30 Day Notice

Federal Register / Vol. 87, No. 39 / Monday, February 28, 2022 / Notices
Tuesday and Thursday expirations will
impose any burden on intermarket
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act because SPX
options (including SPXW options) are
proprietary Exchange products. Other
exchanges offer nonstandard expiration
programs for index options and are
welcome to similarly propose to list
Tuesday and Thursday options on those
indexes. To the extent that the addition
of SPXW options that expire on
Tuesdays and Thursdays available for
trading on the Exchange makes the
Exchange a more attractive marketplace
to market participants at other
exchanges, such market participants are
free to elect to become market
participants on the Exchange.
The proposed rule change to clarify
the trading session referred to in Rule
4.13(e)(4) will not burden intramarket or
intermarket competition because it is
not intended to be a competitive rule
change but instead is intended to add
clarity to the Rules and conform the
provision to the Rule that governs
Exchange trading hours generally.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.

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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. By order approve or disapprove
such proposed rule change, or
B. Institute proceedings to determine
whether the proposed rule change
should be 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

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• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CBOE–2022–005 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–CBOE–2022–005. 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–2022–005, and
should be submitted on or before March
21, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2022–04082 Filed 2–25–22; 8:45 am]
BILLING CODE 8011–01–P

16 17

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CFR 200.30–3(a)(12).

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SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–232, OMB Control No.
3235–0225]

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 17f–4

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520) (the ‘‘Paperwork
Reduction Act’’), 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.
Section 17(f) (15 U.S.C. 80a–17(f))
under the Investment Company Act of
1940 (the ‘‘Act’’) 1 permits registered
management investment companies and
their custodians to deposit the securities
they own in a system for the central
handling of securities (‘‘securities
depositories’’), subject to rules adopted
by the Commission.
Rule 17f–4 (17 CFR 270.17f–4) under
the Act specifies the conditions for the
use of securities depositories by funds 2
and their custodians.
The Commission staff estimates that
794 respondents (including an
estimated 768 funds that may deal
directly with a securities depository, an
estimated 13 custodians, including 7
sub-custodians and 13 possible
securities depositories) 3 are subject to
1 15

U.S.C. 80a.
amended in 2003, rule 17f–4 permits any
registered investment company, including a unit
investment trust or a face-amount certificate
company, to use a security depository. See, Custody
of Investment Company Assets With a Securities
Depository, Investment Company Act Release No.
25934 (Feb. 13, 2003) (68 FR 8438 (Feb. 20, 2003)).
The term ‘‘fund’’ or ‘‘fund series’’ is used in this
Notice to mean a registered investment company.
3 The Commission staff estimates that, as
permitted by the rule, an estimated 4% of all active
funds may deal directly with a securities depository
instead of using an intermediary. The Commission
estimates that, as permitted by the rule, an
estimated 4% of all funds may deal directly with
a securities depository. The number of custodians,
including the number of sub-custodians is
estimated from information collected from Form N–
CENs filed with the Commission as of October 15,
2021. In addition, the Commission staff estimates
the number of possible securities depositories by
adding the 12 Federal Reserve Banks and one active
registered clearing agency. The Commission staff
recognizes that not all of these entities may
currently be acting as a securities depository for
fund securities.
2 As

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Federal Register / Vol. 87, No. 39 / Monday, February 28, 2022 / Notices

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the requirements in rule 17f–4. To the
extent that Rule 17f–4(c)(4) provides
that a sub-custodian can be qualified as
a custodian for purposes of Rule 17f–4,
sub-custodians are included as
‘‘custodians’’ in the estimates of burden
hours and costs. While the rule is
elective, but most, if not all, funds use
depository custody arrangements.4
Rule 17f–4 contains two general
conditions. First, a fund’s custodian
must be obligated, at a minimum, to
exercise due care in accordance with
reasonable commercial standards in
discharging its duty as a securities
intermediary to obtain and thereafter
maintain financial assets. If the fund
deals directly with a depository, the
depository’s contract or written rules for
its participants must provide that the
depository will meet similar obligations.
All funds that deal directly with
securities depositories in reliance on
rule 17f–4 should have either modified
their contracts with the relevant
securities depository, or negotiated a
modification in the securities
depository’s written rules when the rule
was amended. Therefore, we estimate
there is no ongoing burden associated
with this collection of information.5
Second, the custodian must provide,
promptly upon request by the fund,
such reports as are available about the
internal accounting controls and
financial strength of the custodian. If a
fund deals directly with a depository,
the depository’s contract with or written
rules for its participants must provide
that the depository will provide similar
financial reports. Custodians and
depositories usually transmit financial
reports to funds twice each year.6 The
Commission staff estimates that 13
custodians, including 7 sub-custodians,
spend approximately 2,330 hours (by
support staff) annually in transmitting
4 Based on responses to Items C.12 of Form N–
CEN (17 CFR 274.101), approximately 96 percent of
funds’ custodians maintain some or all fund
securities in a securities depository pursuant to rule
17f–4.
5 The Commission staff assumes that new funds
relying on 17f–4 would choose to use a custodian
instead of directly dealing with a securities
depository because of the high costs associated with
maintaining an account with a securities
depository. Thus, new funds would not be subject
to this condition.
6 The estimated 13 custodians would handle
requests for reports from 9,984 fund clients
(approximately 768 fund clients per custodian) and
the depositories from the remaining 768 funds that
choose to deal directly with a depository. It is our
understanding based on staff conversations with
industry representatives that custodians and
depositories transmit these reports to clients in the
normal course of their activities as a good business
practice regardless of whether they are requested.
Therefore, for purposes of this PRA estimate, the
Commission staff assumes that custodians transmit
the reports to all fund clients.

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such reports to funds.7 In addition,
approximately 768 funds (i.e., three
percent of all funds) deal directly with
a securities depository and may request
periodic reports from their depository.
Commission staff estimates that
depositories spend approximately 179
hours (by support staff) annually
transmitting reports to the 768 funds.8
The total annual burden estimate for
compliance with rule 17f–4’s reporting
requirement is therefore 2,509 hours.9
If a fund deals directly with a
securities depository, rule 17f–4
requires that the fund implement
internal control systems reasonably
designed to prevent an unauthorized
officer’s instructions (by providing at
least for the form, content, and means of
giving, recording, and reviewing all
officers’ instructions). All funds that
seek to rely on rule 17f–4 should have
already implemented these internal
control systems when the rule was
amended. Therefore, there is no ongoing
burden associated with this collection of
information requirement.10
Based on the foregoing, the
Commission staff estimates that the total
annual hour burden of the rule’s
collection of information requirements
is 2,509 hours.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. This estimate
is not derived from a comprehensive or
even representative survey or study of
the costs of Commission rules.
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 the 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
7 (9,984 fund clients × 2 reports) = 19,968
transmissions. The staff estimates that each
transmission would take approximately 7 minutes
for a total of approximately 2,330 hours (7 minutes
× 19,968 transmissions).
8 (768 fund clients who may deal directly with a
securities depository × 2 reports) = 1,536
transmissions. The staff estimates that each
transmission would take approximately 7 minutes
for a total of approximately 179 hours (7 minutes
× 1,536 transmissions).
9 2,230 hours for custodians and 179 hours for
securities depositories.
10 The Commission staff assumes that new funds
relying on 17f–4 would choose to use a custodian
instead of directly dealing with a securities
depository because of the high costs associated with
maintaining an account with a securities
depository. Thus new funds would not be subject
to this condition.

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Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
[email protected]; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John R.
Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected]. Written comments
and recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice March 30, 2022 to
www.reginfo.gov/public/do/PRAMain.
Find this particular information
collection by selecting ‘‘Currently under
30-day Review—Open for Public
Comments’’ or by using the search
function.
Dated: February 23, 2022.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2022–04171 Filed 2–25–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94297; File No. SR–NYSE–
2022–09]

Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
1 To Replace References to Employees
and Officers of Intercontinental
Exchange Group, Inc.
February 22, 2022.

Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on February
14, 2022, New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 1 (‘‘The Exchange’’) to replace
references to employees and officers of
Intercontinental Exchange Group, Inc.,
the Exchange’s indirect parent
1 15

U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15

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