60 Day Notice

Federal Register / Vol. 85, No. 117 / Wednesday, June 17, 2020 / Notices
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–GEMX–2020–14 and
should be submitted on or before July 8,
2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.31
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–12987 Filed 6–16–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection 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

khammond on DSKJM1Z7X2PROD with NOTICES

Extension:
Rule 30b1–10, Form N–LIQUID
SEC File No. 270–803, OMB Control No.
3235–0754

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (the
‘‘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.
17 CFR 270.30b1–10 (Rule 30b1–10)
and 17 CFR 274.223 (Form N–LIQUID)
require open-end investment
companies, including exchange-traded
funds that redeem in kind (‘‘In-Kind
ETFs’’) but not including money market
funds, to file a current report on Form
N–LIQUID on a non-public basis when
certain events related to their liquidity
occur. The information reported on
Form N–LIQUID concerns events under
which more than 15% of a fund’s or InKind ETF’s net assets are, or become,
illiquid investments that are assets as
defined in 17 CFR 270.22e–4 (rule 22e–
4) and when holdings in illiquid
investments are assets that previously
exceeded 15% of a fund’s net assets
have changed to be less than or equal to
31 17

CFR 200.30–3(a)(12).

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15% of the fund’s net assets.1 The
information reported on Form N–
LIQUID also regards events under which
a fund’s holdings in assets that are
highly liquid investments fall below the
fund’s highly liquid investment
minimum for more than 7 consecutive
calendar days. A report on Form N–
LIQUID is required to be filed, as
applicable, within one business day of
the occurrence of one or more of these
events.2
Based on staff analysis, we estimate
that the Commission receives an average
of 30 reports per year on Form N–
LIQUID.3 When filing a report on Form
N–LIQUID, staff estimates that a fund
will spend on average approximately 4
hours of an in-house attorney’s time and
1 hour of an in-house accountant’s time
to prepare, review, and submit Form N–
LIQUID, at a total time cost of $1,894.4
Accordingly, in the aggregate, staff
estimates that compliance with rule
30b1–10 and Form N–LIQUID will
result in a total annual burden of
approximately 150 burden hours and
total annual time costs of approximately
$56,820.5
Compliance with rule 30b1–10 is
mandatory for all open-end investment
companies, other than money market
funds. Responses to the disclosure
requirements will be kept confidential.
The estimate of average burden hours is
made solely for the purposes of the
PRA. The estimate is not derived from
a comprehensive or even a
representative survey or study of the
costs of Commission rules. Complying
with this collection of information
requirement is necessary to enable the

36657

Commission to receive information on
fund liquidity events more uniformly
and efficiently, and to enhance the
Commission’s oversight of funds when
significant liquidity events occur and its
ability to respond to market events. 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 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 will have 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 David Bottom, 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].
Dated: June 12, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–13065 Filed 6–16–20; 8:45 am]
BILLING CODE 8011–01–P

See Item C.1 and Item C.2 of Part A of Form
N–LIQUID.
2 See General Instruction A.2 of Form N–LIQUID.
3 The estimated number of annual filings is based
on the number of filings in 2019, adjusted because
certain of these filings would no longer be
necessary going forward and a subset of funds were
not subject to the filing requirement for all of 2019.
4 This estimate is based on the following
calculations: (4 hours × $419/hour for an attorney
= $1,676), plus (1 hour × $218/hour for a senior
accountant = $218), for a combined total of 5 hours
at total time costs of $1,894. The estimates
concerning the wage rates for attorney and senior
accountant time are based on salary information for
the securities industry compiled by the Securities
Industry and Financial Markets Association. The
estimated wage figure is based on published rates
for in-house attorneys and senior accountants,
modified to account for a 1,800-hour work-year and
inflation, and multiplied by 5.35 to account for
bonuses, firm size, employee benefits, and
overhead. See Securities Industry and Financial
Markets Association, Report on Management &
Professional Earnings in the Securities Industry
2013.
5 This estimate is based on the following
calculations: 30 reports filed per year × 5 hours per
report = approximately 150 total annual burden
hours. 30 reports filed per year × $1,894 in costs
per report = $56,820 total annual costs.
1

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DEPARTMENT OF TRANSPORTATION
Federal Highway Administration
[FHWA Docket No. FHWA–2019–0040]

Surface Transportation Project
Delivery Program; Florida DOT Audit
#3 Report
Federal Highway
Administration (FHWA), U.S.
Department of Transportation (DOT).
ACTION: Notice.
AGENCY:

The Surface Transportation
Project Delivery Program allows a State
to assume FHWA’s environmental
responsibilities for review, consultation,
and compliance for Federal highway
projects. When a State assumes these
Federal responsibilities, the State
becomes solely responsible and liable
for the responsibilities it has assumed,
in lieu of FHWA. This program

SUMMARY:

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17JNN1