60 Day Notice

73544

Federal Register / Vol. 85, No. 223 / Wednesday, November 18, 2020 / Notices

implementation date. This schedule
appears reasonably designed to afford
members sufficient time to come into
compliance with the proposed rule
change while adhering to the conditions
set forth in the Facility Data Exemption
Order.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,33 that the
proposed rule change (SR–FINRA–
2020–029) is approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–25381 Filed 11–17–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–385, OMB Control No.
3235–0441]

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

khammond on DSKJM1Z7X2PROD with NOTICES

Extension:
Rule 18f–3

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), 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 (‘‘OMB’’) for
extension and approval.
Rule 18f–3 (17 CFR 270.18f–3) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) exempts from
section 18(f)(1) a fund that issues
multiple classes of shares representing
interests in the same portfolio of
securities (a ‘‘multiple class fund’’) if
the fund satisfies the conditions of the
rule. In general, each class must differ
in its arrangement for shareholder
services or distribution or both, and
must pay the related expenses of that
different arrangement. The rule includes
one requirement for the collection of
information. A multiple class fund must
prepare, and fund directors must
33 15
34 17

1 3 hours per registrant per year × 1,045
registrants = 3,135 hours per year.

U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).

VerDate Sep<11>2014

17:59 Nov 17, 2020

approve, a written plan setting forth the
separate arrangement and expense
allocation of each class, and any related
conversion features or exchange
privileges (‘‘rule 18f–3 plan’’). Approval
of the plan must occur before the fund
issues any shares of multiple classes
and whenever the fund materially
amends the plan. In approving the plan,
the fund board, including a majority of
the independent directors, must
determine that the plan is in the best
interests of each class and the fund as
a whole.
The requirement that the fund prepare
and directors approve a written rule
18f–3 plan is intended to ensure that the
fund compiles information relevant to
the fairness of the separate arrangement
and expense allocation for each class,
and that directors review and approve
the information. Without a blueprint
that highlights material differences
among classes, directors might not
perceive potential conflicts of interests
when they determine whether the plan
is in the best interests of each class and
the fund. In addition, the plan may be
useful to Commission staff in reviewing
the fund’s compliance with the rule.
Based on an analysis of fund filings,
the Commission estimates that there are
approximately 7,293 multiple class
funds offered by 990 registrants. The
Commission estimates that each of the
990 registrants will make an average of
0.5 responses annually to prepare and
approve a written 18f–3 plan. The
Commission estimates each response
will take 6 hours, requiring a total of 3
hours per registrant per year. Thus the
total annual hour burden associated
with these requirements of the rule is
approximately 2,970 hours.1
Estimates of average burden hours are
made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
The collection of information under rule
18f–3 is mandatory. The information
provided under rule 18f–3 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 collections of information
are necessary for the proper
performance of the functions of the
Commission, including whether the
information has practical utility; (b) the
accuracy of the Commission’s estimate
of the burdens of the collections of

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information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burdens of the collections
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: November 12, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–25352 Filed 11–17–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–90405]

Order Granting a Temporary
Conditional Exemption Pursuant to
Section 36 of the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) and Rule
608(e) of Regulation NMS Under the
Exchange Act, Relating to the
Reporting of Certain Activities on the
Floor of National Securities Exchanges
and Certain Activities by Industry
Members Off Exchange Floors, as
Required by Section 6.4(d) of the
National Market System Plan
Governing the Consolidated Audit Trail
November 12, 2020.

I. Introduction
By letter dated July 1, 2020, BOX
Exchange LLC (‘‘BOX’’), Cboe BYX
Exchange, Inc., Cboe BZX Exchange,
Inc., Cboe EDGA Exchange, Inc., Cboe
EDGX Exchange, Inc., Cboe C2
Exchange, Inc., Cboe Exchange, Inc.
(‘‘CBOE’’), Financial Industry
Regulatory Authority, Inc. (‘‘FINRA’’),
Investors Exchange LLC, Miami
International Securities Exchange LLC,
MIAX Emerald, LLC, MIAX PEARL,
LLC, NASDAQ BX, LLC, Nasdaq GEMX,
LLC, Nasdaq ISE, LLC, Nasdaq MRX,
LLC, NASDAQ PHLX LLC (‘‘PHLX’’),
The NASDAQ Stock Market LLC, New
York Stock Exchange LLC (‘‘NYSE’’),
NYSE American LLC (‘‘NYSE
American’’), NYSE Arca, Inc. (‘‘NYSE
Arca’’), NYSE Chicago, Inc., NYSE
National, Inc., and Long Term Stock
Exchange, Inc. (collectively, the
‘‘Participants’’ or ‘‘SROs’’) requested

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