Form ABS-EE 30 Day Federal Register Notice

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53672

Federal Register / Vol. 89, No. 124 / Thursday, June 27, 2024 / Notices

A. Consistency With Section
17A(b)(3)(F) of the Act
Section 17A(b)(3)(F) of the Act
requires that the rules of a clearing
agency, such as FICC, be designed to,
among other things, promote the prompt
and accurate clearance and settlement of
securities transactions.22
As stated above in Section II, the
CCLF is a key tool in FICC’s ability to
meet its cash settlement obligations in
the event of a default of the member
(including the member’s family of
affiliated members) to which FICC has
the largest exposure in extreme but
plausible market conditions. The
Proposed Rule Change would modify
the Rules by requiring MBSD Clearing
Members and GSD Netting Members to
provide attestations and
acknowledgements to FICC that they
understand their CCLF obligations,
incorporate such obligations into their
liquidity planning, and continually
reassess their understating of and ability
to meet their CCLF obligations.23
Requiring attestations on at least an
annual basis and written
acknowledgements from MBSD Clearing
Members and GSD Netting Members to
FICC should enhance the overall design
and efficacy of the CCLF, which is a key
tool in FICC’s ability to meet its cash
settlement obligations in the event of a
member default and a CCLF event is
declared by FICC. The Proposed Rule
Change should further improve the
ability of FICC to rely on the CCLF and
MBSD Clearing Members and GSD
Netting Members as liquidity providers
during a CCLF event, and, in turn,
enable FICC to use the CCLF to meet its
settlement obligations in the event of a
member’s default.
By doing so, the Proposed Rule
Change should better ensure that, in the
event of a member default, FICC’s
operation of its critical clearance and
settlement services would not be
disrupted because of insufficient
financial resources. Accordingly, the
Commission finds that the Proposed
Rule Change should help FICC continue
providing prompt and accurate
clearance and settlement of securities
transactions, consistent with Section
17A(b)(3)(F) of the Act.24
Further, the proposed clarifying
changes should help to ensure that the
Rules are clear to MBSD Clearing
Members and GSD Netting Members
concerning their understanding of and
obligations during a CCLF Event. When
members better understand their rights
and obligations, members are more

likely to act in accordance with the
Rules, which should promote the
prompt and accurate clearance and
settlement of securities transactions,
consistent with Section17A(b)(3)(F) of
the Act.25
For these reasons, the Commission
believes that the Proposed Rule Change
is designed to promote the prompt and
accurate clearance and settlement of
securities transactions consistent with
Section 17A(b)(3)(F) of the Act.26
B. Consistency With Rule 17Ad–22(e)(7)
Rule 17Ad–22(e)(7) under the Act
requires a covered clearing agency, such
as FICC, to establish, implement,
maintain, and enforce written policies
and procedures reasonably designed to
effectively measure, monitor, and
manage the liquidity risk that arises in
or is borne by the covered clearing
agency.27 As described above in Section
II, FICC proposes to modify the Rules to
require certain attestations and
acknowledgements from MBSD Clearing
Members and GSD Netting Members
concerning their CCLF obligations.
The Commission believes that the
Proposed Rule Change described above
is consistent with the requirements of
Rule 17Ad–22(e)(7). By requiring certain
attestations and acknowledgements by
MBSD Clearing Members and GSD
Netting Members, the Proposed Rule
Change is designed to improve the
operation of the CCLF as a reliable form
of liquid resources upon the default of
a member to which FICC has the largest
exposure in extreme but plausible
conditions. Moreover, by requiring
attestations on at least an annual basis
and certifications from two officers that
the MBSD Clearing Members and GSD
Netting Members are continually
reassessing their CCLF obligations, the
Proposed Rule Change improves the
reliability of the CCLF and enhances
due diligence of its liquidity providers.
Further, requiring written
acknowledgements from MBSD Clearing
Members and GSD Netting Members
from time to time and following an ad
hoc resizing of the CCLF ensures that
MBSD Clearing Members and GSD
Netting Members will continually assess
their ability to meet their CCLF
obligations during a CCLF event, which
also improves the reliability of the
CCLF. As a result, the required
attestations and written
acknowledgements included in the
Proposed Rule Change by FICC should
enhance FICC’s ability to measure,

22 15

25 15

23 See

26 Id.

U.S.C. 78q–1(b)(3)(F).
Notice of Filing, supra note 4, at 43940.
24 15 U.S.C. 78q–1(b)(3)(F).

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U.S.C. 78q–1(b)(3)(F).
CFR 240.17Ad–22(e)(7).

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monitor, and manage their liquidity risk
concerning their CCLF obligations.
For these reasons, the Commission
believes that the Proposed Rule Change
is consistent with Rule 17Ad–22(e)(7)
under the Act.28
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the Proposed
Rule Change is consistent with the
requirements of the Act and in
particular with the requirements of
Section 17A of the Act 29 and the rules
and regulations promulgated
thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 30 that
proposed rule change SR–FICC–2024–
008, be, and hereby is, approved.31
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.32
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–14067 Filed 6–26–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–609, OMB Control No.
3235–0706]

Submission for OMB Review;
Comment Request; Form ABS–EE
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
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Form ABS–EE (17 CFR 249.1401) is
filed by asset-backed issuers to provide
asset-level information for registered
offerings of asset-backed securities at
the time of securitization and on an
ongoing basis required by Item 1111(h)
of Regulation AB (17 CFR 229.1111(h)).
The purpose of the information
collected on Form ABS–EE is to
implement the disclosure requirements
28 17

CFR 240.17Ad–22(e)(7).
U.S.C. 78q–1.
30 15 U.S.C. 78s(b)(2).
31 In approving the Proposed Rule Change, the
Commission considered its impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
32 17 CFR 200.30–3(a)(12).
29 15

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Federal Register / Vol. 89, No. 124 / Thursday, June 27, 2024 / Notices
of Section 7(c) of the Securities Act of
1933 (15 U.S.C. 77g(c)) to provide
information regarding the use of
representations and warranties in the
asset-backed securities markets. Form
ABS–EE takes approximately 50.87152
hours per response to prepare and is
filed by 5,463 securitizers annually. We
estimate that 25% of the approximately
50.87152 hours per response (12.71788
hours) is prepared by the securitizers
internally for a total annual reporting
burden of 69,478 hours (12.71788 hours
per response × 5,463 responses).
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 July 29, 2024 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].
Dated: June 21, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–14076 Filed 6–26–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–270, OMB Control No.
3235–0292]

lotter on DSK11XQN23PROD with NOTICES1

Submission for OMB Review;
Comment Request; Extension: Form
F–6-Registration Statement
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
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.

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Form F–6 (17 CFR 239.36) is a form
used by foreign companies to register
the offer and sale of American
Depositary Receipts (ADRs) under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.). Form F–6 requires disclosure of
information regarding the terms of the
depository bank, fees charged, and a
description of the ADRs. No special
information regarding the foreign
company is required to be prepared or
disclosed, although the foreign company
must be one which periodically
furnishes information to the
Commission. The information is needed
to ensure that investors in ADRs have
full disclosure of information
concerning the deposit agreement and
the foreign company. Form F–6 takes
approximately 1.35 hours per response
to prepare and is filed by 366
respondents annually. We estimate that
25% of the 1.35 hours per response
(0.338 hours) is prepared by the filer for
a total annual reporting burden of 124
hours (0.338 hours per response × 366
responses). The information provided
on Form F–6 is mandatory to best
ensure full disclosure of ADRs being
issued in the U.S. All information
provided to the Commission is available
for public review upon request.
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 July 29, 2024 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].
Dated: June 21, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–14079 Filed 6–26–24; 8:45 am]
BILLING CODE 8011–01–P

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53673

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–110, OMB Control No.
3235–0286]

Proposed Collection; Comment
Request; Extension: Regulation A
(Form 1–A): Small Issuer Exemption
From Registration Under the Securities
Act and Its Attendant Form
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’’) 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.
Regulation A (17 CFR 230.251
through 230.263) provides an exemption
from registration under the Securities
Act of 1933 (15 U.S.C. 77a et seq.) for
certain limited offerings of securities by
issuers who do not otherwise file
reports with the Commission. Form 1–
A is an offering statement filed under
Regulation A. The paperwork burden
from Regulation A is imposed through
the forms that are subject to the
disclosure requirements in Regulation A
and is reflected in the analysis of the
form. To avoid a Paperwork Reduction
Act inventory reflecting duplicative
burdens, for administrative convenience
we estimate the burden imposed by
Regulation A to be a total of one hour.
We estimate that approximately 325
issuers file Forms 1–A. We estimate that
Form 1–A takes approximately 717.372
hours to prepare. We estimate that 75%
of the 717.372 hours per response
(538.029 hours) is prepared by the
company for a total annual burden of
174,859 hours (538.029 hours per
response × 325 responses).
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the 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

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