Form SE 60 Day Federal Register Notice

Federal Register / Vol. 86, No. 212 / Friday, November 5, 2021 / Notices
Commission has received no comments
on the proposed rule change.
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 the
proposed rule change is November 6,
2021. The Commission is extending this
45-day time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,5 designates
December 21, 2021, as the date by
which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
approve or disapprove, the proposed
rule change (File No. SR–NYSE–2021–
44).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–24166 Filed 11–4–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–253, OMB Control No.
3235–0260]

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

jspears on DSK121TN23PROD with NOTICES1

Extension:
Rule 23c–1

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), the Securities
and Exchange Commission (the
4 15

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

5 Id.
6 17

CFR 200.30–3(a)(31).

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‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 23c–1(a) under the Investment
Company Act (17 CFR 270.23c–1(a))
permits a closed-end fund to repurchase
its securities for cash if, in addition to
the other requirements set forth in the
rule, the following conditions are met:
(i) Payment of the purchase price is
accompanied or preceded by a written
confirmation of the purchase (‘‘written
confirmation’’); (ii) the asset coverage
per unit of the security to be purchased
is disclosed to the seller or his agent
(‘‘asset coverage disclosure’’); and (iii) if
the security is a stock, the fund has,
within the preceding six months,
informed stockholders of its intention to
purchase stock (‘‘six month notice’’).
Commission staff estimates that 56
closed-end funds undertake a total of
224 repurchases annually under rule
23c–1.1 Staff estimates further that, with
respect to each repurchase, each fund
spends 2.5 hours to comply with the
rule’s written confirmation, asset
coverage disclosure and six month
notice requirements. Thus, Commission
staff estimates the total annual
respondent reporting burden is 560
hours.2 Commission staff further
estimates that the cost of the hourly
burden per repurchase is approximately
$330.50 (one half hour of a compliance
attorney’s time at $373 per hour,3 and
two hours of clerical time at $72 per
hour 4). The total annual cost for all
funds is estimated to be $185,080.5
In addition, the fund must file with
the Commission a copy of any written
solicitation to purchase securities given
by or on behalf of the fund to 10 or more
persons. The copy must be filed as an
exhibit to Form N–CSR (17 CFR
1 The number of closed-end funds that undertake
repurchases annually under rule 23c–1 is based on
information provided in response to Item C.7.i of
Form N–CEN from January 1, 2020 through
December 31, 2020.
2 This estimate is based on the following
calculation: 224 repurchases × 2.5 hours per
repurchase = 560 hours.
3 The $373/hour figure for a compliance attorney
is from SIFMA’s Management & Professional
Earnings in the Securities Industry 2013, updated
for 2021, 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.
4 The $72/hour figure for a compliance clerk is
from SIFMA’s Office Salaries in the Securities
Industry 2013, updated for 2021, 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 This estimate is based on the following
calculation: 560 repurchases × $330.5 per
repurchase = $185,080.

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249.331and 274.128).6 The burden
associated with filing Form N–CSR is
addressed in the submission related to
that form.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
Complying with the collection of
information requirements of the rule is
mandatory. The filings that the rule
requires to be made with the
Commission are available to the public.
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 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 R. Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].
Dated: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–24143 Filed 11–4–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–289, OMB Control No.
3235–0327]

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:
Form SE

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
6 In addition, Item 9 of Form N–CSR requires
closed-end funds to disclose information similar to
the information that was required in Form N–23C–
1, which was discontinued in 2004.

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Federal Register / Vol. 86, No. 212 / Friday, November 5, 2021 / Notices

jspears on DSK121TN23PROD with NOTICES1

and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Form SE (17 CFR 239.64) is used by
registrants to file paper copies of
exhibits, reports or other documents
that would be difficult or impossible to
submit electronically, as provided in
Rule 311 of Regulation S–T (17 CFR
232.311). The information contained in
Form SE is used by the Commission to
identify paper copies of exhibits. Form
SE is filed by individuals, companies or
other entities that are required to file
documents electronically.
Approximately 19 registrants file Form
SE and it takes an estimated 0.10 hours
per response for a total annual burden
of 2 hours (0.10 hours per response × 19
responses).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the 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
control number.
Please direct your written comment 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: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93496; File No. SR–NYSE–
2021–63]

Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Its
Price List To Eliminate Expired and
Obsolete Pillar Port Transition Fee
Pricing
November 1, 2021.

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 October
27, 2021, 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, II, and III below, which Items
have been prepared by the selfregulatory 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 its
Price List to eliminate expired and
obsolete Pillar port transition fee
pricing. The proposed rule change is
available on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
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
self-regulatory organization 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 those 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 parts of such
statements.

[FR Doc. 2021–24139 Filed 11–4–21; 8:45 am]

A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to
eliminate expired and obsolete Pillar
port transition fee pricing now that
there are no member organizations that
did not complete the transition from
older to newer and more efficient Pillar
technology.
The Exchange proposes to implement
these changes to its Price List effective
October 27, 2021.
Background
Member organizations enter orders
and order instructions, and receive
information from the Exchange, by
establishing a connection to a gateway
that uses communication protocols that
map to the order types and modifiers
described in Exchange rules. These
gateway connections, also known as
logical port connections, are referred to
as ‘‘ports’’ on the Exchange’s Price List.
Legacy ports connect with the Exchange
via a Common Customer Gateway
(known as ‘‘CCG’’) that accesses its
equity trading systems (‘‘Phase I ports’’).
Beginning July 1, 2019, the Exchange
began making available ports using
Pillar gateways to its member
organizations (‘‘Phase II ports’’).
Effective July 3, 2019, the Exchange
introduced transition pricing designed
to provide member organizations an
extended transition period to connect to
the Exchange using Pillar technology
with no fee increase. Specifically, the
Exchange (1) adopted a cap on monthly
fees for the use of certain ports
connecting to the Exchange for the
billing months July 2019 through March
2020 (the ‘‘Transition Period’’); (2)
adopted a Decommission Extension Fee
applicable for the billing months April
2020 through September 2020 (the
‘‘Decommission Period’’) for legacy port
connections; and (3) prorated the
monthly fee for certain ports activated
after July 1, 2019, effective April 1,
2020.4
Effective March 2, 2020, the Exchange
(1) extended the end of the Transition
Period from March 2020 to August 2020
for member organizations to transition
to the utilization of ports that connect
to the Exchange using Pillar technology;
(2) shortened the Decommission Period
from six months (April 2020–September
2020) to four months (September–
December 2020); (3) extended the

BILLING CODE 8011–01–P
1 15

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

4 See Securities Exchange Act Release No. 86360
(July 11, 2019), 84 FR 34210 (July 17, 2019) (SR–
NYSE–2019–39).

2 15

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