30 Day Notice

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Federal Register / Vol. 85, No. 167 / Thursday, August 27, 2020 / Notices

Commission has reached any
conclusions with respect to any of the
issues involved. Rather, as stated below,
the Commission seeks and encourages
interested persons to provide additional
comment on the proposed rule change,
as modified by Amendment No. 1, to
inform the Commission’s analysis of
whether to approve or disapprove the
proposed rule change.
Pursuant to Section 19(b)(2)(B) of the
Act,48 the Commission is providing
notice of the grounds for disapproval
under consideration. The Commission is
instituting proceedings to allow for
additional analysis of the proposed rule
change’s consistency with Section
6(b)(5) of the Act, which requires,
among other things, that the rules of a
national securities exchange be
designed to prevent fraudulent and
manipulate acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and to
protect investors and the public interest,
and not be designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers; 49 and
Section 6(b)(8) of the Act, which
requires that the rules of the Exchange
do not impose any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.50
Under the Commission’s Rules of
Practice, the ‘‘burden to demonstrate
that a proposed rule change is
consistent with the [Act] and the rules
and regulations issued thereunder . . .
is on the self-regulatory organization
that proposed the rule change.’’ 51 The
description of a proposed rule change,
its purpose and operation, its effect, and
a legal analysis of its consistency with
applicable requirements must all be
sufficiently detailed and specific to
support an affirmative Commission
finding,52 and any failure of a selfregulatory organization 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
48 15

U.S.C. 78s(b)(2)(B).
U.S.C. 78f(b)(5).
50 15 U.S.C. 89f(b)(8).
51 Rule 700(b)(3), Commission Rules of Practice,
17 CFR 201.700(b)(3).
52 See id.
49 15

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with the Act and the applicable rules
and regulations.53
The Commission is instituting
proceedings to allow for additional
consideration and comment on the
issues raised herein, including as to
whether the proposal is consistent with
the Act.
V. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the issues
identified above, as well as any other
concerns they may have with the
proposal. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposal is consistent with Sections
6(b)(5) and 6(b)(8), or any other
provision of the Act, or the rules and
regulations thereunder. Although there
do not appear to be any issues relevant
to approval or disapproval that would
be facilitated by an oral presentation of
views, data, and arguments, the
Commission will consider, pursuant to
Rule 19b–4 under the Act,54 any request
for an opportunity to make an oral
presentation.55
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposal should be approved or
disapproved by September 17, 2020.
Any person who wishes to file a rebuttal
to any other person’s submission must
file that rebuttal by October 1, 2020.
Commission 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–
CBOE–2020–051 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.
53 See

id.
CFR 240.19b–4.
55 Section 19(b)(2) of the Act, as amended by the
Securities Act Amendments of 1975, Public Law
94–29 (June 4, 1975), 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 a self-regulatory
organization. See Securities Act Amendments of
1975, Senate Comm. on Banking, Housing & Urban
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
(1975).
54 17

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All submissions should refer to File
Number SR–CBOE–2020–051. 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
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–CBOE–2020–051, and
should be submitted on or before
September 17, 2020. Rebuttal comments
should be submitted by October 1, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.56
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–18828 Filed 8–26–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–803, OMB Control No.
3235–0754]

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:
56 17

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CFR 200.30–3(a)(57).

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Federal Register / Vol. 85, No. 167 / Thursday, August 27, 2020 / Notices
Rule 30b1–10, Form N–LIQUID, SEC File
No. 270–803, OMB Control No. 3235–
0754

khammond on DSKJM1Z7X2PROD with NOTICES

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’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
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
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
1 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

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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
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.
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: August 21, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–18802 Filed 8–26–20; 8:45 am]
BILLING CODE 8011–01–P

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.

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53035

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–777, OMB Control No.
3235–0729]

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:
Form N–CEN

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’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
The title for the collection of
information is ‘‘Form N–CEN under the
Investment Company Act of 1940.’’
Form N CEN is used to collect annual,
census-type information for registered
funds. Filers must submit this report
electronically using the Commission’s
electronic filing system ‘‘(EDGAR’’) in
Extensible Markup Language (‘‘XML’’)
format. The purpose of Form N–CEN is
to satisfy the filing and disclosure
requirements of Section 30 of the
Investment Company Act, and of rule
30a–1 thereunder.
We estimate that the average annual
hour burden to complete the generally
applicable items on Form N–CEN
response will be 12.31 hours per year.
We estimate that the aggregate annual
hour burden to complete the generally
applicable items will be 34,899 hours
per year. We therefore estimate that
filers would have total average
annualized paperwork related expenses
related to complete the generally
applicable items of $12,249,496.35 for
reports on Form N–CEN. Additionally,
we estimate that filers will be required
to file 12,365 responses related to
liquidity risk management items on
Form N–CEN. We estimate that the
average annual hour burden of the
liquidity risk management items on
Form N–CEN will be one hour per
response per year, for an additional
average annual hour burden of 12,365
hours and average aggregate time costs
of $4,340,115. Additionally, we estimate
that filers will be required to file 9,854
responses regarding swing pricing. We
estimate that the average annual hour
burden as a result of the swing pricingrelated items on Form N–CEN will be an
additional 0.5 hour per fund per year for

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