30 Day Notice

3235-0466 30 Day Notice.pdf

Rule 103, 17 CFR 242.103 (Nasdaq Passive Market Making)

30 Day Notice

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Federal Register / Vol. 85, No. 111 / Tuesday, June 9, 2020 / Notices
competition, the proposal is designed as
an innovative way to facilitate more
robust risk management by Members
and Clearing Members, which, in turn,
could enhance the integrity of trading
on the securities markets and help to
assure the stability of the financial
system. Furthermore, other exchanges
are free to propose similar functionality
as they see fit.19
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.

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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 20 and Rule 19b–
4(f)(6) thereunder.21
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 22 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 23
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay so that the Exchange
may implement the proposed rule
change on the anticipated launch date of
May 22, 2020. The Exchange states that
waiver of the operative delay would
allow Members and Clearing Members
to immediately utilize the proposed
functionality to manage their risk. For
this reason, the Commission believes
that waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest.
19 The NYSE has adopted similar provisions that
allow for risk settings at a ‘‘sub-ID’’ level. See
Securities Exchange Act No. 88776 (April 29, 2020)
85 FR 26768 (May 5, 2020) (SR–NYSE–2020–17).
20 15 U.S.C. 78s(b)(3)(A).
21 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
22 17 CFR 240.19b–4(f)(6).
23 17 CFR 240.19b–4(f)(6)(iii).

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Therefore, the Commission hereby
waives the operative delay and
designates the proposal as operative
upon filing.24
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 shall 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]
sec.gov. Please include File Number SR–
CboeEDGA–2020–015 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–CboeEDGA–2020–015. 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
24 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(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 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 available publicly. All
submissions should refer to File
Number SR–CboeEDGA–2020–015, and
should be submitted on or before June
30, 2020
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–12386 Filed 6–8–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–410, OMB Control No.
3235–0466]

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 103

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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 103 of Regulation M (17 CFR
242.103), under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.).
Rule 103 permits passive marketmaking in Nasdaq securities during a
distribution. A distribution participant
that seeks use of this exception would
be required to disclose to third parties
its intention to engage in passive market
making.
There are approximately 307
respondents per year that require an
aggregate total of 307 hours to comply
25 17

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CFR 200.30–3(a)(12).

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Federal Register / Vol. 85, No. 111 / Tuesday, June 9, 2020 / Notices

with this rule. Each respondent makes
an estimated 1 response annually. Each
response takes approximately 1 hour to
complete. Thus, the total hourly burden
per year is 307 hours. The total
estimated internal labor cost of
compliance for the respondents is
approximately $21,490.00 per year,
resulting in an estimated internal labor
cost of compliance per response of
approximately $70.00 (i.e., $21,490/307
responses).
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.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) www.reginfo.gov/public/do/
PRAMain and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission,
c/o Cynthia Roscoe, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected]
Dated: June 3, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–12397 Filed 6–8–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–408, OMB Control No.
3235–0464]

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

jbell on DSKJLSW7X2PROD with NOTICES

Extension:
Rule 101

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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 101 of Regulation M (17 CFR

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242.101), under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.).
Rule 101 prohibits distribution
participants from purchasing activities
at specified times during a distribution
of securities. Persons otherwise covered
by this rule may seek to use several
applicable exceptions such as a
calculation of the average daily trading
volume of the securities in distribution,
the maintenance of policies regarding
information barriers between their
affiliates, and the maintenance of a
written policy regarding general
compliance with Regulation M for de
minimus transactions.
There are approximately 1,589
respondents per year that require an
aggregate total of 27,215 hours to
comply with this rule. Each respondent
makes an estimated 1 annual response.
Each response takes on average
approximately 17.127 hours to
complete. Thus, the total compliance
burden per year is 27,215 burden hours.
The total estimated internal labor
compliance cost for the respondents is
approximately $1,905,050.00, resulting
in an internal cost of compliance for
each respondent per response of
approximately $1,198.90 (i.e.,
$1,905,050/1,589 responses).
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.
The public may view background
documentation for this information
collection at the following website:
>www.reginfo.gov<. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) >www.reginfo.gov/public/
do/PRAMain< and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission,
c/o Cynthia Roscoe, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected]
Dated: June 3, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–12396 Filed 6–8–20; 8:45 am]

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89000; File No. SR–
CboeEDGX–2020–023]

Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Allow
Members and Clearing Members To
Establish or Adjust the Risk Settings
Set Forth in Interpretation and Policy
.03 of Exchange Rule 11.10 on a Risk
Group Identifier Basis
June 3, 2020.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 28,
2020, Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 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 the Substance
of the Proposed Rule Change
Cboe EDGX Exchange, Inc. (‘‘EDGX’’
or the ‘‘Exchange’’) is filing with the
Securities and Exchange Commission
(the ‘‘Commission’’) a proposed rule
change to allow Members and Clearing
Members to establish or adjust the risk
settings set forth in Interpretation and
Policy .03 of Exchange Rule 11.10 on a
risk group identifier basis. 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/edgx/),
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

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1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17

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