7144 Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 

22Regulation NMS, 70 FR at 37498–99. 

23 15 U.S.C. 78s(b)(3)(A). 

24 17 CFR 240.19b–4(f)(2). 

25 15 U.S.C. 78s(b)(2)(B). 26 17 CFR 200.30–3(a)(12), (59). 

discovery and transparency and 

enhancing order execution 

opportunities for member organizations. 

As a result, the Exchange believes that 

the proposed change furthers the 

Commission’s goal in adopting 

Regulation NMS of fostering integrated 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 22

Intramarket Competition. The 

proposed changes are designed to attract 

additional order flow to the Exchange. 

The Exchange believes that the 

proposed changes would continue to 

incentivize market participants to direct 

displayed order flow to the Exchange. 

Greater liquidity benefits all market 

participants on the Exchange by 

providing more trading opportunities 

and encourages member organizations 

to send orders, thereby contributing to 

robust levels of liquidity, which benefits 

all market participants on the Exchange. 

The current credits would be available 

to all similarly-situated market 

participants, and, as such, the proposed 

change would not impose a disparate 

burden on competition among market 

participants on the Exchange. As noted, 

the proposal would apply to all 

similarly situated member organizations 

on the same and equal terms, who 

would benefit from the changes on the 

same basis. Accordingly, the proposed 

change would not impose a disparate 

burden on competition among market 

participants on the Exchange. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees and rebates to remain competitive 

with other exchanges and with offexchange venues. Because competitors 

are free to modify their own fees and 

credits in response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

does not believe its proposed fee change 

can impose any burden on intermarket 

competition. 

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) 23 of the Act and 

subparagraph (f)(2) of Rule 19b–4 24

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) 25 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 rule-comments@

sec.gov. Please include File Number SR– 

NYSE–2021–02 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–NYSE–2021–02. 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 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSE–2021–02, and 

should be submitted on or before 

February 16, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01586 Filed 1–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[OMB Control No. 3235–0441, SEC File No. 

270–385] 

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 18f–3 [OMB Control No. 3235–0441, 

SEC File No. 270–385] 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘Paperwork 

Reduction Act’’), the Securities and 

Exchange Commission (‘‘the 

Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

Rule 18f–3 (17 CFR 270.18f–3) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a–1 et seq.) exempts from 

section 18(f)(1) a fund that issues 

multiple classes of shares representing 

interests in the same portfolio of 

securities (a ‘‘multiple class fund’’) if 

Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 7145 

1The Commission estimates that each registrant 

prepares and approves a rule 18f–3 plan every two 

years when issuing a new fund or new class or 

amending a plan (or that 522.5 of all 1,045 

registrants prepare and approve a plan each year). 

2 0.5 responses per registrant × 6 hours per 

response = 3 hours per registrant. 

3 3 hours per registrant per year × 1,045 

registrants = 3,135 hours per year. 

the fund satisfies the conditions of the 

rule. In general, each class must differ 

in its arrangement for shareholder 

services or distribution or both, and 

must pay the related expenses of that 

different arrangement. The rule includes 

one requirement for the collection of 

information. A multiple class fund must 

prepare, and fund directors must 

approve, a written plan setting forth the 

separate arrangement and expense 

allocation of each class, and any related 

conversion features or exchange 

privileges (‘‘rule 18f–3 plan’’). Approval 

of the plan must occur before the fund 

issues any shares of multiple classes 

and whenever the fund materially 

amends the plan. In approving the plan, 

the fund board, including a majority of 

the independent directors, must 

determine that the plan is in the best 

interests of each class and the fund as 

a whole. 

The requirement that the fund prepare 

and directors approve a written rule 

18f–3 plan is intended to ensure that the 

fund compiles information relevant to 

the fairness of the separate arrangement 

and expense allocation for each class, 

and that directors review and approve 

the information. Without a blueprint 

that highlights material differences 

among classes, directors might not 

perceive potential conflicts of interests 

when they determine whether the plan 

is in the best interests of each class and 

the fund. In addition, the plan may be 

useful to Commission staff in reviewing 

the fund’s compliance with the rule. 

Based on an analysis of fund filings, 

the Commission estimates that there are 

approximately 7,293 multiple class 

funds offered by 990 registrants. The 

Commission estimates that each of the 

990 registrants will make an average of 

0.5 responses annually to prepare and 

approve a written 18f–3 plan.1 The 

Commission estimates each response 

will take 6 hours, requiring a total of 3 

hours per registrant per year.2 Thus the 

total annual hour burden associated 

with these requirements of the rule is 

approximately 2,970 hours.3

Estimates of the average burden hours 

are made solely for the purposes of the 

Paperwork Reduction Act and are not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules and forms. 

The collection of information under rule 

18f–3 is mandatory. The information 

provided under rule 18f–3 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 OMB 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. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01662 Filed 1–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–399, OMB Control No. 

3235–0456] 

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 24F–2 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501–3520), 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. 

Rule 24f–2 (17 CFR 270.24f–2) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a) requires any open-end 

management companies (‘‘mutual 

funds’’), unit investment trusts 

(‘‘UITs’’), registered closed-end 

investment companies that make 

periodic repurchase offers under rule 

23c–3 under the Investment Company 

Act [17 CFR 270.23c–3] (‘‘interval 

funds’’), or face-amount certificate 

companies (collectively, ‘‘funds’’) 

deemed to have registered an indefinite 

amount of securities to file, not later 

than 90 days after the end of any fiscal 

year in which it has publicly offered 

such securities, Form 24F–2 (17 CFR 

274.24) with the Commission. Form 

24F–2 is the annual notice of securities 

sold by funds that accompanies the 

payment of registration fees with respect 

to the securities sold during the fiscal 

year. 

The Commission estimates that 6,794 

funds file Form 24F–2 on the required 

annual basis. The average annual 

burden per respondent for Form 24F–2 

is estimated to be four hours. The total 

annual burden for all respondents to 

Form 24F–2 is estimated to be 27,176 

hours. 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 collection of 

information required by Form 24F–2 is 

mandatory. The Form 24F–2 filing that 

must be made to the Commission is 

available to the public. 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.