Federal Register 30-day Notice

Federal Register / Vol. 90, No. 39 / Friday, February 28, 2025 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–792; OMB Control No.
3235–0739]

khammond on DSK9W7S144PROD with NOTICES

Submission for OMB Review;
Comment Request; Extension: Order
Granting a Conditional Exemption
Under the Securities Exchange Act of
1934 From the Confirmation
Requirements of Exchange Act Rule
10b–10(a) for Certain Transactions in
Money Market Funds
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
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
the following: Order Granting a
Conditional Exemption under the
Securities Exchange Act of 1934 from
the Confirmation Requirements of
Exchange Act Rule 10b–10(a) for Certain
Transactions in Money Market Funds
(17 CFR 240.10b–10(a)).
Rule 10b–10 under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
(15 U.S.C. 78a et seq.) generally requires
broker-dealers to provide customers
with specified information relating to
their securities transactions at or before
the completion of the transactions. Rule
10b–10(b), however, provides an
exception from this requirement for
certain transactions in money market
funds that attempt to maintain a stable
net asset value when no sales load or
redemption fee is charged. The
exception permits broker-dealers to
provide transaction information to
money market fund shareholders on a
monthly, rather than immediate, basis,
subject to the conditions. Amendments
to Rule 2a–7 (17 CFR 270.2a–7) of the
Investment Company Act of 1940
(‘‘Investment Company Act’’) (15 U.S.C.
80a–1 et seq.) among other things,
means, absent an exemption, brokerdealers would not be able to continue to
rely on the exception under Exchange
Act Rule 10b–10(b) for transactions in
money market funds operating in
accordance with Investment Company
Act Rule 2a–7(c)(1)(ii).1
1 See generally Money Market Fund Reform;
Amendments to Form PF, Securities Act Release
No. 9408, Investment Advisers Act Release No.
3616, Investment Company Act Release No. 30551

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In 2015, the Commission issued an
Order Granting a Conditional
Exemption under the Securities
Exchange Act of 1934 From The
Confirmation Requirements of Exchange
Act Rule 10b–10(a) For Certain
Transactions In Money Market Funds
(‘‘Order’’) 2 which allows broker-dealers,
subject to certain conditions, to provide
transaction information to investors in
any money market fund operating
pursuant to Investment Company Act
Rule 2a–7(c)(1)(ii) on a monthly basis in
lieu of providing immediate
confirmations as required under
Exchange Act Rule 10b–10(a) (‘‘the
Exemption’’). Accordingly, to be eligible
for the Exemption, a broker-dealer must
(1) provide an initial written
notification to the customer of its ability
to request delivery of immediate
confirmations consistent with the
written notification requirements of
Exchange Act Rule 10b–10(a), and (2)
not receive any such request to receive
immediate confirms from the customer.
As of December 31, 2023, the
Commission estimates there are
approximately 206 broker-dealers that
clear customer transactions or carry
customer funds and securities who
would be responsible for providing
customer confirmations. The
Commission estimates that the cost of
the ongoing notification requirements
would be minimal, approximately 5% of
the initial burden which was previously
estimated to be 36 hours per brokerdealer, or approximately 1.8 hours per
broker-dealer per year to provide
ongoing notifications or a total burden
of approximately 371 hours annually for
the 206 carrying broker-dealers.
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.
Written comments are invited on: (a)
whether this 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
(June 5, 2013), 78 FR 36834, 36934 (June 19, 2013);
see also Exchange Act Rule 10b–10(b)(1), 17 CFR
240.10b–10(b)(1) (limiting alternative monthly
reporting to money market funds that attempt to
maintain a stable NAV).
2 See Order Granting a Conditional Exemption
Under the Securities Exchange Act of 1934 From
the Confirmation Requirements of Exchange Act
Rule 10b–10(a) for Certain Transactions in Money
Market Funds, Exchange Act Release No. 34–76480
(Nov. 19, 2015), 80 FR 73849 (Nov. 25, 2015).

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collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202411-3235-005
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by March
31, 2025.
Dated: February 25, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–03280 Filed 2–27–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–225, OMB Control No.
3235–0235]

Submission for OMB Review;
Comment Request; Extension: Rule
17a–8
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. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 17a–8 (17 CFR 270.17a–8) under
the Investment Company Act of 1940
(the ‘‘Act’’) (15 U.S.C. 80a–1 et seq.) is
entitled ‘‘Mergers of affiliated
companies.’’ Rule 17a–8 exempts
certain mergers and similar business
combinations (‘‘mergers’’) of affiliated
registered investment companies
(‘‘funds’’) from prohibitions under
section 17(a) of the Act (15 U.S.C. 80a–
17(a)) on purchases and sales between a
fund and its affiliates. The rule requires
fund directors to consider certain issues
and to record their findings in board
minutes. The rule requires the directors
of any fund merging with an
unregistered entity to approve
procedures for the valuation of assets
received from that entity. These
procedures must provide for the
preparation of a report by an
independent evaluator that sets forth the
fair value of each such asset for which
market quotations are not readily
available. The rule also requires a fund

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