Commission, —Work programme
Office of Information and Regulatory —Election of officers
Submission for OMB Review;
Affairs, Office of Management and —Any other business
Comment Request
Budget, Room 10102, New Executive
Upon Written Request Copies Available Office Building, Washington, DC 20503, Members of the public may attend
From: Securities and Exchange or by sending an email to: Shagufta_ this meeting up to the seating capacity
Commission, Office of FOIA Services, Ahmed@omb.eop.gov; and (ii) Pamela of the room. Upon request to the
100 F Street NE, Washington, DC Dyson, Director/Chief Information meeting coordinator, members of the
20549–2736. Officer, Securities and Exchange public may also participate via
Commission, c/o Remi Pavlik-Simon, teleconference, up to the capacity of the
Extension: teleconference phone line. To access the
Credit Risk Retention—Regulation RR, SEC 100 F Street NE, Washington, DC 20549
or send an email to: PRA_Mailbox@ teleconference line, participants should
File No. 270–613, OMB Control No.
3235–0712. sec.gov. Comments must be submitted to call (202) 475–4000 and use Participant
OMB within 30 days of this notice. Code: 887 809 72. To facilitate the
Notice is hereby given that, pursuant building security process, and to request
to the Paperwork Reduction Act of 1995 Dated: March 14, 2018. reasonable accommodation, those who
(44 U.S.C. 3501 et seq.), the Securities Eduardo A. Aleman, plan to attend should contact the
and Exchange Commission Assistant Secretary. meeting coordinator, Stephen Hubchen,
(‘‘Commission’’) has submitted to the [FR Doc. 2018–05523 Filed 3–16–18; 8:45 am] by email at stephen.k.hubchen@
Office of Management and Budget this BILLING CODE 8011–01–P uscg.mil, by phone at (202) 372–1198, or
request for extension of the previously in writing at 2703 Martin Luther King Jr.
approved collection of information Ave. SE, Stop 7509, Washington DC
discussed below. DEPARTMENT OF STATE 20593–7509 not later than April 10,
Credit Risk Retention (‘‘Regulation 2018, 4 business days prior to the
RR’’) (17 CFR 246.1 through 246.22) [Public Notice: 10359]
meeting. Requests made after April 10,
recordkeeping and disclosure 2018 might not be able to be
Notice of Public Meeting
requirements implement Section 15G of accommodated, and same day requests
the Securities Exchange Act of 1934 (15 The Department of State will conduct will not be accommodated due to the
U.S.C. 78o–11) Section 15G clarifies the an open meeting at 10:00 a.m. on building’s security process. Please note
scope and application of Section 306(a) Monday, April 16th, 2018, in Room that due to security considerations, two
of the Sarbanes-Oxley Act of 2002 (15 7M15–01, United States Coast Guard valid, government issued photo
U.S.C. 7244(a)). Section 306(a) of the Headquarters, 2703 Martin Luther King identifications must be presented to
Sarbanes-Oxley Act requires, among Jr. Ave. SE, Washington, DC 20593– gain entrance to the Coast Guard
other things, an issuer to provide timely 7213. The primary purpose of the Headquarters. Coast Guard Headquarters
notice to its directors and executive meeting is to prepare for the 105th is accessible by taxi, public
officers and to the Commission of the session of the International Maritime transportation, and privately owned
imposition of a blackout period that Organization’s (IMO) Legal Committee conveyance (upon request).
would trigger a trading prohibition to be held at the IMO Headquarters, Additional information regarding this
under Section 306(a)(1) of the Sarbanes-
sradovich on DSK3GMQ082PROD with NOTICES

United Kingdom, April 23–25, 2018. and other IMO public meetings may be
Oxley Act. Section 306(a)(1) prohibits The agenda items to be considered found at: www.uscg.mil/imo.
any director or executive officer of an include:
issuer of any equity security, from —Facilitation of the entry into force and Joel C. Coito,
directly or indirectly, purchasing, harmonized interpretation of the 2010 Coast Guard Liaison Officer, Office of Ocean
selling or otherwise acquiring or HNS Protocol and Polar Affairs, Department of State.
transferring any equity security of that —Provision of financial security in case [FR Doc. 2018–05480 Filed 3–16–18; 8:45 am]
issuer during the blackout period with of abandonment of seafarers, and BILLING CODE 4710–09–P

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Document Created: 2018-03-17 04:24:57
Document Modified: 2018-03-17 04:24:57
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		83 FR 12069