Form T-1 30 Day Federal Register Notice

lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 87, No. 93 / Friday, May 13, 2022 / Notices
information to the Commission and post
it on their corporate websites, if any, in
interactive data format using eXtensible
Business Reporting Language (XBRL).
This collection of information is located
primarily in registration statement and
report exhibit provisions, which require
interactive data, and Rule 405 of
Regulation S–T (17 CFR 232.405), which
specifies how to submit and post
interactive data. The exhibit provisions
are in Item 601(b)(101) of Regulation S–
K (17 CFR 229.601(b)(101)), Form F–10
under the Securities Act (17 CFR
239.40) and Forms 20–F, 40–F and 6–K
under the Exchange Act (17 CFR
249.220f, 17 CFR 249.240f and 17 CFR
249.306).
In interactive data format, financial
statement information could be
downloaded directly into spreedsheets
and analyzed in a variety of ways using
commercial off-the-shelf software. The
specified financial information already
is and will continue to be required to be
submitted to the Commission in
traditional format under existing
requirements. The purpose of the
interactive data requirement is to make
financial information easier for
investors to analyze and assist issuers in
automating regulatory filings and
business information processing. We
estimate that 8,315 respondents per year
will each submit an average of 4.5
reponses per year for an estimated total
of responses. We further estimate an
internal burden of 54.56446 hours per
response for a total annual internal
burden of 2,041,693 hours (54.56446
hours per response × 37,418 responses).
An agency may 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 by June 13, 2022 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].

VerDate Sep<11>2014

21:53 May 12, 2022

Jkt 256001

Dated: May 9, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10298 Filed 5–12–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–121, OMB Control No.
3235–0110]

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:
Form T–1

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’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Form T–1 (17 CFR 269.1) is a
statement of eligibility and qualification
under the Trust Indenture Act of 1939
(15 U.S.C. 77aaa et seq.) of a corporation
designated to act as a trustee under an
indenture. The information is used to
determine whether the corporation is
qualified to serve as a trustee. Form T–
1 is filed on occasion. The information
required by Form T–1 is mandatory.
This information is publicly available
on EDGAR. Form T–1 takes
approximately 15 hours per response to
prepare and is filed by approximately 2
respondents. We estimate that 25% of
the 15 hours (4 hours) is prepared by the
company for a total annual reporting
burden of 8 hours (4 hours per response
× 2 responses).
An agency may 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 by June 13, 2022 to (i)
www.reginfo.gov/public/do/PRAMain

PO 00000

Frm 00139

Fmt 4703

Sfmt 4703

29411

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].
Dated: May 9, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10294 Filed 5–12–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–779, OMB Control No.
3235–0732]

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
Extension:
Business Conduct Standards for SecurityBased Swap Dealers and Major SecurityBased Swap Participants

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 collection of information
provided for in Business Conduct
Standards for Security-Based Swap
Dealers and Major Security-Based Swap
Participants 1 (17 CFR 240.3a67–10,
240.3a71–3,240.3a71–6, 240.15Fh–1
through 15Fh–6 and 240.15Fk–1), under
the Securities Exchange Act of 1934 (15
U.S.C. 78a et 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.
In 2010, Congress passed the DoddFrank Act, establishing a comprehensive
framework for regulating the over-thecounter swaps markets.2 As required by
Title VII of the Dodd-Frank Act, new
section 15F(h) of the Exchange Act
established business conduct standards
for security-based swap (‘‘SBS’’) Dealers
and Major SBS Participants
1 Business Conduct Standards for Security-Based
Swap Dealers and Major Security-Based Swap
Participants, Exchange Act Release 77617 (Apr. 14,
2016), 81 FR 29959 (May 13, 2016). See also
Business Conduct Standards for Security-Based
Swap Dealers and Major Security-Based Swap
Participants; Correction, Exchange Act Release
77617A (May 19, 2016), 81 FR 32643 (May 24,
2016). (together, ‘the Business Conduct Rules for
SBSDs and MSBSPs’’ or ‘‘BCS Rules’’)
2 Dodd-Frank Wall Street Reform and Consumer
Protection Act, Pub. L. 111–203, 124 Stat. 1376
(2010) (‘‘Dodd-Frank Act’’).

E:\FR\FM\13MYN1.SGM

13MYN1

29412

Federal Register / Vol. 87, No. 93 / Friday, May 13, 2022 / Notices

(‘‘collectively ‘‘SBS Entities’’) in their
dealings with counterparties, including
special entities. In 2016, in order to
implement the Dodd-Frank Act, the
Commission adopted the BCS Rules for
SBS Dealers and Major SBS
Participants,3 a comprehensive set of
business conduct standards and chief
compliance officer requirements
applicable to SBS Entities, that are
designed to enhance transparency,
facilitate informed customer decisionmaking, and heighten standards of
professional conduct to better protect
investors.4
Rules 15Fh–1 through 15Fh–6 and
15Fk–1 require SBS Entities to:
• Verify whether a counterparty is an
eligible contract participant and
whether it is a special entity;
• Disclose to the counterparty
material information about the SBS,
including material risks, characteristics,
incentives and conflicts of interest;
• Provide the counterparty with
information concerning the daily mark
of the SBS;
• Provide the counterparty with
information regarding the ability to
require clearing of the SBS;
• Communicate with counterparties
in a fair and balanced manner based on
principles of fair dealing and good faith;
• Establish a supervisory and
compliance infrastructure; and
• Designate a chief compliance officer
that is required to fulfill the described
duties and provide an annual
compliance report.
The rules also require SBS Dealers to:
• Determine that recommendations
they make regarding SBS are suitable for
their counterparties.
3 Id.

lotter on DSK11XQN23PROD with NOTICES1

4 Commission staff has prepared separate
supporting statements pursuant to the Paperwork
Reduction Act (‘‘PRA’’) regarding Rules 3a71–3(c)
and 3a71–6, which address the cross-border
application of the business conduct standards and
the availability of substituted compliance. The
Office of Management and Budget (‘‘OMB’’) has
assigned control number 3235–0717 to Rule 3a71–
3(c) and 3235–0715 to Rule 3a71–6. Rule 3a67–
10(d) is a definitional rule and does not have a PRA
burden associated with it. Rules 3a71–3(a), 15Fh–
1 and 15Fh–2(b) and (c) address scope of the rules
and definitions and so do not have PRA burdens
associated with them.

VerDate Sep<11>2014

18:32 May 12, 2022

Jkt 256001

• Establish, maintain and enforce
written policies and procedures
reasonably designed to obtain and retain
a record of the essential facts concerning
each known counterparty that are
necessary to conduct business with such
counterparty; and
• Comply with rules designed to
prevent ‘‘pay-to-play.’’
The rules also define what it means to
‘‘act as an advisor’’ to a special entity,
and require an SBS Dealer who acts as
an advisor to a special entity to:
• Make a reasonable determination
that any security-based swap or trading
strategy involving a security-based swap
recommended by the SBS Dealer is in
the best interests of the special entity
whose identity is known at a reasonably
sufficient time prior to the execution of
the transaction to permit the SBS Dealer
to comply with this obligation; and
• Make reasonable efforts to obtain
such information that the SBS Dealer
considers necessary to make a
reasonable determination that a
security-based swap or trading strategy
involving a security-based swap is in
the best interests of the known special
entity.
In addition, the rules require SBS
Entities acting as counterparties to
special entities to reasonably believe
that the counterparty has an
independent representative who meets
the following requirements:
• Has sufficient knowledge to
evaluate the transaction and risks;
• Is not subject to a statutory
disqualification;
• Undertakes a duty to act in the best
interests of the special entity;
• Makes appropriate and timely
disclosures to the special entity of
material information concerning the
security-based swap;
• Evaluates, consistent with any
guidelines provided by the special
entity, the fair pricing and the
appropriateness of the security-based
swap;
• Is independent of the security-based
swap dealer or major security-based
swap participant that is the
counterparty to a proposed securitybased swap.

PO 00000

Frm 00140

Fmt 4703

Sfmt 4703

Under the rules, the special entity’s
independent representative must also be
subject to pay-to-play regulations, and if
the special entity is an ERISA plan, the
independent representative must be an
ERISA fiduciary.
The information that must be
collected pursuant to the BCS Rules is
intended to increase accountability and
transparency in the market. The
information will therefore help establish
a framework that protects investors and
promotes efficiency, competition and
capital formation.
Based on a review of recent data, as
of 2020, the Commission estimates the
number of respondents to be as follows:
44 SBS Dealers, 0 Major SBS
Participants, for a total of 44 ‘‘SBS
Entities’’.5 Further, we estimate that
approximately 41 of these 44 SBS
Entities will be dually registered with
the CFTC as Swap Entities. We also
estimate that there are currently 15,187
security-based swap market participants
of which 11,531 are also swap market
participants. In 2020, there were
approximately 354,814 security-based
swap transactions between an SBS
Dealer and counterparty that is not an
SBS Dealer of which 225,924 were new
and 6,841amended trades (totaling
232,765). The Commission estimates
there are 329 independent, third-party
representatives and 23 in-house
independent representatives.6 We
estimate that there are approximately
11,219 unique SBS Dealer and non-SBSDealer pairs. We have used these
estimates in calculating the hour and
cost burdens for the rule provisions that
we anticipate have a ‘‘collection of
information’’ burden within the
meaning of the PRA.
The Commission estimates that the
aggregate burden of the ongoing
reporting and disclosures required by
the BCS Rules, as described above, is
approximately 486,535 hours and
$1,812,800 calculated as follows:
5 Unless otherwise noted, estimates were derived
from the DTCC–TIW data set (November 2006
through December 2020).
6 See, Exchange Act Rule 15Fh–5.

E:\FR\FM\13MYN1.SGM

13MYN1

29413

Federal Register / Vol. 87, No. 93 / Friday, May 13, 2022 / Notices
Section

15Fh–3(b), (c), (d)
15Fh–3(b), (c), (d)

Type of burden

15Fh–6 .................
15Fk–1 .................

Disclosures—SBS Entities .................
Disclosures—SBS Transactions Between SBS Dealer and Non-SBSD
Counterparty.
Know Your Counterparty and Recommendations (SBS Dealers).
Fair and Balanced Communications ..
Supervision .........................................
SBS Entities Acting as Counterparties
to Special Entities.
SBS Entities Acting as Counterparties
to Special Entities.
Political Contributions .........................
Chief Compliance Officer ...................

Total ..............

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

15Fh–3(e), (f) .......
15Fh–3(g) .............
15Fh–3(h) .............
15Fh–5 .................
15Fh–5 .................

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 shall have practical utility;
(b) the accuracy of the Commission’s
estimate 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 by
July 12, 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 9, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10286 Filed 5–12–22; 8:45 am]

Respondents

Ongoing annual burden
(hours)
4,120
1

$0
0

181,280
232,765

$0
0

Reporting ...........

44

127.5

0

5,610

0

Reporting ...........
Reporting ...........
Reporting ...........

44
44
44

2
540
352

3,600
4,800
0

88
23,760
15,488

158,400
211,200
0

Third-Party Disclosure.
Reporting ...........
Reporting ...........

44

352

0

15,488

0

44
44

1
273

25,600
7,200

44
12,012

1,126,400
316,800

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

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

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

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

486,535

1,812,800

SECURITIES AND EXCHANGE
COMMISSION

Exchange withdrew the proposed rule
change (SR–PEARL–2022–12).

[Release No. 34–94876; File No. SR–
PEARL–2022–12]

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
J. Matthew DeLesDernier,
Assistant Secretary.

Self-Regulatory Organizations; MIAX
PEARL LLC; Notice of Withdrawal of
Proposed Rule Change To Amend the
MIAX PEARL Options Fee Schedule To
Increase the Monthly Fees for MIAX
Express Network Full Service Port
May 9, 2022.

On April 1, 2022, MIAX PEARL LLC
(‘‘MIAX Pearl’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’),1 and
Rule 19b–4 thereunder,2 a proposed rule
change to amend the MIAX Pearl
Options Fee Schedule to increase the
monthly fees for the MIAX Express
Network Full Service (‘‘MEO’’) Ports.
The proposed rule change was
immediately effective upon filing with
the Commission pursuant to Section
19(b)(3)(A) of the Act.3 On April 20,
2022, the proposed rule change was
published for comment in the Federal
Register and, pursuant to Section
19(b)(3)(C) of the Act,4 the Commission:
(1) Temporarily suspended the
proposed rule change; and (2) instituted
proceedings under Section 19(b)(2)(B) of
the Act 5 to determine whether to
approve or disapprove the proposed
rule change.6 On May 2, 2022, the
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A). A proposed rule change
may take effect upon filing with the Commission if
it is designated by the exchange as ‘‘establishing or
changing a due, fee, or other charge imposed by the
self-regulatory organization on any person, whether
or not the person is a member of the self-regulatory
organization.’’ 15 U.S.C. 78s(b)(3)(A)(ii).
4 15 U.S.C. 78s(b)(3)(C).
5 15 U.S.C. 78s(b)(2)(B).
6 See Securities Exchange Act Release No. 94722
(April 14, 2022), 87 FR 23660.

lotter on DSK11XQN23PROD with NOTICES1

2 17

Jkt 256001

Industry-wide
annual burden
(cost)

44
232,765

1 15

18:32 May 12, 2022

Industry-wide
annual burden
(hours)

Reporting ...........
Reporting ...........

BILLING CODE 8011–01–P

VerDate Sep<11>2014

Ongoing annual burden
(cost)

PO 00000

Frm 00141

Fmt 4703

Sfmt 4703

[FR Doc. 2022–10261 Filed 5–12–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94875; File No. SR–
PEARL–2022–11]

Self-Regulatory Organizations; MIAX
PEARL LLC; Notice of Withdrawal of
Proposed Rule Change To Amend the
MIAX PEARL Options Fee Schedule To
Increase Certain Connectivity Fees
May 9, 2022.

On April 1, 2022, MIAX PEARL LLC
(‘‘MIAX Pearl’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’),1 and
Rule 19b–4 thereunder,2 a proposed rule
change to amend the MIAX Pearl
Options Fee Schedule to increase
certain connectivity fees.
The proposed rule change was
immediately effective upon filing with
the Commission pursuant to Section
19(b)(3)(A) of the Act.3 On April 20,
2022, the proposed rule change was
published for comment in the Federal
Register and, pursuant to Section
7 17

CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A). A proposed rule change
may take effect upon filing with the Commission if
it is designated by the exchange as ‘‘establishing or
changing a due, fee, or other charge imposed by the
self-regulatory organization on any person, whether
or not the person is a member of the self-regulatory
organization.’’ 15 U.S.C. 78s(b)(3)(A)(ii).
1 15

E:\FR\FM\13MYN1.SGM

13MYN1