7124 Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

5OCC’s By-Laws and Rules can be found on 

OCC’s public website: https://www.theocc.com/ 

Company-Information/Documents-and-Archives/ 

By-Laws-and-Rules. 

6See 17 CFR 240.17Ad–22(e)(15)(ii). 7See 17 CFR 240.17Ad–22(e)(15)(iii). 8See Exchange Act Release No. 88029 (Jan. 24, 

2020), 85 FR 5500 (Jan. 30, 2020) (File No. SR– 

OCC–2019–007) (‘‘Order Approving OCC’s Capital 

Management Policy’’). 9 Id. at 5503. 10OCC’s Capital Management Policy defines a 

‘‘Trigger Event’’ as when OCC’s Equity falls below 

90% of OCC’s Target Capital Requirement (i.e., the 

amount of Equity determined by OCC’s Board to be 

sufficient for OCC to meet its regulatory obligations 

and to serve market participants and the public 

interest) or remains below the Target Capital 

Requirement for ninety consecutive calendar days. 

See id. at 5510. 

11 Id. at 5503. 

ESTIMATE OF ANNUAL RESPONDENT BURDEN—Continued 

Form No. Annual 

responses 

Time 

(minutes) 

Burden 

(hours) 

Total ...................................................................................................................................... 28,000 ........................ 1,400 

Additional Information or Comments: 

To request more information or to 

obtain a copy of the information 

collection justification, forms, and/or 

supporting material, contact Kennisha 

Tucker at (312) 469–2591 or 

Kennisha.Tucker@rrb.gov. Comments 

regarding the information collection 

should be addressed to Brian Foster, 

Railroad Retirement Board, 844 North 

Rush Street, Chicago, Illinois 60611– 

1275 or emailed to Brian.Foster@rrb.gov. 

Written comments should be received 

within 60 days of this notice. 

Brian D. Foster, 

Clearance Officer. 

[FR Doc. 2021–01627 Filed 1–25–21; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90941; File No. SR–OCC– 

2021–001] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change To Update 

The Options Clearing Corporation’s 

Operational Loss Fee Pursuant to Its 

Capital Management Policy 

January 19, 2021. 

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

Securities Exchange Act of 1934 

(‘‘Exchange Act’’ or ‘‘Act’’),1 and Rule 

19b–4 thereunder,2 notice is hereby 

given that on January 8, 2021, The 

Options Clearing Corporation (‘‘OCC’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I, II, and III below, which Items 

have been prepared by OCC. OCC filed 

the proposed rule change pursuant to 

Section 19(b)(3)(A)(ii) 3 of the Act and 

Rule 19b–4(f)(2) 4 thereunder so that the 

proposal was effective upon filing with 

the Commission. 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 by OCC 

would revise OCC’s schedule of fees, 

effective January 21, 2021, to implement 

a change in the maximum contingent 

Operational Loss Fee in accordance 

with OCC’s Capital Management Policy. 

Proposed changes to OCC’s schedule of 

fees are attached as Exhibit 5 to File 

Number SR–OCC–2021–001. Material 

proposed to be added to OCC’s schedule 

of fees as currently in effect is 

underlined and material proposed to be 

deleted is marked in strikethrough text. 

All capitalized terms not defined herein 

have the same meaning as set forth in 

the OCC By-Laws and Rules.5

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, 

OCC 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. OCC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(1) Purpose 

The purpose of this proposed rule 

change is to revise OCC’s schedule of 

fees, effective January 21, 2021, to 

update the maximum aggregate 

Operational Loss Fee that OCC would 

charge Clearing Members in equal 

shares in the unlikely event that OCC’s 

shareholders’ equity (‘‘Equity’’) falls 

below certain thresholds defined in 

OCC’s Capital Management Policy. The 

proposed fee change is designed to 

enable OCC to replenish capital to 

comply with Rule 17Ad–22(e)(15) under 

the Exchange Act, which requires OCC, 

in pertinent part, to ‘‘hold[ ] liquid net 

assets funded by equity to the greater of 

either (x) six months . . . current 

operating expenses, or (y) the amount 

determined by the board of directors to 

be sufficient to ensure a recovery or 

orderly wind-down of critical 

operations and service’’ 6 and 

‘‘[m]aintain[ ] a viable plan, approved by 

the board of directors and updated at 

least annually, for raising additional 

equity should its equity fall close to or 

below the amount required [to be 

held].’’ 7

In January 2020, the SEC approved 

OCC’s Capital Management Policy, 

which includes OCC’s replenishment 

plan.8 Pursuant to the Capital 

Management Policy, OCC would charge 

an Operational Loss Fee in equal shares 

to Clearing Members to raise additional 

capital should OCC’s Equity fall below 

certain defined thresholds relative to 

OCC’s Target Capital Requirement (i.e., 

a ‘‘Trigger Event’’), after first applying 

the unvested balance held in respect of 

OCC’s Executive Deferred 

Compensation Program.9 Based on the 

current Board-approved Target Capital 

Requirement of $250 million, a Trigger 

Event would occur if OCC’s Equity falls 

below $225 million at any time or below 

$250 million for a period of 90 

consecutive calendar days.10

In the unlikely event those thresholds 

are breached, OCC would charge an 

Operational Loss Fee in an amount to 

raise Equity to 110% of OCC’s Target 

Capital Requirement, up to the 

maximum Operational Loss Fee 

identified in OCC’s schedule of fees less 

the amount of any Operational Loss 

Fees previously charged and not 

refunded.11 OCC calculates the 

maximum aggregate Operational Loss 

Fee based on the amount determined by 

the Board of Directors to be sufficient 

for a recovery or orderly wind-down of 

critical operations and services (‘‘RWD 

Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 7125 

12 Id. 

13See Exchange Act Release No. 83918 (Aug. 23, 

2018), 83 FR 44091, 44094 (Aug. 29, 2018) (SR– 

OCC–2017–021) (‘‘Order Approving OCC’s RWD 

Plan’’). 

14Order Approving OCC’s Capital Management 

Policy, 85 FR at 5503. 

15The RWD Plan states OCC’s basic assumptions 

concerning the resolution process, including 

assumptions about the duration of the resolution 

process, the cost of the resolution process, OCC’s 

capitalization through the resolution process, the 

maintenance of Critical Services and Critical 

Support Functions, as defined by the RWD Plan, 

and the retention of personnel and contractual 

relationships. See Order Approving OCC’s RWD 

Plan, 83 FR at 44094. 

16See Order Approving OCC’s Capital 

Management Policy, 85 FR at 5501 n.20, 5503. 

17Confidential data and analysis evidencing the 

calculation of the Adjusted RWD Amount based on 

OCC’s 2021 corporate budget is included in Exhibit 

3 to File Number SR–OCC–2021–001. 18OCC does not propose any change to the 

thresholds and limits defined in the Capital 

Management Policy. This proposed change merely 

conforms the disclosure in OCC’s schedule of fees 

to the current amounts based on the Boardapproved Target Capital Requirement of $250 

million. 19 15 U.S.C. 78a et seq. 20 15 U.S.C. 78q–1(b)(3)(D). 21 17 CFR 240.17Ad–22(e)(15)(iii). 22A Clearing Member operating at the minimum 

Clearing Fund deposit ($500,000) could be assessed 

up to an additional $1 million (the minimum 

deposit, assessed up to two times), for a total 

contingent obligation of $1.5 million. See OCC Rule 

1006(h). 

23See Order Approving OCC’s Capital 

Management Policy, 85 FR at 5506. 

24 Id. (‘‘The Commission is not aware of evidence 

demonstrating that those benefits are tied directly 

or positively correlated to an individual Clearing 

Member’s rate of utilization of OCC’s clearance and 

settlement services.’’) 

25 Id. (rejecting an objection to the equal 

allocation of the proposed Operational Loss Fee 

based on the SEC’s regulatory experience and OCC’s 

analyses of Clearing Member utilization (e.g., 

contract volume) or credit risk (e.g., Clearing Fund 

size) and the various operational and general 

business risks that could trigger an Operational Loss 

Fee). To date, OCC has observed no correlation 

between Clearing Member utilization or credit risk 

and OCC’s potential risk of operational loss. See 

Confidential Exhibit 3. 

26 15 U.S.C. 78q–1(b)(3)(D). 

Amount’’),12 which is determined based 

on the assumptions in OCC’s Recovery 

and Orderly Wind-Down Plan (‘‘RWD 

Plan’’).13 In order to account for OCC’s 

tax liability for retaining the Operational 

Loss Fee as earnings, OCC may apply a 

tax gross-up to the RWD Amount 

(‘‘Adjusted RWD Amount’’) depending 

on whether the operational loss that 

caused OCC’s Equity to fall below the 

Trigger Event thresholds is tax 

deductible.14

The RWD Amount and, in turn, the 

Adjusted RWD Amount are determined 

annually based on OCC’s corporate 

budget, the assumptions articulated in 

the RWD Plan,15 and OCC’s projected 

effective tax rate.16 The current 

Operational Loss Fee listed in OCC’s 

schedule of fees is the Adjusted RWD 

Amount calculated based on OCC’s 

2020 corporate budget. Budgeted 

operating expenses in 2021 are slightly 

higher than the 2020 budgeted operating 

expenses. This proposed rule change 

would revise the maximum Operational 

Loss Fee to reflect the Adjusted RWD 

Amount based on OCC’s 2021 budget,17

as follows: 

Current fee schedule Proposed fee schedule 

$141,866,667.00 less the aggregate amount of Operational Loss Fees 

previously charged and not refunded as of the date calculated, divided by the number of Clearing Members at the time charge.

$143,066,667.00 less the aggregate amount of Operational Loss Fees 

previously charged and not refunded as of the date calculated, divided by the number of Clearing Members at the time charge. 

Since the allocation of the 

Operational Loss Fee is a function of the 

number of Clearing Members at the time 

of the charge, the maximum Operational 

Loss Fee per Clearing Member is subject 

to fluctuation during the course of the 

year. However, if the proposed 

Operational Loss Fee were charged to 

107 Clearing Members, the number of 

Clearing Members as of December 31, 

2020 for example, the maximum 

Operational Loss Fee per Clearing 

Member would be $1,337,072. 

OCC would also update the schedule 

of fees to reflect the levels of Equity at 

which OCC would charge the 

Operational Loss Fee according to the 

thresholds defined in the Capital 

Management Policy, as well as the level 

of Equity at which OCC would limit the 

Operational Loss Fee charged, based on 

OCC’s current Target Capital 

Requirement.18

(2) Statutory Basis 

OCC believes the proposed rule 

change is consistent with the Act 19 and 

the rules and regulations thereunder. In 

particular, OCC believes that the 

proposed fee change is also consistent 

with Section 17A(b)(3)(D) of the Act,20

which requires that the rules of a 

clearing agency provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

participants. OCC believes that the 

proposed fee change is reasonable 

because it is based upon the RWD 

amount and designed to replenish 

OCC’s Equity in the form of liquid net 

assets in the event that OCC’s Equity 

falls close to or below its Target Capital 

Requirement so that OCC can continue 

to meet its obligations as a systemically 

important financial market utility 

(‘‘SIFMU’’) to Clearing Members and the 

general public should an operational 

losses materialize (including through a 

recovery or orderly wind-down of 

critical operations and services) and 

thereby facilitate compliance with Rule 

17Ad–22(e)(15)(iii).21 The maximum 

Operational Loss Fee is sized to ensure 

that OCC maintains sufficient liquid net 

assets to support its RWD Plan and 

imposes a contingent obligation on 

Clearing Members that is approximately 

the same amount as a Clearing 

Member’s contingent obligation for 

Clearing Fund assessments for a 

Clearing Member operating at the 

minimum Clearing Fund deposit.22

Therefore, OCC believes the proposed 

maximum Operational Loss Fee sized to 

OCC’s Adjusted RWD Amount is 

reasonable. 

OCC also believes that the proposed 

Operational Loss Fee would result in an 

equitable allocation of fees among its 

participants because it would be equally 

applicable to all Clearing Members. As 

the Commission has recognized, OCC’s 

designation as a SIFMU and its role as 

the sole covered clearing agency for all 

listed options contracts in the U.S. 

makes it an integral part of the national 

system for clearance and settlement, 

through which ‘‘Clearing Members, their 

customers, investors, and the markets as 

a whole derive significant benefit . . . 

regardless of their specific utilization of 

that system.’’ 23 Neither the SEC nor 

OCC has observed any correlation 

between measures of Clearing Member 

utilization or OCC’s benefit to Clearing 

Members 24 and its risk of operational 

loss.25 As a result, OCC believes that the 

proposed change to OCC’s fee schedule 

provides for the equitable allocation of 

reasonable fees in accordance with 

Section 17A(b)(3)(D) of the Act.26

In addition, OCC believes that the 

proposed rule change is consistent with 

Rule 17Ad–22(e)(15)(iii), which requires 

that OCC establish, implement, 

maintain and enforce written policies 

and procedures reasonably designed to 

identify, monitor, and manage OCC’s 

general business risk, including by 

7126 Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 

27 17 CFR 240.17Ad–22(e)(15)(iii). 

28Standards for Covered Clearing Agencies, 

Exchange Act Release No. 78961 (Sept. 28, 2016), 

81 FR 70786, 70836 (Oct. 13, 2016) (File No. S7– 

03–14). 

29See Order Approving OCC’s Capital 

Management Policy, 85 FR at 5510 (‘‘The 

Operational Loss Fee would be sized to the 

Adjusted RWD Amount, and therefore would be 

designed to provide OCC with at least enough 

capital either to continue as a going concern or to 

wind-down in an orderly fashion.’’) 

30 15 U.S.C. 78s(g)(1). 

31 15 U.S.C. 78s(b). 

32 17 CFR 240.19b–4. 

33Order Approving OCC’s Capital Management 

Policy, 85 FR at 5503. 

34 15 U.S.C. 78q–1(b)(3)(I). 

35See note 22, supra. 

36 15 U.S.C. 78s(b)(3)(A)(ii). 

37 17 CFR 240.19b–4(f)(2). 

38Notwithstanding its immediate effectiveness, 

implementation of this rule change will be delayed 

until this change is deemed certified under CFTC 

Regulation 40.6. 

maintaining a viable plan, approved by 

the Board and updated at least annually, 

for raising additional equity should its 

equity fall close to or below the amount 

required under Rule 17Ad– 

22(e)(15)(ii).27 While Rule 17Ad– 

22(e)(15)(iii) does not by its terms 

specify the amount of additional equity 

a clearing agency’s plan for 

replenishment capital must be designed 

to raise, the SEC’s adopting release 

states that ‘‘a viable plan generally 

should enable the covered clearing 

agency to hold sufficient liquid net 

assets to achieve recovery or orderly 

wind-down.’’ 28 OCC sets the maximum 

Operational Loss Fee at an amount 

sufficient to raise, on a post-tax basis, 

the amount determined annually by the 

Board to be sufficient to ensure recovery 

or orderly wind-down pursuant to the 

RWD Plan.29 Therefore, OCC believes 

the proposed change to OCC’s schedule 

of fees is consistent with Rule 17Ad– 

22(e)(15)(iii) and the guidance provided 

by the SEC in the adopting release. 

OCC also believes that the proposed 

fee change is consistent with Section 

19(g)(1) of the Act,30 which, among 

other things, requires every selfregulatory organization to comply with 

its own rules. OCC filed its Capital 

Management Policy as a ‘‘proposed rule 

change’’ within the meaning of Section 

19(b) of the Act,31 and Rule 19b–4 under 

the Act.32 The Capital Management 

Policy specifies that the maximum 

Operational Loss Fee shall be the 

Adjusted RWD Amount.33 Because the 

Adjusted RWD Amount will change 

annually based, in part, on OCC’s 

corporate budget, fee filings are 

necessary to ensure that the maximum 

Operational Loss Fee in OCC’s schedule 

of fees remains consistent with the 

amount identified in the Capital 

Management Policy. In addition, the 

amounts associated with the thresholds 

at which OCC would charge the 

Operational Loss Fee and the limit to 

the amount would change in accordance 

with the Capital Management Policy are 

determined based upon the level at 

which the Board sets OCC’s Target 

Capital Requirement. Consequently, 

OCC seeks to amend the amounts 

identified in the schedule of fees to 

reflect OCC’s current Target Capital 

Requirement. Therefore, OCC believes 

that the proposed change to OCC’s fee 

schedule is consistent with Section 

19(g)(1) of the Act. 

The proposed rule change is not 

inconsistent with the existing rules of 

OCC, including any other rules 

proposed to be amended. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

Section 17A(b)(3)(I) of the Act 34

requires that the rules of a clearing 

agency not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. OCC does not 

believe that the proposed rule change 

would have any impact or impose a 

burden on competition. Although the 

proposed Operational Loss Fee affects 

Clearing Members, their customers, and 

the markets that OCC serves, OCC 

believes that the proposed increase in 

the Operational Loss Fee would not 

disadvantage or favor any particular 

user of OCC’s services in relationship to 

another user because the proposed 

Operational Loss Fee would apply 

equally to all Clearing Members. In 

addition, OCC does not believe that the 

proposed Operational Loss Fee imposes 

a significant burden on smaller firms 

because the maximum Operational Loss 

Fee imposes a contingent obligation on 

Clearing Members that is approximately 

the same amount as a Clearing 

Member’s contingent obligation for 

Clearing Fund assessments for a 

Clearing Member operating at the 

minimum Clearing Fund deposit.35

Accordingly, OCC does not believe that 

the proposed rule change would have 

any impact or impose a burden on 

competition. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments on the proposed 

rule change were not and are not 

intended to be solicited with respect to 

the proposed rule change and none have 

been received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Pursuant to Section 19(b)(3)(A)(ii) 36

of the Act, and Rule 19b–4(f)(2) 

thereunder,37 the proposed rule change 

is filed for immediate effectiveness as it 

constitutes a change in fees charged to 

OCC Clearing Members. At any time 

within 60 days of the filing of the 

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. The proposal shall 

not take effect until all regulatory 

actions required with respect to the 

proposal are completed.38

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– 

OCC–2021–001 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Vanessa Countryman, Secretary, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–OCC–2021–001. 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 

Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 7127 

39 17 CFR 200.30–3(a)(12). 

1This estimate is based on the following 

calculation: (1.5 hours × 3 responses annually = 4.5 

hours). 

2This estimate is based on a review of Form N– 

17f–1 filings made with the Commission over the 

last three years. 

3This estimate is based on the following 

calculations: (4.5 hours × 6 funds = 27 total hours). 

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

2 17 CFR 240.19b–4. 

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 such 

filing also will be available for 

inspection and copying at the principal 

office of OCC and on OCC’s website at 

https://www.theocc.com/about/ 

publications/bylaws.jsp. 

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 to make available 

publicly. 

All submissions should refer to File 

Number SR–OCC–2021–001 and should 

be submitted on or before February 16, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.39

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01582 Filed 1–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–316, OMB Control No. 

3235–0359] 

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: 

Form N–17f–1 

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’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Form N–17f–1 (17 CFR 274.219) is 

entitled ‘‘Certificate of Accounting of 

Securities and Similar Investments of a 

Management Investment Company in 

the Custody of Members of National 

Securities Exchanges.’’ The form serves 

as a cover sheet to the accountant’s 

certificate that is required to be filed 

periodically with the Commission 

pursuant to rule 17f–1 (17 CFR 270.17f– 

1) under the Act, entitled ‘‘Custody of 

Securities with Members of National 

Securities Exchanges,’’ which sets forth 

the conditions under which a fund may 

place its assets in the custody of a 

member of a national securities 

exchange. Rule 17f–1 requires, among 

other things, that an independent public 

accountant verify the fund’s assets at the 

end of every annual and semi-annual 

fiscal period, and at least one other time 

during the fiscal year as chosen by the 

independent accountant. Requiring an 

independent accountant to examine the 

fund’s assets in the custody of a member 

of a national securities exchange assists 

Commission staff in its inspection 

program and helps to ensure that the 

fund assets are subject to proper 

auditing procedures. The accountant’s 

certificate stating that it has made an 

examination, and describing the nature 

and the extent of the examination, must 

be attached to Form N–17f–1 and filed 

with the Commission promptly after 

each examination. The form facilitates 

the filing of the accountant’s certificates, 

and increases the accessibility of the 

certificates to both Commission staff 

and interested investors. 

Commission staff estimates that it 

takes: (i) 1 hour of clerical time to 

prepare and file Form N–17f–1; and (ii) 

0.5 hour for the fund’s chief compliance 

officer to review Form N–17f–1 prior to 

filing with the Commission, for a total 

of 1.5 hours. Each fund is required to 

make 3 filings annually, for a total 

annual burden per fund of 

approximately 4.5 hours.1 Commission 

staff estimates that an average of 6 funds 

currently file Form N–17f–1 with the 

Commission 3 times each year, for a 

total of 18 responses annually.2 The 

total annual hour burden for Form N– 

17f–1 is therefore estimated to be 

approximately 27 hours.3

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act, and is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules. Compliance 

with the collections of information 

required by Form N–17f–1 is mandatory 

for funds that place their assets in the 

custody of a national securities 

exchange member. Responses will not 

be 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. 

The public may view the 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) 

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. Written comments 

and recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to www.reginfo.gov/public/do/ 

PRAMain. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. 

Dated: January 21, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01665 Filed 1–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90944; File No. SR– 

CboeBZX–2021–011] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Establish a 

Monthly Fee Assessed on Members’ 

MPIDs 

January 19, 2021. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that, on January 

13, 2021, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit