60 Day Notice

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Federal Register / Vol. 88, No. 104 / Wednesday, May 31, 2023 / Notices
financially troubled multiemployer
plans upon application for assistance.
Part 4262 of PBGC’s regulations,
‘‘Special Financial Assistance by
PBGC,’’ provides guidance to
multiemployer pension plan sponsors
on eligibility for SFA, determining the
amount of SFA, content of an
application for SFA, the process of
applying, PBGC’s review of SFA
applications, restrictions and
conditions, and reporting and notice
requirements.
To apply for SFA, a plan sponsor
must file an application with PBGC and
include information about the plan,
plan documentation, and actuarial
information, as specified in §§ 4262.6
through 4262.9. Also, if the plan is
changing certain assumptions for
purposes of its requested amount of
SFA, then the plan sponsor may use
PBGC’s SFA assumptions guidance.
PBGC needs the application information
to review a plan’s eligibility for SFA and
amount of requested SFA. In this
renewal, PBGC is modifying the
instructions of the application for SFA
to require full census data of all
terminated vested participants that were
included in the SFA projections. PBGC
will use this information to conduct an
independent death audit. In addition,
PBGC is adding a new ‘‘assumptions
summaries’’ template, and a cover letter
that a plan, in certain circumstances,
may use to withdraw a previously filed
application for SFA and seek expedited
review of a revised application. These
two additions are intended to make
PBGC’s review process more efficient.
PBGC estimates that over the next 3
years an annual average of 59 plan
sponsors will file applications for SFA
with an average annual hour burden of
649 hours and an average annual cost
burden of $1,888,000.
Under § 4262.10(g), a plan sponsor
may, but is not required to, file a lockin application as a plan’s initial
application. The lock-in application
contains basic information about the
plan and a statement of intent to lockin base data. PBGC needs the
information in the lock-in application to
ensure that a plan sponsor intends to
lock-in the plan’s base data. In this
renewal, PBGC is modifying language in
the lock-in application’s form and
instructions to add information for filing
a ‘‘revised lock-in application.’’ A
revised lock-in application may be used
by a plan that was not eligible for SFA
on the filing date of the plan’s earlier
lock-in application, based on the
information available on that date.
PBGC estimates that over the next 3
years an annual average of 23 plan
sponsors will file lock-in applications,

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including revised lock-in applications,
for SFA with an average annual hour
burden of 23 hours and an average
annual cost burden of $18,400.
Under § 4262.16(i), a plan sponsor of
a plan that has received SFA must file
an Annual Statement of Compliance
with the restrictions and conditions
under section 4262 of ERISA and part
4262 once every year through 2051.
PBGC needs the information in the
Annual Statement of Compliance to
ensure that a plan is compliant with the
imposed restrictions and conditions.
Based on its experience with these
filings, PBGC is clarifying the types of
documents to be attached to the Annual
Statement of Compliance and adding a
template that filers may use to submit
the required account and investment
information. PBGC estimates that over
the next 3 years an annual average of
120 plan sponsors will file Annual
Statements of Compliance with an
average annual hour burden of 240
hours and an average annual cost
burden of $288,000.
Under § 4262.15(c), a plan sponsor of
a plan with benefits that were
suspended under sections 305(e)(9) or
4245(a) of ERISA must issue notices of
reinstatement to participants and
beneficiaries whose benefits were
suspended and are being reinstated.
Participants and beneficiaries need the
notice of reinstatement to better
understand the calculation and timing
of their reinstated benefits and, if
applicable, make-up payments. PBGC
estimates that over the next 3 years an
average of 5 plans per year will be
required to send notices to participants
with suspended benefits. PBGC
estimates that these notices will impose
an average annual hour burden of 10
hours and average annual cost burden of
$10,000.
Finally, under § 4262.16(d), (f), (g)
and (h) a plan sponsor must file a
request for a determination from PBGC
for approval for an exception under
certain circumstances for SFA
conditions under § 4262.16 relating to
reductions in contributions, transfers or
mergers, and withdrawal liability. PBGC
needs the information required for such
a request to determine whether to
approve an exception from the specified
condition of receiving SFA. PBGC
estimates that over the next 3 years,
PBGC will receive an average of 3.2
requests per year for determinations.
PBGC estimates an average annual hour
burden of 15.6 hours and average
annual cost burden of $44,000.
The estimated aggregate average
annual hour burden for the next 3 years
for the information collections in part
4262 is 937.6 hours for employer and

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fund office administrative, clerical, and
supervisory time. The estimated
aggregate average annual cost burden for
the next 3 years for the information
collections in part 4262 is $2,248,400,
for approximately 5,621 contract hours
assuming an average hourly rate of $400
for work done by outside actuaries and
attorneys. The actual hour burden and
cost burden per plan will vary
depending on plan size and other
factors.
The existing collections of
information were approved under OMB
control number 1212–0074 (expires July
31, 2023). On February 15, PBGC
published in the Federal Register (at 88
FR 9914) a notice informing the public
of its intent to request an extension of
the collections of information. No
comments were received. PBGC is
requesting that OMB extend approval of
the collections (with modifications) for
3 years. 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.
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory
Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2023–11564 Filed 5–30–23; 8:45 am]
BILLING CODE 7709–02–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–203, OMB Control No.
3235–0195]

Proposed Collection; Comment
Request; Extension: Rule 17Ab2–1 and
Form CA–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
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
provided for in Rule 17Ab2–1 (17 CFR
240.17Ab2–1) and Form CA–1:
Registration of Clearing Agencies (17
CFR 249b.200) under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
(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.

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34908

Federal Register / Vol. 88, No. 104 / Wednesday, May 31, 2023 / Notices

Rule 17Ab2–1 and Form CA–1 require
clearing agencies to register with the
Commission and to meet certain
requirements with regard to, among
other things, the clearing agency’s
organization, capacities, and rules. The
information is collected from the
clearing agency upon the initial
application for registration on Form
CA–1. Thereafter, information is
collected by amendment to the initial
Form CA–1 when changes in
circumstances that render certain
information on Form CA–1 inaccurate,
misleading, or incomplete necessitate
modification of the information
previously provided to the Commission.
The Commission uses the information
disclosed on Form CA–1 to (i)
determine whether an applicant meets
the standards for registration set forth in
Section 17A of the Exchange Act, (ii)
enforce compliance with the Exchange
Act’s registration requirement, and (iii)
provide information about specific
registered clearing agencies for
compliance and investigatory purposes.
Without Rule 17Ab2–1, the Commission
could not perform these duties as
statutorily required.
The Commission staff estimates that
the average Form CA–1 requires
approximately 340 hours to complete
and submit for approval, and that on
average, the Commission receives one
application each year. The Commission
staff estimates that completion of an
initial Form CA–1 will result in an
internal cost of compliance of
approximately $145,360 per year. The
Commission staff estimates that it
receives one amendment per year, and
that an amendment requires
approximately 60 hours of the exempt
or registered clearing agency’s staff time.
The Commission staff estimates that
amendment of a filed Form CA–1 will
result in an internal cost of compliance
of approximately $28,020 per year.
Therefore, the aggregate hour burden is
approximately 400 hours per year (340
+ 60) and the aggregate internal cost of
compliance is approximately $173,380
per year ($145,360 + $28,020).
The external costs associated with
work on Form CA–1 include fees
charged by outside lawyers and
accountants to assist the applicant or
registrant to collect and prepare the
information sought by the form (though
such consultations are not required by
the Commission). The Commission staff
estimates that these external costs are
more likely when novel questions arise
under a new application, rather than
under periodic review and amendment.
The staff estimates an annual external
cost of 45 hours of an Attorney’s time
(estimated at $462 per hour) and 10

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hours of a Senior Accountant’s time
(estimated at $241 per hour) for
preparation of the Form CA–1, resulting
in an aggregate external cost of
approximately $23,200 per year
($20,790 + $2,410).
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
July 31, 2023.
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.
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 25, 2023.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 2023–11549 Filed 5–30–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97559; File No. SR–FICC–
2023–007]

Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Adopt
Fees for a New Pair-Off Message That
May Be Processed Through the EPN
Service
May 24, 2023.

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 May 18,
2023, Fixed Income Clearing
Corporation (‘‘FICC’’) filed with the
Securities and Exchange Commission
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the clearing agency. FICC filed the
proposed rule change pursuant to
section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(2) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The proposed rule change consists of
modifications to the FICC MortgageBacked Securities Division (‘‘MBSD’’)
EPN Rules (‘‘EPN Rules’’) to adopt fees
for a pair-off Message that EPN Users
may process through the EPN Service,
as described in greater detail below.5
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, the
clearing agency 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
clearing agency has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
1. Purpose
Overview of the Proposed Rule Change
The purpose of this proposed rule
change is to adopt fees for a new
Message that EPN Users may process
through the EPN Service relating to the
pair-off of trades in their TBA (‘‘to-beannounced’’) contracts in agency
mortgage-backed securities. The
proposed fees are designed to recover
the cost of providing this service and
would be set at a rate that is lower than
the rate charged for other Messages
processed through the EPN Service to
incentivize EPN Users to use this
voluntary service.
Background
While some trades in agency
mortgage-backed securities submitted to
FICC for processing on a TBA basis are
‘‘specified pool trades’’ (transactions
3 15

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
5 Capitalized terms not defined herein are defined
in the EPN Rules, as applicable, available at https://
www.dtcc.com/legal/rules-and-procedures.
4 17

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