60 Day Notice

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Federal Register / Vol. 89, No. 128 / Wednesday, July 3, 2024 / Notices

Commission’s Secretary at SecretarysOffice@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov.
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.
5-to-15 Year Laddered Municipal Bond
Portfolio [File No. 811–23151]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On May 19, 2023,
applicant made a liquidating
distribution to its shareholders based on
net asset value. No expenses were
incurred in connection with the
liquidation.
Filing Date: The application was filed
on May 8, 2024.
Applicant’s Address: One Post Office
Square, Boston, Massachusetts 02109.
Global Income Builder Portfolio [File
No. 811–23145]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On June 16, 2023,
applicant made a liquidating
distribution to its shareholders based on
net asset value. No expenses were
incurred in connection with the
liquidation.
Filing Date: The application was filed
on May 8, 2024.
Applicant’s Address: One Post Office
Square, Boston, Massachusetts 02109.
Principal Private Credit Fund [File No.
811–23897]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. Applicant has
never made a public offering of its
securities and does not propose to make
a public offering or engage in business
of any kind.
Filing Date: The application was filed
on June 6, 2024.
Applicant’s Address: 711 High Street,
Des Moines, Iowa 50392.

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Stone Ridge Investment Grade Income
Longevity Trust 2045 65F [File No. 811–
23560]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. Applicant has
never made a public offering of its
securities and does not propose to make
a public offering or engage in business
of any kind.

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Filing Dates: The application was
filed on April 29, 2024 and amended on
June 20, 2024.
Applicant’s Address: One Vanderbilt
Avenue, 65th Floor, New York, New
York 10017.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–14649 Filed 7–2–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–480, OMB Control No.
3235–0537]

Proposed Collection; Comment
Request; Extension: Regulation S–P
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 the privacy notice and
opt out notice provisions of Regulation
S–P—Privacy of Consumer Financial
Information (17 CFR part 248, subpart
A) 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.
The privacy notice and opt out notice
provisions of Regulation S–P (the
‘‘Rule’’) implement the privacy notice
and opt out notice requirements of Title
V of the Gramm-Leach-Bliley Act
(‘‘GLBA’’), which requires that at the
time of establishing a customer
relationship with a consumer and not
less than annually during the
continuation of such relationship, a
financial institution shall provide a
clear and conspicuous disclosure to
such consumer of such financial
institution’s policies and practices with
respect to disclosing nonpublic personal
information to affiliates and
nonaffiliated third parties (‘‘privacy
notice’’). Title V of the GLBA also
provides that, unless an exception
applies, a financial institution may not
disclose nonpublic personal information
of a consumer to a nonaffiliated third
party unless the financial institution
clearly and conspicuously discloses to

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the consumer that such information may
be disclosed to such third party; the
consumer is given the opportunity,
before the time that such information is
initially disclosed, to direct that such
information not be disclosed to such
third party; and the consumer is given
an explanation of how the consumer can
exercise that nondisclosure option (‘‘opt
out notice’’). The Rule applies to brokerdealers, investment advisers registered
with the Commission, and investment
companies (‘‘covered entities’’).
Commission staff estimates that, as of
April 1, 2024, the Rule’s information
collection burden applies to
approximately 32,707 covered entities
(approximately 3,410 broker-dealers,
15,531 investment advisers registered
with the Commission, and 13,766
investment companies). In view of (a)
the minimal recordkeeping burden
imposed by the Rule (since the Rule has
no recordkeeping requirement and
records relating to customer
communications already must be made
and retained pursuant to other SEC
rules); (b) the summary fashion in
which information must be provided to
customers in the privacy and opt out
notices required by the Rule (the model
privacy form adopted by the SEC and
the other agencies in 2009, designed to
serve as both a privacy notice and an
opt out notice, is only two pages); (c) the
availability to covered entities of the
model privacy form and online model
privacy form builder; and (d) the
experience of covered entities’ staff with
the notices, SEC staff estimates that
covered entities will each spend an
average of approximately 12 hours per
year complying with the Rule, for a total
of approximately 392,484 annual
burden-hours (12 × 32,707 = 392,484).
SEC staff understands that the vast
majority of covered entities deliver their
privacy and opt out notices with other
communications such as account
opening documents and account
statements. Because the other
communications are already delivered
to consumers, adding a brief privacy
and opt out notice should not result in
added costs for processing or for postage
and materials. Also, privacy and opt out
notices may be delivered electronically
to consumers who have agreed to
electronic communications, which
further reduces the costs of delivery.
Because SEC staff assumes that most
paper copies of privacy and opt out
notices are combined with other
required mailings, the burden-hour
estimates above are based on resources
required to integrate the privacy and opt
notices into another mailing, rather than
on the resources required to create and

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khammond on DSKJM1Z7X2PROD with NOTICES

Federal Register / Vol. 89, No. 128 / Wednesday, July 3, 2024 / Notices
send a separate mailing. SEC staff
estimates that, of the estimated 12
annual burden-hours incurred,
approximately 8 hours would be spent
by administrative assistants at an hourly
rate of $90, and approximately 4 hours
would be spent by internal counsel at an
hourly rate of $518, for a total annual
internal cost of compliance of
approximately $2,792 for each of the
covered entities (8 × $90 = $720; 4 ×
$518 = $2,072; $720 + $2,072 = $2,792).
Hourly cost of compliance estimates for
administrative assistant time are derived
from the Securities Industry and
Financial Markets Association’s Office
Salaries in the Securities Industry 2013,
modified by SEC staff to account for an
1,800-hour work-year and multiplied by
2.93 to account for bonuses, firm size,
employee benefits and overhead. Hourly
cost of compliance estimates for internal
counsel time are derived from the
Securities Industry and Financial
Markets Association’s Management &
Professional Earnings in the Securities
Industry 2013, modified by SEC staff to
account for an 1,800-hour work-year
and multiplied by 5.35 to account for
bonuses, firm size, employee benefits,
and overhead. Accordingly, SEC staff
estimates that the total annual internal
cost of compliance for the estimated
total hour burden for the approximately
32,707 covered entities subject to the
Rule is approximately $91,371,944
($2,796 × 32,707 = $91,317,944).
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
September 3, 2024.
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.

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Dated: June 28, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–14623 Filed 7–2–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100445; File No. SR–
NASDAQ–2024–030]

Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Launch
Proximity-On-Demand, a Managed
Colocation Solution
June 27, 2024.

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 June 24,
2024, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. 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
The Exchange proposes to launch
Proximity-On-Demand, a managed
colocation solution.
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 Exchange proposes to launch
Proximity-On-Demand (‘‘POD’’), a

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1 15
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

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55285

managed colocation solution. POD will
offer colocation customers a convenient
variant of colocation where applications
are deployed on managed infrastructure
in the form of virtual or dedicated
servers in the co-location space.
Current Co-Location Offering
The Exchange currently offers
colocation services, which include a
suite of data center space, power,
telecommunication, and other ancillary
products and services that allow
customers to place their trading and
communications equipment in close
physical proximity to the quoting and
execution facilities of the Exchange. The
use of colocation services is entirely
voluntary and colocation services are
available to all market participants who
desire them.
Colocation customers are not
provided any separate or superior
means of direct access to the Exchange
quoting and trading facilities. Nor does
the Exchange offer any separate or
superior means of access to the
Exchange quoting and trading facilities
as among colocation customers
themselves within the data center (or
any future expansions to the data
center).3
In addition, all orders sent to the
Exchange market enter the marketplace
through the same central system quote
and order gateway regardless of whether
the sender is co-located in the Exchange
data center or not. In short, the
Exchange has created no special market
technology or programming that is
available only to co-located customers
and the Exchange has organized its
systems to minimize, to the greatest
extent possible, any advantage for one
customer versus another.
Proximity-On-Demand
POD will be an alternative to the
traditional offering of space and power
for the physical colocation of customers’
equipment. The Exchange will continue
to offer its traditional colocation
services.
With POD, customers will not need to
order cabinets and power to install a
server or network hardware in the
Exchange’s data center to be able to set
up their systems and access the market
directly. Instead, POD will provide
customers with a variant of colocation
where applications are deployed on a
3 Although the proposal and launch of POD are
not dependent on the expansion of the data center,
the Exchange notes that is in the process of
expanding its data center in Carteret, New Jersey.
Client connections to the matching engine will be
equal across the board, within and among the
current data center and the expansion.

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