Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices 13411 

1 27 responses per year × 1 hour per response = 

27 hours per year. 

resulting in a total internal cost of 

compliance for these respondents of 

approximately $83,538 per year (1,326 

hours at $63 per hour). 

The total time burden for all 

respondents under this rule (both 

options markets and broker-dealers) is 

approximately 1,710 hours per year (384 

+ 1,326), and the total internal cost of 

compliance is approximately $244,818 

per year ($161,280 + $83,538). 

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 in 

writing within 60 days of this 

publication. 

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 Cynthia 

Roscoe, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: March 2, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04657 Filed 3–5–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91190A; File No. S7–24– 

89] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of the Fiftieth Amendment to the Joint 

Self-Regulatory Organization Plan 

Governing the Collection, 

Consolidation and Dissemination of 

Quotation and Transaction Information 

for Nasdaq-Listed Securities Traded on 

Exchanges on an Unlisted Trading 

Privileges Basis; Correction 

March 3, 2021. 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice; correction. 

SUMMARY: The Securities and Exchange 

Commission published a document in 

the Federal Register on March 1, 2021, 

concerning a Notice of Filing and 

Immediate Effectiveness of the Fiftieth 

Amendment to the Joint Self-Regulatory 

Organization Plan. The document 

header contained a typographical error. 

FOR FURTHER INFORMATION CONTACT: Mia 

Zur, Division of Trading and Markets, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 20549, 

(202) 551–3088. 

Correction 

In the Federal Register of March 1, 

2021 in FR Doc. 2021–04089, on page 

12045, in the heading ‘‘Joint Industry 

Plan; Notice of Filing and Immediate 

Effectiveness of the Fiftieth Amendment 

to the Joint Self-Regulatory Organization 

Plan Governing the Collection, 

Consolidation and Dissemination of 

Quotation and Transaction Information 

to Nasdaq-Listed Securities Traded on 

Exchanges on an Unlisted Trading 

Privileges Basis’’ remove ‘‘and 

Immediate Effectiveness’’ from the 

heading. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04712 Filed 3–5–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–361, OMB Control No. 

3235–0411] 

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 489 and Form F–N 

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 489 (17 CFR 230.489) under the 

Securities Act of 1933 (15 U.S.C. 77a et 

seq.) requires foreign banks and foreign 

insurance companies and holding 

companies and finance subsidiaries of 

foreign banks and foreign insurance 

companies that are exempted from the 

definition of ‘‘investment company’’ by 

virtue of rules 3a–1 (17 CFR 270.3a–1), 

3a–5 (17 CFR 270.3a–5), and 3a–6 (17 

CFR 270.3a–6) under the Investment 

Company Act of 1940 (15 U.S.C. 80a–1 

et seq.) to file Form F–N (17 CFR 

239.43) to appoint an agent for service 

of process when making a public 

offering of securities in the United 

States. The information is collected so 

that the Commission and private 

plaintiffs may serve process on foreign 

entities in actions and administrative 

proceedings arising out of or based on 

the offer or sales of securities in the 

United States by such foreign entities. 

The Commission received an average 

of 27 Form F–N filings from 18 unique 

filers each year for the last three years 

(2017–2019). The Commission has 

previously estimated that the total 

annual burden associated with 

information collection and Form F–N 

preparation and submission is one hour 

per filing. Based on the Commission’s 

experience with disclosure documents 

generally, the Commission continues to 

believe that this estimate is appropriate. 

Thus the estimated total annual burden 

for rule 489 and Form F–N is 27 hours.1

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. 

Compliance with the collection of 

information requirements of rule 489 

and Form F–N is mandatory to obtain 

the benefit of the exemption. Responses 

to the collection of information will not 

be kept confidential. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 


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13412 Federal Register / Vol. 86, No. 43 / Monday, March 8, 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)(iii). 

4 17 CFR 240.19b–4(f)(6). 

5See Securities Exchange Act Release No. 90897 

(January 11, 2021), 86 FR 4161 (January 15, 2021) 

(SR–CboeBZX–2020–094). 

6For example, if the Exchange becomes aware of 

a transaction fee billing error on February 4, 2021, 

the Exchange will resolve the error by crediting or 

debiting Members based on the fees or rebates that 

should have been applied to any impacted 

transactions during November, 2020, December 

2020 and January 2021. The Exchange notes that 

because it bills in arrears, the Exchange would be 

able to correct the error in advance of issuing the 

February 2021 invoice and therefore, transactions 

impacted through the date of discovery (in this 

example, February 4, 2021) and thereafter, would be 

billed correctly. 

7See e.g., Securities Exchange Act Release No. 

87650 (December 3, 2019), 84 FR 67304 (December 

9, 2019) (SR–NYSECHX–2019–024); Securities 

Exchange Act Release No. 84430 (October 16, 2018), 

83 FR 53347 (October 22, 2018) (SR–NYSENAT– 

2018–23); and Securities Exchange Act Release No. 

79060 (October 6, 2016), 81 FR 70716 (October 13, 

2016) (SR–ISEGemini–2016–11). 

information 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. 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: March 2, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04656 Filed 3–5–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91239; File No. SR– 

CboeBZX–2021–017] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposal To Permit the Exchange To 

Look Back Only to July 2020 To 

Correct Certain Billing Errors Which 

Were Discovered in October 2020 

March 2, 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 February 

18, 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 Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

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

Rule 19b–4(f)(6) thereunder.4 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 

Cboe BZX Exchange, Inc. (‘‘BZX’’ or 

the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) a proposal to 

permit the Exchange to look back only 

to July 2020 to correct certain billing 

errors which were discovered in 

October 2020. This rule change does not 

provide for any modifications to the text 

of the Exchange’s rules or fees schedule. 

The text of the proposal is also 

available on the Exchange’s website 

(http://markets.cboe.com/us/equities/ 

regulation/rule_filings/bzx/), at the 

Exchange’s Office of the Secretary, and 

at the Commission’s Public Reference 

Room. 

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 recently amended its 

equities and options fees schedules to 

adopt a provision relating to billing 

errors and fee disputes.5 Specifically, 

the Exchange adopted a provision that 

provides that all fees and rebates 

assessed prior to the three full calendar 

months before the month in which the 

Exchange becomes aware of a billing 

error shall be considered final. 

Particularly, the Exchange will resolve 

an error by crediting or debiting 

Members and Non-Members based on 

the fees or rebates that should have been 

applied in the three full calendar 

months preceding the month in which 

the Exchange became aware of the error, 

including to all impacted transactions 

that occurred during those months.6 The 

Exchange will apply the three month 

look back regardless of whether the 

error was discovered by the Exchange or 

by a Member or Non-Member that 

submitted a fee dispute to the Exchange. 

The Exchange’s fees schedules also 

provide that all disputes concerning fees 

and rebates assessed by the Exchange 

would have to be submitted to the 

Exchange in writing and accompanied 

by supporting documentation. The 

purpose of this policy is to provide both 

the Exchange and Members and NonMembers subject to the Exchange’s fee 

schedule finality and the ability to close 

their books after a known period of 

time. The Exchange further notes that 

several other exchanges have adopted 

similar provisions in their rules.7

The Exchange proposes to apply the 

recently adopted billing policy to 

transactions impacted by billing errors 

that were discovered in October 2020. 

Particularly, in October 2020, the 

Exchange identified a billing error 

relating to certain fee codes. As a result 

of the discovery, the Exchange 

conducted a review of additional fee 

code configurations, which review was 

only recently completed. The review 

resulted in the discovery of additional 

billing errors relating to Exchange fee 

codes. These errors, along with the 

original error discovered in October 

2020, resulted in various Members being 

over-rebated or under-billed, and to a 

lesser extent over-billed, over the course 

of several years. In the absence of 

applying the recently adopted billing 

policy to transactions impacted by the 

October 2020 billing errors, the 

Exchange would be required to credit or 

debit Members based on the fees or 

rebates that should have been applied to 

all impacted transactions, regardless of 

how far back the transactions occurred 

(which as noted above, is several years). 

If the Exchange were permitted to apply 

the current rule language to the billing 

errors discovered in October 2020 

however, then the Exchange could limit 

its look back in correcting those errors 

to only those transactions that occurred 


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