30 Day Notice

Federal Register / Vol. 87, No. 95 / Tuesday, May 17, 2022 / Notices
thus requiring additional time and effort
of Exchange staff’’? 80
Under the Commission’s Rules of
Practice, the ‘‘burden to demonstrate
that a proposed rule change is
consistent with the [Act] and the rules
and regulations issued thereunder . . .
is on the [SRO] that proposed the rule
change.’’ 81 The description of a
proposed rule change, its purpose and
operation, its effect, and a legal analysis
of its consistency with applicable
requirements must all be sufficiently
detailed and specific to support an
affirmative Commission finding,82 and
any failure of an SRO to provide this
information may result in the
Commission not having a sufficient
basis to make an affirmative finding that
a proposed rule change is consistent
with the Act and the applicable rules
and regulations.83 Moreover,
‘‘unquestioning reliance’’ on an SRO’s
representations in a proposed rule
change would not be sufficient to justify
Commission approval of a proposed rule
change.84
The Commission believes it is
appropriate to institute proceedings to
allow for additional consideration and
comment on the issues raised herein,
including as to whether the proposal is
consistent with the Act, any potential
comments or supplemental information
provided by the Exchange, and any
additional independent analysis by the
Commission.

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V. Request for Written Comments
The Commission requests written
views, data, and arguments with respect
to the concerns identified above, as well
as any other relevant concerns. In
particular, the Commission invites the
written views of interested persons
concerning whether the proposal is
consistent with Sections 6(b)(4), 6(b)(5),
and 6(b)(8), or any other provision of the
Act, or the rules and regulations
thereunder. The Commission asks that
commenters address the sufficiency and
merit of the Exchange’s statements in
support of the proposal, in addition to
any other comments they may wish to
submit about the proposed rule change.
Although there do not appear to be any
issues relevant to approval or
disapproval that would be facilitated by
an oral presentation of views, data, and
80 See

id.
700(b)(3), Commission Rules of Practice,
17 CFR 201.700(b)(3).
82 See id.
83 See id.
84 See Susquehanna Int’l Group, LLP v. Securities
and Exchange Commission, 866 F.3d 442, 446–47
(D.C. Cir. 2017) (rejecting the Commission’s reliance
on an SRO’s own determinations without sufficient
evidence of the basis for such determinations).
81 Rule

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arguments, the Commission will
consider, pursuant to Rule 19b–4, any
request for an opportunity to make an
oral presentation.85
Interested persons are invited to
submit written data, views, and
arguments concerning the proposed rule
change, 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–
EMERALD–2022–18 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–EMERALD–2022–18. 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
85 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act
grants the Commission flexibility to determine what
type of proceeding—either oral or notice and
opportunity for written comments—is appropriate
for consideration of a particular proposal by an
SRO. See Securities Acts Amendments of 1975,
Report of the Senate Committee on Banking,
Housing and Urban Affairs to Accompany S. 249,
S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975).

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submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–EMERALD–2022–18 and
should be submitted on or before June
7, 2022. Rebuttal comments should be
submitted by June 21, 2022.
VI. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(3)(C) of the Act,86 that File
Number SR–EMERALD–2022–18 be and
hereby is, temporarily suspended. In
addition, the Commission is instituting
proceedings to determine whether the
proposed rule change should be
approved or disapproved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.87
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10509 Filed 5–16–22; 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; Extension: Form
13F
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
(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
securities, as set forth in rule 13f–1(c),
86 15

U.S.C. 78s(b)(3)(C).
CFR 200.30–3(a)(12), (57), and (58).
1 15 U.S.C. 78m(f).
2 15 U.S.C. 78a et seq.
3 17 CFR 240.13f–1.
87 17

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29978

to file quarterly reports with the
Commission on Form 13F.4

discretion’’ for purposes of Form 13F
reporting.

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

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.

4 17

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Federal Register / Vol. 87, No. 95 / Tuesday, May 17, 2022 / Notices

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

CFR 249.325.

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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.
BILLING CODE 8011–01–P
5 This estimate is based on the last time the rule’s
information collection was submitted for PRA
renewal in 2018.
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;
Amendments to Form 13F, Investment Company
Release No. 34415 (Nov. 4, 2021).

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Federal Register / Vol. 87, No. 95 / Tuesday, May 17, 2022 / Notices

Table: Form 13F Current and Revised Burden Estimates
Initial
hours

Internal time oost
Annual hours

External costs 1

Wage rate

Iii\ Is!(),, !Cl ( I ERi, I !'ii\ Ill Rill, IS I 1\1 \II S

Current estimated annual
burden of Form l3FHR per filer

80.8 hours

$5,332.80

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

10 hours 3

Revised current annual
estimated burden per
filer

$662

X

$789"
$2,025

X

$368 (compliance
attorney rate)'
1 hour'

$368

Total revised estimated
burden per filer

11 hours

$2,393

Number of filers

5,466 filers 7

5,466 filers

Revised current annual
burden of Form l3FHR filings

60,126 hours

$13,080,138

Current estimated annual
burden of Form 13FNT

80.8 hours

$789
5,466 filers
$4,312,674

$284

$300

1,535 filers•

1,535 filers

1,535 filers

6,140 hours

$435,940

$460,500

Revised current annual
burden of Form 13FNT per filer

4 hours

Number of filers

$71 (wage rate for
compliance clerk)

X

4hours

Current estimated burden
per amendment tiling

3.5 hours 9
Revised current estimated
burden per
amendment

X

$66.00

$264

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

$708.75

$368 (compliance
attorney rate)

0.5 hour'
Total revised estimates
burden per
amendment

$300

$184
$300

4hours

$892.75

Number of amendments

244 amendments 10

244 amendments

244 amendments

Revised current annual
estimated burden of
all amendments

976 hours

$217,831

$73,200

472,521.6 hours

S31,186,425.60

Revised current burden estimates

67,242 hours

$13,733,909

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$0

$4,846,374

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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The text of the proposed rule change
is available on FINRA’s website at
http://www.finra.org, at the principal
office of FINRA 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,
FINRA 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. FINRA 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
FINRA is submitting this proposed
rule change to amend certain rules in
the Rule 6700 Series (Trade Reporting
and Compliance Engine (TRACE)) to
require members to report to TRACE
transactions in U.S. dollar-denominated
foreign sovereign debt securities. Under
the proposal, trades in U.S. dollardenominated foreign sovereign debt
securities would be subject to same-day
reporting and would not be
disseminated publicly.
Background
Currently, almost all U.S. dollardenominated debt securities traded in

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BILLING CODE 8011–01–C