83_FR_59657 83 FR 59431 - Proposed Collection; Comment Request

83 FR 59431 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 226 (November 23, 2018)

Page Range59431-59432
FR Document2018-25491

Federal Register, Volume 83 Issue 226 (Friday, November 23, 2018) 
[Federal Register Volume 83, Number 226 (Friday, November 23, 2018)]
[Notices]
[Pages 59431-59432]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-25491]


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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:
    Rules 400-404 of Regulation Crowdfunding (Intermediaries); SEC 
File No. 270-774, OMB Control No. 3235-0727

    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 provided for Rule 17Ab2-1 (17 CFR 240.17Ab2-1) and Form CA-
1: Registration of Clearing Agencies (17 CFR 249b.200) 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.
    The collections of information required under Rules 400 through 404 
is mandatory for all funding portals. Form Funding Portal helps ensure 
that the Commission can make information about funding portals 
transparent and easily accessible to the investing public, including 
issuers and obligated persons who engage funding portals; investors who 
may purchase securities through offerings on funding portals; and other 
regulators. Further, the information provided on Form Funding Portal 
expands the amount of publicly available information about funding 
portals, including disciplinary history. Consequently, the rules and 
forms allows issuers and the investing public, as well as others, to 
become more fully informed about funding portals in a more efficient 
manner.
    Rule 400 requires each person applying for registration with the 
Commission as a funding portal to file electronically with the 
Commission Form Funding Portal. Rule 400(a) requires a funding portal 
to become a member of a national securities association registered 
under Section 15A of the Exchange Act. Rule 400(b) requires a funding 
portal to file an amendment to Form Funding Portal if any information 
previously submitted on Form Funding Portal becomes inaccurate for any 
reason. Rule 400(c) provides that a funding portal can succeed to the 
business of a predecessor funding portal upon the successor filing a 
registration on Form Funding Portal and the predecessor filing a 
withdrawal on Form Funding Portal.
    Rule 400(d) requires a funding portal to promptly file a withdrawal 
of registration on Form Funding Portal upon ceasing to operate as a 
funding portal. Rule 400(e) states that duplicate originals of the 
applications and reports provided for in this section must be filed 
with surveillance personnel designated by any registered national 
securities association of which the funding portal is a member. Rule 
400(f) requires a nonresident funding portal to: (1) Obtain a written 
consent and power of attorney appointing an agent for service of 
process in the United States; (2) furnish the Commission with the name 
and address of its agent for services of process on Schedule C of Form 
Funding Portal; (3) certify that it can, as a matter of law, and will 
provide the Commission and any registered national securities 
association of which it becomes a member with prompt access to its 
books and records and can, as a matter of law, and will submit to 
onsite inspection and examination by the Commission and any registered 
national securities association of which it becomes a member; and (4) 
provide the Commission with an opinion of counsel and certify on 
Schedule C on Form Funding Portal that the firm can, as a matter of 
law, provide the Commission and registered national securities 
association of which it becomes a member with prompt access to its 
books and records and can, as a matter of law, submit to onsite 
inspection and examination by the Commission and any registered 
national securities association of which it becomes a member.\1\
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    \1\ Exchange Act Section 3(h)(1)(C) permits us to impose, as 
part of our authority to exempt funding portals from broker 
registration, ``such other requirements under [the Exchange Act] as 
the Commission determines appropriate.''
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    Rule 403(a) requires a funding portal to implement written policies 
and procedures reasonably designed to achieve compliance with the 
federal securities laws and the rules and regulations thereunder 
relating to its business as a funding portal. Rule 403(b) provides that 
a funding portal must comply with privacy rules. Rule 404 requires all 
registered funding portals to maintain certain books and records 
relating to their funding portal activities, for not less than five 
years, the first two in an easily accessible place. Rule 404(e) 
requires funding portals to furnish promptly to the Commission, its 
representatives, and the registered national securities association of 
which the funding portal is a member true, correct, complete and 
current copies of such records of the funding portal that are requested 
by the representatives of the Commission and the registered national 
securities association.
    The Commission staff estimates that annualized industry burden 
would be 17,554.35 hours to comply with Rules 400-404. The Commission 
staff estimates that the costs associated with complying with Rules 
400-404 are estimated to be approximately a total amount of $308,729.
    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: Charles Riddle, Acting 
Director/Chief Information Officer, Securities and

[[Page 59432]]

Exchange Commission, c/o Candace Kenner, 100 F Street NE, Washington, 
DC 20549, or send an email to: [email protected].

    Dated: November 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-25491 Filed 11-21-18; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices 59431 business days between the hours of 10 regulators. Further, the information Commission and any registered national a.m. and 3 p.m. Copies of the filing also provided on Form Funding Portal securities association of which it will be available for inspection and expands the amount of publicly becomes a member.1 copying at the principal office of the available information about funding Rule 403(a) requires a funding portal Exchange. All comments received will portals, including disciplinary history. to implement written policies and be posted without change. Persons Consequently, the rules and forms procedures reasonably designed to submitting comments are cautioned that allows issuers and the investing public, achieve compliance with the federal we do not redact or edit personal as well as others, to become more fully securities laws and the rules and identifying information from comment informed about funding portals in a regulations thereunder relating to its submissions. You should submit only more efficient manner. business as a funding portal. Rule 403(b) information that you wish to make Rule 400 requires each person provides that a funding portal must available publicly. All submissions applying for registration with the comply with privacy rules. Rule 404 should refer to File Number SR–BOX– Commission as a funding portal to file requires all registered funding portals to 2018–35 and should be submitted on or electronically with the Commission maintain certain books and records before December 14, 2018. Form Funding Portal. Rule 400(a) relating to their funding portal For the Commission, by the Division of requires a funding portal to become a activities, for not less than five years, Trading and Markets, pursuant to delegated member of a national securities the first two in an easily accessible authority.18 association registered under Section place. Rule 404(e) requires funding Eduardo A. Aleman, 15A of the Exchange Act. Rule 400(b) portals to furnish promptly to the Assistant Secretary. requires a funding portal to file an Commission, its representatives, and the [FR Doc. 2018–25469 Filed 11–21–18; 8:45 am] amendment to Form Funding Portal if registered national securities association any information previously submitted of which the funding portal is a member BILLING CODE 8011–01–P on Form Funding Portal becomes true, correct, complete and current inaccurate for any reason. Rule 400(c) copies of such records of the funding SECURITIES AND EXCHANGE provides that a funding portal can portal that are requested by the COMMISSION succeed to the business of a predecessor representatives of the Commission and funding portal upon the successor filing the registered national securities Proposed Collection; Comment a registration on Form Funding Portal association. Request and the predecessor filing a withdrawal The Commission staff estimates that on Form Funding Portal. annualized industry burden would be Upon Written Request, Copies Available Rule 400(d) requires a funding portal 17,554.35 hours to comply with Rules From: Securities and Exchange to promptly file a withdrawal of 400–404. The Commission staff Commission, Office of FOIA Services, registration on Form Funding Portal estimates that the costs associated with 100 F Street NE, Washington, DC upon ceasing to operate as a funding complying with Rules 400–404 are 20549–2736 portal. Rule 400(e) states that duplicate estimated to be approximately a total Extension: originals of the applications and reports amount of $308,729. Rules 400–404 of Regulation provided for in this section must be Written comments are invited on: (a) Crowdfunding (Intermediaries); SEC File filed with surveillance personnel Whether the proposed collection of No. 270–774, OMB Control No. 3235– designated by any registered national information is necessary for the proper 0727 securities association of which the performance of the functions of the Notice is hereby given that pursuant funding portal is a member. Rule 400(f) Commission, including whether the to the Paperwork Reduction Act of 1995 requires a nonresident funding portal to: information shall have practical utility; (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the (1) Obtain a written consent and power (b) the accuracy of the Commission’s Securities and Exchange Commission of attorney appointing an agent for estimates of the burden of the proposed (‘‘Commission’’) is soliciting comments service of process in the United States; collection of information; (c) ways to on the collection of information (2) furnish the Commission with the enhance the quality, utility, and clarity provided for Rule 17Ab2–1 (17 CFR name and address of its agent for of the information to be collected; and 240.17Ab2–1) and Form CA–1: services of process on Schedule C of (d) ways to minimize the burden of the Registration of Clearing Agencies (17 Form Funding Portal; (3) certify that it collection of information on CFR 249b.200) under the Securities can, as a matter of law, and will provide respondents, including through the use Exchange Act of 1934 (‘‘Exchange Act’’) the Commission and any registered of automated collection techniques or (15 U.S.C. 78a et seq.). The Commission national securities association of which other forms of information technology. plans to submit this existing collection it becomes a member with prompt Consideration will be given to of information to the Office of access to its books and records and can, comments and suggestions submitted in Management and Budget (‘‘OMB’’) for as a matter of law, and will submit to writing within 60 days of this extension and approval. onsite inspection and examination by publication. The collections of information the Commission and any registered An agency may not conduct or required under Rules 400 through 404 is national securities association of which sponsor, and a person is not required to mandatory for all funding portals. Form it becomes a member; and (4) provide respond to, a collection of information Funding Portal helps ensure that the the Commission with an opinion of under the PRA unless it displays a Commission can make information counsel and certify on Schedule C on currently valid OMB control number. about funding portals transparent and Form Funding Portal that the firm can, Please direct your written comments amozie on DSK3GDR082PROD with NOTICES1 easily accessible to the investing public, as a matter of law, provide the to: Charles Riddle, Acting Director/Chief including issuers and obligated persons Commission and registered national Information Officer, Securities and who engage funding portals; investors securities association of which it 1 Exchange Act Section 3(h)(1)(C) permits us to who may purchase securities through becomes a member with prompt access impose, as part of our authority to exempt funding offerings on funding portals; and other to its books and records and can, as a portals from broker registration, ‘‘such other matter of law, submit to onsite requirements under [the Exchange Act] as the 18 17 CFR 200.30–3(a)(12). inspection and examination by the Commission determines appropriate.’’ VerDate Sep<11>2014 18:33 Nov 21, 2018 Jkt 247001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\23NON1.SGM 23NON1

59432 Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices Exchange Commission, c/o Candace (‘‘Order Instituting Proceedings’’).7 On It is further ordered that any party or Kenner, 100 F Street NE, Washington, October 17, 2018, the Commission other person may file a statement in DC 20549, or send an email to: PRA_ received one comment letter on the support of or in opposition to the action Mailbox@sec.gov. proposed rule change, supporting the made pursuant to delegated authority on Dated: November 19, 2018. decision to suspend and institute or before December 10, 2018; and Eduardo A. Aleman, proceedings on the proposed fee It is further ordered that the automatic changes.8 stay of delegated action pursuant to Assistant Secretary. On September 19, 2018, pursuant to Commission Rule of Practice 431(e) 12 is [FR Doc. 2018–25491 Filed 11–21–18; 8:45 am] Rule 430 of the Commission Rules of hereby discontinued. BILLING CODE 8011–01–P Practice,9 the Exchange filed a notice of The order temporarily suspending intention to petition for review of the such proposed rule change and Order Instituting Proceedings. Pursuant instituting proceedings to determine SECURITIES AND EXCHANGE whether to approve or disapprove such to Rule 431(e) of the Commission Rules COMMISSION proposed rule change shall remain in of Practice,10 a notice of intention to petition for review results in an effect. [Securities Exchange Act of 1934 Release No. 84614/November 16, 2018] automatic stay of the action by By the Commission. delegated authority. On September 26, Eduardo A. Aleman, In the Matter of the BOX Exchange LLC 2018, the Exchange filed a petition for Assistant Secretary. Regarding a Suspension of and Order review of the Order Instituting [FR Doc. 2018–25471 Filed 11–21–18; 8:45 am] Instituting Proceedings To Determine Proceedings. BILLING CODE 8011–01–P Whether To Approve or Disapprove a Pursuant to Rule 431 of the Proposed Rule Change To Amend the Commission Rules of Practice,11 the Fee Schedule on the BOX Market LLC Exchange’s petition for review of the SECURITIES AND EXCHANGE Options Facility To Establish BOX Order Instituting Proceedings is granted. COMMISSION Connectivity Fees for Participants and Further, the Commission hereby Non-Participants Who Connect to the establishes that any party to the action Submission for OMB Review; BOX Network (File No. SR–BOX–2018– or other person may file a written Comment Request 24); Order Granting Petition for Review statement in support of or in opposition and Scheduling Filing of Statements to the Order Instituting Proceedings on Upon Written Request, Copies Available or before December 10, 2018. From: Securities and Exchange This matter comes before the Further, the Commission finds that it Commission, Office of FOIA Services, Securities and Exchange Commission is in the public interest to lift the stay 100 F Street NE, Washington, DC (‘‘Commission’’) on petition to review during the pendency of the 20549–2736. the temporary suspension and Commission’s review. The Commission Extension: institution of proceedings, through believes the continued suspension of Form N–8A; SEC File No. 270–135, OMB delegated authority, of the BOX the proposed rule change while the Control No. 3235–0175 Exchange LLC (f/k/a BOX Options Commission conducts proceedings to Notice is hereby given that, pursuant Exchange LLC) (the ‘‘Exchange’’) consider the Exchange’s proposal will to the Paperwork Reduction Act of 1995 proposed rule change to amend the fee allow the Commission to further (44 U.S.C. 3501 et seq.), the Securities schedule on the BOX Market LLC consider the proposed fees’ consistency and Exchange Commission (the (‘‘BOX’’) options facility to establish with the Exchange Act without the risk ‘‘Commission’’) has submitted to the certain connectivity fees and reclassify of allowing a fee that is potentially Office of Management and Budget its high speed vendor feed connection inconsistent with the Exchange Act to (‘‘OMB’’) a request for extension of the as a port fee. remain in effect. The Commission also previously approved collection of On July 27, 2018, the Commission does not believe that lifting the stay information discussed below. issued a notice of filing of the proposed precludes meaningful review of the The Investment Company Act of 1940 rule change filed with the Commission Order Instituting Proceedings. (‘‘Investment Company Act’’) (15 U.S.C. pursuant to Section 19(b)(1) of the For the reasons stated above, it is 80a–1 et seq.) requires investment Securities Exchange Act of 1934 hereby: companies to register with the (‘‘Exchange Act’’) 1 and Rule 19b–4 2 Ordered that the Exchange’s petition Commission before they conduct any thereunder.3 On September 17, 2018, for review of the Division’s action, by business in interstate commerce. the Division of Trading and Markets delegated authority, to temporarily Section 8(a) of the Investment Company (‘‘Division’’), pursuant to delegated suspend the proposed rule change and Act provides that an investment authority,4 issued an order temporarily simultaneously institute proceedings to company shall be deemed to be suspending the proposed rule change determine whether to approve or registered upon receipt by the pursuant to Section 19(b)(3)(C) of the disapprove the proposed rule change be Commission of a notification of Exchange Act 5 and simultaneously granted; and registration in such form as the instituting proceedings under Section Commission prescribes. Form N–8A (17 19(b)(2)(B) of the Exchange Act 6 to 7 See Securities Exchange Act Release No. 84168 CFR 274.10) is the form for notification determine whether to approve or (September 17, 2018), 83 FR 47947 (September 21, of registration that the Commission has disapprove the proposed rule change 2018). adopted under section 8(a). The purpose amozie on DSK3GDR082PROD with NOTICES1 8 See letter to Brent J. Fields, Secretary, Commission, from Theodore R. Lazo, Managing of such notification of registration 1 15 U.S.C. 78s(b)(1). Director and Associate General Counsel, and Ellen provided on Form N–8A is to notify the 2 17 CFR 240.19b–4. Greene, Managing Director, Financial Services 3 See Securities Exchange Act Release No. 83728 Operations, Securities Industry and Financial Commission of the existence of (July 27, 2018), 83 FR 37853 (August 2, 2018). Markets Association, dated October 15, 2018. investment companies required to be 4 17 CFR 200.30–3(a)(57) and (58). 9 17 CFR 201.430. registered under the Investment 5 15 U.S.C. 78s(b)(3)(C). 10 17 CFR 201.431(e). 6 15 U.S.C. 78s(b)(2)(B). 11 17 CFR 201.431. 12 17 CFR 201.431(e). VerDate Sep<11>2014 18:33 Nov 21, 2018 Jkt 247001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 E:\FR\FM\23NON1.SGM 23NON1


Document Created: 2018-11-27 12:58:37
Document Modified: 2018-11-27 12:58:37
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 59431 
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