60 Day Notice

34328

Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices

B. Consistency With Section
17A(b)(3)(D) of the Act
Section 17A(b)(3)(D) of the Act
requires that the rules of a clearing
agency provide for the equitable
allocation of reasonable dues, fees, and
other charges among its participants.29
As described above in Section II.D.,
DTC would establish a fee of $0.005 per
item delivered or received, which
would be charged to the payor and the
payee of an SFT price differential
payment order. The Commission
believes that the proposed fee for SFT
price differential payment orders would
provide for the equitable allocation of
reasonable dues, fees, and other charges
among Participants. First, the proposed
fee of $0.005 is less than the $0.10 fee
for payment order applicable for
uncleared bilateral stock loan
transactions.30 Second, the Commission
understands that due to the lack of
history for cleared SFT activity,31 DTC
cannot estimate at this time the average
number of SFT Price Differential
payment orders that would be processed
and cannot, therefore, quantify a precise
fee.32 Accordingly, the Commission
believes that the proposed fee, which is
designed to take into account the
imbalance between the amount of
payment orders that would be required
for cleared SFTs and the amount
required for uncleared bilateral stock
loan transactions, is reasonable. The
Commission also believes that the
proposed fee would be equitably
allocated because the fee would be
charged to payors and payees per item
delivered or received in accordance
with their use of SFT price differential
payment orders and all such payors and
payees would be treated equally with
respect to the fee.
Therefore, the Commission believes
that the Proposed Rule Change
establishing a fee for the delivery and
receipt of an SFT price differential
payment order is designed to provide
for the equitable allocation of reasonable
dues, fees, and other charges among
participants, consistent with Section
17A(b)(3)(D) of the Act.33
29 15

U.S.C. 78q–1(b)(3)(D).
Notice of Filing, supra note 3, at 22973.
31 NSCC would be offering central clearing for
overnight SFTs for the first time, and accordingly,
NSCC would not be able to anticipate the size and
composition of the SFT activities. See Securities
Exchange Act Release No. 94694 (April 12, 2022),
87 FR 23372, 22375 (April 19, 2022) (SR–NSCC–
2022–003).
32 See Notice of Filing, supra note 3, at 22973.
33 15 U.S.C. 78q–1(b)(3)(D).

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C. Consistency With Rule 17Ad–
22(e)(21)
Rule 17Ad–22(e)(21) promulgated
under the Act requires, in part, a
covered clearing agency establish,
implement, maintain and enforce
written policies and procedures
reasonably designed to be efficient and
effective in meeting the requirements of
its participants and the markets it
serves, including the clearing agency’s
clearing and settlement arrangements
and the scope of products cleared or
settled.34
As described above in Section II.A.,
DTC proposes to revise its Rules,
Settlement Guide, and Fee Guide to be
able to process SFTs arising from
NSCC’s proposed SFT service. By doing
so, DTC would assist NSCC to
efficiently and effectively execute its
new service, which is to clear and settle
a new product. Also, as stated in
Section II.B., the proposal would (i)
provide a basis for DTC to accept and
rely on the instructions from NSCC as
special representative of DTC’s
Participants for SFTs, and (ii) establish
a new type of instructions for SFT price
differential payment orders. As stated in
Section II.C., the proposal would revise
the look-ahead processing to
accommodate SFTs and ensure that
SFTs would be processed timely and
efficiently. As stated in Section II.D., the
proposal would also revise DTC’s fee
guide to clearly establish a fee for SFT
price differential payment orders, which
are new transactions for DTC. Without
such changes, NSCC would not be able
to clear and settle SFTs at DTC.
For the reasons stated above, the
Commission believes that the Proposed
Rule Change is reasonably designed to
be efficient and effective in meeting the
requirements of its participants and the
market it serves, and consistent with
Rule 17Ad–22(e)(21).35
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the Proposed
Rule Change is consistent with the
requirements of the Act and in
particular with the requirements of
Section 17A of the Act 36 and the rules
and regulations promulgated
thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 37 that
Proposed Rule Change SR–DTC–2022–
002, be, and hereby is, approved.38
34 17

CFR 240.17Ad–22(e)(21).

35 Id.

U.S.C. 78q–1.
U.S.C. 78s(b)(2).
38 In approving the Proposed Rule Change, the
Commission considered the proposals’ impact on

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.39
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–12011 Filed 6–3–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–412, OMB Control No.
3235–0469]

Proposed Collection; Comment
Request; Extension: Rule 17Ad–17
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’’) is soliciting comments
on the existing collection of information
provided for in Rule 17Ad–17, (17 CFR
240.17Ad–17), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 17Ad–17 requires certain
transfer agents and broker-dealers to
make two searches for the correct
address of lost securityholders using an
information database without charge to
the lost securityholders. In addition,
paying agents are required to attempt to
notify lost payees at least once. In
addition, the entities also are required to
maintain records relating to the searches
and notifications. The Commission staff
estimates that the rule applies to
approximately 496 broker dealers and
transfer agents, and 3,113 paying agent
entities, including carrying firms,
transfer agents, indenture trustees,
custodians, and approximately 10% of
issuers. The Commission staff estimates
that the total annual burden for searches
is approximately 183,813 hours and the
total annual burden for paying agent
notifications is approximately 38,913
hours. In addition, approximately 5,968
burden hours are associated with
recordkeeping, representing an annual
burden of 4,411 hours for the brokerdealers and transfer agents, and 1,557
for paying agents. The Commission staff
estimates that the aggregate annual
burden is therefore approximately

36 15
37 15

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efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
39 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices
228,694 hours (183,813 + 38,913 +
5,968).
In addition, the Commission staff
estimates that covered entities will
incur costs of approximately $6,617,298
annually, primarily as payment to third
party data base providers that will
search for the missing securityholders.
The retention period for the
recordkeeping requirement under Rule
17Ad–17 is not less than three years.
The recordkeeping requirement under
this rule is mandatory to assist the
Commission in monitoring compliance
with the rule. This rule does not involve
the collection of confidential
information.
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
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 by
August 5, 2022.
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.
Please direct your written comments
to: David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
Mailbox@sec.gov.
Dated: May 31, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–12020 Filed 6–3–22; 8:45 am]

The Commission:
Secretarys-Office@sec.gov.

ADDRESSES:

FOR FURTHER INFORMATION CONTACT:

Shawn Davis, Assistant Director, at
(202) 551–6413 or Chief Counsel’s
Office at (202) 551–6821; SEC, Division
of Investment Management, Chief
Counsel’s Office, 100 F Street NE,
Washington, DC 20549–8010.

BILLING CODE 8011–01–P

General California Municipal Money
Market Fund [File No. 811–04871]

SECURITIES AND EXCHANGE
COMMISSION

Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On February 1,
2021, applicant made a liquidating
distribution to its shareholders based on
net asset value. Expenses of $4,271
incurred in connection with the
liquidation were paid by the applicant’s
investment adviser.
Filing Date: The application was filed
on April 6, 2022.
Applicant’s Address: james.bitetto@
bnymellon.com.

[Investment Company Act Release No.
34603]

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The following is a notice of
applications for deregistration under
section 8(f) of the Investment Company
Act of 1940 for the month of May 2022.
A copy of each application may be
obtained via the Commission’s website
by searching for the applicable file
number listed below, or for an applicant
using the Company name search field,
on the SEC’s EDGAR system. The SEC’s
EDGAR system may be searched at
https://www.sec.gov/edgar/searchedgar/
legacy/companysearch.html. You may
also call the SEC’s Public Reference
Room at (202) 551–8090. An order
granting each application will be issued
unless the SEC orders a hearing.
Interested persons may request a
hearing on any application by emailing
the SEC’s Secretary at SecretarysOffice@sec.gov and serving the relevant
applicant with a copy of the request by
email, if an email address is listed for
the relevant applicant below, or
personally or by mail, if a physical
address is listed for the relevant
applicant below. Hearing requests
should be received by the SEC by 5:30
p.m. on June 21, 2022, and should be
accompanied by proof of service on
applicants, in the form of an affidavit or,
for lawyers, a certificate of service.
Pursuant to Rule 0–5 under the Act,
hearing requests should state the nature
of the writer’s interest, any facts bearing
upon the desirability of a hearing on the
matter, the reason for the request, and
the issues contested. Persons who wish
to be notified of a hearing may request
notification by writing to the
Commission’s Secretary at SecretarysOffice@sec.gov.

Applications for Deregistration Under
Section 8(f) of the Investment
Company Act of 1940
May 27, 2022.

Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’)
ACTION: Notice.
AGENCY:

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34329

General Government Securities Money
Market Funds, Inc. [File No. 811–
03456]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Dreyfus Treasury
Securities Cash Management, and on
May 11, 2021 made a final distribution
to its shareholders based on net asset
value. Expenses of $241,982 incurred in
connection with the reorganization were
paid by the applicant’s investment
adviser.
Filing Date: The application was filed
on May 10, 2022.
Applicant’s Address: james.bitetto@
bnymellon.com.
Nuveen California Municipal Value
Fund 2 [File No. 811–22272]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Nuveen
California Municipal Value Fund, and
on April 1, 2021 made a final
distribution to its shareholders based on
net asset value. Expenses of $624,205
incurred in connection with the
reorganization were paid by the
applicant and the acquiring fund.
Filing Date: The application was filed
on March 25, 2022.
Applicant’s Address: mark.winget@
nuveen.com.
Nuveen High Income 2020 Target Term
Fund [File No. 811–23051]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On October 30,
2020, applicant made liquidating
distributions to its shareholders based
on net asset value. Expenses of $980
incurred in connection with the
liquidation were paid by the applicant.
Filing Dates: The application was
filed on March 25, 2022, and amended
on May 17, 2022.
Applicant’s Address: mark.winget@
nuveen.com.
Nuveen Maryland Quality Municipal
Income Fund [File No. 811–07486]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Nuveen Quality
Municipal Income Fund, and on May 3,
2021 made a final distribution to its
shareholders based on net asset value.
Expenses of $497,349 incurred in
connection with the reorganization were
paid by the applicant and the acquiring
fund.

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