30 Day Notice

48050

Federal Register / Vol. 87, No. 150 / Friday, August 5, 2022 / Notices

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 background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by September 6, 2022.
To (i) MBX.OMB.OIRA.SEC_desk_
officer@omb.eop.gov and (ii) David
Bottom, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549, or by
sending an email to: PRA_Mailbox@
sec.gov.
Date: August 1, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–16848 Filed 8–4–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–504, OMB Control No.
3235–0561]

lotter on DSK11XQN23PROD with NOTICES1

Submission for OMB Review;
Comment Request: Extension: Rule
12d3–1
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
(44 U.S.C. 3501 et seq.), the Securities
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.
Rule 12d3–1 (17 CFR 270.12d3–1)
under the Investment Company Act of
1940 (15 U.S.C. 80a–1 et seq.)
(‘‘Investment Company Act’’) permits a
fund to invest up to five percent of its
assets in securities of an issuer deriving
more than fifteen percent of its gross
revenues from securities-related
businesses (subject to certain
limitations), notwithstanding the
general prohibition in Section 12(d)(3)
of the Investment Company Act of a
registered investment company (‘‘fund’’)

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and companies controlled by the fund
purchasing securities issued by a
registered investment adviser, broker,
dealer, or underwriter (‘‘securitiesrelated businesses’’).
A fund may, however, rely on an
exemption in rule 12d3–1 to acquire
securities issued by its subadvisers in
circumstances in which the subadviser
would have little ability to take
advantage of the fund, because it is not
in a position to direct the fund’s
securities purchases. This exemption in
rule 12d3–1 is available if: (i) the
subadviser is not, and is not an affiliated
person of, an investment adviser that
provides advice with respect to the
portion of the fund that is acquiring the
securities; and (ii) the advisory contracts
of the subadviser, and any subadviser
that is advising the purchasing portion
of the fund, prohibit them from
consulting with each other concerning
securities transactions of the fund, and
limit their responsibility in providing
advice to providing advice with respect
to discrete portions of the fund’s
portfolio.1
Based on an analysis of fund filings,
Commission staff estimates that
approximately 285 funds enter into such
new subadvisory agreements each year,
and that it will require approximately 3
attorney hours to draft and execute
additional clauses in new subadvisory
contracts in order for funds and
subadvisers to be able to rely on the
exemptions in rule 12d3–1. Because
these additional clauses are identical to
the clauses that a fund would need to
insert in their subadvisory contracts to
rely on rules 10f–3 (17 CFR 270.10f–3),
17a–10 (17 CFR 270.17a–10), and 17e–
1 (17 CFR 270.17e–1), and because we
believe that funds that use one such rule
generally use all of these rules, we
apportion this 3 hour time burden
equally to all four rules. Therefore, we
estimate that the burden allocated to
rule 12d3–1 for this contract change
would be 0.75 hours. Assuming that all
285 funds that enter into new
subadvisory contracts each year make
the modification to their contract
required by the rule, we estimate that
the rule’s contract modification
requirement will result in 214 burden
hours annually, with an associated time
cost of approximately $90,950.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. The estimate
is not derived from a comprehensive or
even a representative survey or study of
the costs of Commission rules.
Complying with this collection of
information requirement is necessary to
1 See

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17 CFR 270.270.12d3–1(c)(3).

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obtain the benefit of relying on rule
12d3–1. 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 background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by September 6, 2022 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: PRA_Mailbox@sec.gov.
Dated: August 1, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–16847 Filed 8–4–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[TM–270–650; OMB Control No. 3235–0700]

Proposed Collection; Comment
Request; Extension: Rule 18a–4
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 18a–4 (17 CFR
240.18a–4), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (‘‘Exchange Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 18a–4 establishes segregation
requirements for cleared and noncleared security-based swap
transactions, which applies to nonbroker-dealer security-based swap
dealers (‘‘SBSDs’’) (i.e., bank SBSDs and
nonbank stand-alone SBSDs), as well as
notification requirements for non-

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Federal Register / Vol. 87, No. 150 / Friday, August 5, 2022 / Notices
broker-dealer SBSDs and major securitybased swap participants (‘‘MSBSPs’’).
The aggregate annual burden for all
respondents is estimated to be 7,647
hours. The aggregate annual cost burden
for all respondents is estimated to be
$2,667.
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
October 4, 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: August 1, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–16846 Filed 8–4–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–95400; File No. SR–MEMX–
2022–14]

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Self-Regulatory Organizations; MEMX
LLC; Notice of Withdrawal of a
Proposed Rule Change To Amend Its
Fee Schedule To Adopt Market Data
Fees
On May 23, 2022, MEMX LLC
(‘‘MEMX’’) filed with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 1 and
Rule 19b–4 thereunder,2 a proposed rule
change to amend its Fee Schedule to
adopt fees for its market data products.
The proposed rule change was
1 15
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

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immediately effective upon filing with
the Commission pursuant to Section
19(b)(3)(A) of the Act.3 The proposed
rule change was published for comment
in the Federal Register on June 9, 2022.4
On July 21, 2022, MEMX withdrew the
proposed rule change (SR–MEMX–
2022–14).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.5
Dated: August 1, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–16765 Filed 8–4–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–95406; File No. SR–
CboeBZX–2022–042]

Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend Rule
19.6
August 1, 2022.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on August 1,
2022, Cboe BZX Exchange, Inc.
(‘‘Exchange’’ or ‘‘BZX’’) 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 Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 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
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX Options’’)
proposes to amend Rule 19.6. The text
3 15 U.S.C. 78s(b)(3)(A). A proposed rule change
may take effect upon filing with the Commission if
it is designated by the exchange as ‘‘establishing or
changing a due, fee, or other charge imposed by the
self-regulatory organization on any person, whether
or not the person is a member of the self-regulatory
organization.’’ 15 U.S.C. 78s(b)(3)(A)(ii).
4 See Securities Exchange Act Release No. 95036
(June 3, 2022), 87 FR 35252.
5 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).

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48051

of the proposed rule change is provided
in Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (http://markets.cboe.com/us/
equities/regulation/rule_filings/bzx/), at
the Exchange’s Office of the Secretary,
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 proposed rule change amends
Rule 19.6, Interpretation and Policy .05.
Specifically, the Exchange proposes to
amend Rule 19.6, Interpretation and
Policy .05(f) to account for conflicts
between different provisions within the
Short Term Option Series Rules, extend
current $0.50 strike price intervals in
equity options to short term options
with strike prices less than $100, and
make other clarifying changes.
In 2021, the Exchange amended Rule
19.6, Interpretation and Policy .05 to
limit the intervals between strikes in
equity options listed as part of the Short
Term Option Series Program, excluding
Exchange-Traded Fund Shares and
ETNs, that have an expiration date more
than twenty-one days from the listing
date (‘‘Strike Interval Proposal’’).5 The
Strike Interval Proposal adopted new
paragraph (f), which included a table
that intended to specify the applicable
strike intervals that would supersede
subparagraph (e) 6 for Short Term
Option Series in equity options,
excluding options on exchange-traded
5 See Securities Exchange Act Release No. 91455
(April 1, 2021), 86 FR 18099 (April 7, 2021) (SR–
CboeBZX–2021–022).
6 Rule 19.6, Interpretation and Policy .05(e) states
if a class does not trade in $1 strike price intervals,
the strike price interval for Short Term Option
Series may be (i) $0.50 or greater where the strike
price is less than $75; (ii) $1.00 or greater where the
strike price is between $75 and $150; or (iii) $2.50
or greater for strike prices greater than $150.

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