30 Day Notice

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Federal Register / Vol. 85, No. 1 / Thursday, January 2, 2020 / Notices

violation of the provisions of the rules
of the exchange, by expulsion,
suspension, limitation of activities,
functions, and operations, fine, censure,
being suspended or barred from being
associated with a member, or any other
fitting sanction. As noted, the proposed
rule change would provide the
Exchange ability to sanction minor or
technical violations pursuant to the
Exchange’s rules to deter the same or
violative activity that is already eligible
for a minor rule fine.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed change is not designed to
address any competitive issue but rather
to update the Exchange’s rules to
strengthen the Exchange’s ability to
carry out its oversight and enforcement
functions and deter potential violative
conduct.
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. 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 rule-comments@
sec.gov. Please include File Number SR–
NYSE–2019–071 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–NYSE–2019–071. 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
internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the

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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–NYSE–2019–071 and
should be submitted on or before
January 23, 2020.
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.15 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,16 which requires that
the rules of an exchange be designed to
promote just and equitable principles of
trade, to remove impediments and to
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest. The
Commission also believes that the
proposal is consistent with Sections
6(b)(1) and 6(b)(6) of the Act 17 which
require that the rules of an exchange
enforce compliance with, and provide
appropriate discipline for, violations of
Commission and Exchange rules.
Finally, the Commission finds that the
proposal is consistent with the public
interest, the protection of investors, or
otherwise in furtherance of the purposes
of the Act, as required by Rule 19d–
15 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
16 15 U.S.C. 78f(b)(5).
17 15 U.S.C. 78f(b)(1) and 78f(b)(6).

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1(c)(2) under the Act,18 which governs
minor rule violation plans. The
Commission notes that the Exchange
merely proposes to add to its minor rule
violation plan Pillar rules that are
identical to the provisions already
included in the plan. Accordingly, the
Commission believes the proposal raises
no novel or significant issues.
For the same reasons discussed above,
the Commission finds good cause,
pursuant to Section 19(b)(2) of the
Act,19 for approving the proposed rule
change prior to the thirtieth day after
the date of publication of the notice of
the filing thereof in the Federal
Register. The proposal merely adds
Pillar rules, which are substantively
based on legacy rules already in the
Exchange’s minor rule violation plan.
Accordingly, the Commission believes
that a full notice-and-comment period is
not necessary before approving the
proposal.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 20 and Rule
19d–1(c)(2) thereunder,21 that the
proposed rule change (SR–NYSE–2019–
71) be, and hereby is, approved and
declared effective on an accelerated
basis.
For the Commission, by the Division
of Market Regulation, pursuant to
delegated authority.22
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019–28278 Filed 12–31–19; 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 0–4; SEC File No. 270–569, OMB
Control No. 3235–0633

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 (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
18 17

CFR 240.19d–1(c)(2).
U.S.C. 78s(b)(2).
20 15 U.S.C. 78s(b)(2).
21 17 CFR 240.19d–1(c)(2).
22 17 CFR 200.30–3(a)(12).
19 15

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Federal Register / Vol. 85, No. 1 / Thursday, January 2, 2020 / Notices
request for approval of the collection of
information discussed below.
Rule 0–4 (17 CFR 275.0–4) under the
Investment Advisers Act of 1940 (‘‘Act’’
or ‘‘Advisers Act’’) (15 U.S.C. 80b–1 et
seq.) entitled ‘‘General Requirements of
Papers and Applications,’’ prescribes
general instructions for filing an
application seeking exemptive relief
with the Commission. Rule 0–4
currently requires that every application
for an Order for which a form is not
specifically prescribed and which is
executed by a corporation, partnership
or other company and filed with the
Commission contain a statement of the
applicable provisions of the articles of
incorporation, bylaws or similar
documents, relating to the right of the
person signing and filing such
application to take such action on behalf
of the applicant, and a statement that all
such requirements have been complied
with and that the person signing and
filing the application is fully authorized
to do so. If such authorization is
dependent on resolutions of
stockholders, directors, or other bodies,
such resolutions must be attached as an
exhibit to or quoted in the application.
Any amendment to the application must
contain a similar statement as to the
applicability of the original statement of
authorization. When any application or
amendment is signed by an agent or
attorney, rule 0–4 requires that the
power of attorney evidencing his
authority to sign shall state the basis for
the agent’s authority and shall be filed
with the Commission. Every application
subject to rule 0–4 must be verified by
the person executing the application by
providing a notarized signature in
substantially the form specified in the
rule. Each application subject to rule 0–
4 must state the reasons why the
applicant is deemed to be entitled to the
action requested with a reference to the
provisions of the Act and rules
thereunder, the name and address of
each applicant, and the name and
address of any person to whom any
questions regarding the application
should be directed. Rule 0–4 requires
that a proposed notice of the proceeding
initiated by the filing of the application
accompany each application as an
exhibit and, if necessary, be modified to
reflect any amendment to the
application.
The requirements of rule 0–4 are
designed to provide Commission staff
with the necessary information to assess
whether granting the Orders of
exemption are necessary and
appropriate in the public interest and
consistent with the protection of
investors and the intended purposes of
the Act.

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Applicants for Orders under the
Advisers Act can include registered
investment advisers, affiliated persons
of registered investment advisers, and
entities seeking to avoid investment
adviser status, among others.
Commission staff estimates that it
receives up to 4 applications per year
submitted under rule 0–4 of the Act
seeking relief from various provisions of
the Advisers Act and, in addition, up to
3 applications per year submitted under
Advisers Act rule 206(4)–5, which
addresses certain ‘‘pay to play’’
practices and also provides the
Commission the authority to grant
applications seeking relief from certain
of the rule’s restrictions. Although each
application typically is submitted on
behalf of multiple applicants, the
applicants in the vast majority of cases
are related entities and are treated as a
single respondent for purposes of this
analysis. Most of the work of preparing
an application is performed by outside
counsel and, therefore, imposes no
hourly burden on respondents. The cost
outside counsel charges applicants
depends on the complexity of the issues
covered by the application and the time
required. Based on conversations with
applicants and attorneys, the cost for
applications ranges from approximately
$13,600 for preparing a wellprecedented, routine (or otherwise less
involved) application to approximately
$212,800 to prepare a complex or novel
application. We estimate that the
Commission receives 1 of the most timeconsuming applications annually, 3
applications of medium difficulty, and 3
of the least difficult applications subject
to rule 0–4.1 This distribution gives a
total estimated annual cost burden to
applicants of filing all applications of
$392,500 [(1 × $212,800) + (3 × $46,300)
+ (3 × $13,600)]. The estimate of annual
cost burden is made solely for the
purposes of the Paperwork Reduction
Act, and is not derived from a
comprehensive or even representative
survey or study of the costs of
Commission rules and forms.
The requirements of this collection of
information are required to obtain or
retain benefits. Responses 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 control number.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
1 The estimated 3 least difficult applications
include the estimated 3 applications per year
submitted under Advisers Act rule 206(4)–5.

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157

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 send an email to: PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: December 27, 2019.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019–28319 Filed 12–31–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87859; File No. SR–ICC–
2019–012]

Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving
Proposed Rule Change Relating to
ICC’s Treasury Operations Policies
and Procedures
December 26, 2019.

I. Introduction
On November 1, 2019, ICE Clear
Credit LLC (‘‘ICC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’),1 and Rule 19b–4
thereunder,2 a proposed rule change to
revise the ICC Treasury Operations
Policies and Procedures (‘‘Treasury
Policy’’). The proposed rule change was
published for comment in the Federal
Register on November 21, 2019.3 The
Commission did not receive comments
regarding the proposed rule change. For
the reasons discussed below, the
Commission is approving the proposed
rule change.
II. Description of the Proposed Rule
Change
ICC proposes to revise its Treasury
Operations Policies and Procedures to
make clarification updates related to its
use of a committed repurchase (‘‘repo’’)
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Self-Regulatory Organizations; ICE Clear Credit
LLC; Notice of Filing of Proposed Rule Change
Relating to ICC’s Treasury Operations Policies and
Procedures; Exchange Act Release No. 34–87549
(Nov. 15, 2019); 84 FR 64379 (Nov. 21, 2019)
(‘‘Notice’’).
2 17

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