60 Day Notice

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Federal Register / Vol. 87, No. 94 / Monday, May 16, 2022 / Notices

proposal raises any new or novel issues
that have not already been considered
by the Commission.
Finally, IEX believes that the
proposed conforming changes and
typographical corrections further the
purposes of the Act because they
provide greater clarity and consistency
to the IEX Rule Book thereby reducing
the potential for confusion by market
participants.

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B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
The Exchange does not believe that
the proposed rule change will impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
To the contrary, the proposal is
designed to enhance IEX’s
competitiveness with other markets by
adopting rules providing for more prices
at which non-displayed limit orders can
execute or rest on the exchange and
allowing for more circumstances in
which orders eligible for Recheck or
Retail orders will be able to interact
with these aggressively priced nondisplayed limit orders to the benefit of
all market participants.
The Exchange also does not believe
that the proposed rule change will
impose any burden on intramarket
competition because it will apply to all
Members in the same manner. All
Members are eligible to enter nondisplayed limit orders and, as discussed
in the Purpose section, all Members
seeking a Midpoint Price may continue
to use Discretionary Peg and Midpoint
Peg orders which will not execute at a
price more aggressive than the Midpoint
Price. Moreover, the proposal would
provide potential benefits to all
Members to the extent that there is more
liquidity available on IEX as a result of
the ability to book non-displayed limit
orders at more aggressive prices. The
proposal is intended to incentivize the
entry of more orders on the Exchange
and thereby increase the likelihood of
executions on the Exchange, which
would benefit all market participants.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.

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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) 72 of the Act and Rule 19b–
4(f)(6) thereunder.73
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
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–
IEX–2022–04 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–IEX–2022–04. This file
number should be included in 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
72 15

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
73 17

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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 will also 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
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–IEX–2022–04 and should
be submitted on or before June 6, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.74
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10415 Filed 5–13–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–0088, OMB Control No.
3235–0083]

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 15Ba2–1 and Form MSD

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’’) is soliciting comments
on the existing collection of information
provided for in Rule 15Ba2–1 (17 CFR
240.15Ba2–1) and Form MSD (17 CFR
249.1100), under the Securities and
Exchange Act of 1934 (15 U.S.C. 78a et
74 17

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CFR 200.30–3(a)(12).

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JSPEARS on DSK121TN23PROD with NOTICES1

Federal Register / Vol. 87, No. 94 / Monday, May 16, 2022 / Notices
seq.) (‘‘Exchange Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 15Ba2–1 provides that an
application for registration with the
Commission by a bank municipal
securities dealer must be filed on Form
MSD. The Commission uses the
information obtained from Form MSD
filings to determine whether bank
municipal securities dealers meet the
standards for registration set forth in the
Act, to maintain a central registry where
members of the public may obtain
information about particular bank
municipal securities dealers, and to
develop risk assessment information
about bank municipal securities dealers.
Form MSD is a one-time registration
form that must be amended only if it
becomes inaccurate. Based upon past
submissions of zero initial filings and 14
amendments in 2019, zero initial filings
and three amendments in 2020, zero
initial filings and one amendment in
2021, and zero initial filings and zero
amendments so far in 2022, the
Commission estimates that on an annual
basis approximately one respondent
will use Form MSD for an initial
registration application, and that
approximately six respondents will
utilize Form MSD for an amendment,
for a total of seven respondents per year.
The time required to complete Form
MSD varies with the size and
complexity of the bank municipal
securities dealer’s proposed operations.
Bank personnel that prepare Form MSD
filings previously indicated that it can
take up to 15 hours for a bank with a
large operation and many employees to
complete the form, but that smaller
banks with fewer personnel can
complete the form in one to two hours.
We believe that most recent applications
have come from smaller banks. Also,
amendments to form MSD are likely to
require significantly less time. We
estimate that the total annual burden is
currently approximately 11 hours at an
average of 1.5 hours per respondent. (7
respondents/year × 1.5 hours/
respondent = 10.5 hours/year rounded
up to 11). The staff estimates that the
average internal compliance cost per
hour is approximately $406.1 Therefore,
the estimated total annual internal cost
of compliance is approximately $4,263
1 The

estimate of $406 per hour is for a
compliance attorney, based on the Securities
Industry and Financial Markets Association’s
Management & Professional Earnings in the
Securities Industry 2013, modified by Commission
staff to account for an 1,800-hour work-year and
inflation, and multiplied by 5.35 to account for
bonuses, firm size, employee benefits and overhead.

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per year (10.5 hours/year × $406/hour =
$4,263/year).
Rule 15Ba2–1 does not contain an
explicit recordkeeping requirement, but
the rule does require the prompt
correction of any information on Form
MSD that becomes inaccurate, meaning
that bank municipal securities dealers
need to maintain a current copy of Form
MSD indefinitely. In addition, the
instructions for filing Form MSD state
that an exact copy should be retained by
the registrant. Providing the information
on the application is mandatory in order
to register with the Commission as a
bank municipal securities dealer. The
information contained in the
application will not be kept
confidential.
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 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 by
July 15, 2022.
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: May 10, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10418 Filed 5–13–22; 8:45 am]
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Sunshine Act Meetings
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: 87 FR 27669, May 9,

2022.
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Thursday, May 12, 2022

at 2 p.m.

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29775

The Closed
Meeting scheduled for Thursday, May
12, 2022 at 2:00 p.m., has been
cancelled.

CHANGES IN THE MEETING:

CONTACT PERSON FOR MORE INFORMATION:

For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
(Authority: 5 U.S.C. 552b.)
Dated: May 12, 2022.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2022–10569 Filed 5–12–22; 4:15 pm]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
2 p.m. on Thursday, May
19, 2022.
PLACE: The meeting will be held via
remote means and/or at the
Commission’s headquarters, 100 F
Street NE, Washington, DC 20549.
STATUS: This meeting will be closed to
the public.
MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
In the event that the time, date, or
location of this meeting changes, an
announcement of the change, along with
the new time, date, and/or place of the
meeting will be posted on the
Commission’s website at https://
www.sec.gov.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)
and (10) and 17 CFR 200.402(a)(3),
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and
(a)(10), permit consideration of the
scheduled matters at the closed meeting.
The subject matter of the closed
meeting will consist of the following
topics:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Resolution of litigation claims; and
Other matters relating to examinations
and enforcement proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting agenda items that
may consist of adjudicatory,
examination, litigation, or regulatory
matters.
TIME AND DATE:

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