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Federal Register / Vol. 84, No. 209 / Tuesday, October 29, 2019 / Notices

and provided clear information about
the proposed portfolio for the
Commission to make a determination
under Section 6(b)(5) of the Act.
III. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the issues
identified above, as well as any other
concerns they may have with the
proposal. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposal is consistent with Section
6(b)(5) or any other provision of the Act,
or the rules and regulations thereunder.
Although there do not appear to be any
issues relevant to approval or
disapproval that would be facilitated by
an oral presentation of views, data, and
arguments, the Commission will
consider, pursuant to Rule 19b–4, any
request for an opportunity to make an
oral presentation.23
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposal should be approved or
disapproved by November 19, 2019.
Any person who wishes to file a rebuttal
to any other person’s submission must
file that rebuttal by December 3, 2019.
The Commission asks that commenters
address the sufficiency of the
Exchange’s statements in support of the
proposal, in addition to any other
comments they may wish to submit
about the proposed rule change.
Comments may be submitted by any
of the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2019–51 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–NYSEArca–2019–51. This
23 Section 19(b)(2) of the Act, as amended by the
Securities Acts Amendments of 1975, Public Law
94–29 (June 4, 1975), grants the Commission
flexibility to determine what type of proceeding—
either oral or notice and opportunity for written
comments—is appropriate for consideration of a
particular proposal by a self-regulatory
organization. See Securities Acts Amendments of
1975, Senate Comm. on Banking, Housing & Urban
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
(1975).

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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 (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.
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–NYSEArca–2019–51 and
should be submitted by November 19,
2019. Rebuttal comments should be
submitted by December 3, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–23549 Filed 10–28–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copy Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 31a–2, SEC File No. 270–174, OMB
Control No. 3235–0179

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
24 17

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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.
Section 31(a)(1) of the Investment
Company Act of 1940 (15 U.S.C. 80a–1
et seq.) (the ‘‘Act’’) requires registered
investment companies (‘‘funds’’) and
certain underwriters, broker-dealers,
investment advisers, and depositors to
maintain and preserve records as
prescribed by Commission rules. Rule
31a–1 (17 CFR 270.31a–1) under the Act
specifies the books and records that
each of these entities must maintain.
Rule 31a–2 (17 CFR 270.31a–2) under
the Act specifies the time periods that
entities must retain certain books and
records, including those required to be
maintained under rule 31a–1.
The retention of records, as required
by the rule, is necessary to ensure access
to material business and financial
information about funds and certain
related entities. We periodically inspect
the operations of funds to ensure they
are in compliance with the Act and
regulations under the Act. Due to the
limits on our resources, however, each
fund may only be inspected at intervals
of several years. In addition, the
prosecution of persons who have
engaged in certain violations of the
federal securities laws may not be
limited by timing restrictions. For these
reasons, we often need information
relating to events or transactions that
occurred years ago. Without the
requirement to preserve books, records,
and other documents, our staff would
have difficulty determining whether the
fund was in compliance with the law in
such areas as valuation of its portfolio
securities, computation of the prices
investors paid, and, when purchasing
and selling fund shares, types and
amounts of expenses the fund incurred,
kinds of investments the fund
purchased, actions of affiliated persons,
or whether the fund had engaged in any
illegal or fraudulent activities. As part of
our examinations of funds, our staff also
reviews the materials that directors
consider in approving the advisory
contract.
There are 3,160 funds currently
operating as of December 31, 2018, all
of which are required to comply with
rule 31a–2. The Commission staff
estimates that, on average, a fund
spends 220.4 hours annually to comply
with the rule. The Commission therefore
estimates the total annual hour burden
of the rule’s and form’s paperwork
requirements to be 696,464 hours. In
addition to the burden hours, the
Commission staff estimates that the

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Federal Register / Vol. 84, No. 209 / Tuesday, October 29, 2019 / Notices
average yearly cost to each fund that is
subject to rule 31a–2 is about
$36,510.28. The Commission estimates
total annual cost is therefore about
$115.4 million.
Estimates of average burden hours
and costs are made solely for 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. Compliance with the collection
of information requirements of the rule
is mandatory. Responses to the
disclosure requirements will not be kept
confidential. 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 the 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 and
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: October 24, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–23596 Filed 10–28–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
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:
Rule 17a–3, SEC File No. 270–026, OMB
Control No. 3235–0033

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 extension of the

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previously approved collection of
information provided for in Rule 17a–3
(17 CFR 240.17a–3), under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 17a–3 under the Securities
Exchange Act of 1934 establishes
minimum standards with respect to
business records that broker-dealers
registered with the Commission must
make and keep current. These records
are maintained by the broker-dealer (in
accordance with a separate rule), so they
can be used by the broker-dealer and
reviewed by Commission examiners, as
well as other regulatory authority
examiners, during inspections of the
broker-dealer.
The collections of information
included in Rule 17a–3 are necessary to
provide Commission, self-regulatory
organization and state examiners to
conduct effective and efficient
examinations to determine whether
broker-dealers are complying with
relevant laws, rules, and regulations. If
broker-dealers were not required to
create these baseline, standardized
records, Commission, self-regulatory
organization and state examiners could
be unable to determine whether brokerdealers are in compliance with the
Commission’s antifraud and antimanipulation rules, financial
responsibility program, and other
Commission, SRO, and State laws, rules,
and regulations.
As of December 31, 2018 there were
3,764 broker-dealers registered with the
Commission. The Commission estimates
that these broker-dealer respondents
incur a total burden of 2,893,773 hours
per year to comply with Rule 17a–3.
In addition, Rule 17a–3 contains
ongoing operation and maintenance
costs for broker-dealers, including the
cost of postage to provide customers
with account information, and costs for
equipment and systems development.
The Commission estimates that under
Rule 17a–3(a)(17), approximately
45,633,482 customers will need to be
provided with information regarding
their account on a yearly basis. The
Commission estimates that the postage
costs associated with providing those
customers with copies of their account
record information would be
approximately $16,321,719 per year
(45,633,482 × $0.35).1 The staff
estimates that broker-dealers
establishing liquidity, credit, and
market risk management controls
pursuant to Rule 17a–3(a)(23) incur one1 Estimates of postage costs are derived from past
conversations with industry representatives and
have been adjusted to account for inflation and
increases in postage costs.

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57925

time startup costs of $912,000, or
$304,000 amortized over a three-year
approval period, to hire outside counsel
to review the controls. The staff further
estimates that the ongoing equipment
and systems development costs relating
to Rule 17a–3 for the industry would be
about $37,446,686 per year.
Consequently, the total cost burden
associated with Rule 17a–3 would be
approximately $54,072,405 per year.
Rule 17a–3 does not contain record
retention requirements. Compliance
with the rule is mandatory. The
required records are available only to
the staffs of the Commission, selfregulatory organizations of which the
broker-dealer is a member, and the
states during examination, inspections
and investigations.
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 the 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: Shagufta_
Ahmed@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: October 24, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–23598 Filed 10–28–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
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:
Rule 17a–10, OMB Control No. 3235–0563,
SEC File No. 270–507

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995

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