30 day notice

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on competition that is created by the
proposed rule changes to the fees
associated with CNS fails that are more
than 30 days would be necessary and
appropriate in furtherance of the
purposes of the Act, as permitted by
Section 17A(b)(3)(I) of the Act.29
NSCC believes that the proposed rule
changes to promote efficient market
behavior would be necessary in
furtherance of the purposes of the Act
because the Rules must provide for the
equitable allocation of reasonable dues,
fees, and other charges among its
participants.30 As described above,
NSCC believes that the proposed rule
changes would result in fees that are
equitably allocated (by imposing the
fees on all Members with CNS fails
more than 30 days) and would result in
reasonable fees (by increasing fees to the
extent they would serve as meaningful
deterrents to Members having CNS fails
that are more than 30 days). As such,
NSCC believes the proposed rule
changes to promote efficient market
behavior would be necessary in
furtherance of the purposes of the Act,
as permitted by Section 17A(b)(3)(I) of
the Act.31
NSCC believes any burden on
competition that is created by the
proposed rule changes to promote
efficient market behavior would also be
appropriate in furtherance of the
purposes of the Act. NSCC believes that
the proposed rule changes would
encourage Members to address CNS fails
that are more than 30 days. Reducing
the number of CNS fails that are more
than 30 days would, NSCC believes,
promote the prompt and accurate
clearance and settlement of securities
transactions. As such, NSCC believes
the proposed rule changes to promote
efficient market behavior would be
appropriate in furtherance of the
purposes of the Act, as permitted by
Section 17A(b)(3)(I) of the Act.32
NSCC does not believe the proposed
rule changes to reduce the complexity of
the Fee Structure (other than the
proposed rule change to modify the
trade recording fee for foreign security
trades) and make technical and
conforming changes, as discussed above
in Items II(A)(1)(ii)(A) and (D),
respectively, would impact
competition.33 These changes would
apply equally to all Members and would
not affect Members’ rights and
obligations. As such, NSCC believes
29 Id.
30 15
31 15

U.S.C. 78q–1(b)(3)(D).
U.S.C. 78q–1(b)(3)(I).

these proposed rule changes would not
have any impact on competition.
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants, or Others
Written comments relating to this
proposed rule change have not been
solicited or received. NSCC will notify
the Commission of any written
comments received by NSCC.
III. Date of Effectiveness of the
Proposed Rule Change, and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 34 and paragraph (f) of Rule
19b–4 thereunder.35 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.
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 rule-comments@
sec.gov. Please include File Number SR–
NSCC–2018–011 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to File
Number SR–NSCC–2018–011. 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

32 Id.

34 15

33 Id.

35 17

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U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).

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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 NSCC and on DTCC’s website
(http://dtcc.com/legal/sec-rulefilings.aspx). 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–NSCC–
2018–011 and should be submitted on
or before January 4, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.36
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018–27080 Filed 12–13–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–264, OMB Control No.
3235–0341]

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 17Ad–4(b) & (c)

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 the following rule: Rule
17Ad–4(b) & (c) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (‘‘Exchange Act’’).
Rule 17Ad–4(b) & (c) (17 CFR
240.17Ad–4) is used to document when
transfer agents are exempt, or no longer
exempt, from the minimum
performance standards and certain
36 17

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CFR 200.30–3(a)(12).

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Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices
recordkeeping provisions of the
Commission’s transfer agent rules.
Pursuant to Rule 17Ad–4(b), if the
Commission or the Office of the
Comptroller of the Currency (‘‘OCC’’) is
the appropriate regulatory agency
(‘‘ARA’’) for an exempt transfer agent,
that transfer agent is required to prepare
and maintain in its possession a notice
certifying that it is exempt from certain
performance standards and
recordkeeping and record retention
provisions of the Commission’s transfer
agent rules. This notice need not be
filed with the Commission or OCC. If
the Board of Governors of the Federal
Reserve System (‘‘Fed’’) or the Federal
Deposit Insurance Corporation (‘‘FDIC’’)
is the transfer agent’s ARA, that transfer
agent must prepare a notice and file it
with the Fed or FDIC.
Rule 17Ad–4(c) sets forth the
conditions under which a registered
transfer agent loses its exempt status.
Once the conditions for exemption no
longer exist, the transfer agent, to keep
the ARA apprised of its current status,
must prepare, and file if the ARA for the
transfer agent is the Fed or the FDIC, a
notice of loss of exempt status under
paragraph (c). The transfer agent then
cannot claim exempt status under Rule
17Ad–4(b) again until it remains subject
to the minimum performance standards
for non-exempt transfer agents for six
consecutive months.
ARAs use the information contained
in the notices required by Rules 17Ad–
4(b) and 17Ad–4(c) to determine
whether a registered transfer agent
qualifies for the exemption, to
determine when a registered transfer
agent no longer qualifies for the
exemption, and to determine the extent
to which that transfer agent is subject to
regulation.
The Commission estimates that
approximately 10 registered transfer
agents each year prepare or file notices
in compliance with Rules 17Ad–4(b)
and 17Ad–4(c). The Commission
estimates that each such registered
transfer agent spends approximately 1.5
hours to prepare or file such notices for
an aggregate total annual burden of 15
hours (1.5 hours times 10 transfer
agents). The Commission staff estimates
that compliance staff work at registered
transfer agents results in an internal cost
of compliance, at an estimated hourly
wage of $283, of $424.5 per year per
transfer agent (1.5 hours × $283 per hour
= $424.5 per year). Therefore, the
aggregate annual internal cost of
compliance for the approximate 10
transfer agents annually preparing or
filing notices pursuant to Rules 17Ad–
4(b) and 17Ad–4(c) is approximately
$4,245 ($424.5 × 10 = $4,245).

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This rule does not involve the
collection of confidential information.
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. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
[email protected]; and (ii)
Charles Riddle, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Candace
Kenner, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected]. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: December 10, 2018.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018–27090 Filed 12–13–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84772; File No. SR–
NYSEArca–2018–77]

Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on Proposed Rule Change To Amend
Rule 7.44–E, the Exchange’s Retail
Liquidity Program
December 10, 2018.

On October 26, 2018, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend Exchange Rule 7.44–
E, which sets forth the Exchange’s Retail
Liquidity Program. The proposed rule
change was published for comment in
the Federal Register on November 14,
2018.3 The Commission has received no
comment letters on the proposed rule
change.
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 84547
(Nov. 7, 2018), 83 FR 56890.

Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is December 29,
2018. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider this proposed rule change.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,5
designates February 12, 2019, as the
date by which the Commission shall
either approve or disapprove, or
institute proceedings to determine
whether to disapprove, the proposed
rule change (File No. SR–NYSEArca–
2018–77).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018–27082 Filed 12–13–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–641, OMB Control No.
3235–0685]

Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: U.S. Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Extension:
Rules 3a68–2 and 3a68–4(c)

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 (‘‘SEC’’) has
submitted to the Office of Management
and Budget (‘‘OMB’’) a request for
approval of extension of the previously

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U.S.C. 78s(b)(2).

5 Id.
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CFR 200.30–3(a)(31).

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