83_FR_19466 83 FR 19381 - Proposed Collection; Comment Request

83 FR 19381 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 85 (May 2, 2018)

Page Range19381-19382
FR Document2018-09093

Federal Register, Volume 83 Issue 85 (Wednesday, May 2, 2018) 
[Federal Register Volume 83, Number 85 (Wednesday, May 2, 2018)]
[Notices]
[Pages 19381-19382]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-09093]


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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 17a-5(c), SEC File No. 270-199, OMB Control No. 3235-0199

    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 17a-5(c) (17 CFR 
240.17a-5(c)), 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.
    Rule 17a-5(c) generally requires broker-dealers who carry customer 
accounts to provide statements of the broker-dealer's financial 
condition to their customers. Paragraph (c)(5) of Rule 17a-5 provides a 
conditional exemption from this requirement. A broker-dealer that 
elects to take advantage of the exemption must publish its statements 
on its website in a prescribed manner, and must maintain a toll-free 
number that customers can call to request a copy of the statements.
    The purpose of the Rule is to ensure that customers of broker-
dealers are provided with information concerning the financial 
condition of the firm that may be holding the customers' cash and 
securities. The Commission, when adopting the Rule in 1972, stated that 
the goal was to ``directly'' send a customer essential information so 
that the customer could ``judge whether his broker or dealer is 
financially sound.'' The Commission adopted the Rule in response to the 
failure of several broker-dealers holding customer funds and securities 
in the period between 1968 and 1971.
    The Commission estimates that approximately 162 broker-dealer 
respondents carrying approximately 132 million public customer accounts 
incur a burden of approximately 161,037 hours per year to comply with 
the Rule.
    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

[[Page 19382]]

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: April 24, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-09093 Filed 5-1-18; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Notices 19381 response, and because market Paper Comments Rule 17a–5(c), SEC File No. 270–199, OMB participants may readily adjust their Control No. 3235–0199 • Send paper comments in triplicate order routing practices, the Exchange to Brent J. Fields, Secretary, Securities Notice is hereby given that pursuant believes that the degree to which fee and Exchange Commission, 100 F Street to the Paperwork Reduction Act of 1995 changes in this market may impose any NE, Washington, DC 20549–1090. (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the burden on competition is extremely All submissions should refer to File Securities and Exchange Commission limited. As a result of all of these Number SR–NYSE–2018–15. This file (‘‘Commission’’) is soliciting comments considerations, the Exchange does not number should be included on the on the existing collection of information believe that the proposed changes will subject line if email is used. To help the provided for in Rule 17a–5(c) (17 CFR impair the ability of member Commission process and review your 240.17a–5(c)), under the Securities organizations or competing order comments more efficiently, please use Exchange Act of 1934 (15 U.S.C. 78a et execution venues to maintain their only one method. The Commission will seq.). The Commission plans to submit competitive standing in the financial post all comments on the Commission’s this existing collection of information to markets. internet website (http://www.sec.gov/ the Office of Management and Budget C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the (‘‘OMB’’) for extension and approval. Statement on Comments on the submission, all subsequent Rule 17a–5(c) generally requires Proposed Rule Change Received From amendments, all written statements broker-dealers who carry customer Members, Participants, or Others with respect to the proposed rule accounts to provide statements of the change that are filed with the broker-dealer’s financial condition to No written comments were solicited their customers. Paragraph (c)(5) of Rule or received with respect to the proposed Commission, and all written communications relating to the 17a–5 provides a conditional exemption rule change. from this requirement. A broker-dealer proposed rule change between the III. Date of Effectiveness of the Commission and any person, other than that elects to take advantage of the Proposed Rule Change and Timing for those that may be withheld from the exemption must publish its statements Commission Action public in accordance with the on its website in a prescribed manner, provisions of 5 U.S.C. 552, will be and must maintain a toll-free number The foregoing rule change is effective available for website viewing and that customers can call to request a copy upon filing pursuant to Section printing in the Commission’s Public of the statements. 19(b)(3)(A) 26 of the Act and Reference Room, 100 F Street NE, The purpose of the Rule is to ensure subparagraph (f)(2) of Rule 19b–4 27 Washington, DC 20549 on official that customers of broker-dealers are thereunder, because it establishes a due, business days between the hours of provided with information concerning fee, or other charge imposed by the 10:00 a.m. and 3:00 p.m. Copies of the the financial condition of the firm that Exchange. filing also will be available for may be holding the customers’ cash and At any time within 60 days of the inspection and copying at the principal securities. The Commission, when filing of such proposed rule change, the office of the Exchange. All comments adopting the Rule in 1972, stated that Commission summarily may received will be posted without change. the goal was to ‘‘directly’’ send a temporarily suspend such rule change if Persons submitting comments are customer essential information so that it appears to the Commission that such cautioned that we do not redact or edit the customer could ‘‘judge whether his action is necessary or appropriate in the personal identifying information from broker or dealer is financially sound.’’ public interest, for the protection of comment submissions. You should The Commission adopted the Rule in investors, or otherwise in furtherance of submit only information that you wish response to the failure of several broker- the purposes of the Act. If the to make available publicly. All dealers holding customer funds and Commission takes such action, the submissions should refer to File securities in the period between 1968 Commission shall institute proceedings Number SR–NYSE–2018–15 and should and 1971. under Section 19(b)(2)(B) 28 of the Act to be submitted on or before May 23, 2018. The Commission estimates that determine whether the proposed rule approximately 162 broker-dealer change should be approved or For the Commission, by the Division of Trading and Markets, pursuant to delegated respondents carrying approximately 132 disapproved. authority.29 million public customer accounts incur IV. Solicitation of Comments Eduardo A. Aleman, a burden of approximately 161,037 Interested persons are invited to Assistant Secretary. hours per year to comply with the Rule. submit written data, views, and Written comments are invited on: (a) [FR Doc. 2018–09258 Filed 5–1–18; 8:45 am] arguments concerning the foregoing, Whether the proposed collection of BILLING CODE 8011–01–P including whether the proposed rule information is necessary for the proper change is consistent with the Act. performance of the functions of the Comments may be submitted by any of Commission, including whether the SECURITIES AND EXCHANGE the following methods: information shall have practical utility; COMMISSION (b) the accuracy of the Commission’s Electronic Comments Proposed Collection; Comment estimates of the burden of the proposed • Use the Commission’s internet Request collection of information; (c) ways to comment form (http://www.sec.gov/ enhance the quality, utility, and clarity Upon Written Request, Copies Available of the information collected; and (d) rules/sro.shtml); or daltland on DSKBBV9HB2PROD with NOTICES From: Securities and Exchange ways to minimize the burden of the • Send an email to rule-comments@ Commission, Office of FOIA Services, collection of information on sec.gov. Please include File Number SR– 100 F Street NE, Washington, DC respondents, including through the use NYSE–2018–15 on the subject line. 20549–2736 of automated collection techniques or 26 15 U.S.C. 78s(b)(3)(A). Extension: other forms of information technology. 27 17 CFR 240.19b–4(f)(2). Consideration will be given to 28 15 U.S.C. 78s(b)(2)(B). 29 17 CFR 200.30–3(a)(12). comments and suggestions submitted in VerDate Sep<11>2014 22:14 May 01, 2018 Jkt 244001 PO 00000 Frm 00171 Fmt 4703 Sfmt 4703 E:\FR\FM\02MYN1.SGM 02MYN1

19382 Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Notices writing within 60 days of this II. Self-Regulatory Organization’s management team and significantly publication. Statement of the Purpose of, and change its board of directors and it will An agency may not conduct or Statutory Basis for, the Proposed Rule often have a significantly different sponsor, and a person is not required to Change shareholder base after the Business respond to, a collection of information In its filing with the Commission, the Combination than it had as an AC. In under the PRA unless it displays a self-regulatory organization included effect, an AC after its Business currently valid OMB control number. statements concerning the purpose of, Combination is a completely different Please direct your written comments and basis for, the proposed rule change company and it is for this reason that to: Pamela Dyson, Director/Chief and discussed any comments it received the board and management of the Information Officer, Securities and on the proposed rule change. The text company after the transaction would Exchange Commission, c/o Remi Pavlik- of those statements may be examined at want to reconsider the positioning of the Simon, 100 F Street NE, Washington, the places specified in Item IV below. company in many respects, including its DC 20549, or send an email to: PRA_ The Exchange has prepared summaries, listing venue. Mailbox@sec.gov. set forth in sections A, B, and C below, The market for the retention or of the most significant parts of such transfer to another exchange of these Dated: April 24, 2018. statements. companies is very competitive and a Eduardo A. Aleman, number of transfers to a new listing Assistant Secretary. A. Self-Regulatory Organization’s venue have occurred in recent times in [FR Doc. 2018–09093 Filed 5–1–18; 8:45 am] Statement of the Purpose of, and connection with the completion of an BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule AC’s Business Combination. The listing Change rules of the Exchange,5 NYSE 1. Purpose American 6 and NASDAQ Stock SECURITIES AND EXCHANGE Market 7 all provide for a waiver of all COMMISSION Section 102.06 of the Manual initial listing fees in connection with a provides for the listing of companies transfer from another national securities [Release No. 34–83117; File No. SR–NYSE– (‘‘Acquisition Companies’’ or ‘‘ACs’’) exchange, so an AC moving its listing 2018–14] with no prior operating history that upon consummation of its Business conduct an initial public offering of Combination never has to pay any Self-Regulatory Organizations; New which at least 90% of the proceeds, listing fees in connection with such York Stock Exchange LLC; Notice of together with the proceeds of any other transfer or the issuance of any new Filing and Immediate Effectiveness of concurrent sales of the AC’s equity shares at the time of its Business Proposed Rule Change To Amend securities, will be held in a trust Combination. However, until a recent Section 902.11 of the Exchange’s account controlled by an independent amendment to Section 902.11 of the Listed Company Manual Concerning custodian until consummation of a Manual,8 an AC remaining listed on the Fees Applicable to Acquisition business combination. The business Exchange upon consummation of its Companies for Shares Issued combination can be in the form of a Business Combination had to pay Contingent on the Consummation of a merger, capital stock exchange, asset additional listing fees in relation to any Business Combination acquisition, stock purchase, additional shares issued in connection reorganization, or similar business with the Business Combination. In such April 26, 2018. combination with one or more operating instances, the AC was faced with the Pursuant to Section 19(b)(1) 1 of the businesses or assets (a ‘‘Business anomalous situation where there would Securities Exchange Act of 1934 (the Combination’’) with a fair market value be no listing fee burden associated with ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 equal to at least 80% of the net assets a transfer to another exchange but it notice is hereby given that, on April 16, held in trust (net of amounts disbursed would be required to pay significant 2018, New York Stock Exchange LLC to management for working capital additional listing fees if it remained on (‘‘NYSE’’ or the ‘‘Exchange’’) filed with purposes and excluding the amount of its incumbent exchange. Consequently, the Securities and Exchange any deferred underwriting discount to eliminate this disparate treatment of Commission (the ‘‘Commission’’) the held in trust). A listed AC may remain companies listing after a Business proposed rule change as described in listed upon consummation of its Combination, the Exchange amended Items I, II, and III below, which Items Business Combination, provided it Section 902.11 of the Manual to provide have been prepared by the self- meets the criteria specified in Section that any AC remaining listed on the regulatory organization. The 802.01B of the Manual. Exchange upon consummation of its Commission is publishing this notice to In the experience of the Exchange, an Business Combination would no longer solicit comments on the proposed rule AC will frequently reconsider its listing be subject to any additional listing fees change from interested persons. venue in connection with the with respect to any shares issued in consummation of its Business connection with such Business I. Self-Regulatory Organization’s Combination.4 The Business Combination. Statement of the Terms of the Substance Combination is a transformative event The Exchange has identified another of the Proposed Rule Change in the life cycle of an AC, when it anomaly in the fees payable by an AC The Exchange proposes to amend becomes an operating company instead if it chooses to remain on the NYSE at Rule 902.11. The proposed rule change of a blank check company. In the time of its Business Combination is available on the Exchange’s website at connection with that transformation, an rather than transfer to another exchange. daltland on DSKBBV9HB2PROD with NOTICES www.nyse.com, at the principal office of AC will frequently put in place a new the Exchange, and at the Commission’s 5 See Section 902.02 of the Manual. 6 See Section 140 of the NYSE American Public Reference Room. 4 The Exchange began to list ACs on a regular basis in the last year, so the practice of ACs Company Guide. 7 See NASDAQ Marketplace Rule 5910(7) [sic]. changing listing venue at the time of their Business 1 15 U.S.C. 78s(b)(1). Combination has not yet involved any companies 8 See Securities Exchange Act Release No. 82731 2 15 U.S.C. 78a. transferring away from the NYSE in those (February 16, 2018), 83 FR 8140 (February 23, 2018) 3 17 CFR 240.19b–4. circumstances. (SR–NYSE–2018–06). 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Document Created: 2018-05-02 00:50:05
Document Modified: 2018-05-02 00:50:05
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 Citation83 FR 19381 
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