60 Day Notice

Federal Register / Vol. 84, No. 146 / Tuesday, July 30, 2019 / Notices
than 23% of the market share.21
Therefore, no exchange possesses
significant pricing power in the
execution of order flow. Indeed,
participants can readily choose to send
their orders to other exchange and offexchange venues if they deem fee levels
at those other venues to be more
favorable. Moreover, the Commission
has repeatedly expressed its preference
for competition over regulatory
intervention in determining prices,
products, and services in the securities
markets. Specifically, in Regulation
NMS, the Commission highlighted the
importance of market forces in
determining prices and SRO revenues
and, also, recognized that current
regulation of the market system ‘‘has
been remarkably successful in
promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 22 The
fact that this market is competitive has
also long been recognized by the courts.
In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit
stated as follows: ‘‘[n]o one disputes
that competition for order flow is
‘fierce.’ . . . As the SEC explained, ‘[i]n
the U.S. national market system, buyers
and sellers of securities, and the brokerdealers that act as their order-routing
agents, have a wide range of choices of
where to route orders for execution’;
[and] ‘no exchange can afford to take its
market share percentages for granted’
because ‘no exchange possesses a
monopoly, regulatory or otherwise, in
the execution of order flow from broker
dealers’. . . .’’.23 Accordingly, the
Exchange does not believe its proposed
fee change imposes any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others

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The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
Members or other interested parties.
21 See Cboe Global Markets U.S. Equities Market
Volume Summary (June 28, 2019), available at
http://markets.cboe.com/us/equities/market_share/.
22 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
23 NetCoalition v. SEC, 615 F.3d 525, 539 (D.C.
Cir. 2010) (quoting Securities Exchange Act Release
No. 59039 (December 2, 2008), 73 FR 74770, 74782–
83 (December 9, 2008) (SR–NYSEArca–2006–21)).

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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)
of the Act 24 and paragraph (f) of Rule
19b–4 25 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. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
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 [email protected]. Please include File
Number SR–CboeBZX–2019–065 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to: Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CboeBZX–2019–065. This
file 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

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

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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 the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–CboeBZX–2019–065 and
should be submitted on or before
August 20, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–16097 Filed 7–29–19; 8:45 am]
BILLING CODE 8011–01–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
Extension:
Rule 19b–4 and Form 19b–4, SEC File No.
270–38, OMB Control No. 3235–0045

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 19b–4 (17 CFR
240.19b–4), 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.
Section 19(b) of the Act (15 U.S.C.
78s(b)) requires each self-regulatory
organization (‘‘SRO’’) to file with the
Commission copies of any proposed
rule, or any proposed change in,
addition to, or deletion from the rules of
such SRO. Rule 19b–4 implements the
requirements of Section 19(b) by
requiring the SROs to file their proposed
rule changes on Form 19b–4 and by
clarifying which actions taken by SROs
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are subject to the filing requirement set
forth in Section 19(b). Rule 19b–4(n)
requires a designated clearing agency to
provide the Commission advance notice
(‘‘Advance Notice’’) of any proposed
change to its rules, procedures, or
operations that could materially affect
the nature or level of risks presented by
such clearing agency. Rule 19b–4(o)
requires a registered clearing agency to
submit for a Commission determination
any security-based swap, or any group,
category, type, or class of security-based
swaps it plans to accept for clearing
(‘‘Security-Based Swap Submission’’),
and provide notice to its members of
such submissions.
The collection of information is
designed to provide the Commission
with the information necessary to
determine, as required by the Act,
whether the proposed rule change is
consistent with the Act and the rules
thereunder. The information is used to
determine if the proposed rule change
should be approved, disapproved,
suspended, or if proceedings should be
instituted to determine whether to
approve or disapprove the proposed
rule change.
The respondents to the collection of
information are SROs (as defined by
Section 3(a)(26) of the Act),1 including
national securities exchanges, national
securities associations, registered
clearing agencies, notice registered
securities future product exchanges, and
the Municipal Securities Rulemaking
Board.
In calendar year 2018, each
respondent filed an average of
approximately 39 proposed rule
changes. Each filing takes
approximately 41 hours to complete on
average. Thus, the total annual reporting
burden for filing proposed rule changes
with the Commission is 67,158 hours
(39 proposals per year × 42 SROs × 41
hours per filing) for the estimated future
number of 42 SROs.2 In addition to
filing their proposed rule changes with
the Commission, the respondents also
are required to post each of their
proposals on their respective websites, a
process that takes approximately four
hours to complete per proposal. Thus,
the total annual reporting burden on
respondents to post the proposals on
their websites is 6,552 hours (39
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U.S.C. 78c(a)(26).
2018, there were 39 SROs. In May 2019, an
additional SRO registered with the Commission (as
a national securities exchange). The Commission
expects two additional respondents to register
during the three-year period for which this
Paperwork Reduction Act extension is applicable
(one as a registered clearing agency and one as a
national securities exchange), bringing the total
number of respondents to 42.
2 In

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proposals per year × 42 SROs × 4 hours
per filing) for the estimated future
number of 42 SROs. Further, the
respondents are required to update their
rulebooks, which they maintain on their
websites, to reflect the changes that they
make in each proposal they file. The
total annual reporting burden for
updating online rulebooks is 5,579
hours ((1,638 filings per year¥240
withdrawn filings 3¥3 disapproved
filings 4) × 4 hours). Finally, a
respondent is required to notify the
Commission if it does not post a
proposed rule change on its website on
the same day that it filed the proposal
with the Commission. The Commission
estimates that SROs will fail to post
proposed rule changes on their websites
on the same day as the filing 16 times
a year (across all SROs), and that each
SRO will spend approximately one hour
preparing and submitting such notice to
the Commission, resulting in a total
annual burden of 16 hours (16 notices
× 1 hour per notice).
Designated clearing agencies have
additional information collection
burdens. As noted above, pursuant to
Rule 19b–4(n), a designated clearing
agency must file with the Commission
an Advance Notice of any proposed
change to its rules, procedures, or
operations that could materially affect
the nature or level of risks presented by
such designated clearing agency. The
Commission estimates that four
designated clearing agencies will each
submit five Advance Notices per year,
with each submission taking 90 hours to
complete. The total annual reporting
burden for filing Advance Notices is
therefore 2,250 hours (5 designated
clearing agencies × 5 Advance Notices
per year × 90 hours per response).
Designated clearing agencies are
required to post all Advance Notices to
their websites, each of which takes
approximately four hours to complete.
For five Advance Notices, the total
annual reporting burden for posting
them to respondents’ websites is 100
hours (5 designated clearing agencies ×
5 Advance Notices per year × 4 hours
per website posting). Respondents are
required to update the postings of those
Advance Notices that become effective,
each of which takes approximately four
hours to complete. The total annual
reporting burden for updating Advance
Notices on the respondents’ websites is
100 hours (5 designated clearing
3 For 39 SROs, 223 withdrawn filings equal
approximately 5.72 filings per SRO. For 42 SROs,
the figure would increase to 240 withdrawn filings.
4 For 39 SROs, three disapproved filings equal
approximately 0.08 filings per SRO. For 42 SROs,
the figure would remain at three disapproved
filings.

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agencies × 5 Advance Notices per year
× 4 hours per website posting).
Pursuant to Rule 19b–4(n)(5), the
respondents are also required to provide
copies of all materials submitted to the
Commission relating to an Advance
Notice to the Board of Governors of the
Federal Reserve System (‘‘Board’’)
contemporaneously with such
submission to the Commission, which is
estimated to take two hours. The total
annual reporting burden for designated
clearing agencies to meet this
requirement is 50 hours (5 designated
clearing agencies × 5 Advance Notices
per year × 2 hours per response).
The Commission estimates that three
security-based swap clearing agencies
will each submit 20 Security-Based
Swap Submissions per year, with each
submission taking 140 hours to
complete resulting in a total annual
reporting burden of 8,400 hours (3
respondent clearing agencies × 20
Security-Based Swap Submissions per
year × 140 hours per response).
Respondent clearing agencies are
required to post all Security-Based
Swap Submissions to their websites,
each of which takes approximately four
hours to complete. For 20 SecurityBased Swap Submissions, the total
annual reporting burden for posting
them to the three respondents’ websites
is 240 hours (3 respondent clearing
agencies × 20 Security-Based Swap
Submissions per year × 4 hours per
website posting). In addition, three
clearing agencies that have not
previously posted Security-Based Swap
Submissions on their websites may need
to update their existing websites to post
such filings online. The Commission
estimates that each of these three
clearing agencies would spend
approximately 15 hours updating their
existing websites, resulting in a total
one-time burden of 45 hours (3
respondent clearing agencies × 15 hours
per website update) or 15 hours
annualized over three years.
Respondent SROs will also have to
provide training to staff members using
the Electronic Form 19b–4 Filing
System (‘‘EFFS’’) to submit SecurityBased Swap Submissions, Advance
Notices, and/or proposed rule changes
electronically. The Commission
estimates that one newly-registered
national securities exchange, one
anticipated national securities
exchange, and one anticipated clearing
agency will spend approximately 60
hours training all staff members who
will use EFFS to submit Security-Based
Swap Submissions, Advance Notices,
and/or proposed rule changes
electronically, or 20 hours annualized
over three years. The Commission also

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Federal Register / Vol. 84, No. 146 / Tuesday, July 30, 2019 / Notices
estimates that these newly-registered
and anticipated SROs will have a onetime burden of 390 hours to draft and
implement internal policies and
procedures for using EFFS to make
these submissions, or 130 hours
annualized over three years. The
Commission estimates that each of the
42 respondents will spend 10 hours
each year training new compliance staff
members and updating the training of
existing compliance staff members to
use EFFS, for a total annual burden of
420 hours (42 respondent SROs × 10
hours).
In connection with Security-Based
Swap Submissions, counterparties may
apply for a stay from a mandatory
clearing requirement under Rule 3Ca–1.
The Commission estimates that each
clearing agency will submit five
applications for stays from a clearing
requirement per year and it will take
approximately 18 hours to retrieve,
review, and submit each application.
Thus, the total annual reporting burden
for the Rule 3Ca–1 stay of clearing
requirement would be 270 hours (3
respondent clearing agencies × 5 stay of
clearing applications per year × 18
hours to retrieve, review, and submit the
stay of clearing information).
Based on the above, the total
estimated annual response burden
pursuant to Rule 19b–4 and Form 19b–
4 is the sum of the total annual
reporting burdens for filing proposed
rule changes, Advance Notices, and
Security-Based Swap Submissions;
training staff to file such proposals;
drafting, modifying, and implementing
internal policies and procedures for
filing such proposals; posting each
proposal on the respondents’ websites;
updating websites to enable posting of
proposals; updating the respondents’
online rulebooks to reflect the proposals
that became effective; submitting copies
of Advance Notices to the Board; and
applying for stays from clearing
requirements, which is 91,300 hours.
Compliance with Rule 19b–4 is
mandatory. Information received in
response to Rule 19b–4 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
estimate 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
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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
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: July 24, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–16088 Filed 7–29–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86460; File No. SR–NYSE–
2019–34]

Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Designation of Longer Period for
Commission Action on Proposed Rule
Change To Amend Exchange Rule 104
To Specify Designated Market Maker
Requirements for Exchange Traded
Products Listed on the Exchange
July 24, 2019.

On June 7, 2019, New York Stock
Exchange LLC (‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend Exchange Rule 104 to
specify Designated Market Maker
(‘‘DMM’’) requirements for Exchange
Traded Products (‘‘ETPs’’) listed on the
Exchange pursuant to Exchange Rules
5P and 8P. The proposed rule change
was published for comment in the
Federal Register on June 25, 2019.3 The
Commission has received one comment
on the proposal.4
Section 19(b)(2) of the Act 5 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 86151
(June 19, 2019), 84 FR 29908 (June 25, 2019).
4 See Letter from Bernard B. Fudim, to Secretary,
Commission, dated June 19, 2019.
5 15 U.S.C. 78s(b)(2).

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change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day for this filing
is August 9, 2019.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. The
Commission finds that it is appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, pursuant to Section
19(b)(2) of the Act,6 the Commission
designates September 23, 2019, as the
date by which the Commission shall
either approve or disapprove, or
institute proceedings to determine
whether to disapprove, the proposed
rule change (File No. SR–NYSE–2019–
34).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–16096 Filed 7–29–19; 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:
Rule 0–2, SEC File No. 270–572, OMB
Control No. 3235–0636

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Several sections of the Investment
Company Act of 1940 (‘‘Act’’ or
6 Id.
7 17

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CFR 200.30–3(a)(31).

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