60 Day Notice

Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Notices
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–
2021–013 and should be submitted on
or before December 29, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–26531 Filed 12–7–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No 270–488, OMB Control No.
3235–0542]

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 605 of Regulation NMS

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 existing collection of information
provided for in Rule 605 of Regulation
NMS (‘‘Rule 605’’) (17 CFR 242.605),1
under the Securities Exchange Act of
1934 (15 U.S.C. 78a, et seq.) (‘‘Exchange
Act’’). The Commission plans to submit
38 17

CFR 200.30–3(a)(12).
NMS, adopted by the Commission in
June 2005, redesignated the national market system
rules previously adopted under Section 11A of the
Exchange Act. Rule 11Ac1–5 under the Exchange
Act was redesignated Rule 605 of Regulation NMS.
See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496 (June 29, 2005). In
2018, Commission amended Rule 605(a)(2) to
require market centers to keep reports required
pursuant to Rule 605(a)(1) posted on an internet
website that is free of charge and readily accessible
to the public for a period of three years from the
initial date of posting on the internet website. See
Securities Exchange Act Release No. 84528
(November 2, 2018), 83 FR 58338 (November 19,
2018).

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this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 605, formerly known as, Rule
11Ac1–5, requires market centers to
make available to the public monthly
order execution reports in electronic
form. The Commission believes that
many market centers retain most, if not
all, of the underlying raw data necessary
to generate these reports in electronic
format. Once the necessary data is
collected, market centers could either
program their systems to generate the
statistics and reports, or transfer the
data to a service provider (such as an
independent company in the business of
preparing such reports or a selfregulatory organization) that would
generate the statistics and reports.
The collection of information
obligations of Rule 605 apply to all
market centers that receive covered
orders in national market system
securities. The Commission estimates
that approximately 319 market centers
are subject to the collection of
information obligations of Rule 605.
Each of these respondents is required to
respond to the collection of information
on a monthly basis.
The Commission staff estimates that,
on average, Rule 605 causes each
respondent to spend 6 hours per month
to collect the data necessary to generate
the reports, or 72 hours per year. With
an estimated 319 market centers subject
to Rule 605, the total data collection
time burden to comply with the
monthly reporting requirement is
estimated to be 22,968 hours per year.
Based on discussions with industry
sources, the Commission staff estimates
that an individual market center could
retain a service provider to prepare a
monthly report using the data collected
for approximately $2,978 per month or
$35,736 per year. This per-respondent
estimate is based on the rate that a
market center could expect to obtain if
it negotiated on an individual basis.
Based on the $2,978 estimate, the
monthly cost to all 319 market centers
to retain service providers to prepare
reports would be approximately
$949,982, and the total annual cost for
all 319 market centers would be
approximately $11,399,784.
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 will have practical utility;
(b) the accuracy of the Commission’s
estimate of the burden of the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to

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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 John
Pezzullo, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
[email protected].
Dated: December 3, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–26595 Filed 12–7–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–22, OMB Control No.
3235–0006]

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:
Form 13F

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.
Section 13(f) 1 of the Securities
Exchange Act of 1934 2 (the ‘‘Exchange
Act’’) empowers the Commission to: (1)
Adopt rules that create a reporting and
disclosure system to collect specific
information; and (2) disseminate such
information to the public. Rule 13f–1 3
under the Exchange Act requires
institutional investment managers that
exercise investment discretion over
accounts that have in the aggregate a fair
market value of at least $100,000,000 of
certain U.S. exchange-traded equity
1 15

U.S.C. 78m(f).
U.S.C. 78a et seq.
3 17 CFR 240.13f–1.
2 15

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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Notices

securities, as set forth in rule 13f–1(c),
to file quarterly reports with the
Commission on Form 13F.4
The information collection
requirements apply to institutional
investment managers that meet the $100
million reporting threshold. Section
13(f)(6)(A) of the Exchange Act defines
an ‘‘institutional investment manager’’
as any person, other than a natural
person, investing in or buying and
selling securities for its own account,
and any person exercising investment
discretion with respect to the account of

any other person. Rule 13f–1(b) under
the Exchange Act defines ‘‘investment
discretion’’ for purposes of Form 13F
reporting.
The reporting system required by
Section 13(f) of the Exchange Act is
intended, among other things, to create
in the Commission a central repository
of historical and current data about the
investment activities of institutional
investment managers, and to improve
the body of factual data available to
regulators and the public.

The currently approved burden
estimates include a total hour burden of
472,521.6 hours, with an internal cost
burden of $31,186,425.60, to comply
with Form 13F.5 Consistent with a
recent rulemaking proposal that made
adjustments to these estimates due
primarily to the Commission’s belief
that the currently approved estimates do
not appropriately reflect the information
collection costs associated with Form
13F,6 the table below reflects the revised
estimates.

TABLE—FORM 13F CURRENT AND REVISED BURDEN ESTIMATES
Initial
hours

Annual hours

Internal
time cost

Wage rate

External costs 1

REVISIONS TO CURRENT PRA BURDEN ESTIMATES
Revised Burdens for 13F–HR Filings
Current estimated annual burden of
Form 13F–HR per filer.

................

80.8 hours ................

×

$66 2 .....................................................

$5,332.80.

Revised current annual estimated burden per filer.

................

10 hours 3 .................

×

$202.50 (blended rate for senior programmer and compliance clerk) 4.

$2,025 ..................

1 hour 3 .....................

$368 (compliance attorney rate) 5 .......

$368.

$789.6

Total revised estimated burden per
filer.

................

11 hours ...................

..............................................................

$2,393 ..................

$789.

Number of filers ....................................

................

5,466 filers 7 ..............

..............................................................

5,466 filers ............

5,466 filers.

Revised current annual burden of
Form 13F–HR filings.

................

60,126 hours ............

..............................................................

$13,080,138 .........

$4,312,674.

$71 (wage rate for compliance clerk) ..

$284 .....................

$300.

Revised Burdens for 13F–NT Filings
Current estimated annual burden of
Form 13F–NT.

................

80.8 hours.

Revised current annual burden of
Form 13F–NT per filer.

................

4 hours .....................

Number of filers ....................................

................

1,535 filers 8 ..............

..............................................................

1,535 filers ............

1,535 filers.

6,140 hours ..............

..............................................................

$435,940 ..............

$460,500.

×

Revised Burdens for Form 13F Amendment Filings
Current estimated burden per amendment filing.

................

4 hours .....................

$66.00 ..................................................

$264.

Revised current estimated burden per
amendment.

................

3.5 hours 9 ................

$202.50 (blended rate for senior programmer and compliance clerk).

$708.75 ................

0.5 hour 9 ..................

$368 (compliance attorney rate) .........

$184.

×

$300.

Total revised estimates burden per
amendment.

................

4 hours .....................

..............................................................

$892.75 ................

$300.

Number of amendments .......................

................

244 amendments 10 ..

..............................................................

244 amendments

244 amendments.

Revised current annual estimated burden of all amendments.

................

976 hours .................

..............................................................

$217,831 ..............

$73,200.

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TOTAL ESTIMATED FORM 13F BURDEN
Currently approved burden estimates ..

472,521.6 hours

..............................................................

$31,186,425.60 ....

$0.

Revised current burden estimates .......

67,242 hours

..............................................................

$13,733,909 .........

$4,846,374.

Notes:
4 17

CFR 249.325.
estimate is based on the last time the rule’s
information collection was submitted for PRA
renewal in 2018.
5 This

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6 See Electronic Submission of Applications for
Orders under the Advisers Act and the Investment
Company Act, Confidential Treatment Requests for
Filings on Form 13F, and Form ADV–NR;

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Amendments to Form 13F, Investment Company
Release No. (Nov. 4, 2021).

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1 The external costs of complying with Form 13F can vary among filers. Some filers use third-party vendors for a range of services in connection with filing reports
on Form 13F, while other filers use vendors for more limited purposes such as providing more user-friendly versions of the list of section 13(f) Securities. For purposes of the PRA, we estimate that each filer will spend an average of $300 on vendor services each year in connection with the filer’s four quarterly reports on Form
13F–HR or Form 13F–NT, as applicable, in addition to the estimated vendor costs associated with any amendments. In addition, some filers engage outside legal
services in connection with the preparation of requests for confidential treatment or analyses regarding possible requests, or in connection with the form’s disclosure
requirements. For purposes of the PRA, we estimate that each manager filing reports on Form 13F–HR will incur $489 for one hour of outside legal services each
year.
2 $66 was the estimated wage rate for a compliance clerk in 2018.
3 The estimate reduces the total burden hours associated with complying with the reporting requirements of Form 13F–HR from 80.8 to 11 hours. We believe that
this reduction adequately reflects the reduction in the time managers spend complying with Form 13F–HR as a result of advances in technology that have occurred
since Form 13F was adopted. The revised estimate also assumes that an in-house compliance attorney would spend 1 hour annually on the preparation of the filing,
as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 10 hours would be divided equally between a senior programmer and compliance clerk.
4 The $202.50 wage rate reflects current estimates of the blended hourly rate for an in-house senior programmer ($334) and in-house compliance clerk ($71).
$202.50 is based on the following calculation: ($334+$71)/2 = $202.50. The $334 per hour figure for a senior programmer is based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013 (‘‘SIFMA Report’’), modified by
Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. The
$71 per hour figure for a compliance clerk is based on salary information from the SIFMA Report, modified by Commission staff to account for an 1800-hour workyear and inflation, and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead.
5 The $368 per hour figure for a compliance attorney is based on salary information for the securities industry compiled by the Securities Industry and Financial
Markets Association’s Office Salaries in the Securities Industry 2013 (‘‘SIFMA Report’’), modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead.
6 $789 includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–HR filing as well as an estimated $489 for one hour of outside
legal services. We estimate that Form 13F–HR filers will require some level of external legal counsel in connection with these filings.
7 This estimate is based on the number of 13F–HR filers as of December 2019.
8 This estimate is based on the number of Form 13F–NT filers as of December 2019.
9 The revised estimate assumes that an in-house compliance attorney would spend 0.5 hours annually on the preparation of the filing amendment, as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 3.5 hours would be divided equally between a senior programmer and compliance clerk.
10 This estimate is based on the number of Form 13F amendments filed as of December 2019.

The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. The estimate
is not derived from a comprehensive or
even a 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
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 60 days of publication of this
notice 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: December 3, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–26596 Filed 12–7–21; 8:45 am]

16:53 Dec 07, 2021

[Release No. 34–93710 File No. SR–MEMX–
2021–17]

Self-Regulatory Organizations; MEMX
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Make Juneteenth National
Independence Day a Holiday of the
Exchange
December 2, 2021.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
22, 2021, MEMX LLC (‘‘MEMX’’ 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 the Substance
of the Proposed Rule Change
The Exchange is filing with the
Commission a proposal to amend
Exchange Rule 11.1 (Hours of Trading
and Trading Days) to make Juneteenth
National Independence Day a holiday of
the Exchange. Juneteenth National
Independence Day was designated a
legal public holiday in June 2021. The
text of the proposed rule change is
provided in Exhibit 5.
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange 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. The
Exchange 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
The Exchange proposes to amend
paragraph (b) of Exchange Rule 11.1
(Hours of Trading and Trading Days) to
make Juneteenth National Independence
Day a holiday of the Exchange. This rule
filing is based on a proposal recently
submitted by the New York Stock
Exchange LLC (‘‘NYSE’’) and its
affiliated exchanges.3 On June 17, 2021,
Juneteenth National Independence Day
was designated a legal public holiday.4
Consistent with industry sentiment,5 the
approach recommended by the
Securities Industry and Financial
3 See Securities Exchange Act Release No. 93183
(September 30, 2021), 86 FR 55068 (October 5,
2021) (SR–NYSE–2021–56) (amending NYSE Rule
7.2 to include Juneteenth as an exchange holiday).
4 Public Law 117–17.
5 See, e.g., Bank of America Makes Juneteenth a
Holiday, Joining JPMorgan, Wells Fargo.

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