60 Day Notice

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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

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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

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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

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lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices
dealers, subject to certain conditions, to
provide transaction information to
investors in any money market fund
operating pursuant to Investment
Company Act Rule 2a–7(c)(1)(ii) on a
monthly basis in lieu of providing
immediate confirmations as required
under Exchange Act Rule 10b–10(a)
(‘‘the Exemption’’). Accordingly, to be
eligible for the Exemption, a brokerdealer must (1) provide an initial
written notification to the customer of
its ability to request delivery of
immediate confirmations consistent
with the written notification
requirements of Exchange Act Rule 10b–
10(a), and (2) not receive any such
request to receive immediate confirms
from the customer.
As of December 31, 2020, the
Commission estimates there are
approximately 154 broker-dealers that
clear customer transactions or carry
customer funds and securities who
would be responsible for providing
customer confirmations. The
Commission estimates that the cost of
the ongoing notification requirements
would be minimal, approximately 5% of
the initial burden which was previously
estimated to be 36 hours per brokerdealer, or approximately 1.8 hours per
broker-dealer per year to provide
ongoing notifications or a total burden
of 277 hours annually for the 154
carrying broker-dealers.
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) >MBX.OMB.OIRA.SEC_
[email protected] < 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.
Market Funds, Exchange Act Release No. 34–76480
(Nov. 19, 2015), 80 FR 73849 (Nov. 25, 2015).

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Dated: January 24, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01617 Filed 1–26–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–789, OMB Control No.
3235–0731]

Proposed Collection; Comment
Request
Upon Written Request Copies Available
From: U.S. Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Generic ICR:
Generic Clearance for the Collection of
Qualitative Feedback on Agency Service
Delivery

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
(‘‘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.
The information collection activity
will garner qualitative customer and
stakeholder feedback in an efficient,
timely manner, in accordance with the
Administration’s commitment to
improving service delivery. By
qualitative feedback we mean
information that provides useful
insights on perceptions and opinions,
but are not statistical surveys that yield
quantitative results that can be
generalized to the population of study.
This feedback will provide insights into
customer or stakeholder perceptions,
experiences and expectations, provide
an early warning of issues with service,
or focus attention on areas where
communication, training or changes in
operations might improve delivery of
products or services. These collections
will allow for ongoing, collaborative and
actionable communications between the
SEC and its customers and stakeholders.
It will also allow feedback to contribute
directly to the improvement of program
management.
Feedback collected under this generic
clearance will provide useful
information, but it will not yield data
that can be generalized to the overall
population. This type of generic
clearance for qualitative information
will not be used for quantitative

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information collections that are
designed to yield reliably actionable
results, such as monitoring trends over
time or documenting program
performance. Depending on the degree
of influence the results are likely to
have, such collections may still be
eligible for submission for other generic
mechanisms that are designed to yield
quantitative results.
Below is the projected average annual
estimates each year for the next three
years:
Expected Annual Number of
activities: [20].
Respondents: [20,000].
Annual responses: [20,000].
Frequency of Response: Once per
request.
Average minutes per response: [10].
Annual burden hours: [3,500].
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 shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information to be 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 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: January 24, 2024.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01638 Filed 1–26–22; 8:45 am]
BILLING CODE 8011–01–P

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