83 FR 9054 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 42 (March 2, 2018)

Page Range		9054-9055
FR Document		2018-04198
Federal Register, Volume 83 Issue 42 (Friday, March 2, 2018)
[Federal Register Volume 83, Number 42 (Friday, March 2, 2018)]
[Notices]
[Pages 9054-9055]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-04198]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

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

Extension:
    Rule 12f-1, SEC File No. 270-139, OMB Control No. 3235-0128

    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 in Rule 12f-1 (17 CFR 240.12f-1), under the 
Securities Exchange Act of 1934 (``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.
    Rule 12f-1 (``Rule''), originally adopted in 1979 pursuant to 
Sections 12(f) and 23(a) of the Act, and as further modified in 1995 
and 2005, sets forth the requirements for filing an exchange 
application to reinstate unlisted trading privileges (``UTP'') in a 
security in which UTP has been suspended by the Commission pursuant to 
Section 12(f)(2)(A) of the Act. Under Rule 12f-1, an exchange must 
submit one copy of an application for reinstatement of UTP to the 
Commission that contains specified information, as set forth in the 
Rule. The application for reinstatement, pursuant to the Rule, must 
provide the name of the issuer, the title of the security, the name of 
each national securities exchange, if any, on which the security is 
listed or admitted to unlisted trading privileges, whether transaction 
information concerning the security is reported pursuant to an 
effective transaction reporting plan contemplated by Rule 601 of 
Regulation NMS, the date of the Commission's suspension of unlisted 
trading privileges in the security on the exchange, and any other 
pertinent information related to whether the reinstatement of UTP in 
the subject security is consistent with the maintenance of fair and 
orderly markets and the protection of investors. Rule 12f-1 further 
requires a national securities exchange seeking to reinstate its 
ability to extend unlisted trading privileges in a security to indicate 
that it has provided a copy of such application to the issuer of the 
security, as well as to any other national securities exchange on which 
the security is listed or admitted to unlisted trading privileges.
    The information required by Rule 12f-1 enables the Commission to 
make the necessary findings under the Act prior to granting 
applications to reinstate unlisted trading privileges. This information 
is also made available to members of the public who may wish to comment 
upon the applications. Without the Rule, the Commission would be unable 
to fulfill these statutory responsibilities.
    There are currently 21 national securities exchanges subject to 
Rule 12f-1. The burden of complying with Rule 12f-1 arises when a 
potential respondent seeks to reinstate its ability to extend unlisted 
trading privileges to any security for which unlisted trading 
privileges have been suspended by the Commission, pursuant to Section 
12(f)(2)(A) of the Act. The staff estimates that each application would 
require approximately one hour to complete. Thus each potential 
respondent would incur on average one burden hour in complying with the 
Rule.
    The Commission staff estimates that there could be as many as 21 
responses annually for an aggregate hour burden for all respondents of 
21 hours (21 responses x 1 hour per response). Each respondent's 
related internal cost of compliance for Rule 12f-1 would be $221.00, 
or, the cost of one hour of professional work of a paralegal needed to 
complete the application. The total annual cost of compliance for all 
potential respondents, therefore, is $4,641 (21 responses x $221.00 per 
response).
    Compliance with Rule 12f-1 is mandatory. Rule 12f-1 does not have a 
record retention requirement per se. However, responses made pursuant 
to Rule 12f-1 are subject to the recordkeeping requirements of Rules 
17a-3 and 17a-4 of the Act. Information received in response to Rule 
12f-1 shall not be kept confidential; the information collected is 
public information.
    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 
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.

[[Page 9055]]

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: Pamela Dyson, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE, Washington, DC 20549 or send an email 
to: [email protected].

    Dated: February 26, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-04198 Filed 3-1-18; 8:45 am]
BILLING CODE 8011-01-P
9054 Federal Register / Vol. 83, No. 42 / Friday, March 2, 2018 / Notices

approximately 178 amendments made SECURITIES AND EXCHANGE securities exchange on which the
annually by transfer agents to their COMMISSION security is listed or admitted to unlisted
Form TA–1 as required by Rule 17Ac2– trading privileges.
1(c) to address information that has Proposed Collection; Comment The information required by Rule
become inaccurate, misleading, or Request 12f–1 enables the Commission to make
incomplete and approximately 8 new the necessary findings under the Act
Upon Written Request, Copies Available
applications by transfer agents for prior to granting applications to
From: U.S. Securities and Exchange
registration on Form TA–1 as required reinstate unlisted trading privileges.
Commission, Office of FOIA Services,
This information is also made available
by Rule 17Ac2–1(a). Based on past 100 F Street NE, Washington, DC
to members of the public who may wish
submissions, the staff estimates that on 20549–2736
to comment upon the applications.
average approximately twelve hours are Extension: Without the Rule, the Commission
required for initial completion of Form Rule 12f–1, SEC File No. 270–139, OMB would be unable to fulfill these
TA–1 and that on average one and one- Control No. 3235–0128
statutory responsibilities.
half hours are required for an Notice is hereby given that pursuant There are currently 21 national
amendment to Form TA–1 by each such to the Paperwork Reduction Act of 1995 securities exchanges subject to Rule
firm. Thus, the subtotal burden for new (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 12f–1. The burden of complying with
applications for registration filed on Securities and Exchange Commission Rule 12f–1 arises when a potential
Form TA–1 each year is 96 hours (12 (‘‘Commission’’) is soliciting comments respondent seeks to reinstate its ability
hours times 8 filers) and the subtotal on the collection of information to extend unlisted trading privileges to
burden for amendments to Form TA–1 provided for in Rule 12f–1 (17 CFR any security for which unlisted trading
filed each year is 267 hours (1.5 hours 240.12f–1), under the Securities privileges have been suspended by the
times 178 filers). The cumulative total is Exchange Act of 1934 (‘‘Act’’) (15 U.S.C. Commission, pursuant to Section
363 burden hours per year (96 hours 78a et seq.). The Commission plans to 12(f)(2)(A) of the Act. The staff estimates
plus 267 hours). submit this existing collection of that each application would require
information to the Office of approximately one hour to complete.
Written comments are invited on: (a) Management and Budget (‘‘OMB’’) for Thus each potential respondent would
Whether the proposed collection of extension and approval. incur on average one burden hour in
information is necessary for the proper Rule 12f–1 (‘‘Rule’’), originally complying with the Rule.
performance of the functions of the adopted in 1979 pursuant to Sections The Commission staff estimates that
Commission, including whether the 12(f) and 23(a) of the Act, and as further there could be as many as 21 responses
information shall have practical utility; modified in 1995 and 2005, sets forth annually for an aggregate hour burden
(b) the accuracy of the Commission’s the requirements for filing an exchange for all respondents of 21 hours (21
estimates of the burden of the proposed application to reinstate unlisted trading responses × 1 hour per response). Each
collection of information; (c) ways to privileges (‘‘UTP’’) in a security in respondent’s related internal cost of
enhance the quality, utility, and clarity which UTP has been suspended by the compliance for Rule 12f–1 would be
of the information collected; and (d) Commission pursuant to Section $221.00, or, the cost of one hour of
ways to minimize the burden of the 12(f)(2)(A) of the Act. Under Rule professional work of a paralegal needed
collection of information on 12f–1, an exchange must submit one to complete the application. The total
respondents, including through the use copy of an application for reinstatement annual cost of compliance for all
of automated collection techniques or of UTP to the Commission that contains potential respondents, therefore, is
specified information, as set forth in the $4,641 (21 responses × $221.00 per
other forms of information technology.
Rule. The application for reinstatement, response).
Consideration will be given to pursuant to the Rule, must provide the Compliance with Rule 12f–1 is
comments and suggestions submitted in name of the issuer, the title of the mandatory. Rule 12f–1 does not have a
writing within 60 days of this security, the name of each national record retention requirement per se.
publication. securities exchange, if any, on which However, responses made pursuant to
An agency may not conduct or the security is listed or admitted to Rule 12f–1 are subject to the
sponsor, and a person is not required to unlisted trading privileges, whether recordkeeping requirements of Rules
respond to, a collection of information transaction information concerning the 17a–3 and 17a–4 of the Act. Information
under the PRA unless it displays a security is reported pursuant to an received in response to Rule 12f–1 shall
currently valid OMB control number. effective transaction reporting plan not be kept confidential; the information
contemplated by Rule 601 of Regulation collected is public information.
Please direct your written comments NMS, the date of the Commission’s Written comments are invited on: (a)
to: Pamela Dyson, Director/Chief suspension of unlisted trading Whether the proposed collection of
Information Officer, Securities and privileges in the security on the information is necessary for the proper
Exchange Commission, c/o Remi Pavlik- exchange, and any other pertinent performance of the functions of the
Simon, 100 F Street NE, Washington, information related to whether the Commission, including whether the
DC 20549, or send an email to: PRA_ reinstatement of UTP in the subject information shall have practical utility;
Mailbox@sec.gov. security is consistent with the (b) the accuracy of the Commission’s
Dated: February 26, 2018. maintenance of fair and orderly markets estimates of the burden of the proposed
and the protection of investors. Rule collection of information; (c) ways to
daltland on DSKBBV9HB2PROD with NOTICES

Eduardo A. Aleman,
12f–1 further requires a national enhance the quality, utility, and clarity
Assistant Secretary.
securities exchange seeking to reinstate of the information collected; and (d)
[FR Doc. 2018–04197 Filed 3–1–18; 8:45 am] its ability to extend unlisted trading ways to minimize the burden of the
BILLING CODE 8011–01–P privileges in a security to indicate that collection of information on
it has provided a copy of such respondents, including through the use
application to the issuer of the security, of automated collection techniques or
as well as to any other national other forms of information technology.

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Federal Register / Vol. 83, No. 42 / Friday, March 2, 2018 / Notices 9055

Consideration will be given to I. Clearing Agency’s Statement of the proposed Blackout Period Exposure
comments and suggestions submitted in Terms of Substance of the Advance Adjustment.
writing within 60 days of this Notice 2. An impact study that shows the
publication. portfolio level VaR Charge under the
This Advance Notice consists of proposed methodology for the period
An agency may not conduct or amendments to FICC’s Government
sponsor, and a person is not required to January 3, 2013 through December 30,
Securities Division (‘‘GSD’’) Rulebook 2016,8 and
respond to, a collection of information (the ‘‘GSD Rules’’) 4 in order to propose
under the PRA unless it displays a 3. An impact study that shows the
changes to GSD’s method of calculating aggregate Required Fund Deposit
currently valid OMB control number. Netting Members’ margin, referred to in amount by Netting Member for the
Please direct your written comments the GSD Rules as the Required Fund period May 1, 2017 through November
to: Pamela Dyson, Director/Chief Deposit amount.5 Specifically, FICC is 30, 2017.
Information Officer, Securities and proposing to (1) change its method of 4. The GSD Initial Margin Model (the
Exchange Commission, c/o Remi Pavlik- calculating the VaR Charge component, ‘‘QRM Methodology’’) which would
Simon, 100 F Street NE, Washington, (2) add a new component referred to as reflect the proposed methodology of the
DC 20549 or send an email to: PRA_ the ‘‘Blackout Period Exposure VaR Charge calculation and the
Mailbox@sec.gov. Adjustment’’ (as defined in Item II.(B)I proposed Blackout Period Exposure
Dated: February 26, 2018. below), (3) eliminate the Blackout Adjustment.
Eduardo A. Aleman, Period Exposure Charge and the FICC is requesting confidential
Assistant Secretary. Coverage Charge components, (4) amend treatment of the above-referenced
[FR Doc. 2018–04198 Filed 3–1–18; 8:45 am]
the Backtesting Charge component to (i) backtesting results, impact studies and
include the backtesting deficiencies of QRM Methodology, and has filed it
BILLING CODE 8011–01–P
certain GCF Counterparties during the separately with the Commission.9
Blackout Period 6 and (ii) give GSD the II. Clearing Agency’s Statement of the
SECURITIES AND EXCHANGE ability to assess the Backtesting Charge Purpose of, and Statutory Basis for, the
COMMISSION on an intraday basis for all Netting Advance Notice
Members, and (5) amend the calculation
for determining the Excess Capital In its filing with the Commission, the
[Release No. 34–82779; File No. SR–FICC– clearing agency included statements
Premium for Broker Netting Members,
2018–801] concerning the purpose of and basis for
Inter-Dealer Broker Netting Members
and Dealer Netting Members. In the Advance Notice and discussed any
Self-Regulatory Organizations; Fixed comments it received on the Advance
Income Clearing Corporation; Notice of addition, FICC is proposing to provide
transparency with respect to GSD’s Notice. The text of these statements may
Advance Notice Filing of Proposed be examined at the places specified in
Changes to the Method of Calculating existing authority to calculate and
assess Intraday Supplemental Fund Item IV below. The clearing agency has
Netting Members’ Margin in the prepared summaries, set forth in
Government Securities Division Deposit amounts.7
FICC has also provided the following sections A and B below, of the most
Rulebook significant aspects of such statements.
documentation to the Commission:
February 26, 2018. 1. Backtesting results that reflect (A) Clearing Agency’s Statement on
Pursuant to Section 806(e)(1) of Title FICC’s comparison of the aggregate Comments on the Advance Notice
VIII of the Dodd-Frank Wall Street Clearing Fund requirement (‘‘CFR’’) Received From Members, Participants,
Reform and Consumer Protection Act under GSD’s current methodology and or Others
entitled the Payment, Clearing, and the aggregate CFR under the proposed Written comments relating to the
Settlement Supervision Act of 2010 methodology (as listed in the first proposed rule changes have not been
(‘‘Clearing Supervision Act’’) 1 and Rule paragraph above) to historical returns of solicited or received. FICC will notify
19b–4(n)(1)(i) under the Securities end-of-day snapshots of each Netting the Commission of any written
Exchange Act of 1934 as amended Member’s portfolio for the period May comments received by FICC.
(‘‘Act’’),2 notice is hereby given that on 2016 through October 2017. The CFR
January 12, 2018, Fixed Income Clearing backtesting results under the proposed (B) Advance Notice Filed Pursuant to
Corporation (‘‘FICC’’) filed with the methodology were calculated in two Section 806(e) of the Payment, Clearing
Securities and Exchange Commission ways for end-of-day portfolios: One set and Settlement Supervision Act
(‘‘Commission’’) the advance notice SR– of results included the proposed I. Description of the Change
FICC–2018–801 (‘‘Advance Notice’’) as Blackout Period Exposure Adjustment
described in Items I, II and III below, The purpose of this filing is to amend
and the other set of results excluded the
which Items have been prepared by the the GSD Rules to propose changes to
clearing agency.3 The Commission is 4 Available at DTCC’s website, www.dtcc.com/
GSD’s method of calculating Netting
publishing this notice to solicit legal/rules-and-procedures.aspx. Capitalized terms Members’ margin, referred to in the GSD
comments on the Advance Notice from used herein and not defined shall have the meaning Rules as the Required Fund Deposit
interested persons. assigned to such terms in the GSD Rules. amount. Specifically, FICC is proposing
5 Id. at GSD Rules 1 and 4.
to (1) change its method of calculating
6 As further discussed in Item II.(B)I. below, the
1 12 U.S.C. 5465(e)(1).
the VaR Charge component, (2) add the
proposed Backtesting Charge would consider a GCF
Blackout Period Exposure Adjustment
daltland on DSKBBV9HB2PROD with NOTICES

2 17 CFR 240.19b–4(n)(1)(i). Counterparty’s backtesting deficiencies that are
3 On January 12, 2018, FICC also filed a proposed attributable to GCF Repo Transactions collateralized
rule change (SR–FICC–2018–001) with the with mortgage-backed securities during the 8 This period includes market stress events such

Commission pursuant to Section 19(b)(1) of the Act, Blackout Period. as the U.S. presidential election, United Kingdom’s
15 U.S.C. 78s(b)(1), and Rule 19b–4, 17 CFR 7 Pursuant to the GSD Rules, FICC has the vote to leave the European Union, and the 2013
240.19b–4, seeking approval of changes to its rules existing authority and discretion to calculate an spike in U.S. Treasury yields which resulted from
necessary to implement the proposal. A copy of the additional amount on an intraday basis in the form the Federal Reserve’s plans to reduce its balance
proposed rule change is available at http:// of an Intraday Supplemental Clearing Fund Deposit. sheet purchases.
www.dtcc.com/legal/sec-rule-filings.aspx. See GSD Rules 1 and 4, Section 2a, supra note 4. 9 See 17 CFR 240–24b–2.

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Document Created: 2018-03-01 23:56:11
Document Modified: 2018-03-01 23:56:11
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 9054