83 FR 59432 - Submission for OMB Review; Comment Request
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 226 (November 23, 2018)
Federal Register Volume 83, Issue 226 (November 23, 2018)
| Page Range | 59432-59433 | |
| FR Document | 2018-25490 |
[Federal Register Volume 83, Number 226 (Friday, November 23, 2018)] [Notices] [Pages 59432-59433] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-25490] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; 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: Form N-8A; SEC File No. 270-135, OMB Control No. 3235-0175 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'') has submitted to the Office of Management and Budget (``OMB'') a request for extension of the previously approved collection of information discussed below. The Investment Company Act of 1940 (``Investment Company Act'') (15 U.S.C. 80a-1 et seq.) requires investment companies to register with the Commission before they conduct any business in interstate commerce. Section 8(a) of the Investment Company Act provides that an investment company shall be deemed to be registered upon receipt by the Commission of a notification of registration in such form as the Commission prescribes. Form N-8A (17 CFR 274.10) is the form for notification of registration that the Commission has adopted under section 8(a). The purpose of such notification of registration provided on Form N-8A is to notify the Commission of the existence of investment companies required to be registered under the Investment [[Page 59433]] Company Act and to enable the Commission to administer the provisions of the Investment Company Act with respect to those companies. After an investment company has filed its notification of registration under section 8(a), the company is then subject to the provisions of the Investment Company Act which govern certain aspects of its organization and activities, such as the composition of its board of directors and the issuance of senior securities. Form N-8A requires an investment company to provide its name, state of organization, form of organization, classification, the name and address of each investment adviser of the investment company, the current value of its total assets, and certain other information readily available to the investment company. If the investment company is filing a registration statement as required by Section 8(b) of the Investment Company Act concurrently with its notification of registration, Form N-8A requires only that the registrant file the cover page (giving its name, address, and agent for service of process) and sign the form in order to effect registration. Based on recent filings of notifications of registration on Form N- 8A, we estimate that about 96 investment companies file such notifications each year. An investment company must only file a notification of registration on Form N-8A once. The currently approved average hour burden per investment company of preparing and filing a notification of registration on Form N-8A is one hour. Based on the Commission staff's experience with the requirements of Form N-8A and with disclosure documents generally--and considering that investment companies that are filing notifications of registration on Form N-8A simultaneously with the registration statement under the Investment Company Act are only required by Form N-8A to file a signed cover page--we continue to believe that this estimate is appropriate. Therefore, we estimate that the total annual hour burden to prepare and file notifications of registration on Form N-8A is 96 hours. The currently approved cost burden of Form N-8A is $449. We continue to believe that this estimate is appropriate. Therefore, we estimate that the total annual cost burden to associated with preparing and filing notifications of registration on Form N-8A is about $43,104. Estimates of average burden hours and costs are made solely for the purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. Compliance with the collection of information requirements of Form N-8A is mandatory. Responses to the collection of information 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 OMB control number. The public may view the background documentation for this information collection at the following website, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: [email protected] ; and (ii) 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]. Comments must be submitted to OMB within 30 days of this notice. Dated: November 19, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-25490 Filed 11-21-18; 8:45 am] BILLING CODE 8011-01-P
![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).
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![Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices 59433
Company Act and to enable the Commission rules and forms. Register on October 2, 2018.3 The
Commission to administer the Compliance with the collection of Commission received no comment
provisions of the Investment Company information requirements of Form N–8A letters on the proposed rule change.
Act with respect to those companies. is mandatory. Responses to the This order approves the proposed rule
After an investment company has filed collection of information will not be change.
its notification of registration under kept confidential. An agency may not
section 8(a), the company is then subject conduct or sponsor, and a person is not II. Description of the Proposed Rule
to the provisions of the Investment required to respond to, a collection of Change
Company Act which govern certain information unless it displays a The ‘‘Snapshot’’ functionality of the
aspects of its organization and activities, currently valid OMB control number. FBMS allows a Floor Broker, Registered
such as the composition of its board of The public may view the background Options Trader (‘‘ROT’’), or Specialist to
directors and the issuance of senior documentation for this information ‘‘provisionally execute’’ 4 a trade in the
securities. Form N–8A requires an collection at the following website, trading crowd and capture and record
investment company to provide its www.reginfo.gov. Comments should be the market conditions that exist at the
name, state of organization, form of directed to: (i) Desk Officer for the time of the provisional execution.5 Once
organization, classification, the name Securities and Exchange Commission, the member triggers the Snapshot, the
and address of each investment adviser Office of Information and Regulatory member has up to 30 seconds to use the
of the investment company, the current Affairs, Office of Management and information recorded on the Snapshot
value of its total assets, and certain Budget, Room 10102, New Executive for purposes of entering the terms of the
other information readily available to Office Building, Washington, DC 20503, provisionally-executed trade into FBMS
the investment company. If the or by sending an email to: and submitting the trade to the Trading
investment company is filing a Lindsay.M.Abate@omb.eop.gov ; and (ii) System.6 Once submitted, the Trading
registration statement as required by Charles Riddle, Acting Director/Chief System will only execute the trade if it
Section 8(b) of the Investment Company Information Officer, Securities and is consistent with the applicable priority
Act concurrently with its notification of Exchange Commission, c/o Candace and trade-through rules based upon the
registration, Form N–8A requires only Kenner, 100 F Street NE, Washington, prevailing market as reflected on the
that the registrant file the cover page DC 20549 or send an email to: PRA_ Snapshot at the time of the provisional
(giving its name, address, and agent for Mailbox@sec.gov. Comments must be execution. The Trading System will
service of process) and sign the form in submitted to OMB within 30 days of
reject a trade that is subject to a
order to effect registration. this notice.
Snapshot if it would violate trade-
Based on recent filings of notifications Dated: November 19, 2018. though or priority rules.7
of registration on Form N–8A, we Eduardo A. Aleman,
estimate that about 96 investment Currently, the ‘‘Snapshot’’ feature of
Assistant Secretary. the FBMS may only be used to
companies file such notifications each
year. An investment company must only [FR Doc. 2018–25490 Filed 11–21–18; 8:45 am] provisionally execute certain types of
file a notification of registration on BILLING CODE 8011–01–P orders in the trading crowd.
Form N–8A once. The currently Specifically, Floor Brokers, Specialists,
approved average hour burden per and ROTS may only use Snapshot to
SECURITIES AND EXCHANGE provisionally execute multi-leg orders
investment company of preparing and
COMMISSION and simple orders in options on
filing a notification of registration on
Form N–8A is one hour. Based on the [Release No. 34–84610; File No. SR–Phlx– Exchange Traded Funds (‘‘ETFs’’) that
Commission staff’s experience with the 2018–59] are included in the Options Penny
requirements of Form N–8A and with Pilot.8 The Exchange proposes to
disclosure documents generally—and Self-Regulatory Organizations; Nasdaq expand the use of the Snapshot
considering that investment companies PHLX LLC; Order Approving a functionality to all orders on the trading
that are filing notifications of Proposed Rule Change To Amend floor, subject to the current procedures
registration on Form N–8A Rules 1000, 1064, and 1069 To Allow for and the limitations on the use of
simultaneously with the registration for the Snapshot Functionality of the Snapshot.9 The Exchange believes that
statement under the Investment Floor-Based Management System To
Company Act are only required by Form Be Used for All Orders 3 See Securities Exchange Act Release No. 84290
(September 26, 2018), 83 FR 49596 (‘‘Notice’’).
N–8A to file a signed cover page—we November 16, 2018. 4 A ‘‘provisional execution’’ occurs in the trading
continue to believe that this estimate is crowd when either (1) the participants to a trade
appropriate. Therefore, we estimate that I. Introduction reach a verbal agreement in the trading crowd as to
the total annual hour burden to prepare On September 18, 2018, Nasdaq PHLX the terms of the trade; or (ii) a member announces
and file notifications of registration on that he is crossing an order in accordance with Phlx
LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with Rule 1064(a). See Phlx Rule 1069(a)(i)(A). See also
Form N–8A is 96 hours. The currently the Securities and Exchange Notice, supra note 3, at 49596–97 n.5.
approved cost burden of Form N–8A is Commission (‘‘Commission’’), pursuant 5 See Securities Exchange Act Release No. 81980
$449. We continue to believe that this to Section 19(b)(1) of the Securities (October 30, 2017), 82 FR 51313 (November 3, 2017)
estimate is appropriate. Therefore, we Exchange Act of 1934 (‘‘Act’’) 1 and Rule (SR–Phlx–2017–34) (approving the Snapshot
estimate that the total annual cost functionality as an exception to Phlx Rule 1000(f))
19b–4 thereunder,2 a proposed rule (‘‘Snapshot Approval’’). See also Securities
burden to associated with preparing and change to allow the Snapshot Exchange Act Release No. 83656 (July 17, 2018), 82
filing notifications of registration on functionality of the Floor-Based FR 34899 (July 23, 2018) (SR–Phlx–2018–40)
amozie on DSK3GDR082PROD with NOTICES1
Form N–8A is about $43,104. Management System (‘‘FBMS’’) to be (expanding the availability of the Snapshot feature
Estimates of average burden hours to ROTS and Specialists).
used for all orders on the trading floor. 6 See Notice, supra note 3, at 49596–97.
and costs are made solely for the The proposed rule change was 7 See id. at 49597.
purposes of the Paperwork Reduction published for comment in the Federal 8 See Phlx Rule 1069(a)(i)(A).
Act, and are not derived from a 9 See Notice, supra note 3, at 49596–97. The
comprehensive or even representative 1 15 U.S.C. 78s(b)(1). procedures and limitations regarding the current
survey or study of the costs of 2 17 CFR 240.19b–4. Continued
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Document Created: 2018-11-27 12:58:22
Document Modified: 2018-11-27 12:58:22
| 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 59432 |
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