30 Day Notice

3140

Federal Register / Vol. 87, No. 13 / Thursday, January 20, 2022 / Notices

lotter on DSK11XQN23PROD with NOTICES1

transparency to FINRA’s fees as listed
within the BOX Fee Schedule. Further,
the proposal is also equitable and not
unfairly discriminatory because the
Exchange will not be collecting or
retaining these fees, therefore, the
Exchange will not be in a position to
apply them in an inequitable or unfairly
discriminatory manner.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange does not believe that this
proposal creates an unnecessary or
inappropriate inter-market burden on
competition as FINRA’s fees apply to all
market participants. Additionally, the
Exchange does not believe that this
proposal creates an unnecessary or
inappropriate intra-market burden on
competition as the increased fee for
each initial Form U4 filed for the
registration of a representative or
principal will be assessed by FINRA to
all Participants who require Form U4
filings as of January 2, 2022.
The Exchange does not believe that
this proposal creates an unnecessary or
inappropriate intra-market burden on
competition as the decreased
Continuing Education fee from will be
assessed by FINRA to all Participants
who complete the Regulatory Element of
the Continuing Education requirements
pursuant to FINRA rules. Also,
clarifying that the Continuing Education
Fees apply to all individual required to
complete the Regulatory Element of the
Continuing Education requirements
does not impose an undue burden on
competition as FINRA currently
assesses these rates to all Participants
that are required to have those
registrations. The Exchange also does
not believe that its proposal to list the
proposed annual MQP Fee of $100
creates an unnecessary or inappropriate
intra-market burden on competition as
this annual fee that will be assessed by
FINRA to all Participants who elect to
participate in the MQP pursuant to
FINRA rules. Additionally, making clear
that FINRA will bill and collect these
fees will bring greater transparency to
the FINRA fees listed within the BOX
Fee Schedule. Finally, clarifying that
the FINRA Annual System Processing
Fee is assessed only during renewals,
the Fingerprinting Fees are processing
fees, and that Series 57 exam fee
includes the fee for the Securities
Industry Essentials Exam, will provide
more information to Participants
regarding the fees collected by FINRA

VerDate Sep<11>2014

17:16 Jan 19, 2022

Jkt 256001

and listed within the BOX Fee
Schedule. Further, the proposal does
not impose an undue burden on
competition because the Exchange will
not be collecting or retaining these fees,
therefore, the Exchange will not be in a
position to apply them in an inequitable
or unfairly discriminatory manner.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action Effectiveness
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act 17
and Rule 19b–4(f)(2) thereunder,18
because it establishes or changes a due,
or fee.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend the rule change if
it appears to the Commission that the
action is necessary or appropriate in the
public interest, for the protection of
investors, or would otherwise further
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
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–
BOX–2022–03 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.
All submissions should refer to File
Number SR–BOX–2022–03. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
17 15
18 17

PO 00000

U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).

Frm 00074

Fmt 4703

Sfmt 4703

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 such
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–BOX–2022–03 and should
be submitted on or before February 10,
2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01069 Filed 1–19–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–441, OMB Control No.
3235–0497]

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 15c3–4

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
19 17

E:\FR\FM\20JAN1.SGM

CFR 200.30–3(a)(12).

20JAN1

lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 87, No. 13 / Thursday, January 20, 2022 / Notices
provided for in Rule 15c3–4 (17 CFR
240.15c3–4) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 15c3–4 requires certain brokerdealers that are registered with the
Commission as OTC derivatives dealers,
or who compute their net capital
charges under Appendix E to Rule
15c3–1 (17 CFR 240.15c3–1) (‘‘ANC
firms’’), to establish, document, and
maintain a system of internal risk
management controls. In addition,
security-based swap dealers (‘‘SBSDs’’)
that are subject to Rule 18a–1 (17 CFR
240.18a–1) must comply with Rule
15c3–4 as if they were OTC derivatives
dealers. The Rule sets forth the basic
elements for an OTC derivatives dealer,
an ANC firm, or an SBSD to consider
and include when establishing,
documenting, and reviewing its internal
risk management control system, which
is designed to, among other things,
ensure the integrity of an OTC
derivatives dealer’s, an ANC firm’s, or
an SBDS’s risk measurement,
monitoring, and management process, to
clarify accountability at the appropriate
organizational level, and to define the
permitted scope of the firm’s activities
and level of risk. The Rule also requires
that management of an OTC derivatives
dealer, ANC firm, or SBSD must
periodically review, in accordance with
written procedures, the firm’s business
activities for consistency with its risk
management guidelines.
The staff estimates that the average
amount of time a new firm subject to
Rule 15c3–4 will spend establishing and
documenting its risk management
control system is approximately 2,000
hours (666.666667 hours per year when
annualized over three years) and that,
on average, an existing firm subject to
Rule 15c3–4 will spend approximately
200 hours each year to maintain (e.g.,
reviewing and updating) its risk
management control system. Currently,
five firms are registered with the
Commission as OTC derivatives dealers,
five as ANC firms, and one as an SBSD.
The staff estimates that approximately
two new additional entities may register
as OTC derivatives dealers, one new
entity may register as an ANC firm, and
two new entities may register as SBSDs
subject to the requirements of Rule
15c3–4 within the next three years.
Thus, the estimated annual burden
would be approximately 2,200 hours for
the eleven existing firms (five OTC
derivatives dealers, five ANC firms, and
one SBSD) currently required to comply
with Rule 15c3–4 to maintain their risk

VerDate Sep<11>2014

17:16 Jan 19, 2022

Jkt 256001

management control systems,1 3,333
hours for the five new firms (two new
OTC derivatives dealers, one new ANC
firm, and two new SBSDs) to establish
and document their risk management
control systems,2 and 1,000 hours for
the five new firms (two new OTC
derivatives dealers, one new ANC firm,
and two new SBSDs) to maintain their
risk management control systems.3
Accordingly, the staff estimates the total
annual burden associated with Rule
15c3–4 for the 16 respondents (nine
OTC derivatives dealers, six ANC firms,
and five SBSDs) will be approximately
6,533 hours per year.
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 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.
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.
Please direct your written comments
to: David Bottom, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
[email protected].
Dated: January 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01056 Filed 1–19–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–221, OMB Control No.
3235–0232]

Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
hours × 11 firms) = 2200.
hours/3 years) × 5 firms) = 3,333.
3 (200 hours × 5 firms) = 1,000.
1 (200

2 ((2,000

PO 00000

Frm 00075

Fmt 4703

Sfmt 4703

3141

Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Form 1–E, Regulation E

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.
Form 1–E (17 CFR 239.200) under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) (‘‘Securities Act’’) is the form that
a small business investment company
(‘‘SBIC’’) or business development
company (‘‘BDC’’) uses to notify the
Commission that it is claiming an
exemption under Regulation E from
registering its securities under the
Securities Act. Rule 605 of Regulation E
(17 CFR 230.605) under the Securities
Act requires an SBIC or BDC claiming
such an exemption to file an offering
circular with the Commission that must
also be provided to persons to whom an
offer is made. Form 1–E requires an
issuer to provide the names and
addresses of the issuer, its affiliates,
directors, officers, and counsel; a
description of events which would
make the exemption unavailable; the
jurisdictions in which the issuer intends
to offer the securities; information about
unregistered securities issued or sold by
the issuer within one year before filing
the notification on Form 1–E;
information as to whether the issuer is
presently offering or contemplating
offering any other securities; and
exhibits, including copies of the rule
605 offering circular and any
underwriting contracts.
The Commission uses the information
provided in the notification on Form 1–
E and the offering circular to determine
whether an offering qualifies for the
exemption under Regulation E. The
Commission estimates that, each year,
one issuer files one notification on Form
1–E, together with offering circulars,
with the Commission.1 Based on the
Commission’s experience with
disclosure documents, we estimate that
the burden from compliance with Form
1–E and the offering circular requires
approximately 100 hours per filing. The
annual burden hours for compliance
with Form 1–E and the offering circular
would be 200 hours (2 responses × 100
hours per response). Estimates of the
burden hours are made solely for the
1 According to Commission records, one issuer
filed two notifications on Form 1–E, together with
offering circulars, during 2013 and 2014.

E:\FR\FM\20JAN1.SGM

20JAN1