30 Day Notice

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Federal Register / Vol. 85, No. 183 / Monday, September 21, 2020 / Notices

Prior to listing pursuant to proposed
amended Commentary .01 to Rule
8.601–E, an issuer would be required to
represent to the Exchange that it will
advise the Exchange of any failure by a
series of Active Proxy Portfolio Shares
to comply with the continued listing
requirements, and, pursuant to its
obligations under Section 19(g)(1) of the
Act, the Exchange will monitor for
compliance with the continued listing
requirements. If a series of Active Proxy
Portfolio Shares is not in compliance
with the applicable listing requirements,
the Exchange will commence delisting
procedures under NYSE Arca Rule 5.5–
E(m).
For these reasons, the Exchange
believes that the proposal is consistent
with the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,22 the Exchange does not believe
that the proposed rule change will
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
Instead, the Exchange believes that the
proposed rule change would facilitate
the listing and trading of additional
types of Active Proxy Portfolio Shares
and result in a significantly more
efficient process surrounding the listing
and trading of Active Proxy Portfolio
Shares, which will enhance competition
among market participants, to the
benefit of investors and the marketplace.
The Exchange believes that this would
reduce the time frame for bringing
Active Proxy Portfolio Shares to market,
thereby reducing the burdens on issuers
and other market participants and
promoting competition. In turn, the
Exchange believes that the proposed
change would make the process for
listing Active Proxy Portfolio Shares
more competitive by applying uniform
listing standards with respect to Active
Proxy Portfolio Shares.

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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or such longer period up to 90
days (i) as the Commission may
22 15

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designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2020–77 on the subject line.
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–NYSEArca–2020–77. 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

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to make available publicly. All
submissions should refer to File
Number SR–NYSEArca–2020–77 and
should be submitted on or before
October 13, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–20699 Filed 9–18–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
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 10b–17, SEC File No. 270–427, OMB
Control No. 3235–0476.

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 10b–17 (17 CFR 240.10b–17),
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 10b–17 requires any issuer of a
class of securities publicly traded by the
use of any means or instrumentality of
interstate commerce or of the mails or
of any facility of any national securities
exchange to give notice of the following
specific distributions relating to such
class of securities: (1) A dividend or
other distribution in cash or in kind
other than interest payments on debt
securities; (2) a stock split or reverse
stock split; or (3) a rights or other
subscription offering. Notice shall be
either given to the Financial Industry
Regulatory Authority, Inc. as successor
to the National Association of Securities
Dealers, Inc. or in accordance with the
procedures of the national securities
exchange upon which the securities are
registered. The Commission may
exempt an issuer of over-the-counter
(but not listed) securities from the
notice requirement. The requirements of
Rule 10b–17 do not apply to redeemable
securities of registered open-end
investment companies or unit
investment trusts.
23 17

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Federal Register / Vol. 85, No. 183 / Monday, September 21, 2020 / Notices

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The information required by Rule
10b–17 is necessary for the execution of
the Commission’s mandate under the
Securities Exchange Act of 1934 to
prevent fraudulent, manipulative, and
deceptive acts and practices. The
Commission has found that not
requiring formal notices of the types of
distributions covered by Rule 10b–17
has led to a number of abuses including
purchasers not being aware of their
rights to such distributions. It is only
through formal notice of the
distribution, including the date of the
distribution, that current holders,
potential buyers, or potential sellers of
the securities at issue will know their
rights to the distribution and make an
informed decision as to whether to buy
or sell a security.
There are approximately 7,341
respondents per year. These
respondents make a total of
approximately 28,407 responses per
year. Each response takes approximately
10 minutes to complete. Thus, the total
compliance burden per year is
approximately 4,735 hours. The total
internal labor cost of compliance for
respondents associated with providing
notice under Rule 10b–17 is
approximately $348,412 per year.
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:
http://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: September 15, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–20714 Filed 9–18–20; 8:45 am]
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SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–495, OMB Control No.
3235–0553]

Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F St. NE, Washington, DC 20549–
2736
Extension: Rule 19b–7 and Form 19b–7

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq. ‘‘PRA’’), the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) has
submitted to the Office of Management
and Budget (‘‘OMB’’) a request for
approval of extension of the existing
collection of information provided for in
Rule 19b–7 (17 CFR 240.19b–7) and
Form 19b–7—Filings with respect to
proposed rule changes submitted
pursuant to Section 19b(7) under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (‘‘Exchange Act’’).
The Exchange Act provides a
framework for self-regulation under
which various entities involved in the
securities business, including national
securities exchanges and national
securities associations (collectively, selfregulatory organizations or ‘‘SROs’’),
have primary responsibility for
regulating their members or
participants. The role of the
Commission in this framework is
primarily one of oversight; the Exchange
Act charges the Commission with
supervising the SROs and assuring that
each complies with and advances the
policies of the Exchange Act.
The Exchange Act was amended by
the Commodity Futures Modernization
Act of 2000 (‘‘CFMA’’). Prior to the
CFMA, federal law did not allow the
trading of futures on individual stocks
or on narrow-based stock indexes
(collectively, ‘‘security futures
products’’). The CFMA removed this
restriction and provided that trading in
security futures products would be
regulated jointly by the Commission and
the Commodity Futures Trading
Commission (‘‘CFTC’’).
The Exchange Act requires all SROs
to submit to the SEC any proposals to
amend, add, or delete any of their rules.
Certain entities (Security Futures
Product Exchanges) would be notice
registered national securities exchanges
only because they trade security futures
products. Similarly, certain entities
(Limited Purpose National Securities
Associations) would be limited purpose

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59343

national securities associations only
because their members trade security
futures products. The Exchange Act, as
amended by the CFMA, established a
procedure for Security Futures Product
Exchanges and Limited Purpose
National Securities Associations to
provide notice of proposed rule changes
relating to certain matters.1 Rule 19b–7
and Form 19b–7 implemented this
procedure. Effective April 28, 2008, the
SEC amended Rule 19b–7 and Form
19b–7 to require that Form 19b–7 be
submitted electronically.2
The collection of information is
designed to provide the Commission
with the information necessary to
determine, as required by the Exchange
Act, whether the proposed rule change
is consistent with the Exchange Act and
the rules thereunder. The information is
used to determine if the proposed rule
change should remain in effect or
abrogated.
The respondents to the collection of
information are SROs. Three
respondents file an average total of
approximately 2 responses per year.3
Each response takes approximately 12.5
hours to complete and each amendment
takes approximately 3 hours to
complete, which correspond to an
estimated annual response burden of 25
hours ((2 rule change proposals × 12.5
hours) + (0 amendments 4 x 3 hours)).
The average internal cost of compliance
per response is $5,050 (11.5 legal hours
multiplied by an average hourly rate of
$420 5 plus 1 hour of paralegal work
1 These matters are higher margin levels, fraud or
manipulation, recordkeeping, reporting, listing
standards, or decimal pricing for security futures
products; sales practices for security futures
products for persons who effect transactions in
security futures products; or rules effectuating the
obligation of Security Futures Product Exchanges
and Limited Purpose National Securities
Associations to enforce the securities laws. See 15
U.S.C. 78s(b)(7)(A).
2 See Securities Exchange Act Release No. 57526
(March 19, 2008), 73 FR 16179 (March 27, 2008).
3 There are currently four Security Futures
Product Exchanges and one Limited Purpose
National Securities Association, the National
Futures Authority. However, two Security Futures
Product Exchanges currently do not trade security
futures products and, as a result, have not been
filing proposed rule changes. Therefore, there are
currently three respondents to Form 19b–7.
4 SEC staff notes that even though no
amendments were received in the previous three
years and that staff does not anticipate the receipt
of any amendments, calculation of amendments is
a separate step in the calculation of the PRA burden
and it is possible that amendments are filed in the
future. Therefore, instead of removing the
calculation altogether, staff has shown the
calculation as anticipating zero amendments.
5 The $420 per hour figure for an Attorney is from
SIFMA’s Management & Professional Earnings in
the Securities Industry 2013, modified by
Commission staff to account for inflation and an
1800-hour work-year and then multiplied by 5.35

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