30 Day Notice

Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices
definitions of conforming complex order
and nonconforming complex order that
are consistent with defined terms used
on another options exchange.40 The
proposal incorporates the proposed
definitions of conforming and
nonconforming complex order into the
Exchange’s rules, including Exchange
Rules 5.33(f)(2) and 5.85(b), and adds
new Exchange Rules 5.33(f)(2)(b)(v) and
5.85(b)(4) and (5) to specifically address
the permissible execution prices for
stock-option orders, but makes no
substantive changes to the permissible
execution prices for complex order or
stock-option orders.41 Accordingly, the
proposal raises no new or novel
regulatory issues. For these reasons, the
Commission designates the proposal
operative upon filing.42
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

Paper Comments

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• 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–CBOE–2023–052. This file
number should be included on the
40 See

MIAX Rules 518(a)(8) and (a)(16).
permissible execution prices for stockoptions orders currently are addressed in Cboe
Rules 5.33(f)(2)(B)(ii) and 5.85(b)(3).
42 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
41 The

21:46 Sep 28, 2023

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.43
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–21346 Filed 9–28–23; 8:45 am]

• 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–
CBOE–2023–052 on the subject line.

VerDate Sep<11>2014

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 the
Exchange. Do not include personal
identifiable 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 protection. All
submissions should refer to file number
SR–CBOE–2023–052 and should be
submitted on or before October 20,
2023.

Jkt 259001

BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–636, OMB Control No.
3235–0679]

Submission for OMB Review;
Comment Request; Extension: Form
PF and Rule 204(b)–1
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
(‘‘Commission’’) has submitted to the
43 17

PO 00000

CFR 200.30–3(a)(12), (59).

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67393

Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 204(b)–1 (17 CFR 275.204(b)–1)
under the Investment Advisers Act of
1940 (15 U.S.C. 80b–1 et seq.)
implements sections 404 and 406 of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act (the ‘‘DoddFrank Act’’) by requiring private fund
advisers that have at least $150 million
in private fund assets under
management to report certain
information regarding the private funds
they advise on Form PF. These advisers
are the respondents to the collection of
information.
Form PF is designed to facilitate the
Financial Stability Oversight Council’s
(‘‘FSOC’’) monitoring of systemic risk in
the private fund industry and to assist
FSOC in determining whether and how
to deploy its regulatory tools with
respect to nonbank financial companies.
The Commission and the Commodity
Futures Trading Commission may also
use information collected on Form PF in
their regulatory programs, including
examinations, investigations and
investor protection efforts relating to
private fund advisers.
Form PF divides respondents into two
broad groups, Large Private Fund
Advisers and smaller private fund
advisers. ‘‘Large Private Fund Advisers’’
are advisers with at least $1.5 billion in
assets under management attributable to
hedge funds (‘‘large hedge fund
advisers’’), advisers that manage
‘‘liquidity funds’’ and have at least $1
billion in combined assets under
management attributable to liquidity
funds and registered money market
funds (‘‘large liquidity fund advisers’’),
and advisers with at least $2 billion in
assets under management attributable to
private equity funds (‘‘large private
equity fund advisers’’). All other
respondents are considered smaller
private fund advisers.
The Commission estimates that most
filers of Form PF have already made
their first filing, and so the burden
hours applicable to those filers will
reflect only ongoing burdens, and not
start-up burdens. Accordingly, the
Commission estimates the total annual
reporting and recordkeeping burden of
the collection of information for each
respondent is as follows:
(a) For smaller private fund advisers
making their first Form PF filing, an
estimated amortized average annual
burden of 13 hours for each of the first
three years
(b) for smaller private fund advisers
that already make Form PF filings, an
estimated amortized average annual

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Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices

burden of 15 hours for each of the next
three years;
(c) for smaller private fund advisers,
an estimated average annual burden of
5 hours for event reporting for smaller
private equity fund advisers for each of
the next three years;
(d) for large hedge fund advisers
making their first Form PF filing, an
estimated amortized average annual
burden of 108 hours for each of the first
three years;
(e) for large hedge fund advisers that
already make Form PF filings, an
estimated amortized average annual
burden of 600 hours for each of the next
three years;
(f) for large hedge fund advisers, an
estimated average annual burden of 10
hours for current reporting for each of
the next three years;
(g) for large liquidity fund advisers
making their first Form PF filing, an
estimated amortized average annual
burden of 67 hours for each of the first
three years;
(h) for large liquidity fund advisers
that already make Form PF filings, an
estimated amortized average annual
burden of 280 hours for each of the next
three years;
(i) for large private equity fund
advisers making their first Form PF
filing, an estimated amortized average
annual burden of 84 hours for each of
the first three years;
(j) for large private equity fund
advisers that already make Form PF
filings, an estimated amortized average
annual burden of 100 hours for each of
the next three years; and
(k) for large private equity fund
advisers, an estimated average annual
burden of 5 hours for event reporting for
each of the next three years.
With respect to annual internal costs,
the Commission estimates the collection
of information will result in
122.86burden hours per year on average
for each respondent. With respect to
external cost burdens, the Commission
estimates a range from $0 to $50,000 per
adviser. Estimates of average burden
hours and costs are made solely for the
purposes of the Paperwork Reduction
Act and are not derived from a
comprehensive or even representative
survey or study of the costs of
Commission rules and forms. The
changes in burden hours are due to the
staff’s estimates of the time costs and
external costs that result from the
adopted amendments, the use of
updated data, and the use of different
methodologies to calculate certain
estimates. Compliance with the
collection of information requirements
of Form PF is mandatory for advisers
that satisfy the criteria described in

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21:46 Sep 28, 2023

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Instruction 1 to the Form. Responses to
the collection of information will be
kept confidential to the extent permitted
by law. The Commission does not
intend to make public information
reported on Form PF that is identifiable
to any particular adviser or private fund,
although the Commission may use Form
PF information in an enforcement
action. 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.
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 October 30, 2023 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: September 26, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–21430 Filed 9–28–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98494; File No. SR–FICC–
2023–011]

Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Order
Approving Proposed Rule Change, as
Modified by Amendment No. 1, To
Adopt a Portfolio Differential Charge
as an Additional Component to the
Government Securities Division
Required Fund Deposit
September 25, 2023.

I. Introduction
On August 3, 2023, Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) proposed
rule change SR–FICC–2023–011
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder.2
On August 16, 2023, FICC filed
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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Amendment No. 1 to the proposed rule
change, to make clarifications to the
proposed rule change.3 The proposed
rule change, as modified by Amendment
No. 1, is hereinafter referred to as the
‘‘Proposed Rule Change.’’ The Proposed
Rule Change was published for
comment in the Federal Register on
August 23, 2023.4 The Commission has
received no comments on the Proposed
Rule Change. For the reasons discussed
below, the Commission is approving the
Proposed Rule Change.5
II. Background
FICC is a central counterparty
(‘‘CCP’’), which means it interposes
itself as the buyer to every seller and
seller to every buyer for the financial
transactions it clears. FICC’s
Government Securities Division
(‘‘GSD’’) 6 provides trade comparison,
netting, risk management, settlement,
and CCP services for the U.S.
Government securities market. As such,
FICC is exposed to the risk that one or
more of its members may fail to make
a payment or to deliver securities.
A key tool that FICC uses to manage
its credit exposures to its members is
the daily collection of the Required
Fund Deposit (i.e., margin) from each
member. A member’s margin is
designed to mitigate potential losses
associated with liquidation of the
member’s portfolio in the event of that
member’s default. The aggregated
amount of all members’ margin
constitutes the Clearing Fund, which
FICC would be able to access should a
defaulted member’s own margin be
insufficient to satisfy losses to FICC
caused by the liquidation of that
member’s portfolio. Each member’s
margin consists of a number of
3 Amendment No. 1 made clarifications and
corrections to the description of the proposed rule
change and Exhibit 3a of the filing (Summary of
Impact Study) to incorporate a longer impact
analysis. As originally filed, the time-period of the
impact analysis was November 2021 to October
2022. As amended by Amendment No. 1, the timeperiod of the impact analysis is November 2021 to
March 2023. These clarifications and corrections
have been incorporated, as appropriate, into the
proposed rule change. FICC has requested
confidential treatment of Exhibit 3a, pursuant to 17
CFR 240.24b–2.
4 See Securities Exchange Act Release No. 98160
(Aug. 17, 2023), 88 FR 57485 (Aug. 23, 2023) (File
No. SR–FICC–2023–011) (‘‘Notice of Filing’’).
5 Capitalized terms not defined herein are defined
in the GSD Rulebook (‘‘Rules’’), available at https://
www.dtcc.com/∼/media/Files/Downloads/legal/
rules/ficc_gov_rules.pdf.
6 FICC operates two divisions: GSD and the
Mortgage-Backed Securities Division (‘‘MBSD’’).
GSD provides CCP services for the U.S. Government
securities market; MBSD provides CCP services for
the U.S. mortgage-backed securities market. GSD
and MBSD maintain separate sets of rules, margin
models, and clearing funds. The Proposed Rule
Change relates solely to GSD.

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