60 Day Notice

Federal Register / Vol. 84, No. 230 / Friday, November 29, 2019 / Notices

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additional benefit of bringing the
Operating Agreement into greater
conformity with the NYSE American
Operating Agreement, which does not
require that the NYSE American NonAffiliated Directors qualify as
independent under the NYSE American
Director Independence Policy, and the
bylaws of the Exchange’s affiliates
NYSE Arca, Inc., NYSE Chicago, Inc.
and NYSE National, Inc., none of which
require that the directors nominated by
their trading permit holders be qualified
as independent. In addition, the
proposed amendments would make
Section 2.03 more consistent with the
governing documents of other selfregulatory organizations that do not
require that the directors nominated by
the membership of the exchange be
independent.
The Exchange believes that the
proposed amendment to Section 2.02 of
the Operating Agreement would enable
the Exchange to be so organized as to
have the capacity to carry out the
purposes of the Exchange Act and
comply with the provisions of the
Exchange Act by its members and
persons associated with members
because it would remove an obsolete
reference to allied members, thereby
adding clarity and transparency to the
Operating Agreement by removing any
confusion that may result if it retained
such obsolete reference. The Exchange
further believes that market participants
would benefit from the increased
clarity, reducing potential confusion.
The proposed amendments to effect
non-substantive technical and
conforming changes would enable the
Exchange to be so organized as to have
the capacity to be able to carry out the
purposes of the Exchange Act and to
comply, and to enforce compliance by
its exchange members and persons
associated with its exchange members,
with the provisions of the Exchange Act,
the rules and regulations thereunder,
and the rules of the Exchange because
the changes would ensure that persons
subject to the Exchange’s jurisdiction,
regulators, and the investing public can
more easily navigate and understand the
Operating Agreement.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Exchange Act.
The proposed rule change is not
intended to address competitive issues
but rather is concerned solely with the
administration and functioning of the
Exchange.

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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or up [sic] to 90 days (i) as the
Commission may designate if it finds
such longer period to be appropriate
and publishes its reasons for so finding
or (ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be 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 rule-comments@
sec.gov. Please include File Number SR–
NYSE–2019–62 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–NYSE–2019–62. 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

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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 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–NYSE–2019–62, and
should be submitted on or before
December 20, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Eduardo A. Aleman,
Deputy Secretary.

[FR Doc. 2019–25834 Filed 11–27–19; 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 17f–7; SEC File No. 270–470; OMB
Control No. 3235–0529.

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3521) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 17f–7 (17 CFR 270.17f–7)
permits a fund under certain conditions
to maintain its foreign assets with an
eligible securities depository, which has
to meet minimum standards for a
depository. The fund or its investment
adviser generally determines whether
the depository complies with those
requirements based on information
24 17

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CFR 200.30–3(a)(12).

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Federal Register / Vol. 84, No. 230 / Friday, November 29, 2019 / Notices

provided by the fund’s primary
custodian (a bank that acts as global
custodian). The depository custody
arrangement also must meet certain
conditions. The fund or its adviser must
receive from the primary custodian (or
its agent) an initial risk analysis of the
depository arrangements, and the fund’s
contract with its primary custodian
must state that the custodian will
monitor risks and promptly notify the
fund or its adviser of material changes
in risks. The primary custodian and
other custodians also are required to
agree to exercise at least reasonable care,
prudence, and diligence.
The collection of information
requirements in rule 17f–7 are intended
to provide workable standards that
protect funds from the risks of using
foreign securities depositories while
assigning appropriate responsibilities to
the fund’s primary custodian and
investment adviser based on their
capabilities. The requirement that the
foreign securities depository meet
specified minimum standards is
intended to ensure that the depository is
subject to basic safeguards deemed
appropriate for all depositories. The
requirement that the fund or its adviser
must receive from the primary
custodian (or its agent) an initial risk
analysis of the depository arrangements,
and that the fund’s contract with its
primary custodian must state that the
custodian will monitor risks and
promptly notify the fund or its adviser
of material changes in risks, is intended
to provide essential information about
custody risks to the fund’s investment
adviser as necessary for it to approve the
continued use of the depository. The
requirement that the primary custodian
agree to exercise reasonable care is
intended to provide assurances that its
services and the information it provides
will meet an appropriate standard of
care.
The staff estimates that each of
approximately 960 investment advisers 1
will make an average of 8 responses
annually under the rule to address
depository compliance with minimum
requirements, any indemnification or
insurance arrangements, and reviews of
risk analyses or notifications. The staff
estimates each response will take 6
hours, requiring a total of approximately
48 hours for each adviser.2 Thus the
total annual burden associated with
these requirements of the rule is
1 In

October 2019, Commission staff estimated
that 960 investment advisers managed or sponsored
open-end registered funds (including exchangetraded funds) and closed-end registered funds.
2 8 responses per adviser × 6 hours per response
= 48 hours per adviser.

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approximately 46,080.3 The staff further
estimates that during each year, each of
approximately 40 global custodians will
make an average of 4 responses to
analyze custody risks and provide
notice of any material changes to
custody risk under the rule. The staff
estimates that each response will take
260 hours, requiring approximately
1,040 hours annually per global
custodian.4 Thus the total annual
burden associated with these
requirements is approximately 41,600
hours.5 The staff estimates that the total
annual hour burden associated with all
collection of information requirements
of the rule is therefore 87,680 hours.6
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
Compliance with the collection of
information requirements of the rule is
necessary to obtain the benefit of relying
on the rule’s permission for funds to
maintain their assets in foreign
custodians. The information provided
under rule 17f–7 will not be kept
confidential. 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.
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 has practical utility; (b) the
accuracy of the agency’s estimate of the
burden of the 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.
Please direct your written comments
to Charles Riddle, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
[email protected].
3 960 advisers × 48 hours per adviser = 46,080
hours.
4 260 hours per response × 4 responses per global
custodian = 1,040 hours per global custodian.
5 40 global custodians × 1,040 hours per global
custodian = 41,600 hours.
6 46,080 hours + 41,600 hours = 87,680 hours.

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Dated: November 25, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–25866 Filed 11–27–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87587; File No. SR–
CboeBZX–2019–100]

Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Remove its
Partial Post Only at Limit Order Type
November 22, 2019.

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 November
21, 2019, Cboe BZX Exchange, Inc. 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 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
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) proposes to
remove its Partial Post Only at Limit
Order type. The text of the proposed
rule change is provided in Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (http://markets.cboe.com/us/
equities/regulation/rule_filings/bzx/), at
the Exchange’s Office of the Secretary,
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.
1 15
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

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