30 Day Notice

4297

Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices
TABLE—FORM 13F CURRENT AND REVISED BURDEN ESTIMATES—Continued

Number of amendments.
Revised current annual
estimated burden of
all amendments.

Initial
hours

Annual hours

Wage rate

Internal time cost

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

244 amendments 10 ....

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

244 amendments ........

244 amendments.

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

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

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

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

$73,200.

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

$31,186,425.60 ...........

$0.

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

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

$4,846,374.

External costs 1

Total Estimated Form 13F Burden
Currently approved
burden estimates.

(1)

Revised current burden estimates.

(1)

I

472,521.6 hours ..........
67,242 hours ...............

I

I

I

lotter on DSK11XQN23PROD with NOTICES1

Notes:
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 work-year 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)

VerDate Sep<11>2014

18:59 Jan 26, 2022

Jkt 256001

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 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: January 24, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01613 Filed 1–26–22; 8:45 am]
BILLING CODE 8011–01–P

PO 00000

Frm 00107

Fmt 4703

Sfmt 4703

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–017, OMB Control No.
3235–0017]

Submission for OMB Review;
Comment Request, Extension: Rules
6a–1 and 6a–2, Form 1
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in

E:\FR\FM\27JAN1.SGM

27JAN1

lotter on DSK11XQN23PROD with NOTICES1

4298

Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices

Rule 6a–1 (17 CFR 240.6a–1), Rule 6a–
2 (17 CFR 240.6a–2), and Form 1 (17
CFR 249.1) under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’
or ‘‘Act’’) (15 U.S.C. 78a et seq.).
The Exchange Act sets forth a
regulatory scheme for national securities
exchanges. Rule 6a–1 under the Act
generally requires an applicant for
initial registration as a national
securities exchange to file an
application with the Commission on
Form 1. An exchange that seeks an
exemption from registration based on
limited trading volume also must apply
for such exemption on Form 1. Rule 6a–
2 under the Act requires registered and
exempt exchanges: (1) To amend the
Form 1 if there are any material changes
to the information provided in the
initial Form 1; and (2) to submit
periodic updates of certain information
provided in the initial Form 1, whether
such information has changed or not.
The information required pursuant to
Rules 6a–1 and 6a–2 is necessary to
enable the Commission to maintain
accurate files regarding the exchange
and to exercise its statutory oversight
functions. Without the information
submitted pursuant to Rule 6a–1 on
Form 1, the Commission would not be
able to determine whether the
respondent has met the criteria for
registration (or an exemption from
registration) set forth in Section 6 of the
Exchange Act. The amendments and
periodic updates of information
submitted pursuant to Rule 6a–2 are
necessary to assist the Commission in
determining whether a national
securities exchange or exempt exchange
is continuing to operate in compliance
with the Exchange Act.
Initial filings on Form 1 by new
exchanges are made on a one-time basis.
The Commission estimates that it will
receive approximately one initial Form
1 filing per year and that each
respondent would incur an average
burden of 880 hours to file an initial
Form 1 at an average internal
compliance cost per response of
approximately $340,886. Therefore, the
Commission estimates that the annual
burden for all respondents to file the
initial Form 1 would be 880 hours (one
response/respondent × one respondent ×
880 hours/response) and an internal
compliance cost of $340,886 (one
response/respondent × one respondent ×
$340,886/response).
There currently are 24 entities
registered as national securities
exchanges. The Commission estimates
that each registered or exempt exchange
files eleven amendments or periodic
updates to Form 1 per year, incurring an
average burden of 25 hours per

VerDate Sep<11>2014

17:53 Jan 26, 2022

Jkt 256001

amendment to comply with Rule 6a–2.
The Commission estimates that the
average internal compliance cost for a
national securities exchange per
response would be approximately
$8,480. The Commission estimates that
the annual burden for all respondents to
file amendments and periodic updates
to the Form 1 pursuant to Rule 6a–2
would be 6,600 hours (24 respondents ×
25 hours/response × 11 responses/
respondent per year) and an internal
compliance cost of $2,238,720 (24
respondents × $8,480/response × 11
responses/respondent per year).
The total estimated annual time
burden associated with Rules 6a–1 and
6a–2 is thus approximately 7,480 hours
(880 + 6,600).
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. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to
(i) www.reginfo.gov/public/do/
PRAMain and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o John Pezzullo, 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: January 24, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01616 Filed 1–26–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–792; OMB Control No.
3235–0739]

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:
Order Granting a Conditional Exemption
under the Securities Exchange Act of

PO 00000

Frm 00108

Fmt 4703

Sfmt 4703

1934 from the Confirmation
Requirements of Exchange Act Rule 10b–
10(a) for Certain Transactions in Money
Market Funds

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
the following: Order Granting a
Conditional Exemption under the
Securities Exchange Act of 1934 from
the Confirmation Requirements of
Exchange Act Rule 10b–10(a) for Certain
Transactions in Money Market Funds
(17 CFR 240.10b–10(a)).
Rule 10b–10 under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
(15 U.S.C. 78a et seq.) generally requires
broker-dealers to provide customers
with specified information relating to
their securities transactions at or before
the completion of the transactions. Rule
10b–10(b), however, provides an
exception from this requirement for
certain transactions in money market
funds that attempt to maintain a stable
net asset value when no sales load or
redemption fee is charged. The
exception permits broker-dealers to
provide transaction information to
money market fund shareholders on a
monthly, rather than immediate, basis,
subject to the conditions. Amendments
to Rule 2a–7 (17 CFR 270.2a–7) of the
Investment Company Act of 1940
(‘‘Investment Company Act’’) (15 U.S.C.
80a–1 et seq.) among other things,
means, absent an exemption, brokerdealers would not be able to continue to
rely on the exception under Exchange
Act Rule 10b–10(b) for transactions in
money market funds operating in
accordance with Investment Company
Act Rule 2a–7(c)(1)(ii).1
In 2015, the Commission issued an
Order Granting a Conditional
Exemption under the Securities
Exchange Act of 1934 From The
Confirmation Requirements of Exchange
Act Rule 10b–10(a) For Certain
Transactions In Money Market Funds
(‘‘Order’’) 2 which allows broker1 See generally Money Market Fund Reform;
Amendments to Form PF, Securities Act Release
No. 9408, Investment Advisers Act Release No.
3616, Investment Company Act Release No. 30551
(June 5, 2013), 78 FR 36834, 36934 (June 19, 2013);
see also Exchange Act Rule 10b–10(b)(1), 17 CFR
240.10b–10(b)(1) (limiting alternative monthly
reporting to money market funds that attempt to
maintain a stable NAV).
2 See Order Granting a Conditional Exemption
Under the Securities Exchange Act of 1934 From
the Confirmation Requirements of Exchange Act
Rule 10b–10(a) for Certain Transactions in Money

E:\FR\FM\27JAN1.SGM

27JAN1