60 Day Notice

3235-0694 60 Day Notice.pdf

Rule 17g-10 Certification of providers of third-party due diligence services in connection with asset-backed securities & Form ABS Due Diligence-15E

60 Day Notice

OMB: 3235-0694

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khammond on DSKJM1Z7X2PROD with NOTICES

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Federal Register / Vol. 86, No. 57 / Friday, March 26, 2021 / Notices

information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 12f–3 (‘‘Rule’’), which was
originally adopted in 1955 pursuant to
Sections 12(f) and 23(a) of the Act, and
as further modified in 1995, sets forth
the requirements to submit an
application to the Commission for
termination or suspension of unlisted
trading privileges in a security, as
contemplated under Section 12(f)(4) of
the Act. In addition to requiring that one
copy of the application be filed with the
Commission, the Rule requires that the
application contain specified
information. Under the Rule, an
application to suspend or terminate
unlisted trading privileges must
provide, among other things, the name
of the applicant; a brief statement of the
applicant’s interest in the question of
termination or suspension of such
unlisted trading privileges; the title of
the security; the name of the issuer;
certain information regarding the size of
the class of security, the public trading
volume and price history in the security
for specified time periods on the subject
exchange and a statement indicating
that the applicant has provided a copy
of such application to the exchange
from which the suspension or
termination of unlisted trading
privileges are sought, and to any other
exchange on which the security is listed
or admitted to unlisted trading
privileges.
The information required to be
included in applications submitted
pursuant to Rule 12f–3, is intended to
provide the Commission with sufficient
information to make the necessary
findings under the Act to terminate or
suspend by order the unlisted trading
privileges granted a security on a
national securities exchange. Without
the Rule, the Commission would be
unable to fulfill these statutory
responsibilities.
The burden of complying with Rule
12f–3 arises when a potential
respondent, having a demonstrable bona
fide interest in the question of
termination or suspension of the
unlisted trading privileges of a security,
determines to seek such termination or
suspension. The staff estimates that
each such application to terminate or
suspend unlisted trading privileges
requires approximately one hour to
complete. Thus each potential
respondent would incur on average one
burden hour in complying with the
Rule.
The Commission staff estimates that
there could be as many as 18 responses
annually for an aggregate burden for all
respondents of 18 hours. Each

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respondent’s related internal cost of
compliance for Rule 12f–3 would be
$221.00, or, the cost of one hour of
professional work of a paralegal needed
to complete the application. The total
annual internal cost of compliance for
all potential respondents, therefore, is
$3,978.00 (18 responses × $221.00/
response).
Compliance with the application
requirements of Rule 12f–3 is
mandatory, though the filing of such
applications is undertaken voluntarily.
Rule 12f–3 does not have a record
retention requirement per se. However,
responses made pursuant to Rule 12f–3
are subject to the recordkeeping
requirements of Rules 17a–3 and 17a–4
of the Act. Information received in
response to Rule 12f–3 shall not be kept
confidential; the information collected
is public information.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information on respondents; 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.
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.
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: March 22, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–06242 Filed 3–25–21; 8:45 am]
BILLING CODE 8011–01–P

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SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–563, OMB Control No.
3235–0694]

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 17g–10 and Form ABS Due
Diligence—15E

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
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 17g–10 and Form
ABS Due Diligence—15E under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).1 The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 17g–10 contains certain
certification requirements for thirdparty due diligence service providers
that are employed by an NRSRO, an
issuer, or an underwriter, which must
be made on Form ABS Due Diligence—
15E. The Commission estimates that the
total burden for respondents to comply
with Rule 17g–10 is 330 hours.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information on respondents; 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.
The Commission may not conduct or
sponsor a collection of information
unless it displays a currently valid
control number. No person shall be
subject to any penalty for failing to
comply with a collection of information
subject to the PRA that does not display
1 See

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17 CFR 240.17g–1 and 17 CFR 249b.300.

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Federal Register / Vol. 86, No. 57 / Friday, March 26, 2021 / Notices
a valid Office of Management and
Budget (OMB) control number.
Please direct your written comments
to: Dave Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F St. NE, Washington, DC
20549 or send an email to: PRA_
[email protected].
Dated: March 22, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–06240 Filed 3–25–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91385; File No. SR–CFE–
2021–007]

Self-Regulatory Organizations; Cboe
Futures Exchange, LLC; Notice of a
Filing of a Proposed Rule Change
Regarding Position Limit Rule Updates
March 22, 2021.

Pursuant to Section 19(b)(7) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
March 15, 2021 Cboe Futures Exchange,
LLC (‘‘CFE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change described in Items
I, II, and III below, which Items have
been prepared by CFE. The Commission
is publishing this notice to solicit
comments on the proposed rule change
from interested persons. CFE also has
filed this proposed rule change with the
Commodity Futures Trading
Commission (‘‘CFTC’’). CFE filed a
written certification with the CFTC
under Section 5c(c) of the Commodity
Exchange Act (‘‘CEA’’) 2 on March 15,
2021.

khammond on DSKJM1Z7X2PROD with NOTICES

I. Self-Regulatory Organization’s
Description of the Proposed Rule
Change
The Exchange proposes to update
certain of its rule provisions relating to
position limits.
The rule amendments included as
part of this proposed rule change are to
apply to all products traded on CFE,
including both non-security futures and
any security futures that may be listed
for trading on CFE. The scope of this
filing is limited solely to the application
of the proposed rule change to security
futures that may be traded on CFE.
Although no security futures are
currently listed for trading on CFE, CFE
1 15
27

U.S.C. 78s(b)(7).
U.S.C. 7a–2(c).

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may list security futures for trading in
the future.
The text of the proposed rule change
is attached as Exhibit 4 to the filing but
is not attached to the publication of this
notice.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, CFE
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. CFE has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
CFE Rule 412 (Position Limits)
governs CFE position limits and
position limit exemptions. The CFTC
recently amended its position limit
regulations in Part 150 3 of the CFTC
Regulations.4 Among other things,
revised Part 150 5 imposes federal
position limits for ‘‘referenced
contracts,’’ which include (1) 25 ‘‘core
referenced futures contracts’’ (made up
of nine ‘‘legacy agricultural contracts’’
(e.g., CBOT Corn) and 16 ‘‘non-legacy
contracts’’ (e.g., ICE Cocoa)), (2) futures
contracts and options on futures
contracts directly or indirectly linked to
a core referenced futures contract, and
(3) ‘‘economically equivalent swaps.’’
CFE does not currently offer for trading
any products that are subject to the
requirements of revised Part 150 6 of the
CFTC Regulations. Instead, CFE offers
for trading futures on excluded
commodities, which are not within the
scope of revised Part 150 7 of the CFTC
Regulations. Although the changes to
Part 150 8 of the CFTC Regulations do
not apply to CFE’s products, CFE is
proposing to make the following three
updates to Rule 412 in light of the
changes made by the CFTC to Part 150 9
of the CFTC Regulations. CFE is
proposing to make these updates to Rule
3 17

CFR part 150.
CFTC Final Rule Regarding Position Limits
for Derivatives, 86 FR 3236 (January 14, 2021).
5 17 CFR part 150.
6 17 CFR part 150.
7 17 CFR part 150.
8 17 CFR part 150.
9 17 CFR part 150.
4 See

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412 in order to align certain language of
Rule 412 with the language of revised
Part 150 10 of the CFTC Regulations and
to make clear that CFE will adhere to
the applicable provisions of Part 150 11
if CFE were ever to list a product that
is subject to the provisions of Part 150.12
Rule 412(b) currently provides that
position limits shall be as established by
the Exchange from time to time as
permitted by CFTC Regulations 150 13
and 41.25 14 as applicable. The reference
in Rule 412(b) to CFTC Regulation
150 15 is intended to refer to Part 150 16
of the CFTC Regulations. CFTC
Regulation 41.25 17 governs position
limits for security futures products. In
addition to being able to establish
position limits for products governed by
Part 150 18 of the CFTC Regulations as
permitted by Part 150 19 and for security
futures products as permitted by CFTC
Regulation 41.25,20 CFE is also able to
establish position limits for other
products as permitted by CFTC
Regulation 38.300.21 CFTC Regulation
38.300 22 restates Designated Contract
Market (‘‘DCM’’) Core Principle 5
(Position Limitations or Accountability)
under Section 5 of the CEA 23 and
applies to all products offered for
trading by a DCM. CFTC Regulation
38.300 24 provides, in relevant part, that
to reduce the potential threat of market
manipulation or congestion (especially
during trading in the delivery month), a
DCM shall adopt for each contract of the
DCM, as is necessary and appropriate,
position limitations or position
accountability for speculators. In order
to more clearly reflect the reference to
Part 150 25 of the CFTC Regulations in
Rule 412(b) and to also reference CFTC
Regulation 38.300 26 in Rule 412(b), the
proposed rule change proposes to revise
Rule 412(b) to provide that CFE position
limits shall be as established by the
Exchange from time to time as permitted
by CFTC Regulation 38.300,27 Part
10 17

CFR part 150.
CFR part 150.
12 17 CFR part 150.
13 17 CFR part 150.
14 17 CFR 41.25.
15 17 CFR part 150.
16 17 CFR part 150.
17 17 CFR 41.25.
18 17 CFR part 150.
19 17 CFR part 150.
20 17 CFR 41.25.
21 17 CFR 38.300.
22 17 CFR 38.300.
23 7 U.S.C. 7(d)(5).
24 17 CFR 38.300.
25 17 CFR part 150.
26 17 CFR 38.300.
27 17 CFR 38.300.
11 17

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