60 Day Notice

3235-0600 60 day notice.pdf

Order Protection Rule - Rule 611 of Regulation NMS

60 Day Notice

OMB: 3235-0600

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32432

Federal Register / Vol. 85, No. 104 / Friday, May 29, 2020 / Notices

Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES:

SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request

Date of required notice: May 29,

2020.
FOR FURTHER INFORMATION CONTACT:

Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on May 11, 2020,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express, Priority Mail, &
First-Class Package Service Contract 69
to Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2020–131, CP2020–138.
SUPPLEMENTARY INFORMATION:

Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2020–11506 Filed 5–28–20; 8:45 am]
BILLING CODE 7710–12–P

POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
AGENCY:
ACTION:

Postal ServiceTM.

Notice.

The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.

SUMMARY:

DATES:

Date of required notice: May 29,

2020.
FOR FURTHER INFORMATION CONTACT:

Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on May 12, 2020,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 615 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2020–133, CP2020–140.
jbell on DSKJLSW7X2PROD with NOTICES

SUPPLEMENTARY INFORMATION:

Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2020–11508 Filed 5–28–20; 8:45 am]

Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 8c–1, SEC File No. 270–455, OMB
Control No. 3235–0514

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 approval of
extension of the previously approved
collection of information provided for in
Rule 8c–1 (17 CFR 240.8c–1), under the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) (15 U.S.C. 78a et seq.).
Rule 8c–1 generally prohibits a
broker-dealer from using its customers’
securities as collateral to finance its own
trading, speculating, or underwriting
transactions. More specifically, Rule 8c–
1 states three main principles: (1) A
broker-dealer is prohibited from
commingling the securities of different
customers as collateral for a loan
without the consent of each customer;
(2) a broker-dealer cannot commingle
customers’ securities with its own
securities under the same pledge; and
(3) a broker-dealer can only pledge its
customers’ securities to the extent that
customers are in debt to the brokerdealer. Additionally, Rule 8c–1 requires
broker-dealers to make certain written
notifications to pledgees in connection
with such use of customer securities as
collateral.1
The information required by Rule 8c–
1 is necessary for the execution of the
Commission’s mandate under the
Exchange Act to prevent broker-dealers
from hypothecating or arranging for the
hypothecation of any securities carried
for the account of any customer under
certain circumstances. In addition, the
information required by Rule 8c–1
provides important investor protections.
There are approximately 46
respondents as of year-end 2019 (i.e.,
broker-dealers that conducted business
with the public, filed Part II of the
FOCUS Report, did not claim an
exemption from the Reserve Formula
computation, and reported that they had
a bank loan during at least one quarter

BILLING CODE 7710–12–P
1 See Exchange Act Release No. 2690 (November
15, 1940); Exchange Act Release No. 9428
(December 29, 1971).

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of the current year). Each respondent
makes an estimated 45 annual
responses, for an aggregate total of 2,070
responses per year.2 Each response takes
approximately 0.5 hours to complete.
Therefore, the total third-party
disclosure burden per year is 1,035
hours.3
The retention period for the
recordkeeping requirement under Rule
8c–1 is three years. The recordkeeping
requirement under Rule 8c–1 is
mandatory to ensure that broker-dealers
do not commingle their securities or use
them to finance the broker-dealers’
proprietary business. This rule does not
involve the collection of confidential or
personal identifiable information.
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 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 to (i) www.reginfo.gov/public/do/
PRAMain and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o Cynthia Roscoe, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: PRA_Mailbox@sec.gov.
Dated: May 26 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–11595 Filed 5–28–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
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 611, SEC File No. 270–540, OMB
Control No. 3235–0600

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
2 46 respondents × 45 annual responses = 2,070
aggregate total of annual responses.
3 2,070 responses × 0.5 hours = 1,035 hours.

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jbell on DSKJLSW7X2PROD with NOTICES

Federal Register / Vol. 85, No. 104 / Friday, May 29, 2020 / Notices
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 611 (17 CFR
242.611) 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.
On June 9, 2005, effective August 29,
2005 (see 70 FR 37496, June 29, 2005),
the Commission adopted Rule 611 of
Regulation NMS under the Exchange
Act to require any national securities
exchange, national securities
association, alternative trading system,
exchange market maker, over-thecounter market maker, and any other
broker-dealer that executes orders
internally by trading as principal or
crossing orders as agent, to establish,
maintain, and enforce written policies
and procedures reasonably designed to
prevent the execution of a transaction in
its market at a price that is inferior to
a bid or offer displayed in another
market at the time of execution (a
‘‘trade-though’’), absent an applicable
exception and, if relying on an
exception, that are reasonably designed
to assure compliance with the terms of
the exception. Without this collection of
information, respondents would not
have a means to enforce compliance
with the Commission’s intention to
prevent trade-throughs pursuant to the
rule.
There are approximately 366
respondents 1 per year that will require
an aggregate total of approximately
21,960 hours to comply with this Rule.
It is anticipated that each respondent
will continue to expend approximately
60 hours annually: Two hours per
month of internal legal time and three
hours per month of internal compliance
time to ensure that its written policies
and procedures are up-to-date and
remain in compliance with Rule 611.
The estimated cost for an in-house
attorney is $396 per hour and the
estimated cost for an assistant
compliance director in the securities
industry is $349 per hour. Therefore the
estimated total internal cost of
compliance for the annual hour burden
is as follows: [(2 legal hours × 12 months
× $396) × 366] + [(3 compliance hours
1 This estimate includes 17 national securities
exchanges that are equity securities exchanges. The
estimate also includes an estimated 318 firms that
are over-the-counter market makers or exchange
market makers, as well as an estimated 31
alternative trading systems that trade NMS stocks.

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× 12 months × $349) × 366] =
$8,076,888.2
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 to be 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.
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 Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
Mailbox@sec.gov.
Dated: May 26, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–11594 Filed 5–28–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
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 203–3, Form ADV–H, SEC File No.
270–481, OMB Control No. 3235–0538

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’’) is soliciting comments
2 The total cost of compliance for the annual hour
burden has been revised to reflect updated
estimated cost figures for an in-house attorney and
an assistant compliance director. These figures are
from SIFMA’s Management & Professional Earnings
in the Securities Industry 2017, modified by
Commission staff to account for an 1800-hour workyear and multiplied by 5.35 to account for bonuses,
firm size, employee benefits, and overhead.

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32433

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.
The title for the collection of
information is ‘‘Form ADV–H under the
Investment Advisers Act of 1940.’’ Rule
203–3 (17 CFR 275.203–3) under the
Investment Advisers Act of 1940 (15
U.S.C. 80b) requires that registered
advisers requesting either a temporary
or continuing hardship exemption
submit the request on Form ADV–H.
Rule 204–4 (17 CFR 275.204–4) under
the Investment Advisers Act of 1940
requires that exempt reporting advisers
requesting a temporary hardship
exemption submit the request on Form
ADV–H. The purpose of this collection
of information is to permit advisers to
obtain a hardship exemption to not
complete an electronic filing. The
temporary hardship exemption that is
available to registered advisers under
rule 203–3 and exempt reporting
advisers under rule 204–4 permits these
advisers to make late filings due to
unforeseen computer or software
problems. The continuing hardship
exemption available to registered
advisers under rule 203–3 permits
advisers to submit all required
electronic filings on hard copy for data
entry by the operator of the IARD.
The Commission has estimated that
compliance with the requirement to
complete Form ADV–H imposes a total
burden of approximately one hour for
an adviser. Based on our experience, we
estimate that we will receive fifteen
Form ADV–H filings annually from
registered investment advisers and one
Form ADV–H filing annually from
exempt reporting advisers. Based on the
60 minute per respondent estimate, the
Commission estimates a total annual
burden of 16 hours for this collection of
information.
Rule 203–3, rule 204–4, and Form
ADV–H do not require recordkeeping or
records retention. The collection of
information requirements under the rule
and form are mandatory. The
information collected pursuant to the
rule and Form ADV–H consists of filings
with the Commission. These filings are
not 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.
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;

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