30 Day Notice

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Federal Register / Vol. 88, No. 230 / Friday, December 1, 2023 / Notices

changes are designed to provide NSCC
with an appropriate measure of the risks
related to market impact costs presented
by Members’ portfolios, NSCC believes
the proposal is appropriately designed
to meet NSCC’s risk management goals
and its regulatory obligations.
NSCC believes that it has designed the
proposed changes in an appropriate way
in order to meet compliance with its
obligations under the Act. Specifically,
the proposal would improve the riskbased margining methodology that
NSCC employs to set margin
requirements and better limit NSCC’s
credit exposures to its Members.
Therefore, as described above, NSCC
believes the proposed changes are
necessary and appropriate in
furtherance of NSCC’s obligations under
the Act, specifically section 17A(b)(3)(F)
of the Act,49 and Rules 17Ad–22(e)(4)(i)
and (e)(6)(i) under the Act.50

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(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants, or Others
NSCC has not received or solicited
any written comments relating to this
proposal. If any written comments are
received, they will be publicly filed as
an Exhibit 2 to this filing, as required by
Form 19b–4 and the General
Instructions thereto.
Persons submitting comments are
cautioned that, according to Section IV
(Solicitation of Comments) of the
Exhibit 1A in the General Instructions to
Form 19b–4, the Commission does not
edit personal identifying information
from comment submissions.
Commenters should submit only
information that they wish to make
available publicly, including their
name, email address, and any other
identifying information.
All prospective commenters should
follow the Commission’s instructions on
how to submit comments, available at
www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions
regarding the rule filing process or
logistical questions regarding this filing
should be directed to the Main Office of
the Commission’s Division of Trading
and Markets at tradingandmarkets@
sec.gov or 202–551–5777.
NSCC reserves the right to not
respond to any comments received.
III. Date of Effectiveness of the
Proposed Rule Change, and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
49 15
50 17

U.S.C. 78q–1(b)(3)(F).
CFR 240.17Ad–22(e)(4)(i) and (e)(6)(i).

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Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) by order approve or disapprove
such proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
NSCC–2023–011 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to file
number SR–NSCC–2023–011. 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 (https://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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of NSCC
and on DTCC’s website (https://
dtcc.com/legal/sec-rule-filings.aspx). Do
not include personal identifiable
information in submissions; you should
submit only information that you wish

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to make available publicly. We may
redact in part or withhold entirely from
publication submitted material that is
obscene or subject to copyright
protection. All submissions should refer
to file number SR–NSCC–2023–011 and
should be submitted on or before
December 22, 2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.51
Christina Z. Milnor,
Assistant Secretary.
[FR Doc. 2023–26390 Filed 11–30–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–803, OMB Control No.
3235–0754]

Submission for OMB Review;
Comment Request; Extension: Rule
30b1–10, Form N–RN
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.
Rule 30b1–10 [17 CFR 270.30b1–10]
and Form N–RN [17 CFR 274.223]
require registered open-end
management investment companies (not
including entities regulated as money
market funds under 17 CFR 270.2a–7),
registered closed-end funds, and
business development companies
(collectively, ‘‘funds’’), to file a current
report on Form N–RN on a non-public
basis when certain events related to
their liquidity and events regarding
funds’ compliance with the VaR-based
limit on fund leverage risk in 17 CFR
270.18f–4 (‘‘rule 18f–4’’) occur. The first
category of information reported on
Form N–RN concerns events under
which more than 15% of an open-end
fund’s net assets are, or become, illiquid
investments that are assets as defined in
17 CFR 270.22e–4 (‘‘rule 22e–4’’) and
when holdings in illiquid investments
are assets that previously exceeded 15%
of a fund’s net assets have changed to
be less than or equal to 15% of the
fund’s net assets. The second category of
51 17

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Federal Register / Vol. 88, No. 230 / Friday, December 1, 2023 / Notices

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information reported on Form N–RN
regards events for certain open-end
funds under which a fund’s holdings in
assets that are highly liquid investments
fall below the fund’s highly liquid
investment minimum defined in rule
22e–4 for more than 7 consecutive
calendar days. The third category of
information reported on Form N–RN
regards information about a fund’s
breaches of the VaR test under rule 18f–
4. A report on Form N–RN is required
to be filed, as applicable, within one
business day of the occurrence of one or
more of these events. In addition, a fund
is in certain cases required to file a
second Form N–RN when it is no longer
in breach of the applicable limit.
Based on historical filing data and
projected estimates of the annual
number of VAR-based filings, the staff
estimates that the Commission will
receive roughly 66 reports per year on
Form N–RN on average When filing a
report on Form N–RN, staff estimates
that a fund will spend on average
approximately 3 hours of a in house
compliance attorney’s time and 1 hour
of a senior programmer time to prepare,
review, and submit Form NRN at a total
time cost of $1,661.1 Accordingly, in the
aggregate, staff estimates that
compliance with rule 30b1–10 and
Form N–LIQUID will result in a total
annual burden of approximately 264
burden hours and total annual time
costs of approximately $109,626.2
Compliance with rule 30b1–10 is
mandatory for all funds. Responses to
the disclosure requirements will be kept
confidential. The estimate of average
burden hours is made solely for the
purposes of the PRA. The estimate is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules. Complying
with this collection of information
requirement is necessary to enable the
1 This estimate is based on the following
calculations: (3 hours × $425/hour for an in house
compliance attorney = $1,275 plus (1 hour × $386/
hour for a senior programmer = $386, for a
combined total of 4 hours at total time costs of
$1,661. The estimates concerning the wage rates for
an in house compliance attorney and a senior
programmer time are based on salary information
for the securities industry compiled by the
Securities Industry and Financial Markets
Association. The estimated wage figure is based on
published rates for in-house compliance attorneys
and senior programmers, modified to account for a
1,800-hour work-year and inflation, and multiplied
by 5.35 to account for bonuses, firm size, employee
benefits, and overhead. See Securities Industry and
Financial Markets Association, Report on
Management & Professional Earnings in the
Securities Industry 2013.
2 This estimate is based on the following
calculations: 66 reports filed per year × 4 hours per
report = approximately 264 total annual burden
hours. 66 reports filed per year × $1,661 in costs
per report = $109,626 total annual costs.

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Commission to receive information on
fund liquidity events more uniformly
and efficiently, and to enhance the
Commission’s oversight of funds when
significant liquidity events occur and its
ability to respond to market events. 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 by January 2, 2024 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov 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: November 27, 2023.
Christina Z. Milnor,
Assistant Secretary.
[FR Doc. 2023–26406 Filed 11–30–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given,
pursuant to the provisions of the
Government in the Sunshine Act, Public
Law 94–409, that the Securities and
Exchange Commission Investor
Advisory Committee will hold a public
meeting on Thursday, December 7,
2023. The meeting will begin at 10:30
a.m. (ET) and will be open to the public.

The meeting will be conducted
by remote means. Members of the public
may watch the webcast of the meeting
on the Commission’s website at
www.sec.gov.

PLACE:

This Sunshine Act notice is
being issued because a majority of the
Commission may attend the meeting.

STATUS:

The public is invited
to submit written statements to the
Committee. Written statements should
be received on or before December 6,
2023.
Written statements may be submitted
by any of the following methods:

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Electronic Statements
• Use the Commission’s internet
submission form (http://www.sec.gov/
rules/other.shtml); or
• Send an email message to [email protected]. Please include File
No. 265–28 on the subject line; or
Paper Electronic Statements
• Paper Statements. Send paper
statements to Vanessa A. Countryman,
Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File No.
265–28. This file number should be
included on the subject line if email is
used. To help us process and review
your statement more efficiently, please
use only one method.
The Commission will post all
statements on the Commission’s
website. Statements also will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE, Room
1503, Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Operating
conditions may limit access to the
Commission’s Public Reference Room.
Do not include personal information in
submissions; you should submit only
information that you wish to make
available publicly. We may redact in
part or withhold entirely from
publication submitted material that is
obscene or subject to copyright.
The agenda
for the meeting includes: welcome and
introductory remarks; opening remarks;
approval of previous meeting minutes; a
panel discussion regarding practical
applications for enhancing financial
literacy; a panel discussion examining
the use of complex investment products
and strategies by self-directed
investors—is the current approach
working; a discussion of a
recommendation regarding digital
engagement practices; subcommittee
and working group reports; and a nonpublic administrative session.

MATTERS TO BE CONSIDERED:

TIME AND DATE:

PUBLIC COMMENT:

84001

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: November 29, 2023.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2023–26547 Filed 11–29–23; 4:15 pm]
BILLING CODE 8011–01–P

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