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affirmative Commission finding,39 and
any failure of an SRO to provide this
information may result in the
Commission not having a sufficient
basis to make an affirmative finding that
a proposed rule change is consistent
with the Act and the applicable rules
and regulations.40
The Commission is instituting
proceedings to allow for additional
consideration and comment on the
issues raised herein, including as to
whether the proposed fees are
consistent with the Act, and
specifically, with its requirements that
exchange fees be reasonable and
equitably allocated and not be unfairly
discriminatory.41
V. Commission’s Solicitation of
Comments
The Commission requests written
views, data, and arguments with respect
to the concerns identified above as well
as any other relevant concerns. Such
comments should be submitted by
September 27, 2019. Rebuttal comments
should be submitted by October 11,
2019. Although there do not appear to
be any issues relevant to approval or
disapproval which would be facilitated
by an oral presentation of views, data,
and arguments, the Commission will
consider, pursuant to Rule 19b–4, any
request for an opportunity to make an
oral presentation.42
The Commission asks that
commenters address the sufficiency and
merit of the Exchange’s statements in
support of the proposal, in addition to
any other comments they may wish to
submit about the proposed rule change.
Interested persons are invited to
submit written data, views, and
arguments concerning the proposed rule
changes, 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 No. SR–
NYSEArca–2019–49 on the subject line.
39 See

id.
id.
41 See 15 U.S.C. 78f(b)(4), (5), and (8).
42 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act
grants the Commission flexibility to determine what
type of proceeding—either oral or notice and
opportunity for written comments—is appropriate
for consideration of a particular proposal by an
SRO. See Securities Acts Amendments of 1975,
Report of the Senate Committee on Banking,
Housing and Urban Affairs to Accompany S. 249,
S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975).

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40 See

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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 No.
SR–NYSEArca–2019–49. The 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
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 such
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 publicly available. All
submissions should refer to File No.
SR–NYSEArca–2019–49 and should be
submitted on or before September 27,
2019. Rebuttal comments should be
submitted by October 11, 2019.
VI. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(3)(C) of the Act,43 that File
No. SR–NYSEArca–2019–49, be and
hereby is, temporarily suspended. In
addition, the Commission is instituting
proceedings to determine whether the
proposed rule change should be
approved or disapproved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.44
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–19214 Filed 9–5–19; 8:45 am]
BILLING CODE 8011–01–P
43 15
44 17

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U.S.C. 78s(b)(3)(C).
CFR 200.30–3(a)(57) and (58).

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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 17a–13, SEC File No. 270–27, OMB
Control No. 3235–0035.

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 17a–13 (17 CFR
240.17a–13) under the Securities
Exchange Act of 1934 (15 U.S.C. 78 et
seq.) (‘‘Exchange Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 17a–13(b) (17 CFR 240.17a–
13(b)) generally requires that at least
once each calendar quarter, all
registered brokers-dealers physically
examine and count all securities held
and account for all other securities not
in their possession, but subject to the
broker-dealer’s control or direction. Any
discrepancies between the brokerdealer’s securities count and the firm’s
records must be noted and, within seven
days, the unaccounted for difference
must be recorded in the firm’s records.
Rule 17a–13(c) (17 CFR 240.17a–13(c))
provides that under specified
conditions, the count, examination, and
verification of the broker-dealer’s entire
list of securities may be conducted on
a cyclical basis rather than on a certain
date. Although Rule 17a–13 does not
require broker-dealers to file a report
with the Commission, discrepancies
between a broker-dealer’s records and
the securities counts may be required to
be reported, for example, as a loss on
Form X–17a–5 (17 CFR 248.617), which
must be filed with the Commission
under Exchange Act Rule 17a–5 (17 CFR
240.17a–5). Rule 17a–13 exempts
broker-dealers that limit their business
to the sale and redemption of securities
of registered investment companies and
interests or participation in an
insurance company separate account
and those who solicit accounts for
federally insured savings and loan
associations, provided that such persons
promptly transmit all funds and
securities and hold no customer funds
and securities. Rule 17a–13 also does
not apply to certain broker-dealers

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Federal Register / Vol. 84, No. 173 / Friday, September 6, 2019 / Notices
required to register only because they
effect transactions in securities futures
products.
The information obtained from Rule
17a–13 is used as an inventory control
device to monitor a broker-dealer’s
ability to account for all securities held
in transfer, in transit, pledged, loaned,
borrowed, deposited, or otherwise
subject to the firm’s control or direction.
Discrepancies between the securities
counts and the broker-dealer’s records
alert the Commission and applicable
self-regulatory organizations (‘‘SROs’’)
to those firms experiencing back-office
operational issues.
As of June 30, 2019, there are
approximately 3,744 broker-dealers
registered with the Commission.
However, given the variability in their
businesses, it is difficult to quantify
how many hours per year each brokerdealer spends complying with Rule
17a–13. As noted, Rule 17a–13 requires
a respondent to account for all securities
in its possession or subject to its control
or direction. Many respondents hold
few, if any, securities; while others hold
large quantities. Therefore, the time
burden of complying with Rule 17a–13
will depend on respondent-specific
factors, including a broker-dealer’s size,
number of customers, and proprietary
trading activity. The staff estimates that
the average time spent per respondent is
100 hours per year on an ongoing basis
to maintain the records required under
Rule 17a–13. This estimate takes into
account the fact that more than half of
the 3,744 respondents—according to
financial reports filed with the
Commission—may spend little or no
time complying with the rule, given that
they do not do a public securities
business or do not hold inventories of
securities. For these reasons, the staff
estimates that the total compliance
burden per year is 374,400 hours (3,744
respondents × 100 hours/respondent).
The records required to be made by
Rule 17a–13 are available only to
Commission examination staff, state
securities authorities, and applicable
SROs. Subject to the provisions of the
Freedom of Information Act, 5 U.S.C.
522, and the Commission’s rules
thereunder (17 CFR 200.80(b)(4)(iii)),
the Commission does not generally
publish or make available information
contained in any reports, summaries,
analyses, letters, or memoranda arising
out of, in anticipation of, or in
connection with an examination or
inspection of the books and records of
any person or any other investigation.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the

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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
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: September 3, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–19238 Filed 9–5–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
33613]

Notice of Applications for
Deregistration Under Section 8(f) of the
Investment Company Act of 1940
August 30, 2019.

The following is a notice of
applications for deregistration under
section 8(f) of the Investment Company
Act of 1940 for the month of August
2019. A copy of each application may be
obtained via the Commission’s website
by searching for the file number, or for
an applicant using the Company name
box, at http://www.sec.gov/search/
search.htm or by calling (202) 551–
8090. An order granting each
application will be issued unless the
SEC orders a hearing. Interested persons
may request a hearing on any
application by writing to the SEC’s
Secretary at the address below and
serving the relevant applicant with a
copy of the request, personally or by
mail. Hearing requests should be
received by the SEC by 5:30 p.m. on
September 24, 2019, and should be
accompanied by proof of service on
applicants, in the form of an affidavit or,

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46983

for lawyers, a certificate of service.
Pursuant to Rule 0–5 under the Act,
hearing requests should state the nature
of the writer’s interest, any facts bearing
upon the desirability of a hearing on the
matter, the reason for the request, and
the issues contested. Persons who wish
to be notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: The Commission: Secretary,
U.S. Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
FOR FURTHER INFORMATION CONTACT:
Shawn Davis, Assistant Director, at
(202) 551–6413 or Chief Counsel’s
Office at (202) 551–6821; SEC, Division
of Investment Management, Chief
Counsel’s Office, 100 F Street NE,
Washington, DC 20549–8010.
Active Assets Government Trust [File
No. 811–21024]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On August 13,
2018, applicant made liquidating
distributions to its shareholders based
on net asset value. Expenses of $2,940
incurred in connection with the
liquidation were paid by applicant.
Filing Date: The application was filed
on July 23, 2019.
Applicant’s Address: Active Assets
Government Trust, c/o Morgan Stanley
Investment Management Inc., 522 Fifth
Avenue, New York, New York 10036.
Alliance California Municipal Income
Fund [File No. 811–10575]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On June 21, 2019,
applicant made liquidating distributions
to its shareholders based on net asset
value. Expenses of $208,679 incurred in
connection with the liquidation were
paid by applicant.
Filing Dates: The application was
filed on June 28, 2019, and amended on
August 6, 2019.
Applicant’s Address: 1345 Avenue of
the Americas, New York, New York
10105.
Cortina Funds, Inc. [File No. 811–
21580]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On March 22,
2019, applicant made liquidating
distributions to its shareholders based
on net asset value. Expenses of
approximately $57,000 incurred in
connection with the liquidation were
paid by applicant’s investment adviser.

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