83 FR 59434 - Proposed Collection; 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 | 59434-59435 | |
| FR Document | 2018-25442 |
[Federal Register Volume 83, Number 226 (Friday, November 23, 2018)] [Notices] [Pages 59434-59435] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-25442] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270-172, OMB Control No. 3235-0169] 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: Form N-5. 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 [[Page 59435]] plans to submit this existing collection of information to the Office of Management and Budget (``OMB'') for extension and approval. Form N-5 (17 CFR 239.24 and 274.5) is the form used by small business investment companies (``SBICs'') to register their securities under the Securities Act of 1933 (15 U.S.C. 77a et seq.) (``Securities Act'') and the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act''). Form N-5 is the registration statement form adopted by the Commission for use by an SBIC that has been licensed as such under the Small Business Investment Act of 1958 or which has received the preliminary approval of the Small Business Administration (``SBA'') and has been notified by the SBA that the company may submit a license application Form N-5 is an integrated registration form and may be used as the registration statement under both the Securities Act and the Investment Company Act. The purpose of Form N-5 is to meet the filing and disclosure requirements of both the Securities Act and Investment Company Act, and to provide investors with information sufficient to evaluate an investment in an SBIC. The information that is required to be filed with the Commission permits verification of compliance with securities law requirements and assures the public availability and dissemination of the information. The Commission did not receive any filings on Form N-5 in the last three years (and in the three years before that, received only one Form N-5 filing). Nevertheless, for purposes of this PRA, we conservatively estimate that at least one Form N-5 will be filed in the next three years, which translates to about 0.333 filings on Form N-5 per year. The currently approved internal burden of Form N-5 is 352 hours per response. We continue to believe this estimate for Form N-5's internal hour burden is appropriate. Therefore, the number of currently approved aggregate burden hours, when calculated using the current estimate for number of filings, is about 117 internal hours per year. The currently approved external cost burden of Form N-5 is $30,000 per filing. We continue to believe this estimate for Form N-5's cost burden is appropriate. Therefore, we estimate that the aggregate cost burden, when calculated using the Commission's estimate of 0.333 filings per year, is about $10,000 in external costs per year. 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-5 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. Written comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; (b) the accuracy of the Commission'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 16, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-25442 Filed 11-21-18; 8:45 am] BILLING CODE 8011-01-P
![59434 Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices
its proposed expansion of the use of to permit unfair discrimination between rules.22 The Commission notes that
Snapshot will make the functionality customers, issuers, brokers, or dealers. these measures will continue to apply to
simpler, more consistent, and more The Commission notes that use of the the expanded application of Snapshot to
useful in a greater number of Snapshot functionality for certain orders all orders and should continue to ensure
circumstances than it is currently.10 To is one of the current exceptions set forth that the Snapshot functionality will be
effectuate these changes, the Exchange in Phlx Rule 1000(f), and allows Floor used in a manner that is consistent with
proposes several modifications to Phlx Brokers, ROTS, and Specialists to the Act and Phlx’s Rules. For example,
Rules 1000, 1064, and 1069.11 provisionally execute, in the options Phlx Rule 1069(a)(i)(B) will continue to
The Exchange represents that it does trading crowd (as opposed to through prohibit all members from triggering the
not anticipate that the use of Snapshot FBMS), multi-leg orders and simple Snapshot feature for the purpose of
to provisionally execute all orders, orders in options on ETFs that are obtaining favorable, or avoiding
rather than just multi-leg or simple included in the Options Penny Pilot.17 unfavorable, priority or trade-through
orders in options on ETFs that are According to the Exchange, Snapshot conditions. In addition, the Exchange
included in the Options Penny Pilot, promotes just and equitable principles represents that its surveillance staff will
will materially increase the risk that of trade and serves the interests of monitor the expanded use of Snapshot
Snapshot will be overused or abused investors and the public by increasing and will evaluate whether additional
relative to its current use.12 Therefore, the likelihood that investors will be able controls are needed if the Exchange
the Exchange proposes to utilize the to execute their orders and do so in line detects a significant uptick in improper
same methods it currently uses to with their expectations.18 The Exchange usage.23
surveil its members’ use of the Snapshot further represents that Snapshot is For the foregoing reasons, the
functionality and represents that if designed to mitigate the risk that the Commission finds that the proposed
Surveillance detects a significant uptick Trading System will reject a trade due rule change is consistent with Section
in improper usage, the Exchange will to a change in market conditions that 6(b)(5) of the Act 24 and the rules and
evaluate whether additional controls are occurs between the time when the regulations thereunder applicable to
necessary.13 parties to a trade negotiate a valid trade national securities exchanges.
Finally, the Exchange notes that it on the trading floor and the time when
expects to make Snapshot available for the Trading System receives the trade. IV. Conclusion
all orders before the end of the fourth The Exchange believes that expanding It is therefore ordered, pursuant to
quarter of 2018 and represents that it the availability of Snapshot to all orders Section 19(b)(2) of the Act,25 that the
will notify its members via an Options will broaden the scope of these proposed rule change (SR–Phlx–2018–
Trader Alert, to be posted on the protections to the benefit of investors 59) be, and hereby is, approved.
Exchange’s website, at least seven and will make the exchange’s trading
calendar days prior to the date when For the Commission, by the Division of
floor more competitive with other Trading and Markets, pursuant to delegated
Snapshot will be available for expanded trading venues because it will make the authority.26
use.14 trading floor operate more efficiently.19 Eduardo A. Aleman,
III. Discussion and Commission Further, the Exchange represents that
Assistant Secretary.
Findings the proposal is consistent with Rule 611
[FR Doc. 2018–25467 Filed 11–21–18; 8:45 am]
of Regulation NMS, which requires the
After careful review, the Commission Exchange to establish policies and BILLING CODE 8011–01–P
finds that the proposed rule change is procedures that are reasonably designed
consistent with the requirements of the to prevent trade-throughs of protected
Act and the rules and regulations SECURITIES AND EXCHANGE
quotations. The Exchange notes that
thereunder applicable to a national COMMISSION
although the proposal will change the
securities exchange.15 In particular, the
time of execution of a trade for purposes [SEC File No. 270–172, OMB Control No.
Commission finds that the proposed
of verifying compliance with trade- 3235–0169]
rule change is consistent with Section
though and priority rules, the current
6(b)(5) of the Act,16 which requires, Proposed Collection; Comment
automated compliance verification
among other things, that the rules of a Request
process will continue to apply and will
national securities exchange be
systematically prevent any violation of Upon Written Request, Copies Available
designed to promote just and equitable
the trade-though and priority rules.20 From: Securities and Exchange
principles of trade, to foster cooperation
Finally, as noted above, the Exchange Commission, Office of FOIA Services,
and coordination with persons engaged
in regulating, clearing, settling, does not believe that the proposal will 100 F Street NE, Washington, DC
processing information with respect to, increase the risk that Snapshot will be 20549–2736.
and facilitating transactions in securities used improperly and believes that its
existing design controls are sufficient to Extension:
and, in general, to protect investors and Form N–5.
the public interest, and not be designed continue to closely monitor Snapshot
usage by its members.21 Notice is hereby given that, pursuant
use of Snapshot are currently set forth in Phlx Rule
The Commission notes that, at the to the Paperwork Reduction Act of 1995
1069 and will continue to apply. time Snapshot was adopted, the (44 U.S.C. 3501 et seq.), the Securities
10 See Notice, supra note 3, at 49597. Exchange adopted several measures to and Exchange Commission (the
11 A more detailed description of the proposal help ensure that Snapshot operates, and ‘‘Commission’’) is soliciting comments
appears in the Notice.
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12 See Notice, supra note 3, at 49597.
is used by members, in a manner that on the collection of information
13 See id.
is consistent with the Act and Phlx’s summarized below. The Commission
14 See id.
17 See Phlx Rule 1000(f)(iii)(E). 22 See Snapshot Approval, supra note 5, at 51316.
15 In approving this proposed rule change, the
18 See Notice, supra note 3, at 49597. 23 See Notice, supra note 3, at 49597.
Commission has considered the proposed rule’s
19 See id. at 49597–98. 24 15 U.S.C. 78f(b)(5).
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f). 20 See id. at 49598. 25 15 U.S.C. 78s(b)(2).
16 15 U.S.C. 78f(b)(5). 21 See id. at 49597. 26 17 CFR 200.30–3(a)(12).
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![Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices 59435
plans to submit this existing collection comprehensive or even representative Commission (‘‘Commission’’) a
of information to the Office of survey or study of the costs of proposed rule change as described in
Management and Budget (‘‘OMB’’) for Commission rules and forms. Items I and II below, which Items have
extension and approval. Compliance with the collection of been prepared by the Exchange. The
Form N–5 (17 CFR 239.24 and 274.5) information requirements of Form N–5 Commission is publishing this notice to
is the form used by small business is mandatory. Responses to the solicit comments on the proposed rule
investment companies (‘‘SBICs’’) to collection of information will not be change from interested persons.
register their securities under the kept confidential. An agency may not
Securities Act of 1933 (15 U.S.C. 77a et I. Self-Regulatory Organization’s
conduct or sponsor, and a person is not Statement of the Terms of Substance of
seq.) (‘‘Securities Act’’) and the required to respond to, a collection of
Investment Company Act of 1940 (15 the Proposed Rule Change
information unless it displays a
U.S.C. 80a–1 et seq.) (‘‘Investment currently valid OMB control number. The Exchange is filing a proposal to
Company Act’’). Form N–5 is the Written comments are invited on: (a) amend Exchange Rule 518, Complex
registration statement form adopted by Whether the collection of information is Orders [sic]
the Commission for use by an SBIC that necessary for the proper performance of The text of the proposed rule change
has been licensed as such under the the functions of the Commission, is available on the Exchange’s website at
Small Business Investment Act of 1958 including whether the information has http://www.miaxoptions.com/rule-
or which has received the preliminary practical utility; (b) the accuracy of the filings/ at MIAX Options’ principal
approval of the Small Business Commission’s estimate of the burden of office, and at the Commission’s Public
Administration (‘‘SBA’’) and has been the collection of information; (c) ways to Reference Room.
notified by the SBA that the company enhance the quality, utility, and clarity II. Self-Regulatory Organization’s
may submit a license application Form of the information collected; and (d) Statement of the Purpose of, and
N–5 is an integrated registration form ways to minimize the burden of the Statutory Basis for, the Proposed Rule
and may be used as the registration collection of information on Change
statement under both the Securities Act respondents, including through the use
and the Investment Company Act. The In its filing with the Commission, the
of automated collection techniques or Exchange included statements
purpose of Form N–5 is to meet the other forms of information technology.
filing and disclosure requirements of concerning the purpose of and basis for
Consideration will be given to the proposed rule change and discussed
both the Securities Act and Investment comments and suggestions submitted in
Company Act, and to provide investors any comments it received on the
writing within 60 days of this proposed rule change. The text of these
with information sufficient to evaluate publication.
an investment in an SBIC. The statements may be examined at the
Please direct your written comments places specified in Item IV below. The
information that is required to be filed to Charles Riddle, Acting Director/Chief
with the Commission permits Exchange has prepared summaries, set
Information Officer, Securities and forth in sections A, B, and C below, of
verification of compliance with Exchange Commission, C/O Candace
securities law requirements and assures the most significant aspects of such
Kenner, 100 F Street NE, Washington, statements.
the public availability and DC 20549; or send an email to: PRA_
dissemination of the information. Mailbox@sec.gov. A. Self-Regulatory Organization’s
The Commission did not receive any Statement of the Purpose of, and
filings on Form N–5 in the last three Dated: November 16, 2018.
Statutory Basis for, the Proposed Rule
years (and in the three years before that, Eduardo A. Aleman, Change
received only one Form N–5 filing). Assistant Secretary.
Nevertheless, for purposes of this PRA, [FR Doc. 2018–25442 Filed 11–21–18; 8:45 am]
1. Purpose
we conservatively estimate that at least BILLING CODE 8011–01–P The Exchange proposes to amend
one Form N–5 will be filed in the next Exchange Rule 518, Complex Orders, to
three years, which translates to about (i) adopt a new Simple Market Auction
0.333 filings on Form N–5 per year. The SECURITIES AND EXCHANGE or Timer (‘‘SMAT’’) Event (defined
currently approved internal burden of COMMISSION below); (ii) amend the Response Time
Form N–5 is 352 hours per response. We Interval and Defined Time Period for
[Release No. 34–84613; File No. SR–MIAX–
continue to believe this estimate for Complex Auctions (each defined
2018–36]
Form N–5’s internal hour burden is below); (iii) adopt a new Complex
appropriate. Therefore, the number of Self-Regulatory Organizations; Miami Liquidity Exposure Process (‘‘cLEP’’);
currently approved aggregate burden International Securities Exchange, (iv) make minor changes to the Complex
hours, when calculated using the LLC; Notice of Filing of a Proposed MIAX Options Price Collar Protection;
current estimate for number of filings, is Rule Change To Amend Exchange and (v) clarify that the Calendar Spread
about 117 internal hours per year. The Rule 518, Complex Orders Variance (‘‘CSV’’) price protection
currently approved external cost burden applies only to strategies in American-
of Form N–5 is $30,000 per filing. We November 16, 2018. style option 3 classes.
continue to believe this estimate for Pursuant to the provisions of Section Specifically, the Exchange proposes to
Form N–5’s cost burden is appropriate. 19(b)(1) of the Securities Exchange Act amend subsection (a)(16), to adopt a
Therefore, we estimate that the of 1934 (‘‘Act’’) 1 and Rule 19b–4 new Simple Market Auction or Timer
aggregate cost burden, when calculated thereunder,2 notice is hereby given that (SMAT) Event. A SMAT Event is
amozie on DSK3GDR082PROD with NOTICES1
using the Commission’s estimate of on November 9, 2018, Miami
0.333 filings per year, is about $10,000 International Securities Exchange, LLC 3 The term ‘‘American-style option’’ means an
in external costs per year. (‘‘MIAX Options’’ or ‘‘Exchange’’) filed option contract that, subject to the provisions of
Estimates of average burden hours Rule 700 (relating to the cutoff time for exercise
with the Securities and Exchange instructions) and to the Rules of the Clearing
and costs are made solely for the Corporation, can be exercised on any business day
purposes of the Paperwork Reduction 1 15 U.S.C. 78s(b)(1). prior to its expiration date and on its expiration
Act, and are not derived from a 2 17 CFR 240.19b–4. date. See Exchange Rule 100.
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Document Created: 2018-11-27 12:59:18
Document Modified: 2018-11-27 12:59:18
| 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 59434 |
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