30 day notice

Federal Register / Vol. 83, No. 154 / Thursday, August 9, 2018 / Notices

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align with the cost of delivering the
proposed subaccount data feature, and
such fees would be allocated equitably
among the entities that subscribe for
access to the subaccount data.
Specifically, the costs to NSCC for
providing the feature would include
building the capability to separate the
subaccount data from the FAR files sent
by insurance carriers, segregating such
data by asset manager, drafting and
negotiating agreements with asset
managers relating to receiving the data
and drafting and negotiating agreements
with service providers who are
receiving and distributing subaccount
data on behalf of asset managers. NSCC
believes that the costs for adding and
operating the feature on behalf of asset
managers would be approximately equal
to the fees anticipated to be received by
NSCC from the asset managers for use
of this feature. In addition, such fees
would be charged only to those asset
managers that choose to subscribe to the
feature. Therefore, by establishing fees
that align with the cost of delivery of
this feature and allocating those fees
equitably among the subscribing asset
managers, the proposed rule change
would provide for the equitable
allocation of reasonable dues, fees and
other charges among its participants
consistent with the requirements of
Section 17A(b)(3)(D) of the Act.11
(B) Clearing Agency’s Statement on
Burden on Competition
NSCC does not believe that the
proposed rule change would have any
adverse impact, or impose any burden,
on competition because the proposed
rule change would add an optional
feature to NSCC’s services that would
provide access by asset managers to
transaction-specific subaccount data
that is included within the FAR files. As
an optional feature available for
subscription, the proposed rule change
would not disproportionally impact any
NSCC participants.
Moreover, because the proposed rule
change would allow asset managers to
receive transaction-specific subaccount
data and use that information to better
service the funds and assets within
variable products, NSCC believes the
proposed rule change would have a
positive effect on competition among
asset managers. The proposed feature
would provide these firms with a
method of receiving transaction-specific
subaccount data similar to the
information that such asset managers
currently receive with respect to retail
mutual funds. Receiving transactionspecific subaccount information with

respect to variable products would
provide asset managers a better
understanding of client requirements
and allow asset managers to adjust their
products so that they are better suited
for clients of variable annuities and
variable life insurance contracts. NSCC
believes this would enhance
competition among asset managers by
enabling each to more quickly provide
competing products meeting client
requirements.
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants, or Others
NSCC has not received or solicited
any written comments relating to this
proposal. NSCC will notify the
Commission of any written comments
received by NSCC.
III. Date of Effectiveness of the
Proposed Rule Change, and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A) 12 of the Act and
subparagraphs (f)(2) 13 and (f)(4) 14 of
Rule 19b–4 thereunder. At any time
within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NSCC–2018–005 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to File
Number SR–NSCC–2018–005. This file
12 15

U.S.C 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
14 17 CFR 240.19b–4(f)(4).

number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of NSCC and on DTCC’s website
(http://dtcc.com/legal/sec-rulefilings.aspx). All comments received
will be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–NSCC–
2018–005 and should be submitted on
or before August 30, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–17007 Filed 8–8–18; 8:45 am]
BILLING CODE 8011–01–P

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 ADV–E, SEC File No. 270–318, OMB
Control No. 3235–0361

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

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CFR 200.30–3(a)(12).

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Federal Register / Vol. 83, No. 154 / Thursday, August 9, 2018 / Notices

‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Form ADV–E (17 CFR 279.8) is the
cover sheet for certificates of accounting
filed pursuant to rule 206(4)–2 under
the Investment Advisers Act of 1940 (17
CFR 275.206(4)–2). The rule further
requires that the public accountant file
with the Commission a Form ADV–E
and accompanying statement within
four business days of the resignation,
dismissal, removal or other termination
of its engagement.
The Commission has estimated that
compliance with the requirement to
complete Form ADV–E imposes a total
burden of approximately 0.05 hours (3
minutes) per respondent. Based on
current information from advisers
registered with the Commission, the
Commission staff estimates that 1,749
filings will be submitted with respect to
surprise examinations and 38 filings
will be submitted with respect to
termination of accountants. Based on
these estimates, the total estimated
annual burden would be 89.35 hours
((1,749 filings × .05 hours) + (38 filings
× .05 hours)).
The information provided on Form
ADV–E is mandatory. Responses will
not be kept confidential. An agency may
not conduct or sponsor a collection of
information unless it displays a
currently valid OMB control number.
No person shall be subject to any
penalty for failing to comply with a
collection of information subject to the
PRA that does not display a 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: Shagufta_
[email protected]; and (ii) Pamela
Dyson, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Candace Kenner, 100 F
Street NE, Washington, DC 20549 or
send an email to: PRA_Mailbox@
sec.gov. Comments must be submitted to
OMB within 30 days of this notice.
Dated: August 3, 2018.
Eduardo A. Aleman,
Assistant Secretary.

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83770; File No. SR–BX–
2018–035]

Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend BX Options
Rules at Chapter I, Section 1 To Define
Certain Terms
August 3, 2018.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 23,
2018, Nasdaq BX, Inc. (‘‘BX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend BX
Options Rules at Chapter I, Section 1 to
define certain terms.
The text of the proposed rule change
is available on the Exchange’s website at
http://nasdaqbx.cchwallstreet.com/, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BX rules currently do not define an
‘‘in-the-money’’ or ‘‘out-of-the-money’’
option. The Exchange proposes to

[FR Doc. 2018–16999 Filed 8–8–18; 8:45 am]

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define these terms at Chapter I, Section
1 to bring greater transparency to BX
rules. In addition, the Exchange notes
that the terms, ‘‘in-the-money’’ and
‘‘out-of-the-money’’ are generally
accepted terms in the options industry.
These terms are utilized throughout the
options industry. The Exchange desires
for its Participants to have a clear
understanding of how BXs System
defines these terms.
The Exchange proposes to define an
‘‘in-of-the-money’’ option at Chapter I,
Section 1(a)(68). The Exchange proposes
that the term ‘‘in-the-money’’ shall
mean the following: For call options, all
strike prices below the offer in the
underlying security on the primary
listing market; for put options, all strike
prices above the bid in the underlying
security on the primary listing market.
The Exchange proposes to define an
‘‘out-of-the-money’’ option at Chapter I,
Section 1(a)(69). The Exchange proposes
that the term ‘‘out-of-the-money’’ shall
mean the following: For call options, all
strike prices above the offer in the
underlying security on the primary
listing market; for put options, all strike
prices below the bid in the underlying
security on the primary listing market.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,3 in general, and furthers the
objectives of Section 6(b)(5) of the Act,4
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest. The
Exchange’s proposal to define the terms
‘‘in-the-money’’ and ‘‘out-of-the-money’’
options is consistent with the Act and
protects investors and the public
interest by bringing greater transparency
to the Rulebook. In addition, the
Exchange notes that the terms, ‘‘in-themoney’’ and ‘‘out-of-the-money’’ are
generally accepted terms in the options
industry. These terms are utilized
throughout the options industry. The
Exchange desires for its Participants to
have a clear understanding of how BX’s
System defines these terms.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
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U.S.C. 78f(b).
U.S.C. 78f(b)(5).

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