64906 Federal Register / Vol. 83, No. 242 / Tuesday, December 18, 2018 / Notices 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(2). 

11 15 U.S.C. 78s(b)(2)(B). 12 17 CFR 200.30–3(a)(12). 

1See generally Money Market Fund Reform; 

Amendments to Form PF, Securities Act Release 

No. 9408, Investment Advisers Act Release No. 

3616, Investment Company Act Release No. 30551 

(June 5, 2013), 78 FR 36834, 36934 (June 19, 2013); 

see also Exchange Act Rule 10b–10(b)(1), 17 CFR 

240.10b–10(b)(1) (limiting alternative monthly 

reporting to money market funds that attempt to 

maintain a stable NAV). 

2See Order Granting a Conditional Exemption 

Under the Securities Exchange Act of 1934 From 

the Confirmation Requirements of Exchange Act 

Rule 10b–10(a) for Certain Transactions in Money 

Market Funds, Exchange Act Release No. 34–76480 

(Nov. 19, 2015), 80 FR 73849 (Nov. 25, 2015). 

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 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 9 of the Act and 

subparagraph (f)(2) of Rule 19b–4 10

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 11 of the Act to 

determine whether the proposed rule 

change should be approved or 

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 rulecomments@sec.gov. Please include File 

Number SR–NYSENAT–2018–25 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–NYSENAT–2018–25. 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; 

the Commission does not edit personal 

identifying information from 

submissions. 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 to make available 

publicly. All submissions should refer 

to File Number SR–NYSENAT–2018–25 

and should be submitted on or before 

January 8, 2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2018–27279 Filed 12–17–18; 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: 

Order Granting a Conditional Exemption 

under the Securities Exchange Act of 

1934 from the Confirmation 

Requirements of Exchange Act Rule 10b– 

10(a) for Certain Transactions in Money 

Market Funds, SEC File No. 270–792; 

OMB Control No. 3235–0739 

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 existing collection of 

information provided for in the 

following: Order Granting a Conditional 

Exemption under the Securities 

Exchange Act of 1934 from the 

Confirmation Requirements of Exchange 

Act Rule 10b–10(a) for Certain 

Transactions in Money Market Funds 

(17 CFR 240.10b–10(a)). 

Rule 10b–10 under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.) generally requires broker-dealers to 

provide customers with specified 

information relating to their securities 

transactions at or before the completion 

of the transactions. Rule 10b–10(b), 

however, provides an exception from 

this requirement for certain transactions 

in money market funds that attempt to 

maintain a stable net asset value when 

no sales load or redemption fee is 

charged. The exception permits brokerdealers to provide transaction 

information to money market fund 

shareholders on a monthly, rather than 

immediate, basis, subject to the 

conditions. Amendments to Rule 2a–7 

of the Investment Company Act of 1940 

(‘‘Investment Company Act’’) (15 U.S.C. 

80a–1 et seq.) among other things, 

means, absent an exemption, brokerdealers would not be able to continue to 

rely on the exception under Exchange 

Act Rule 10b–10(b) for transactions in 

money market funds operating in 

accordance with Rule 2a–7(c)(1)(ii).1

In 2015, the Commission issued an 

Order Granting a Conditional 

Exemption under the Securities 

Exchange Act of 1934 From The 

Confirmation Requirements of Exchange 

Act Rule 10b–10(a) For Certain 

Transactions In Money Market Funds 

(‘‘Order’’) 2 which allows broker-dealers, 

subject to certain conditions, to provide 

transaction information to investors in 

any money market fund operating 

pursuant to Rule 2a–7(c)(1)(ii) on a 

monthly basis in lieu of providing 

immediate confirmations as required 

under Exchange Act Rule 10b–10(a) 

(‘‘the Exemption’’). Accordingly, to be 


amozie on DSK3GDR082PROD with NOTICES
Federal Register / Vol. 83, No. 242 / Tuesday, December 18, 2018 / Notices 64907 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3MSRB Form G–45 is an electronic form on 

which submissions of the information required by 

Rule G–45 are made to the MSRB. 

4Securities Exchange Act Release No. 84496 

(October 29, 2018) (the ‘‘Notice of Filing’’), 83 FR 

55214 (November 2, 2018). 

5See Notice of Filing. 

6Section 529 of the Internal Revenue Code of 

1986, as amended (the ‘‘Code’’) established savings 

plans (‘‘529 savings plans’’) to encourage saving for 

future education costs. 26 U.S.C. 529(b)(1)(A)(ii). 

7ABLE programs are programs designed to 

implement Section 529A to the Code. 26 U.S.C. 

529A. Section 529A of the Code permits a state, or 

an agency or instrumentality thereof, to establish 

and maintain a tax-advantaged savings program to 

help support individuals with disabilities in 

maintaining health, independence, and quality of 

life. See Notice of Filing. 

8See Notice of Filing. 

9 Id. 

10 Id. 

11 Id. 

12 Id. 

13 Id. 

14 Id. 

eligible for the Exemption, a brokerdealer must (1) provide an initial 

written notification to the customer of 

its ability to request delivery of 

immediate confirmations consistent 

with the written notification 

requirements of Exchange Act Rule 10b– 

10(a), and (2) not receive any such 

request to receive immediate confirms 

from the customer. 

As of March 31, 2018, the 

Commission estimates there are 

approximately 162 broker-dealers that 

clear customer transactions or carry 

customer funds and securities who 

would be responsible for providing 

customer confirmations. The 

Commission estimates that the cost of 

the ongoing notification requirements 

would be minimal, approximately 5% of 

the initial burden which was previously 

estimated to be 36 hours per brokerdealer, or approximately 1.8 hours per 

broker-dealer per year to provide 

ongoing notifications or a total burden 

of 292 hours annually for the 162 

carrying broker-dealers. 

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. Comments should be 

directed to: (i) Desk Officer for the 

Securities and Exchange Commission, 

Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Room 10102, New Executive 

Office Building, Washington, DC 20503, 

or by sending an email to: 

Lindsay.M.Abate@omb.eop.gov; and (ii) 

Charles Riddle, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Candace 

Kenner, 100 F Street NE Washington, 

DC 20549, or by sending an email to: 

PRA_Mailbox@sec.gov. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: December 12, 2018. 

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2018–27267 Filed 12–17–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84809; File No. SR–MSRB– 

2018–08] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Order Granting Approval of a 

Proposed Rule Change Concerning 

Certain Data Elements on Form G–45 

Under MSRB Rule G–45, on Reporting 

of Information on Municipal Fund 

Securities 

December 12, 2018. 

I. Introduction 

On October 15, 2018, the Municipal 

Securities Rulemaking Board (the 

‘‘MSRB’’ or ‘‘Board’’) filed with the 

Securities and Exchange Commission 

(the ‘‘SEC’’ or ‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend Form G–45 under 

MSRB Rule G–45, on reporting of 

information on municipal fund 

securities,3 to clarify a data element 

concerning the program management 

fee, to add a data element concerning 

the investment option closing date, and 

to delete data elements concerning 

annualized three-year performance 

information (the ‘‘proposed rule 

change’’). The proposed rule change was 

published for comment in the Federal 

Register on November 2, 2018.4 In the 

Notice of Filing, the MSRB requested 

that the proposed rule change become 

effective on June 30, 2019.5

The Commission did not receive any 

comment letters on the proposed rule 

change. 

II. Description of Proposed Rule Change 

In the Notice of Filing, the MSRB 

stated that the purpose of the proposed 

rule change is to refine and enhance 

certain of the investment option data 

that the MSRB collects under Rule G– 

45 from underwriters to 529 savings 

plans 6 and ABLE programs.7

Specifically, the MSRB stated that it 

proposes to amend Form G–45 to (i) 

clarify a data element concerning the 

program management fee, (ii) add a data 

element concerning the investment 

option closing date, and (iii) delete data 

elements concerning annualized threeyear performance information.8 The 

MSRB also stated that the proposed rule 

change would provide information that 

would enhance the MSRB’s and other 

regulators’ ability to effectively and 

efficiently analyze 529 savings plans 

and ABLE programs to assess the impact 

of each 529 savings plan and ABLE 

program on the market, to evaluate 

trends and differences, and to gain an 

understanding of the aggregate risk 

taken by investors.9

The MSRB stated that throughout the 

seven reporting periods during which 

the MSRB has analyzed data submitted 

on Form G–45, the MSRB has observed 

anomalies in the data submitted under 

Investment Option information.10 The 

MSRB stated that those anomalies 

related to the program management fee 

and to investment options that closed 

during the reporting period. Form G–45 

requires that an underwriter report the 

program management fee (expressed as 

an annual percentage of 529 savings 

plan or ABLE program assets) assessed 

by the 529 savings plan or ABLE 

program.11 The MSRB noted that the 

program management fee typically is a 

separately identifiable percentage that is 

shown in the fee table for the 529 

savings plan or ABLE program, but for 

some 529 savings plans and ABLE 

programs, this is not the case.12 The 

MSRB stated that instead for those 529 

savings plans or ABLE programs, the 

program management fee is assessed by 

the underlying mutual fund in which 

the investment option invests and this 

is typically done through a 529 or ABLE 

share class of the mutual fund.13 The 

MSRB further noted that underwriters 

for those 529 savings plans or ABLE 

programs generally report the program 

management fee as zero on Form G–45, 

and then may add explanatory 

information in the notes section of the 

form about the fee.14 The MSRB stated 

that such explanatory information, 

however, may or may not actually 

disclose the program management fee in 

a format that is typically used for 


amozie on DSK3GDR082PROD with NOTICES