60 day notice

Federal Register / Vol. 85, No. 85 / Friday, May 1, 2020 / Notices
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–NYSEAMER–2020–32. 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
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–NYSEAMER–2020–32 and
should besubmitted on or before May
22, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–09252 Filed 4–30–20; 8:45 am]
BILLING CODE 8011–01–P

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Sunshine Act Meeting; Cancellation
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: 85 FR 23407, April 27,

2020
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, April 29, 2020

at 12:00 p.m.
14 17

CFR 200.30–3(a)(12).

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The Closed
Meeting scheduled for Wednesday,
April 29, 2020 at 12:00 p.m., has been
cancelled.

CHANGES IN THE MEETING:

CONTACT PERSON FOR MORE INFORMATION:

For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Dated: April 29, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–09449 Filed 4–29–20; 4:15 pm]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
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[SEC File No. 270–508, OMB Control No.
3235–0565]

60 Day Notice—Proposed Collection;
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 482

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (the
‘‘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 (‘‘OMB’’) for
extension and approval.
Like most issuers of securities, when
an investment company (‘‘fund’’) 1 offers
its shares to the public, its promotional
efforts become subject to the advertising
restrictions of the Securities Act of 1933
(15 U.S.C. 77) (the ‘‘Securities Act’’). In
recognition of the particular problems
faced by funds that continually offer
securities and wish to advertise their
securities, the Commission has adopted
advertising safe harbor rules. The most
important of these is rule 482 (17 CFR
230.482) under the Securities Act,
which, under certain circumstances,
permits funds to advertise investment
performance data, as well as other
information. Rule 482 advertisements
are deemed to be ‘‘prospectuses’’ under
1 ‘‘Investment company’’ refers to both
investment companies registered under the
Investment Company Act of 1940 (‘‘Investment
Company Act’’) (15 U.S.C. 80a–1 et seq.) and
business development companies.

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Section 10(b) of the Securities Act (15
U.S.C. 77j(b)).
Rule 482 contains certain
requirements regarding the disclosure
that funds are required to provide in
qualifying advertisements. These
requirements are intended to encourage
the provision to investors of information
that is balanced and informative,
particularly in the area of investment
performance. For example, a fund is
required to include disclosure advising
investors to consider the fund’s
investment objectives, risks, charges and
expenses, and other information
described in the fund’s prospectus, and
highlighting the availability of the
fund’s prospectus and, if applicable, its
summary prospectus. In addition, rule
482 advertisements that include
performance data of open-end funds or
insurance company separate accounts
offering variable annuity contracts are
required to include certain standardized
performance information, information
about any sales loads or other
nonrecurring fees, and a legend warning
that past performance does not
guarantee future results. Such funds
including performance information in
rule 482 advertisements are also
required to make available to investors
month-end performance figures via
website disclosure or by a toll-free
telephone number, and to disclose the
availability of the month-end
performance data in the advertisement.
The rule also sets forth requirements
regarding the prominence of certain
disclosures, requirements regarding
advertisements that make tax
representations, requirements regarding
advertisements used prior to the
effectiveness of the fund’s registration
statement, requirements regarding the
timeliness of performance data, and
certain required disclosures by money
market funds.
Rule 482 advertisements must be filed
with the Commission or, in the
alternative, with the Financial Industry
Regulatory Authority (‘‘FINRA’’).2 This
information collection differs from
many other federal information
collections that are primarily for the use
and benefit of the collecting agency.
Rule 482 contains requirements that
are intended to encourage the provision
to investors of information that is
balanced and informative, particularly
2 See note to rule 482(h) under the Securities Act,
which states that ‘‘these advertisements, unless
filed with [FINRA], are required to be filed in
accordance with the requirements of § 230.497.’’
See also rule 24b–3 under the Investment Company
Act (17 CFR 270.24b–3), which provides that any
sales material, including rule 482 advertisements,
shall be deemed filed with the Commission for
purposes of Section 24(b) of the Investment
Company Act upon filing with FINRA.

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Federal Register / Vol. 85, No. 85 / Friday, May 1, 2020 / Notices

in the area of investment performance.
The Commission is concerned that in
the absence of such provisions fund
investors may be misled by deceptive
rule 482 advertisements and may rely
on less-than-adequate information when
determining in which funds they should
invest money. As a result, the
Commission believes it is beneficial for
funds to provide investors with
balanced information in fund
advertisements in order to allow
investors to make better-informed
decisions.
The Commission estimates that
41,265 3 responses to rule 482 are filed
annually by 2,877 investment
companies offering approximately
12,476 portfolios, or approximately 3.3
responses per portfolio annually.4 The
burden associated with rule 482 is
presently estimated to be 5.16 hours per
response. The annual hourly burden is
therefore approximately 212,927 hours.5
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
The provision of information under rule
482 is necessary to obtain the benefits
of the safe harbor offered by the rule.
The information provided under rule
482 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.
Written comments are invited on: (a)
Whether the 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 of 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
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to David Bottom, Director/Chief
3 This estimated number of responses to rule 482
is composed of 41,003 responses filed with FINRA
and 262 responses filed with the Commission in
2019.
4 41,265 responses ÷ 12,476 portfolios = 3.3
responses per portfolio.
5 41,265 responses x 5.16 hours per response =
212,927 hours.

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Information Officer, Securities and
Exchange Commission, C/O Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: April 28, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–09300 Filed 4–30–20; 8:45 am]
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[Release No. 34–88753; File No. SR-Phlx2020–21]

Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Various Phlx
Rules Related to Routing, Remote
Specialist, and Assistant Lead Market
Maker
April 27, 2020.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 15,
2020, Nasdaq PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Phlx Rules at Options 2, Section 3,
Allocation Application, Allocation,
Reallocation, Transfer and Voluntary
Resignation’’; Options 2, Section 4,
Obligations of Market Makers; Options
2, Section 11, Lead Market Maker
Appointments; Options 5, Section 4,
Order Routing; Options 8, Section 11,
Floor Market Maker and Lead Market
Maker Appointment; Options 8, Section
25, Floor Allocation; and Options 8,
Section 39, Option Minor Rule
Violations and Order and Decorum
Regulations at E–2, Allocation, Time
Stamping, Matching and Access to
Matched Trades.
The text of the proposed rule change
is available on the Exchange’s website at
http://nasdaqphlx.cchwallstreet.com/,
at the principal office of the Exchange,
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Phlx Rules at Options 2, Section 3,
Allocation Application, Allocation,
Reallocation, Transfer and Voluntary
Resignation’’; Options 2, Section 4,
Obligations of Market Makers; Options
2, Section 11, Lead Market Maker
Appointments; Options 5, Section 4,
Order Routing; Options 8, Section 11,
Floor Market Maker and Lead Market
Maker Appointment; Options 8, Section
25, Floor Allocation; and Options 8,
Section 39, Option Minor Rule
Violations and Order and Decorum
Regulations at E–2, Allocation, Time
Stamping, Matching and Access to
Matched Trades. Each change is
described below.
Remote Specialist
The Exchange proposes to amend
Options 2, Section 4, Obligations of
Market Maker, to replace rule text
currently within Options 2, Section
4(b)(2) with more precise rule text.
Currently, the rule text in the last two
sentences of Options 2, Section 4(b)(2)
provides, ‘‘An RSQT shall not submit
option quotations in eligible options to
which such RSQT is assigned to the
extent that the RSQT is also approved
as a Remote Lead Market Maker in the
same options. An RSQT may only trade
in a market making capacity in classes
of options in which he is assigned or
approved as a Remote Lead Market
Maker.’’ The Exchange would like to
replace this text with more precise
language which it believes more clearly
conveys the meaning of those sentences.
The Exchange proposes to state, ‘‘An
RSQT may not simultaneously quote
both as RSQT and Remote Lead Market

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