83_FR_53897 83 FR 53691 - Proposed Collection; Comment Request

83 FR 53691 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 206 (October 24, 2018)

Page Range53691-53692
FR Document2018-23209

Federal Register, Volume 83 Issue 206 (Wednesday, October 24, 2018) 
[Federal Register Volume 83, Number 206 (Wednesday, October 24, 2018)]
[Notices]
[Pages 53691-53692]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-23209]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission, Office of FOIA Services, 100 F Street NE, 
Washington, DC 20549-2736

Extension:
    Order Granting a Conditional Exemption Under the Securities 
Exchange Act of 1934 from the Confirmation Requirements of Exchange 
Act Rule 10b-10(a) for Certain Transactions in Money Market Funds, 
SEC File No. 270-792; OMB Control No. 3235-0739

    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 collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval: Order Granting a Conditional 
Exemption under the Securities Exchange Act of 1934 from the 
Confirmation Requirements of Exchange Act Rule 10b-10(a) for Certain 
Transactions in Money Market Funds (17 CFR 240.10b-10(a)).
    Rule 10b-10 under the Securities Exchange Act of 1934 (15 U.S.C. 
78a et seq.) generally requires broker-dealers to provide customers 
with specified information relating to their securities transactions at 
or before the completion of the transactions. Rule 10b-10(b), however, 
provides an exception from this requirement for certain transactions in 
money market funds that attempt to maintain a stable net asset value 
when no sales load or redemption fee is charged. The exception permits 
broker-dealers to provide transaction information to money market fund 
shareholders on a monthly, rather than immediate, basis, subject to the 
conditions. Amendments to Rule 2a-7 of the Investment Company Act of 
1940 (``Investment Company Act'') (15 U.S.C. 80a-1 et seq.) among other 
things, means, absent an exemption, broker-dealers would not be able to 
continue to rely on the exception under Exchange Act Rule 10b-10(b) for 
transactions in money market funds operating in accordance with Rule 
2a-7(c)(1)(ii).\1\
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    \1\ See generally Money Market Fund Reform; Amendments to Form 
PF, Securities Act Release No. 9408, Investment Advisers Act Release 
No. 3616, Investment Company Act Release No. 30551 (June 5, 2013), 
78 FR 36834, 36934 (June 19, 2013); see also Exchange Act Rule 10b-
10(b)(1), 17 CFR 240.10b-10(b)(1) (limiting alternative monthly 
reporting to money market funds that attempt to maintain a stable 
NAV).
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    In 2015, the Commission issued an Order Granting a Conditional 
Exemption under the Securities Exchange Act of 1934 From The 
Confirmation Requirements of Exchange Act Rule 10b-10(a) For Certain 
Transactions In Money Market Funds (``Order'') \2\ which allows broker-
dealers, subject to certain conditions, to provide transaction 
information to investors in any money market fund operating pursuant to 
Rule 2a-7(c)(1)(ii) on a monthly basis in lieu of providing immediate 
confirmations as required under Exchange Act Rule 10b-10(a) (``the 
Exemption''). Accordingly, to be eligible for the Exemption, a broker-
dealer must (1) provide an initial written notification to the customer 
of its ability to request delivery of immediate confirmations 
consistent with the written notification requirements of Exchange Act 
Rule 10b-10(a), and (2) not receive any such request to receive 
immediate confirms from the customer. As of March 31, 2018, the 
Commission estimates there are approximately 162 broker-dealers that 
clear customer transactions or carry customer funds and securities who 
would be responsible for providing customer confirmations. The 
Commission estimates that the cost of the ongoing notification 
requirements would be minimal, approximately 5% of the initial burden 
which was previously estimated to be 36 hours per broker-dealer, or 
approximately 1.8 hours per broker-dealer per year to provide ongoing 
notifications or a total burden of 292 hours annually for the 162 
carrying broker-dealers.
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    \2\ See Order Granting a Conditional Exemption Under the 
Securities Exchange Act of 1934 From the Confirmation Requirements 
of Exchange Act Rule 10b-10(a) for Certain Transactions in Money 
Market Funds, Exchange Act Release No. 34-76480 (Nov. 19, 2015), 80 
FR 73849 (Nov. 25, 2015).
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    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information shall 
have practical utility; (b) the accuracy of the Commission's estimate 
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

[[Page 53692]]

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: Charles Riddle, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an 
email to: [email protected].

    Dated: October 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23209 Filed 10-23-18; 8:45 am]
 BILLING CODE P

Federal Register / Vol. 83, No. 206 / Wednesday, October 24, 2018 / Notices 53691 Accordingly, the staff estimates the total SECURITIES AND EXCHANGE In 2015, the Commission issued an annualized burden associated with Rule COMMISSION Order Granting a Conditional 15c3–4 for the six OTC derivatives Exemption under the Securities dealers will be approximately 5,800 Proposed Collection; Comment Exchange Act of 1934 From The hours annually. Request Confirmation Requirements of Exchange Act Rule 10b–10(a) For Certain The staff believes that the internal Upon Written Request, Copies Available Transactions In Money Market Funds cost of complying with Rule 15c3–4 will From: U.S. Securities and Exchange (‘‘Order’’) 2 which allows broker-dealers, be approximately $314 per hour.5 This Commission, Office of FOIA Services, subject to certain conditions, to provide per hour cost is based upon an annual 100 F Street NE, Washington, DC transaction information to investors in average hourly salary for a compliance 20549–2736 any money market fund operating manager who would be responsible for Extension: pursuant to Rule 2a–7(c)(1)(ii) on a ensuring compliance with the Order Granting a Conditional Exemption monthly basis in lieu of providing requirements of Rule 15c3–4. Under the Securities Exchange Act of immediate confirmations as required Accordingly, the total annualized 1934 from the Confirmation under Exchange Act Rule 10b–10(a) Requirements of Exchange Act Rule 10b– internal cost of compliance for all 10(a) for Certain Transactions in Money (‘‘the Exemption’’). Accordingly, to be affected OTC derivatives dealers is Market Funds, SEC File No. 270–792; eligible for the Exemption, a broker- estimated to be $1,821,200.6 OMB Control No. 3235–0739 dealer must (1) provide an initial Written comments are invited on: (a) written notification to the customer of Notice is hereby given that pursuant its ability to request delivery of Whether the proposed collection of to the Paperwork Reduction Act of 1995 immediate confirmations consistent information is necessary for the proper (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the with the written notification performance of the functions of the Securities and Exchange Commission requirements of Exchange Act Rule 10b– Commission, including whether the (‘‘Commission’’) is soliciting comments 10(a), and (2) not receive any such information shall have practical utility; on the collection of information request to receive immediate confirms (b) the accuracy of the Commission’s summarized below. The Commission from the customer. As of March 31, estimates of the burden of the proposed plans to submit this existing collection 2018, the Commission estimates there collection of information; (c) ways to of information to the Office of are approximately 162 broker-dealers enhance the quality, utility, and clarity Management and Budget for extension that clear customer transactions or carry of the information collected; and (d) and approval: Order Granting a customer funds and securities who ways to minimize the burden of the Conditional Exemption under the would be responsible for providing collection of information on Securities Exchange Act of 1934 from customer confirmations. The respondents, including through the use the Confirmation Requirements of Commission estimates that the cost of of automated collection techniques or Exchange Act Rule 10b–10(a) for Certain the ongoing notification requirements Transactions in Money Market Funds other forms of information technology. would be minimal, approximately 5% of (17 CFR 240.10b–10(a)). Consideration will be given to the initial burden which was previously Rule 10b–10 under the Securities comments and suggestions submitted in estimated to be 36 hours per broker- Exchange Act of 1934 (15 U.S.C. 78a et writing within 60 days of this dealer, or approximately 1.8 hours per seq.) generally requires broker-dealers to publication. broker-dealer per year to provide provide customers with specified ongoing notifications or a total burden An agency may not conduct or information relating to their securities of 292 hours annually for the 162 sponsor, and a person is not required to transactions at or before the completion carrying broker-dealers. respond to, a collection of information of the transactions. Rule 10b–10(b), Written comments are invited on: (a) unless it displays a currently valid OMB however, provides an exception from Whether the proposed collection of control number. this requirement for certain transactions information is necessary for the proper in money market funds that attempt to Please direct your written comments performance of the functions of the maintain a stable net asset value when to: Charles Riddle, Acting Director/Chief agency, including whether the no sales load or redemption fee is Information Officer, Securities and information shall have practical utility; charged. The exception permits broker- Exchange Commission, c/o Candace (b) the accuracy of the Commission’s dealers to provide transaction Kenner, 100 F Street NE, Washington, estimate of the burden of the proposed information to money market fund DC 20549, or send an email to: PRA_ collection of information; (c) ways to shareholders on a monthly, rather than Mailbox@SEC.gov. enhance the quality, utility, and clarity immediate, basis, subject to the of the information to be collected; and Dated: October 19, 2018. conditions. Amendments to Rule 2a–7 (d) ways to minimize the burden of the Eduardo A. Aleman, of the Investment Company Act of 1940 collection of information on (‘‘Investment Company Act’’) (15 U.S.C. Assistant Secretary. respondents, including through the use 80a–1 et seq.) among other things, [FR Doc. 2018–23207 Filed 10–23–18; 8:45 am] of automated collection techniques or means, absent an exemption, broker- other forms of information technology. BILLING CODE 8011–01–P dealers would not be able to continue to Consideration will be given to rely on the exception under Exchange comments and suggestions submitted in Act Rule 10b–10(b) for transactions in money market funds operating in amozie on DSK3GDR082PROD with NOTICES1 5 The $314 per hour salary figure for a compliance 240.10b–10(b)(1) (limiting alternative monthly accordance with Rule 2a–7(c)(1)(ii).1 reporting to money market funds that attempt to manager is from SIFMA’s Management & maintain a stable NAV). Professional Earnings in the Securities Industry 1 See generally Money Market Fund Reform; 2 See Order Granting a Conditional Exemption 2013, modified by Commission staff to account for Amendments to Form PF, Securities Act Release Under the Securities Exchange Act of 1934 From an 1800-hour work-year and multiplied by 5.35 to No. 9408, Investment Advisers Act Release No. the Confirmation Requirements of Exchange Act account for bonuses, firm size, employee benefits 3616, Investment Company Act Release No. 30551 Rule 10b–10(a) for Certain Transactions in Money and overhead. (June 5, 2013), 78 FR 36834, 36934 (June 19, 2013); Market Funds, Exchange Act Release No. 34–76480 6 5,800 hours × $314 per hour = $1,821,200. see also Exchange Act Rule 10b–10(b)(1), 17 CFR (Nov. 19, 2015), 80 FR 73849 (Nov. 25, 2015). VerDate Sep<11>2014 17:43 Oct 23, 2018 Jkt 247001 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 E:\FR\FM\24OCN1.SGM 24OCN1

53692 Federal Register / Vol. 83, No. 206 / Wednesday, October 24, 2018 / Notices writing within 60 days of this Rule 17Ad–10 (17 CFR 240.17Ad–10). under the PRA unless it displays a publication. Also, a transfer agent must maintain a currently valid OMB control number. An agency may not conduct or copy of any report required under Rule Please direct your written comments sponsor, and a person is not required to 17Ad–11 for a period of not less than to: Charles Riddle, Acting Director/Chief respond to, a collection of information three years following the date of the Information Officer, Securities and under the PRA unless it displays a report, the first year in an easily Exchange Commission, c/o Candace currently valid OMB control number. accessible place. Kenner, 100 F Street NE, Washington, Please direct your written comments Because the information required by DC 20549, or send an email to: PRA_ to: Charles Riddle, Acting Director/Chief Rule 17Ad–11 is already available to Mailbox@sec.gov. Information Officer, Securities and transfer agents, any collection burden Dated: October 19, 2018. Exchange Commission, c/o Candace for small transfer agents is minimal. Eduardo A. Aleman, Kenner, 100 F Street NE, Washington, Based on a review of the number of Rule Assistant Secretary. DC 20549, or send an email to: PRA_ 17Ad–11 reports the Commission, the [FR Doc. 2018–23211 Filed 10–23–18; 8:45 am] Mailbox@sec.gov. Comptroller of the Currency, the Board BILLING CODE 8011–01–P Dated: October 19, 2018. of Governors of the Federal Reserve Eduardo A. Aleman, System, and the Federal Deposit Assistant Secretary. Insurance Corporation received since SECURITIES AND EXCHANGE 2012, the Commission staff estimates COMMISSION [FR Doc. 2018–23209 Filed 10–23–18; 8:45 am] that 8 respondents will file a total of BILLING CODE P approximately 10 reports annually. The [Release No. 34–84451; File No. SR– NYSEArca–2018–74] Commission staff estimates that, on SECURITIES AND EXCHANGE average, each report can be completed Self-Regulatory Organizations; NYSE COMMISSION in 30 minutes. Therefore, the total Arca, Inc.; Notice of Filing of Proposed annual hourly burden to the entire Rule Change To Amend Rules 6.62–O Proposed Collection; Comment transfer agent industry is approximately and 6.37A–O To Add New Order Types Request five hours (30 minutes × 10 reports). and Quotation Designations Assuming an average hourly rate of $25 Upon Written Request, Copies Available for a transfer agent staff employee, the October 18, 2018. From: Securities and Exchange average total internal cost of the report Pursuant to Section 19(b)(1) 1 of the Commission, Office of FOIA Services, is $12.50. The total annual internal cost Securities Exchange Act of 1934 100 F Street NE, Washington, DC of compliance for the approximate 8 (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 20549–2736 respondents is approximately $125.00 notice is hereby given that, on October Extension: (10 reports × $12.50). 5, 2018, NYSE Arca, Inc. (‘‘Exchange’’ or Rule 17Ad–11, SEC File No. 270–261, The retention period for the ‘‘NYSE Arca’’) filed with the Securities OMB Control No. 3235–0274 recordkeeping requirement under Rule and Exchange Commission Notice is hereby given that pursuant 17Ad–11 is three years following the (‘‘Commission’’) the proposed rule to the Paperwork Reduction Act of 1995 date of a report prepared pursuant to the change as described in Items I and II (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the rule. The recordkeeping requirement below, which Items have been prepared Securities and Exchange Commission under Rule 17Ad–11 is mandatory to by the self-regulatory organization. The (‘‘Commission’’) is soliciting comments assist the Commission and other Commission is publishing this notice to on the existing collection of information regulatory agencies with monitoring solicit comments on the proposed rule provided for in Rule 17Ad–11 (17 CFR transfer agents and ensuring compliance change from interested persons. 240.17Ad–11), under the Securities with the rule. This rule does not involve I. Self-Regulatory Organization’s Exchange Act of 1934 (15 U.S.C. 78a et the collection of confidential Statement of the Terms of Substance of seq.). The Commission plans to submit information. the Proposed Rule Change this existing collection of information to Written comments are invited on: (a) The Exchange proposes to amend the Office of Management and Budget Whether the proposed collection of Rules 6.62–O (Certain Types of Orders (‘‘OMB’’) for extension and approval. information is necessary for the proper Defined) and 6.37A–O (Market Maker Rule 17Ad–11 requires every performance of the functions of the Quotations) to add new order types and registered recordkeeping transfer agent Commission, including whether the quotation designations. The proposed to report to issuers and its appropriate information shall have practical utility; change is available on the Exchange’s regulatory agency in the event that the (b) the accuracy of the Commission’s website at www.nyse.com, at the aggregate market value of an aged record estimates of the burden of the proposed principal office of the Exchange, and at difference exceeds certain thresholds. A collection of information; (c) ways to the Commission’s Public Reference record difference occurs when an enhance the quality, utility, and clarity Room. issuer’s records do not agree with those of the information collected; and (d) of securityholders as indicated, for ways to minimize the burden of the II. Self-Regulatory Organization’s instance, on certificates presented to the collection of information on Statement of the Purpose of, and transfer agent for purchase, redemption respondents, including through the use Statutory Basis for, the Proposed Rule or transfer. An aged record difference is of automated collection techniques or Change a record difference that has existed for other forms of information technology. In its filing with the Commission, the amozie on DSK3GDR082PROD with NOTICES1 more than 30 calendar days. In addition, Consideration will be given to self-regulatory organization included the rule requires every recordkeeping comments and suggestions submitted in statements concerning the purpose of, transfer agent to report to its appropriate writing within 60 days of this and basis for, the proposed rule change regulatory agency in the event of a publication. failure to post certificate detail to the An agency may not conduct or 1 15 U.S.C. 78s(b)(1). master securityholder file within five sponsor, and a person is not required to 2 15 U.S.C. 78a. business days of the time required by respond to, a collection of information 3 17 CFR 240.19b–4. 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Document Created: 2018-10-24 00:23:28
Document Modified: 2018-10-24 00:23:28
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 53691 
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