83 FR 34179 - Proposed Collection; Comment Request
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 139 (July 19, 2018)
Federal Register Volume 83, Issue 139 (July 19, 2018)
| Page Range | 34179-34182 | |
| FR Document | 2018-15381 |
[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)] [Notices] [Pages 34179-34182] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-15381] ----------------------------------------------------------------------- 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: Regulation SCI, Form SCI; SEC File No. 270-653, OMB Control No. 3235-0703. 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 [[Page 34180]] (``Commission'') is soliciting comments on the collection of information provided for in Regulation Systems Compliance and Integrity (``Regulation SCI'') (17 CFR 242.1000-1007) and Form SCI (17 CFR 249.1900) under the Securities Exchange Act of 1934 (``Exchange Act'') (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. Regulation SCI requires certain key market participants to, among other things: (1) Have comprehensive policies and procedures in place to help ensure the robustness and resiliency of their technological systems, and also that their technological systems operate in compliance with the federal securities laws and with their own rules; and (2) provide certain notices and reports to the Commission to improve Commission oversight of securities market infrastructure. Regulation SCI advances the goals of the national market system by enhancing the capacity, integrity, resiliency, availability, and security of the automated systems of entities important to the functioning of the U.S. securities markets, as well as reinforcing the requirement that such systems operate in compliance with the Exchange Act and rules and regulations thereunder, thus strengthening the infrastructure of the U.S. securities markets and improving its resilience when technological issues arise. In this respect, Regulation SCI establishes an updated and formalized regulatory framework, thereby helping to ensure more effective Commission oversight of such systems. Respondents consist of national securities exchanges and associations, registered clearing agencies, exempt clearing agencies, plan processors, and alternative trading systems. There are currently 42 respondents, and the Commission staff estimates that, on average, 2 new respondents may become SCI entities each year, 1 of which would be a self-regulatory organization. Accordingly, Commission staff estimates that over the next three years there will be an average of 44 respondents per year. Rule 1001(a) requires each SCI entity to establish, maintain, and enforce written policies and procedures reasonably designed to ensure that its SCI systems and, for purposes of security standards, indirect SCI systems, have levels of capacity, integrity, resiliency, availability, and security, adequate to maintain the SCI entity's operational capability and promote the maintenance of fair and orderly markets. The Commission staff estimates that the total annual initial recordkeeping burden for 2 new respondents will be 1,388 hours (694 hours per respondent x 2 respondents), and the annual ongoing recordkeeping burden for all respondents will be, on average, 10,208 hours (232 hours per respondent x 44 respondents). The Commission staff estimates that the 2 new respondents would incur, on average, an annual initial internal cost of compliance of $465,656 ($232,828 per respondent x 2 respondents), as well as outside legal or consulting costs of $94,000 ($47,000 per respondent x 2 respondents). In addition, all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $3,426,632 ($77,878 per respondent x 44 respondents). Rule 1001(b) requires each SCI entity to establish, maintain, and enforce written policies and procedures reasonably designed to ensure that its SCI systems operate in a manner that complies with the Exchange Act and the rules and regulations thereunder and the entity's rules and governing documents, as applicable. The Commission staff estimates that the total annual initial recordkeeping burden for 2 new respondents will be 540 hours (270 hours per respondent x 2 respondents), and the annual ongoing recordkeeping burden for all respondents will be, on average, 6,820 hours (175 hours per SRO respondent x 33 respondents + 95 hours per non-SRO respondent x 11 non- SRO respondents). The Commission staff estimates that the 2 new respondents would incur an initial internal cost of compliance of $203,160 ($101,580 per respondent x 2 respondents), as well as outside legal or consulting costs of $54,000 ($27,000 per respondent x 2 respondents). In addition, all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $2,155,780 ($86,230 per respondent x 44 respondents). Rule 1001(c) requires each SCI entity to establish, maintain, and enforce reasonably designed written policies and procedures that include the criteria for identifying responsible SCI personnel, the designation and documentation of responsible SCI personnel, and escalation procedures to quickly inform responsible SCI personnel of potential SCI events. The Commission staff estimates that the total annual initial recordkeeping burden for 2 new respondents will be 228 hours (114 hours per respondent x 2 respondents), and the annual ongoing recordkeeping burden for all respondents will be, on average, 1,716 hours (39 hours per respondent x 44 respondents). The Commission staff estimates that the 2 new respondents would incur an initial internal cost of compliance of $85,056 ($42,528 per respondent x 2 respondents), and all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $684,112 ($15,548 per respondent x 44 respondents). Rule 1004 requires each SCI entity to establish standards for the designation of certain members or participants for BC/DR plan testing, to designate members or participants in accordance with these standards, to require participation by designated members or participants in such testing at least annually, and to coordinate such testing on an industry- or sector-wide basis with other SCI entities. The Commission staff estimates that the total annual initial recordkeeping burden for 2 new respondents will be 720 hours (360 hours per respondent x 2 respondents), and the annual ongoing recordkeeping burden for all respondents that are not plan processors will be, on average, 5,670 hours (135 hours per respondent x 42 respondents). The Commission staff estimates that the 2 new respondents would incur an initial internal cost of compliance of $214,596 ($107,298 per respondent x 2 respondents). In addition, all respondents that are not plan processors will incur, on average, an estimated ongoing annual internal cost of compliance of $1,508,850 ($35,925 per respondent x 42 respondents). In addition, the Commission staff estimates that the 2 plan processor respondents will incur an estimated ongoing annual cost of $108,000 for outside legal services ($54,000 per plan processor respondent x 2 respondents). Rule 1002(b)(1) requires each SCI entity, upon any responsible SCI personnel having a reasonable basis to conclude that an SCI event has occurred, to notify the Commission immediately. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 352 hours (8 hours per respondent x 44 respondents). The Commission staff estimates that respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $108,394 ($2,463.25 per respondent x 44 respondents). Rule 1002(b)(2) requires each SCI entity, within 24 hours of any responsible SCI personnel having a reasonable basis to conclude that the SCI event has occurred, to submit a written notification to the Commission pertaining to the SCI event on a good faith, best efforts basis. These [[Page 34181]] notifications are required to be submitted on Form SCI. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 5,280 hours (120 hours per respondent x 44 respondents). The Commission staff estimates that respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $1,739,540 ($39,535 per respondent x 44 respondents). Rule 1002(b)(3) requires each SCI entity to provide updates to the Commission pertaining to an SCI event on a regular basis, or at such frequency as reasonably requested by a representative of the Commission, until the SCI event is resolved and the SCI entity's investigation of the SCI event is closed. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 462 hours (10.5 hours per respondent x 44 respondents). The Commission staff estimates that all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $144,309 ($3,279.75 per respondent x 44 respondents). Rule 1002(b)(4) requires each SCI entity to submit written interim reports, as necessary, and a written final report regarding an SCI event to the Commission. These reports are required to be submitted on Form SCI. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 7,700 hours (175 hours per respondent x 44 respondents). The Commission staff estimates that all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $2,686,860 ($61,065 per respondent x 44 respondents). Rule 1002(b)(5) requires each SCI entity to submit to the Commission quarterly reports containing a summary description of any systems disruption or systems intrusion that has had, or the SCI entity reasonably estimates would have, no or a de minimis impact on the SCI entity's operations or on market participants. These reports are required to be submitted on Form SCI. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 7,040 hours (160 hours per respondent x 44 respondents). The Commission staff estimates that respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $2,378,728 ($54,062 per respondent x 44 respondents). In addition, the Commission staff estimates that respondents will incur, on average, annual costs of $255,200 ($5,800 x 44 respondents) for outside legal advice in preparation of certain notifications required by Rule 1002(b). Rule 1002(c)(1)(i) requires each SCI entity, promptly after any responsible SCI personnel has a reasonable basis to conclude that an SCI event (other than a systems intrusion) has occurred, to disseminate certain information to its members or participants. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 924 hours (21 hours per respondent x 44 respondents). The Commission staff estimates that all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $604,230 ($13,732.50 per respondent x 44 respondents). Rule 1002(c)(1)(ii) requires each SCI entity, when known, to promptly disseminate additional information about an SCI event (other than a systems intrusion) to its members or participants. Rule 1002(c)(1)(iii) requires each SCI entity to provide to its members or participants regular updates of any information required to be disseminated under Rules 1002(c)(1)(i) and (ii) until the SCI event is resolved. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 5,148 hours (117 hours per respondent x 44 respondents). The Commission staff estimates that all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $2,033,856 ($46,224 per respondent x 44 respondents). Rule 1002(c)(2) requires each SCI entity to disseminate certain information regarding a systems intrusion to its members or participants, and provides an exception when the SCI entity determines that dissemination of such information would likely compromise the security of its SCI systems or indirect SCI systems, or an investigation of the systems intrusion, and documents the reasons for such determination. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 440 hours (10 hours per respondent x 44 respondents). The Commission staff estimates that all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $173,415 ($3,941.25 per respondent x 44 respondents). In addition, the Commission staff estimates that all respondents will incur, on average, annual costs of $146,080 ($3,320 x 44 respondents) for outside legal advice in preparation of certain notifications required by Rule 1002(c). Rule 1003(a)(1) requires each SCI entity to submit to the Commission quarterly reports describing completed, ongoing, and planned material changes to its SCI systems and security of indirect SCI systems during the prior, current, and subsequent calendar quarters. These reports are required to be submitted on Form SCI. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 22,000 hours (500 hours per respondent x 44 respondents). The Commission staff estimates that all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $6,570,520 ($149,330 per respondent x 44 respondents). Rule 1003(a)(2) requires each SCI entity to promptly submit a supplemental report notifying the Commission of a material error in or material omission from a report previously submitted under Rule 1003(a)(1). These reports are required to be submitted on Form SCI. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 660 hours (15 hours per respondent x 44 respondents). The Commission staff estimates that all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $209,176 ($4,754 per respondent x 44 respondents). Rule 1003(b)(1) requires each SCI entity to conduct an SCI review of its compliance with Regulation SCI not less than once each calendar year, with an exception for penetration test reviews, which are required to be conducted not less than once every three years. Rule 1003(b)(1) also provides an exception for assessments of SCI systems directly supporting market regulation or market surveillance, which are required to be conducted at a frequency based on the risk assessment conducted as part of the SCI review, but in no case less than once every three years. Rule 1003(b)(2) requires each SCI entity to submit a report of the SCI review to senior management no more than 30 calendar days after completion of the review. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 30,360 hours (690 hours per respondent x 44 respondents). The Commission staff estimates that all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $9,724,660 ($221,015 per respondent x 44 respondents). Rule 1003(b)(3) requires each SCI entity to submit the report of the SCI review to the Commission and to its [[Page 34182]] board of directors or the equivalent of such board, together with any response by senior management, within 60 calendar days after its submission to senior management. These reports are required to be submitted on Form SCI. The Commission staff estimates that the total annual ongoing burden for all respondents will be, on average, 44 hours (1 hour per respondent x 44 respondents). The Commission staff estimates that all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $18,128 ($412 per respondent x 44 respondents). In addition, the Commission staff estimates that all respondents will incur, on average, annual costs of $2,200,000 ($50,000 x 44 respondents) for outside legal advice in preparation of certain notifications required by Rule 1003(b). Rule 1006 requires each SCI entity, with a few exceptions, to file any notification, review, description, analysis, or report to the Commission required under Regulation SCI electronically on Form SCI through the EFFS. An SCI entity will submit to the Commission an EAUF to register each individual at the SCI entity who will access the EFFS system on behalf of the SCI entity. The Commission staff estimates that the total annual initial burden for 2 new respondents will be 0.6 hours (0.3 hours per respondent x 2 respondents), and the annual ongoing burden for all respondents will be, on average, 6.6 hours (0.15 hours per respondent x 44 respondents). The Commission staff estimates that the 2 new respondents would incur an initial internal cost of compliance of $248 ($124 per respondent x 2 respondents), as well as outside costs to obtain a digital ID of $100 ($50 per respondent x 2 respondents). In addition, all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $2,728 ($62 per respondent x 44 respondents), as well as outside costs to obtain a digital ID of $2,200 ($50 per respondent x 44 respondents). Rule 1002(a) requires each SCI entity, upon any responsible SCI personnel having a reasonable basis to conclude that an SCI event has occurred, to begin to take appropriate corrective action. The Commission staff estimates that the total annual initial recordkeeping burden for 2 new respondents will be 228 hours (114 hours per respondent x 2 respondents), and the annual ongoing recordkeeping burden for all respondents will be, on average, 1,716 hours (39 hours per respondent x 44 respondents). The Commission staff estimates that the 2 new respondents would incur an initial internal cost of compliance of $85,056 ($42,528 per respondent x 2 respondents). In addition, all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $677,468 ($15,397 per respondent x 44 respondents). Rule 1003(a)(1) requires each SCI entity to establish reasonable written criteria for identifying a change to its SCI systems and the security of indirect SCI systems as material. The Commission staff estimates that the total annual initial recordkeeping burden for 2 new respondents will be 228 hours (114 hours per respondent x 2 respondents), and the annual ongoing recordkeeping burden for all respondents will be, on average, 1,188 hours (27 hours per respondent x 44 respondents). The Commission staff estimates that the 2 new respondents would incur an initial internal cost of compliance of $85,056 ($42,528 per respondent x 2 respondents). In addition, all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $507,584 ($11,536 per respondent x 44 respondents). Regulation SCI also requires SCI entities to identify certain types of events and systems. The Commission staff estimates that the total annual initial recordkeeping burden for 2 new respondents will be 396 hours (198 hours per respondent x 2 respondents), and the annual ongoing recordkeeping burden for all respondents will be, on average, 1,716 hours (39 hours per respondent x 44 respondents). The Commission staff estimates that the 2 new respondents would incur an initial internal cost of compliance of $139,412 ($69,706 per respondent x 2 respondents). In addition, all respondents will incur, on average, an estimated ongoing annual internal cost of compliance of $677,468 ($15,397 per respondent x 44 respondents). Rules 1005 and 1007 establish recordkeeping requirements for SCI entities other than SROs. The Commission staff estimates that for a new respondent that is not an SRO the average annual initial burden would be 170 hours (170 hours x 1 respondent), and the annual ongoing burden for all respondents will be, on average, 275 hours (25 hours x 11 respondents). The Commission staff estimates that a new respondent would incur an estimated internal initial internal cost of compliance of $11,370, as well as a one-time cost of $900 to modify existing recordkeeping systems. In addition, all respondents will incur, on average, an estimated ongoing internal cost of compliance of $18,975 ($1,725 x 11 respondents). 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 to be 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 Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an email to: PRA_Mailbox@sec.gov. Dated: July 13, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-15381 Filed 7-18-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices 34179
losses materialize, is calculated as the With respect to the Wind-down Plan, subject line if email is used. To help the
greatest of three estimated amounts, one the proposed Corporation Default Rule, Commission process and review your
of which is this Recovery/Wind-down and the proposed Wind-down Rule, comments more efficiently, please use
Capital Requirement. Therefore, NSCC which facilitate the execution of the only one method. The Commission will
believes the R&W Plan, as it interrelates Wind-down Plan, the proposal would post all comments on the Commission’s
with the Capital Policy, is consistent operate to effect the transfer of all internet website (http://www.sec.gov/
with Rule 17Ad–22(e)(15)(ii).72 eligible Members and Limited Members rules/sro.shtml). Copies of the
to the Transferee, and would not submission, all subsequent
(B) Clearing Agency’s Statement on
prohibit any market participant from amendments, all written statements
Burden on Competition
either bidding to become the Transferee with respect to the Proposed Rule
NSCC does not believe the proposal or from applying for membership with Change that are filed with the
would have any impact, or impose any the Transferee. The proposal also would Commission, and all written
burden, on competition not necessary or not prohibit any Member or Limited communications relating to the
appropriate in furtherance of the Member from withdrawing from NSCC Proposed Rule Change between the
purpose of the Act.73 The proposal prior to the Transfer Time, as is Commission and any person, other than
would apply uniformly to all Members permitted under the Rules today, or those that may be withheld from the
and Limited Members. NSCC does not from applying for membership with the public in accordance with the
anticipate that the proposal would affect Transferee. Therefore, as the proposal provisions of 5 U.S.C. 552, will be
its day-to-day operations under normal would treat each similarly situated available for website viewing and
circumstances, or in the management of Member identically under the Wind- printing in the Commission’s Public
a typical Member default scenario or down Plan and under these Proposed Reference Room, 100 F Street NE,
non-default event. NSCC is not Rules, NSCC does not believe the Wind- Washington, DC 20549 on official
proposing to alter the standards or down Plan, the proposed Corporation business days between the hours of
requirements for becoming or remaining Default Rule, or the proposed Wind- 10:00 a.m. and 3:00 p.m. Copies of the
a Member, or otherwise using its down Rule would have any impact, or filing also will be available for
services. NSCC also does not propose to impose any burden, on competition. inspection and copying at the principal
change its methodology for calculation NSCC does not believe that the office of NSCC and on DTCC’s website
of margin or Clearing Fund proposed change to the Rule numbers (http://dtcc.com/legal/sec-rule-
contributions. The proposal is intended would have any impact on competition filings.aspx). All comments received
to (1) address the risk of loss events and because this proposed change is will be posted without change. Persons
identify the tools and resources technical in nature and would not submitting comments are cautioned that
available to it to withstand and recover change NSCC’s current practices or the we do not redact or edit personal
from such events, so that it can restore rights or obligations of Members identifying information from comment
normal operations, and (2) provide a (C) Clearing Agency’s Statement on submissions. You should submit only
framework for its orderly wind-down Comments on the Proposed Rule information that you wish to make
and the transfer of its business in the Change Received From Members, available publicly. All submissions
event those recovery tools do not restore Participants, or Others should refer to File Number SR–NSCC–
NSCC to financial viability, as described 2017–017 and should be submitted on
herein. While NSCC has not solicited or or before August 3, 2018.
The R&W Plan and each of the received any written comments relating
For the Commission, by the Division of
Proposed Rules have been developed to this proposal, NSCC has conducted
Trading and Markets, pursuant to delegated
and documented in order to satisfy outreach to Members in order to provide authority.74
applicable regulatory requirements, as them with notice of the proposal. NSCC
Eduardo A. Aleman,
discussed above. will notify the Commission of any
Assistant Secretary.
written comments received by NSCC.
With respect to the Recovery Plan, the [FR Doc. 2018–15367 Filed 7–18–18; 8:45 am]
proposal generally reflects NSCC’s III. Solicitation of Comments BILLING CODE 8011–01–P
existing tools and existing internal Interested persons are invited to
procedures. Existing tools that would submit written data, views and
have a direct impact on the rights, arguments concerning the foregoing. SECURITIES AND EXCHANGE
responsibilities or obligations of Comments may be submitted by any of COMMISSION
Members are reflected in the existing the following methods:
Rules or are proposed to be included in Proposed Collection; Comment
the Rules. Accordingly, the Recovery Electronic Comments Request
Plan and the proposed Force Majeure • Use the Commission’s internet Upon Written Request, Copies Available
Rule are intended to provide a roadmap, comment form (http://www.sec.gov/ From: Securities and Exchange
define the strategy and identify the tools rules/sro.shtml); or Commission, Office of FOIA Services,
available to NSCC in connection with its • Send an email to rule-comments@
100 F Street NE, Washington, DC
recovery efforts. By proposing to sec.gov. Please include File Number SR–
20549–2736.
enhance NSCC’s existing internal NSCC–2017–017 on the subject line.
management and its regulatory Extension:
compliance related to its recovery Paper Comments Regulation SCI, Form SCI; SEC File No.
sradovich on DSK3GMQ082PROD with NOTICES
efforts, NSCC does not believe the • Send paper comments in triplicate 270–653, OMB Control No. 3235–0703.
Recovery Plan or the proposed Force to Secretary, Securities and Exchange Notice is hereby given that pursuant
Majeure Rule would have any impact, or Commission, 100 F Street NE, to the Paperwork Reduction Act of 1995
impose any burden, on competition. Washington, DC 20549–1090. (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
All submissions should refer to File Securities and Exchange Commission
72 Id. Number SR–NSCC–2017–017. This file
73 15 U.S.C. 78q–1(b)(3)(I). number should be included on the 74 17 CFR 200.30–3(a)(12).
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![34182 Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices
board of directors or the equivalent of estimates that the 2 new respondents estimated ongoing internal cost of
such board, together with any response would incur an initial internal cost of compliance of $18,975 ($1,725 × 11
by senior management, within 60 compliance of $85,056 ($42,528 per respondents).
calendar days after its submission to respondent × 2 respondents). In Written comments are invited on: (a)
senior management. These reports are addition, all respondents will incur, on Whether the proposed collection of
required to be submitted on Form SCI. average, an estimated ongoing annual information is necessary for the proper
The Commission staff estimates that the internal cost of compliance of $677,468 performance of the functions of the
total annual ongoing burden for all ($15,397 per respondent × 44 Commission, including whether the
respondents will be, on average, 44 respondents). information shall have practical utility;
hours (1 hour per respondent × 44 Rule 1003(a)(1) requires each SCI (b) the accuracy of the Commission’s
respondents). The Commission staff entity to establish reasonable written estimates of the burden of the proposed
estimates that all respondents will criteria for identifying a change to its collection of information; (c) ways to
incur, on average, an estimated ongoing SCI systems and the security of indirect enhance the quality, utility, and clarity
annual internal cost of compliance of SCI systems as material. The of the information to be collected; and
$18,128 ($412 per respondent × 44 Commission staff estimates that the total (d) ways to minimize the burden of the
respondents). annual initial recordkeeping burden for collection of information on
In addition, the Commission staff 2 new respondents will be 228 hours respondents, including through the use
estimates that all respondents will (114 hours per respondent × 2 of automated collection techniques or
incur, on average, annual costs of respondents), and the annual ongoing other forms of information technology.
$2,200,000 ($50,000 × 44 respondents) recordkeeping burden for all Consideration will be given to
for outside legal advice in preparation of respondents will be, on average, 1,188 comments and suggestions submitted in
certain notifications required by Rule hours (27 hours per respondent × 44 writing within 60 days of this
1003(b). respondents). The Commission staff publication.
Rule 1006 requires each SCI entity, estimates that the 2 new respondents An agency may not conduct or
with a few exceptions, to file any would incur an initial internal cost of sponsor, and a person is not required to
notification, review, description, compliance of $85,056 ($42,528 per respond to, a collection of information
analysis, or report to the Commission respondent × 2 respondents). In under the PRA unless it displays a
required under Regulation SCI addition, all respondents will incur, on currently valid OMB control number.
electronically on Form SCI through the average, an estimated ongoing annual Please direct your written comments
EFFS. An SCI entity will submit to the internal cost of compliance of $507,584 to: Pamela Dyson, Director/Chief
Commission an EAUF to register each ($11,536 per respondent × 44 Information Officer, Securities and
individual at the SCI entity who will respondents). Exchange Commission, c/o Candace
access the EFFS system on behalf of the Regulation SCI also requires SCI
Kenner, 100 F Street NE, Washington,
SCI entity. The Commission staff entities to identify certain types of
DC 20549, or send an email to: PRA_
estimates that the total annual initial events and systems. The Commission
Mailbox@sec.gov.
burden for 2 new respondents will be staff estimates that the total annual
0.6 hours (0.3 hours per respondent × 2 initial recordkeeping burden for 2 new Dated: July 13, 2018.
respondents), and the annual ongoing respondents will be 396 hours (198 Eduardo A. Aleman,
burden for all respondents will be, on hours per respondent × 2 respondents), Assistant Secretary.
average, 6.6 hours (0.15 hours per and the annual ongoing recordkeeping [FR Doc. 2018–15381 Filed 7–18–18; 8:45 am]
respondent × 44 respondents). The burden for all respondents will be, on BILLING CODE 8011–01–P
Commission staff estimates that the 2 average, 1,716 hours (39 hours per
new respondents would incur an initial respondent × 44 respondents). The
internal cost of compliance of $248 Commission staff estimates that the 2 SECURITIES AND EXCHANGE
($124 per respondent × 2 respondents), new respondents would incur an initial COMMISSION
as well as outside costs to obtain a internal cost of compliance of $139,412
digital ID of $100 ($50 per respondent ($69,706 per respondent × 2 [Release No. 34–83635; File No. SR–CHX–
× 2 respondents). In addition, all respondents). In addition, all 2018–004]
respondents will incur, on average, an respondents will incur, on average, an
estimated ongoing annual internal cost estimated ongoing annual internal cost Self-Regulatory Organizations;
of compliance of $2,728 ($62 per of compliance of $677,468 ($15,397 per Chicago Stock Exchange, Inc.; Notice
respondent × 44 respondents), as well as respondent × 44 respondents). of Filing of Amendment Nos. 2 and 3
outside costs to obtain a digital ID of Rules 1005 and 1007 establish and Order Granting Accelerated
$2,200 ($50 per respondent × 44 recordkeeping requirements for SCI Approval of a Proposed Rule Change,
respondents). entities other than SROs. The as Modified by Amendments Nos. 1, 2,
Rule 1002(a) requires each SCI entity, Commission staff estimates that for a and 3 Thereto, in Connection With a
upon any responsible SCI personnel new respondent that is not an SRO the Proposed Transaction Involving CHX
having a reasonable basis to conclude average annual initial burden would be Holdings, Inc. and the Intercontinental
that an SCI event has occurred, to begin 170 hours (170 hours × 1 respondent), Exchange, Inc.
to take appropriate corrective action. and the annual ongoing burden for all
The Commission staff estimates that the respondents will be, on average, 275 July 13, 2018.
total annual initial recordkeeping hours (25 hours × 11 respondents). The
sradovich on DSK3GMQ082PROD with NOTICES
I. Introduction
burden for 2 new respondents will be Commission staff estimates that a new
228 hours (114 hours per respondent × respondent would incur an estimated On May 8, 2018, the Chicago Stock
2 respondents), and the annual ongoing internal initial internal cost of Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’)
recordkeeping burden for all compliance of $11,370, as well as a one- filed with the Securities and Exchange
respondents will be, on average, 1,716 time cost of $900 to modify existing Commission (‘‘Commission’’), pursuant
hours (39 hours per respondent × 44 recordkeeping systems. In addition, all to Section 19(b)(1) of the Securities
respondents). The Commission staff respondents will incur, on average, an Exchange Act of 1934 (‘‘Exchange
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Document Created: 2018-07-19 01:35:09
Document Modified: 2018-07-19 01:35:09
| 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 34179 |
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