60 day notice

Federal Register / Vol. 83, No. 206 / Wednesday, October 24, 2018 / Notices
Accordingly, the staff estimates the total
annualized burden associated with Rule
15c3–4 for the six OTC derivatives
dealers will be approximately 5,800
hours annually.
The staff believes that the internal
cost of complying with Rule 15c3–4 will
be approximately $314 per hour.5 This
per hour cost is based upon an annual
average hourly salary for a compliance
manager who would be responsible for
ensuring compliance with the
requirements of Rule 15c3–4.
Accordingly, the total annualized
internal cost of compliance for all
affected OTC derivatives dealers is
estimated to be $1,821,200.6
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.
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
unless it displays a currently valid OMB
control number.
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: PRA_
[email protected].
Dated: October 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–23207 Filed 10–23–18; 8:45 am]

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BILLING CODE 8011–01–P

5 The $314 per hour salary figure for a compliance
manager is from SIFMA’s Management &
Professional Earnings in the Securities Industry
2013, modified by Commission staff to account for
an 1800-hour work-year and multiplied by 5.35 to
account for bonuses, firm size, employee benefits
and overhead.
6 5,800 hours × $314 per hour = $1,821,200.

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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:
Order Granting a Conditional Exemption
Under the Securities Exchange Act of
1934 from the Confirmation
Requirements of Exchange Act Rule 10b–
10(a) for Certain Transactions in Money
Market Funds, SEC File No. 270–792;
OMB Control No. 3235–0739

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
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval: Order Granting a
Conditional Exemption under the
Securities Exchange Act of 1934 from
the Confirmation Requirements of
Exchange Act Rule 10b–10(a) for Certain
Transactions in Money Market Funds
(17 CFR 240.10b–10(a)).
Rule 10b–10 under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) generally requires broker-dealers to
provide customers with specified
information relating to their securities
transactions at or before the completion
of the transactions. Rule 10b–10(b),
however, provides an exception from
this requirement for certain transactions
in money market funds that attempt to
maintain a stable net asset value when
no sales load or redemption fee is
charged. The exception permits brokerdealers to provide transaction
information to money market fund
shareholders on a monthly, rather than
immediate, basis, subject to the
conditions. Amendments to Rule 2a–7
of the Investment Company Act of 1940
(‘‘Investment Company Act’’) (15 U.S.C.
80a–1 et seq.) among other things,
means, absent an exemption, brokerdealers would not be able to continue to
rely on the exception under Exchange
Act Rule 10b–10(b) for transactions in
money market funds operating in
accordance with Rule 2a–7(c)(1)(ii).1
1 See generally Money Market Fund Reform;
Amendments to Form PF, Securities Act Release
No. 9408, Investment Advisers Act Release No.
3616, Investment Company Act Release No. 30551
(June 5, 2013), 78 FR 36834, 36934 (June 19, 2013);
see also Exchange Act Rule 10b–10(b)(1), 17 CFR

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53691

In 2015, the Commission issued an
Order Granting a Conditional
Exemption under the Securities
Exchange Act of 1934 From The
Confirmation Requirements of Exchange
Act Rule 10b–10(a) For Certain
Transactions In Money Market Funds
(‘‘Order’’) 2 which allows broker-dealers,
subject to certain conditions, to provide
transaction information to investors in
any money market fund operating
pursuant to Rule 2a–7(c)(1)(ii) on a
monthly basis in lieu of providing
immediate confirmations as required
under Exchange Act Rule 10b–10(a)
(‘‘the Exemption’’). Accordingly, to be
eligible for the Exemption, a brokerdealer must (1) provide an initial
written notification to the customer of
its ability to request delivery of
immediate confirmations consistent
with the written notification
requirements of Exchange Act Rule 10b–
10(a), and (2) not receive any such
request to receive immediate confirms
from the customer. As of March 31,
2018, the Commission estimates there
are approximately 162 broker-dealers
that clear customer transactions or carry
customer funds and securities who
would be responsible for providing
customer confirmations. The
Commission estimates that the cost of
the ongoing notification requirements
would be minimal, approximately 5% of
the initial burden which was previously
estimated to be 36 hours per brokerdealer, or approximately 1.8 hours per
broker-dealer per year to provide
ongoing notifications or a total burden
of 292 hours annually for the 162
carrying broker-dealers.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimate 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
240.10b–10(b)(1) (limiting alternative monthly
reporting to money market funds that attempt to
maintain a stable NAV).
2 See Order Granting a Conditional Exemption
Under the Securities Exchange Act of 1934 From
the Confirmation Requirements of Exchange Act
Rule 10b–10(a) for Certain Transactions in Money
Market Funds, Exchange Act Release No. 34–76480
(Nov. 19, 2015), 80 FR 73849 (Nov. 25, 2015).

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53692

Federal Register / Vol. 83, No. 206 / Wednesday, October 24, 2018 / Notices

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
Exchange Commission, c/o Candace
Kenner, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
[email protected].
Dated: October 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–23209 Filed 10–23–18; 8:45 am]
BILLING CODE P

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

amozie on DSK3GDR082PROD with NOTICES1

Extension:
Rule 17Ad–11, SEC File No. 270–261,
OMB Control No. 3235–0274

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 existing collection of information
provided for in Rule 17Ad–11 (17 CFR
240.17Ad–11), under the Securities
Exchange Act of 1934 (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 17Ad–11 requires every
registered recordkeeping transfer agent
to report to issuers and its appropriate
regulatory agency in the event that the
aggregate market value of an aged record
difference exceeds certain thresholds. A
record difference occurs when an
issuer’s records do not agree with those
of securityholders as indicated, for
instance, on certificates presented to the
transfer agent for purchase, redemption
or transfer. An aged record difference is
a record difference that has existed for
more than 30 calendar days. In addition,
the rule requires every recordkeeping
transfer agent to report to its appropriate
regulatory agency in the event of a
failure to post certificate detail to the
master securityholder file within five
business days of the time required by

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Rule 17Ad–10 (17 CFR 240.17Ad–10).
Also, a transfer agent must maintain a
copy of any report required under Rule
17Ad–11 for a period of not less than
three years following the date of the
report, the first year in an easily
accessible place.
Because the information required by
Rule 17Ad–11 is already available to
transfer agents, any collection burden
for small transfer agents is minimal.
Based on a review of the number of Rule
17Ad–11 reports the Commission, the
Comptroller of the Currency, the Board
of Governors of the Federal Reserve
System, and the Federal Deposit
Insurance Corporation received since
2012, the Commission staff estimates
that 8 respondents will file a total of
approximately 10 reports annually. The
Commission staff estimates that, on
average, each report can be completed
in 30 minutes. Therefore, the total
annual hourly burden to the entire
transfer agent industry is approximately
five hours (30 minutes × 10 reports).
Assuming an average hourly rate of $25
for a transfer agent staff employee, the
average total internal cost of the report
is $12.50. The total annual internal cost
of compliance for the approximate 8
respondents is approximately $125.00
(10 reports × $12.50).
The retention period for the
recordkeeping requirement under Rule
17Ad–11 is three years following the
date of a report prepared pursuant to the
rule. The recordkeeping requirement
under Rule 17Ad–11 is mandatory to
assist the Commission and other
regulatory agencies with monitoring
transfer agents and ensuring compliance
with the rule. This rule does not involve
the collection of confidential
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.
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

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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
Exchange Commission, c/o Candace
Kenner, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
[email protected].
Dated: October 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–23211 Filed 10–23–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84451; File No. SR–
NYSEArca–2018–74]

Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change To Amend Rules 6.62–O
and 6.37A–O To Add New Order Types
and Quotation Designations
October 18, 2018.

Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on October
5, 2018, NYSE Arca, Inc. (‘‘Exchange’’ or
‘‘NYSE Arca’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. 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
Rules 6.62–O (Certain Types of Orders
Defined) and 6.37A–O (Market Maker
Quotations) to add new order types and
quotation designations. The proposed
change is available on the Exchange’s
website at www.nyse.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
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
1 15

U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15

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