83 FR 56122 - Proposed Collection; Comment Request
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 218 (November 9, 2018)
Federal Register Volume 83, Issue 218 (November 9, 2018)
| Page Range | 56122-56124 | |
| FR Document | 2018-24575 |
[Federal Register Volume 83, Number 218 (Friday, November 9, 2018)] [Notices] [Pages 56122-56124] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-24575] ----------------------------------------------------------------------- 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 2a-7, SEC File No. 270-258, OMB Control No. 3235-0268 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (the ``Commission'') 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. Rule 2a-7 (17 CFR 270.2a-7) under the Investment Company Act of 1940 (15 U.S.C. 80a) (the ``Act'') governs money market funds. Money market funds are open-end management investment companies that differ from other open-end management investment companies in that they seek to maintain a stable price per share, usually $1.00. The rule exempts money market funds from the valuation requirements of the Act, and, subject to certain risk-limiting conditions, permits money market funds to use the ``amortized cost method'' of asset valuation or the ``penny- rounding method'' of share pricing. Rule 2a-7 also imposes certain recordkeeping and reporting obligations on money market funds. The board of directors of a money market fund, in supervising the fund's operations, must establish written procedures designed to stabilize the fund's net asset value (``NAV''); establish written procedures to test periodically the ability of the fund to maintain a stable NAV based on certain hypothetical events (``stress testing''); review, revise, and approve written procedures to stress test a fund's portfolio; and create a report to the fund board documenting the results of stress testing. The board must also adopt guidelines and procedures relating to certain responsibilities it delegates to [[Page 56123]] the fund's investment adviser. These procedures and guidelines typically address various aspects of the fund's operations. The fund must maintain and preserve for six years a written copy of both these procedures and guidelines. The fund also must maintain and preserve for six years a written record of the board's considerations and actions taken in connection with the discharge of its responsibilities, to be included in the board's minutes, including determinations to impose any liquidity fees or temporary suspension of redemptions. In addition, the fund must maintain and preserve for three years written records of certain credit risk analyses, evaluations with respect to securities subject to demand features or guarantees, evaluations with respect to asset-backed securities not subject to guarantees, and determinations with respect to adjustable rate securities and asset-backed securities. If the board takes action with respect to defaulted securities, events of insolvency, or deviations in share price, the fund must file with the Commission an exhibit to Form N-CR describing the nature and circumstances of the action. If any portfolio security fails to meet certain eligibility standards under the rule, the fund also must identify those securities in an exhibit to Form N-CR. After certain events of default or insolvency relating to a portfolio security, the fund must notify the Commission of the event and the actions the fund intends to take in response to the situation. A fund must also post certain periodic information on the its website including disclosure of portfolio holdings, disclosure of daily and weekly liquid assets and net shareholder flow, disclosure of daily current NAV, and disclosures of financial support received by the fund, the imposition and removal of liquidity fees, and the suspension and resumption of fund redemptions. Lastly, for funds that elect to be retail funds, they must create written policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. The recordkeeping requirements in rule 2a-7 are designed to enable Commission staff in its examinations of money market funds to determine compliance with the rule, as well as to ensure that money market funds have established procedures for collecting the information necessary to make adequate credit reviews of securities in their portfolios. The reporting requirements of rule 2a-7 are intended to assist Commission staff in overseeing money market funds and reduce the likelihood that a fund is unable to maintain a stable NAV. Commission staff estimates that there are 433 money market funds (91 fund complexes), all of which are subject to rule 2a-7. Commission staff further estimates that there will be approximately 10 new money market funds established each year. Commission staff estimates that rule 2a-7 contains the following collection of information requirements:Record of credit risk analyses, and determinations regarding adjustable rate securities, asset-backed securities, asset- backed securities not subject to guarantees, securities subject to a demand feature or guarantee, and counterparties to repurchase agreements. Commission staff estimates a total annual hour burden for 433 funds to be 294,440 hours. Establishment of written procedures designed to stabilize NAV and guidelines and procedures for board delegation of authority. Commission staff estimates a total annual hour burden for 10 new money market funds to be 155 hours. Board review of procedures and guidelines of any investment adviser or officers to whom the fund's board has delegated responsibility under rule 2a-7 and amendment of such procedures and guidelines. Commission staff estimates a total annual hour burden for 108 funds to be 540 hours. Records of the board's determination for imposing any liquidity fees or temporary suspension of redemptions. Commission staff estimates a total annual hour burden for 2 funds to be 14 hours. Establishment of written procedures to test periodically the ability of the fund to maintain a stable NAV per share based on certain hypothetical events (``stress testing''). Commission staff estimates a total annual hour burden for 10 new money market funds to be 220 hours. Review, revise, and approve written procedures to stress test a fund's portfolio. Commission staff estimates a total annual hour burden for 91 fund complexes to be 1,092 hours. Reports to fund boards on the results of stress testing. Commission staff estimates a total annual hour burden for 91 fund complexes to be 4,550 hours. website disclosures of portfolio holdings, of daily and weekly liquid assets and net shareholder flow, of daily current NAV, and disclosures of financial support received by the fund, the imposition and removal of liquidity fees and the suspension and resumption of fund redemptions. Commission staff estimates a total annual hour burden for 433 funds to be 36,291 hours. For funds electing retail fund status, written policies and procedures limiting all beneficial owners of the fund to natural persons. Commission staff estimates a total annual hour burden for 2 funds to be 26 hours. Thus, the Commission estimates the total annual burden of the rule's information collection requirements is 337,328 hours.\1\ --------------------------------------------------------------------------- \1\ This estimate is based on the following calculation: 294,440 hours + 155 hours + 540 hours + 14 hours + 220 hours + 1,092 hours + 4,550 hours + 36,291 hours + 26 hours = 337,328 hours. --------------------------------------------------------------------------- The estimated total annual burden is being decreased from 632,725 hours to 337,328 hours. This net decrease of 295,397 hours \2\ is attributable to a combination of factors, including a decrease in the number of money market funds and fund complexes, and updated information from money market funds regarding hourly burdens, including revised staff estimates of the burden hours required to comply with rule 2a-7 as a result of new information received from surveyed fund representatives. --------------------------------------------------------------------------- \2\ This estimate is based on the following calculation: 632,725 hours-337,328 hours = 295,397 hours. --------------------------------------------------------------------------- Commission staff estimates that in addition to the burden hours described above, money market funds will incur costs to preserve records, as required under rule 2a-7.\3\ These costs will vary significantly for individual funds, depending on the amount of assets under fund management and whether the fund preserves its records in a storage facility in hard copy or has developed and maintains a computer system to create and preserve compliance records.\4\ Commission staff estimates that the amount an individual fund may spend ranges from $100 per year to $300,000. Based on a cost of $0.0051295 per dollar of assets under management for small funds, $0.0005041 per dollar assets under management for medium funds, and [[Page 56124]] $0.0000009 per dollar of assets under management for large funds, the staff estimates compliance with the record storage requirements of rule 2a-7 costs the fund industry approximately $35.31 million per year.\5\ --------------------------------------------------------------------------- \3\ A significant portion of the recordkeeping burden involves organizing information that the funds already collect when initially purchasing securities. In addition, when a money market fund analyzes a security, the analysis need not be presented in any particular format. Money market funds therefore have a choice of methods for maintaining these records that vary in technical sophistication and formality (e.g. handwritten notes, computer disks, etc.). Accordingly, the cost of preparing these documents may vary significantly among individual funds. The burden hours associated with filing reports to the Commission as an exhibit to Form N-CR are included in the PRA burden estimate for that form. \4\ The vast majority of assets under management in individual money market funds range from approximately $50 million to approximately $144.7 billion. We further note that the assets under management figures were calculated based on net assets at the fund level and not the sum of the market values of the underlying funds. \5\ The staff estimated the annual cost of preserving the required books and records by identifying the annual costs incurred by several funds and then relating this total cost to the average net assets of these funds during the year. With a total of $403.6 million under management in small funds, $60.4 billion under management in medium funds and $3.1 trillion under management in large funds, the costs of preservation were estimated as follows: ((0.0051295 x $403.6 million) + (0.0005041 x $60.4 billion) + (0.0000009 x $3.1 trillion) = $35.31 million. For purposes of this PRA submission, Commission staff used the following categories for fund sizes: (i) Small--money market funds with $50 million or less in assets under management; (ii) medium--money market funds with more than $50 million up to and including $1 billion in assets under management; and (iii) large--money market funds with more than $1 billion in assets under management. --------------------------------------------------------------------------- Based on responses from individuals in the money market fund industry, the staff estimates that some of the largest fund complexes have created computer programs for maintaining and preserving compliance records for rule 2a-7. Based on a cost of $0.0000132 per dollar of assets under management for large funds, the staff estimates that total annualized capital/startup costs range from $0 for small funds to $40.9 million for all large funds.\6\ Commission staff further estimates that, even absent the requirements of rule 2a-7, money market funds would spend at least half of the amount for capital costs ($20.45 million) \7\ and for record preservation ($17.65 million) \8\ to establish and maintain these records and the systems for preserving them as a part of sound business practices to ensure diversification and minimal credit risk in a portfolio for a fund that seeks to maintain a stable price per share. --------------------------------------------------------------------------- \6\ This estimate is based on the following calculation: $0.0000132 x $3.1 trillion in assets under management for large funds = $40.9 million. \7\ This estimate is based on the following calculation: $40.9 million in capital costs/2 = $20.45 million. \8\ This estimate is based on the following calculation: $35.31 million in record preservation costs/2 = $17.65 million --------------------------------------------------------------------------- As a result, the estimated total annual cost is being decreased from $92.9 million to $38.11 million.\9\ This net decrease of $54.79 million \10\ is attributable to a reduction in the number of money market mutual funds, updated information from money market funds regarding assets under management, as well as deducting the $38.1 million \11\ in capital and preservation costs a money market fund would incur absent the requirements of rule 2a-7. --------------------------------------------------------------------------- \9\ This estimate is based on the following calculation: $35.31 million in record preservation costs + $40.9 million in capital costs-$17.65 million in record preservation costs absent rule 2a-7 requirements-$20.45 million in capital costs absent rule 2a-7 requirements = $38.11 million. \10\ This estimate is based on the following calculation: $92.9 million-$38.11 million = $54.79 million. \11\ This estimate is based on the following calculation if rule 2a-7 compliance was not required for a money market fund: $20.45 million in capital costs + $17.65 million in record preservation = $38.1 million. --------------------------------------------------------------------------- These estimates of burden hours and costs are made solely for the purposes of the Paperwork Reduction Act. The estimates are not derived from a comprehensive or even a representative survey or study of Commission rules. The collections of information required by rule 2a-7 are necessary to obtain the benefits described above. Notices to the Commission will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. 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 will have practical utility; (b) the accuracy of the agency's estimate of the burden of the 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 writing within 60 days of this publication. 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: November 6, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-24575 Filed 11-8-18; 8:45 am] BILLING CODE 8011-01-P
![56122 Federal Register / Vol. 83, No. 218 / Friday, November 9, 2018 / Notices
We estimate a total of 1,093,356 is in compliance with the requirements be submitted to OMB within 30 days of
potential demonstrations in accordance set forth in the pre-fail credit provision this notice.
with Rule 204(a)(1) across all broker- of Rule 204(e), 1,719,772 times per year Dated: November 6, 2018.
dealer participants per year (132 (3,893 registered broker-dealers Eduardo A. Aleman,
participants checking for compliance certifying once per day on 1.76
Assistant Secretary.
once per day on 33 securities, securities, multiplied by 251 trading
multiplied by 251 trading days in 2017). days in 2017). The total approximate [FR Doc. 2018–24577 Filed 11–8–18; 8:45 am]
The total approximate estimated annual estimated annual burden hour per year BILLING CODE 8011–01–P
burden hour per year will be will be approximately 275,164 burden
approximately 174,937 burden hours hours (1,719,772 multiplied by 0.16
(1,093,356 multiplied by 0.16 hours/ hours/certification). SECURITIES AND EXCHANGE
documentation). V. Pre-Fail Credit Demonstration COMMISSION
III. Pre-Borrow Notification Requirement: As of December 31, 2017,
Proposed Collection; Comment
Requirement: As of December 5, 2017, there were 3,893 registered broker-
Request
there were 132 participants of NSCC dealers. If a broker-dealer purchased or
that were registered as broker-dealers. If borrowed securities in accordance with Upon Written Request, Copies Available
a participant of a registered clearing the conditions specified in Rule 204(e) From: Securities and Exchange
agency has a fail to deliver position in and determined that it had a net long Commission, Office of FOIA Services,
an equity security, the participant must position or net flat position on the 100 F Street NE, Washington, DC
determine whether or not the fail to settlement day for which the broker- 20549–2736
deliver position was closed out in dealer is claiming pre-fail credit, we Extension:
accordance with Rule 204(a). We estimate that a broker-dealer could have Rule 2a–7, SEC File No. 270–258, OMB
estimate that a participant of a to make such determination with Control No. 3235–0268
registered clearing agency will have to respect to approximately 1.76 securities
make such determination with respect per day.6 We estimate that registered Notice is hereby given that, pursuant
to approximately 52 equity securities broker-dealers could have to to the Paperwork Reduction Act of 1995
per day.4 We estimate a total of demonstrate on its books and records (44 U.S.C. 3501 et seq.), the Securities
1,722,864 potential notifications in that it has a net long position or net flat and Exchange Commission (the
accordance with Rule 204(c) across all position on the settlement day for which ‘‘Commission’’) is soliciting comments
participants per year (132 broker-dealer the broker-dealer is claiming pre-fail on the collection of information
participants notifying broker-dealers credit, 1,719,772 times per year (3,893 summarized below. The Commission
once per day on 52 securities, registered broker-dealers checking for plans to submit this existing collection
multiplied by 251 trading days in 2017). compliance once per day on 1.76 equity of information to the Office of
The total estimated annual burden securities, multiplied by 251 trading Management and Budget for extension
hours per year will be approximately days in 2017). The total approximate and approval.
275,658 burden hours (1,722,864 estimated annual burden hours per year Rule 2a–7 (17 CFR 270.2a–7) under
multiplied by 0.16 hours/ will be 275,164 burden hours (1,719,772 the Investment Company Act of 1940
documentation). multiplied by 0.16 hours/ (15 U.S.C. 80a) (the ‘‘Act’’) governs
IV. Certification Requirement: As of demonstration). money market funds. Money market
December 31, 2017, there were 3,893 The total aggregate annual burden for funds are open-end management
registered broker-dealers. Each of these the collection of information undertaken investment companies that differ from
broker-dealers may clear trades through pursuant to all five provisions is thus other open-end management investment
a participant of a registered clearing 1,276,087 hours per year (275,164 + companies in that they seek to maintain
agency. If the broker-dealer determines 174,937 + 275,658 + 275,164 + 275,164). a stable price per share, usually $1.00.
that it has not incurred a fail to deliver An agency may not conduct or sponsor, The rule exempts money market funds
position on settlement date for a long or and a person is not required to respond from the valuation requirements of the
short sale in an equity security for to, a collection of information under the Act, and, subject to certain risk-limiting
which the participant has a fail to PRA unless it displays a currently valid conditions, permits money market funds
deliver position at a registered clearing OMB control number. to use the ‘‘amortized cost method’’ of
agency or has purchased or borrowed The public may review background asset valuation or the ‘‘penny-rounding
securities in accordance with the pre- documentation for this information method’’ of share pricing.
fail credit provision of Rule 204(e), we collection at the following website: Rule 2a–7 also imposes certain
estimate that a broker-dealer could have www.reginfo.gov. Comments should be recordkeeping and reporting obligations
to make such determination with directed to: (i) Desk Officer for the on money market funds. The board of
respect to approximately 1.76 securities Securities and Exchange Commission, directors of a money market fund, in
per day.5 We estimate that registered Office of Information and Regulatory supervising the fund’s operations, must
broker-dealers could have to certify to Affairs, Office of Management and establish written procedures designed to
the participant that it has not incurred Budget, Room 10102, New Executive stabilize the fund’s net asset value
a fail to deliver position on settlement Office Building, Washington, DC 20503, (‘‘NAV’’); establish written procedures
date for a long or short sale in an equity or by sending an email to: to test periodically the ability of the
security for which the participant has a Lindsay.M.Abate@omb.eop.gov; and (ii) fund to maintain a stable NAV based on
fail to deliver position at a registered Charles Riddle, Acting Director/Chief certain hypothetical events (‘‘stress
khammond on DSK30JT082PROD with NOTICES
clearing agency or, alternatively, that it Information Officer, Securities and testing’’); review, revise, and approve
Exchange Commission, c/o Candace written procedures to stress test a fund’s
of securities per participant per day is Kenner, 100 F Street NE, Washington portfolio; and create a report to the fund
approximately 52 equity securities. 62.93% of 52 board documenting the results of stress
equity securities per trading day equals
DC 20549, or by sending an email to:
approximately 33 securities per day. PRA_Mailbox@sec.gov. Comments must testing. The board must also adopt
4 See supra note 3. guidelines and procedures relating to
5 See supra note 1. 6 See supra note 1. certain responsibilities it delegates to
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![56124 Federal Register / Vol. 83, No. 218 / Friday, November 9, 2018 / Notices
$0.0000009 per dollar of assets under market funds regarding assets under Exchange Commission staff will hold a
management for large funds, the staff management, as well as deducting the public roundtable on Thursday,
estimates compliance with the record $38.1 million 11 in capital and November 15, 2018 at 9:30 a.m.
storage requirements of rule 2a–7 costs preservation costs a money market fund PLACE: The roundtable will be held in
the fund industry approximately $35.31 would incur absent the requirements of the Auditorium at the Commission’s
million per year.5 rule 2a–7. headquarters, 100 F Street NE,
Based on responses from individuals These estimates of burden hours and Washington, DC.
in the money market fund industry, the costs are made solely for the purposes STATUS: The meeting will begin at 9:30
staff estimates that some of the largest of the Paperwork Reduction Act. The a.m. and will be open to the public.
fund complexes have created computer estimates are not derived from a Seating will be on a first-come, first-
programs for maintaining and comprehensive or even a representative served basis. Doors will open at 9:00
preserving compliance records for rule survey or study of Commission rules. a.m. Visitors will be subject to security
2a–7. Based on a cost of $0.0000132 per The collections of information checks. The meeting will be webcast on
dollar of assets under management for required by rule 2a–7 are necessary to the Commission’s website at
large funds, the staff estimates that total obtain the benefits described above. www.sec.gov.
annualized capital/startup costs range Notices to the Commission will not be MATTERS TO BE CONSIDERED: The
from $0 for small funds to $40.9 million kept confidential. An agency may not Commission staff will host a roundtable
for all large funds.6 Commission staff conduct or sponsor, and a person is not on the proxy process. The roundtable is
further estimates that, even absent the required to respond to, a collection of open to the public and the public is
requirements of rule 2a–7, money information unless it displays a invited to submit written comments.
market funds would spend at least half currently valid control number. This Sunshine Act notice is being
of the amount for capital costs ($20.45 Written comments are invited on: (a) issued because a majority of the
million) 7 and for record preservation Whether the proposed collection of Commission may attend the roundtable.
($17.65 million) 8 to establish and information is necessary for the proper The agenda for the roundtable will
maintain these records and the systems performance of the functions of the focus on key aspects of the U.S. proxy
for preserving them as a part of sound agency, including whether the system, including proxy voting
business practices to ensure information will have practical utility; mechanics and technology, the
diversification and minimal credit risk (b) the accuracy of the agency’s estimate shareholder proposal process, and the
in a portfolio for a fund that seeks to of the burden of the collection of role and regulation of proxy advisory
maintain a stable price per share. information; (c) ways to enhance the firms.
As a result, the estimated total annual quality, utility, and clarity of the
cost is being decreased from $92.9 CONTACT PERSON FOR MORE INFORMATION:
information collected; and (d) ways to For further information, please contact
million to $38.11 million.9 This net minimize the burden of the collection of
decrease of $54.79 million 10 is Brent J. Fields from the Office of the
information on respondents, including Secretary at (202) 551–5400.
attributable to a reduction in the through the use of automated collection
number of money market mutual funds, techniques or other forms of information Dated: November 6, 2018.
updated information from money technology. Consideration will be given Brent J. Fields,
to comments and suggestions submitted Secretary.
5 The staff estimated the annual cost of preserving
in writing within 60 days of this [FR Doc. 2018–24632 Filed 11–7–18; 11:15 am]
the required books and records by identifying the
annual costs incurred by several funds and then publication. BILLING CODE 8011–01–P
relating this total cost to the average net assets of Please direct your written comments
these funds during the year. With a total of $403.6 to Charles Riddle, Acting Director/Chief
million under management in small funds, $60.4 SECURITIES AND EXCHANGE
billion under management in medium funds and Information Officer, Securities and
$3.1 trillion under management in large funds, the Exchange Commission, C/O Candace COMMISSION
costs of preservation were estimated as follows: Kenner, 100 F Street NE, Washington, [Release No. 34–84539; File No. SR–ISE–
((0.0051295 × $403.6 million) + (0.0005041 × $60.4
billion) + (0.0000009 × $3.1 trillion) = $35.31
DC 20549; or send an email to: PRA_ 2018–88]
million. For purposes of this PRA submission, Mailbox@sec.gov.
Commission staff used the following categories for Self-Regulatory Organizations; Nasdaq
Dated: November 6, 2018.
fund sizes: (i) Small—money market funds with $50 ISE, LLC; Notice of Filing and
million or less in assets under management; (ii) Eduardo A. Aleman,
Immediate Effectiveness of Proposed
medium—money market funds with more than $50 Assistant Secretary.
million up to and including $1 billion in assets Rule Change To Amend ISE Rule
under management; and (iii) large—money market [FR Doc. 2018–24575 Filed 11–8–18; 8:45 am] 2008(g), Pricing When Primary Market
funds with more than $1 billion in assets under BILLING CODE 8011–01–P Does Not Open
management.
6 This estimate is based on the following November 5, 2018.
calculation: $0.0000132 × $3.1 trillion in assets SECURITIES AND EXCHANGE Pursuant to Section 19(b)(1) of the
under management for large funds = $40.9 million.
7 This estimate is based on the following COMMISSION Securities Exchange Act of 1934
calculation: $40.9 million in capital costs/2 = (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
$20.45 million. Sunshine Act Meeting notice is hereby given that on October
8 This estimate is based on the following
23, 2018, Nasdaq ISE, LLC (‘‘ISE’’ or the
calculation: $35.31 million in record preservation TIME AND DATE: Notice is hereby given, ‘‘Exchange’’) filed with the Securities
costs/2 = $17.65 million pursuant to the provisions of the
khammond on DSK30JT082PROD with NOTICES
9 This estimate is based on the following and Exchange Commission (‘‘SEC’’ or
Government in the Sunshine Act, Public ‘‘Commission’’) the proposed rule
calculation: $35.31 million in record preservation
costs + $40.9 million in capital costs¥$17.65 Law 94–409, that the Securities and change as described in Items I and II
million in record preservation costs absent rule 2a– below, which Items have been prepared
7 requirements¥$20.45 million in capital costs 11 This estimate is based on the following
absent rule 2a–7 requirements = $38.11 million. calculation if rule 2a–7 compliance was not
by the Exchange. The Commission is
10 This estimate is based on the following required for a money market fund: $20.45 million
1 15 U.S.C. 78s(b)(1).
calculation: $92.9 million¥$38.11 million = $54.79 in capital costs + $17.65 million in record
million. preservation = $38.1 million. 2 17 CFR 240.19b–4.
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Document Created: 2018-11-09 03:34:26
Document Modified: 2018-11-09 03:34:26
| 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 56122 |
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