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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 9 of the Act and
subparagraph (f)(2) of Rule 19b–4 10
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 11 of the Act 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:

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Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NYSENAT–2018–25 on the
subject line.
Paper Comments
• 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–NYSENAT–2018–25. 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
9 15

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
11 15 U.S.C. 78s(b)(2)(B).

internet website (http://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
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. Persons submitting
comments are cautioned that we do not
redact or edit personal identifying
information from comment submissions.
You should submit only information
that you wish to make available
publicly. All submissions should refer
to File Number SR–NYSENAT–2018–25
and should be submitted on or before
January 8, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018–27279 Filed 12–17–18; 8:45 am]
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SECURITIES AND EXCHANGE
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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:
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, SEC File No. 270–792;
OMB Control No. 3235–0739

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

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(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the existing 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 (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 brokerdealers 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
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 Rule 2a–7(c)(1)(ii).1
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 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
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
(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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Federal Register / Vol. 83, No. 242 / Tuesday, December 18, 2018 / Notices
eligible for the Exemption, a brokerdealer 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 March 31, 2018, the
Commission estimates there are
approximately 162 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 292 hours annually for the 162
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.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
Lindsay.M.Abate@omb.eop.gov; and (ii)
Charles Riddle, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Candace
Kenner, 100 F Street NE Washington,
DC 20549, or by sending an email to:
PRA_Mailbox@sec.gov. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: December 12, 2018.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018–27267 Filed 12–17–18; 8:45 am]
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[Release No. 34–84809; File No. SR–MSRB–
2018–08]

Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Order Granting Approval of a
Proposed Rule Change Concerning
Certain Data Elements on Form G–45
Under MSRB Rule G–45, on Reporting
of Information on Municipal Fund
Securities
December 12, 2018.

I. Introduction
On October 15, 2018, the Municipal
Securities Rulemaking Board (the
‘‘MSRB’’ or ‘‘Board’’) filed with the
Securities and Exchange Commission
(the ‘‘SEC’’ or ‘‘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 Form G–45 under
MSRB Rule G–45, on reporting of
information on municipal fund
securities,3 to clarify a data element
concerning the program management
fee, to add a data element concerning
the investment option closing date, and
to delete data elements concerning
annualized three-year performance
information (the ‘‘proposed rule
change’’). The proposed rule change was
published for comment in the Federal
Register on November 2, 2018.4 In the
Notice of Filing, the MSRB requested
that the proposed rule change become
effective on June 30, 2019.5
The Commission did not receive any
comment letters on the proposed rule
change.
II. Description of Proposed Rule Change
In the Notice of Filing, the MSRB
stated that the purpose of the proposed
rule change is to refine and enhance
certain of the investment option data
that the MSRB collects under Rule G–
45 from underwriters to 529 savings
plans 6 and ABLE programs.7
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 MSRB Form G–45 is an electronic form on
which submissions of the information required by
Rule G–45 are made to the MSRB.
4 Securities Exchange Act Release No. 84496
(October 29, 2018) (the ‘‘Notice of Filing’’), 83 FR
55214 (November 2, 2018).
5 See Notice of Filing.
6 Section 529 of the Internal Revenue Code of
1986, as amended (the ‘‘Code’’) established savings
plans (‘‘529 savings plans’’) to encourage saving for
future education costs. 26 U.S.C. 529(b)(1)(A)(ii).
7 ABLE programs are programs designed to
implement Section 529A to the Code. 26 U.S.C.
529A. Section 529A of the Code permits a state, or
an agency or instrumentality thereof, to establish
and maintain a tax-advantaged savings program to
2 17

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Specifically, the MSRB stated that it
proposes to amend Form G–45 to (i)
clarify a data element concerning the
program management fee, (ii) add a data
element concerning the investment
option closing date, and (iii) delete data
elements concerning annualized threeyear performance information.8 The
MSRB also stated that the proposed rule
change would provide information that
would enhance the MSRB’s and other
regulators’ ability to effectively and
efficiently analyze 529 savings plans
and ABLE programs to assess the impact
of each 529 savings plan and ABLE
program on the market, to evaluate
trends and differences, and to gain an
understanding of the aggregate risk
taken by investors.9
The MSRB stated that throughout the
seven reporting periods during which
the MSRB has analyzed data submitted
on Form G–45, the MSRB has observed
anomalies in the data submitted under
Investment Option information.10 The
MSRB stated that those anomalies
related to the program management fee
and to investment options that closed
during the reporting period. Form G–45
requires that an underwriter report the
program management fee (expressed as
an annual percentage of 529 savings
plan or ABLE program assets) assessed
by the 529 savings plan or ABLE
program.11 The MSRB noted that the
program management fee typically is a
separately identifiable percentage that is
shown in the fee table for the 529
savings plan or ABLE program, but for
some 529 savings plans and ABLE
programs, this is not the case.12 The
MSRB stated that instead for those 529
savings plans or ABLE programs, the
program management fee is assessed by
the underlying mutual fund in which
the investment option invests and this
is typically done through a 529 or ABLE
share class of the mutual fund.13 The
MSRB further noted that underwriters
for those 529 savings plans or ABLE
programs generally report the program
management fee as zero on Form G–45,
and then may add explanatory
information in the notes section of the
form about the fee.14 The MSRB stated
that such explanatory information,
however, may or may not actually
disclose the program management fee in
a format that is typically used for
help support individuals with disabilities in
maintaining health, independence, and quality of
life. See Notice of Filing.
8 See Notice of Filing.
9 Id.
10 Id.
11 Id.
12 Id.
13 Id.
14 Id.

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