Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 67393 

40See MIAX Rules 518(a)(8) and (a)(16). 

41The permissible execution prices for stockoptions orders currently are addressed in Cboe 

Rules 5.33(f)(2)(B)(ii) and 5.85(b)(3). 

42For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 43 17 CFR 200.30–3(a)(12), (59). 

definitions of conforming complex order 

and nonconforming complex order that 

are consistent with defined terms used 

on another options exchange.40 The 

proposal incorporates the proposed 

definitions of conforming and 

nonconforming complex order into the 

Exchange’s rules, including Exchange 

Rules 5.33(f)(2) and 5.85(b), and adds 

new Exchange Rules 5.33(f)(2)(b)(v) and 

5.85(b)(4) and (5) to specifically address 

the permissible execution prices for 

stock-option orders, but makes no 

substantive changes to the permissible 

execution prices for complex order or 

stock-option orders.41 Accordingly, the 

proposal raises no new or novel 

regulatory issues. For these reasons, the 

Commission designates the proposal 

operative upon filing.42

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CBOE–2023–052 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–CBOE–2023–052. 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 (https://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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–CBOE–2023–052 and should be 

submitted on or before October 20, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.43

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21346 Filed 9–28–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–636, OMB Control No. 

3235–0679] 

Submission for OMB Review; 

Comment Request; Extension: Form 

PF and Rule 204(b)–1 

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 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Rule 204(b)–1 (17 CFR 275.204(b)–1) 

under the Investment Advisers Act of 

1940 (15 U.S.C. 80b–1 et seq.) 

implements sections 404 and 406 of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act (the ‘‘DoddFrank Act’’) by requiring private fund 

advisers that have at least $150 million 

in private fund assets under 

management to report certain 

information regarding the private funds 

they advise on Form PF. These advisers 

are the respondents to the collection of 

information. 

Form PF is designed to facilitate the 

Financial Stability Oversight Council’s 

(‘‘FSOC’’) monitoring of systemic risk in 

the private fund industry and to assist 

FSOC in determining whether and how 

to deploy its regulatory tools with 

respect to nonbank financial companies. 

The Commission and the Commodity 

Futures Trading Commission may also 

use information collected on Form PF in 

their regulatory programs, including 

examinations, investigations and 

investor protection efforts relating to 

private fund advisers. 

Form PF divides respondents into two 

broad groups, Large Private Fund 

Advisers and smaller private fund 

advisers. ‘‘Large Private Fund Advisers’’ 

are advisers with at least $1.5 billion in 

assets under management attributable to 

hedge funds (‘‘large hedge fund 

advisers’’), advisers that manage 

‘‘liquidity funds’’ and have at least $1 

billion in combined assets under 

management attributable to liquidity 

funds and registered money market 

funds (‘‘large liquidity fund advisers’’), 

and advisers with at least $2 billion in 

assets under management attributable to 

private equity funds (‘‘large private 

equity fund advisers’’). All other 

respondents are considered smaller 

private fund advisers. 

The Commission estimates that most 

filers of Form PF have already made 

their first filing, and so the burden 

hours applicable to those filers will 

reflect only ongoing burdens, and not 

start-up burdens. Accordingly, the 

Commission estimates the total annual 

reporting and recordkeeping burden of 

the collection of information for each 

respondent is as follows: 

(a) For smaller private fund advisers 

making their first Form PF filing, an 

estimated amortized average annual 

burden of 13 hours for each of the first 

three years 

(b) for smaller private fund advisers 

that already make Form PF filings, an 

estimated amortized average annual 


lotter on DSK11XQN23PROD with NOTICES1
67394 Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 

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

2 17 CFR 240.19b–4. 

3Amendment No. 1 made clarifications and 

corrections to the description of the proposed rule 

change and Exhibit 3a of the filing (Summary of 

Impact Study) to incorporate a longer impact 

analysis. As originally filed, the time-period of the 

impact analysis was November 2021 to October 

2022. As amended by Amendment No. 1, the timeperiod of the impact analysis is November 2021 to 

March 2023. These clarifications and corrections 

have been incorporated, as appropriate, into the 

proposed rule change. FICC has requested 

confidential treatment of Exhibit 3a, pursuant to 17 

CFR 240.24b–2. 

4See Securities Exchange Act Release No. 98160 

(Aug. 17, 2023), 88 FR 57485 (Aug. 23, 2023) (File 

No. SR–FICC–2023–011) (‘‘Notice of Filing’’). 

5Capitalized terms not defined herein are defined 

in the GSD Rulebook (‘‘Rules’’), available at https:// 

www.dtcc.com/∼/media/Files/Downloads/legal/ 

rules/ficc_gov_rules.pdf. 

6FICC operates two divisions: GSD and the 

Mortgage-Backed Securities Division (‘‘MBSD’’). 

GSD provides CCP services for the U.S. Government 

securities market; MBSD provides CCP services for 

the U.S. mortgage-backed securities market. GSD 

and MBSD maintain separate sets of rules, margin 

models, and clearing funds. The Proposed Rule 

Change relates solely to GSD. 

burden of 15 hours for each of the next 

three years; 

(c) for smaller private fund advisers, 

an estimated average annual burden of 

5 hours for event reporting for smaller 

private equity fund advisers for each of 

the next three years; 

(d) for large hedge fund advisers 

making their first Form PF filing, an 

estimated amortized average annual 

burden of 108 hours for each of the first 

three years; 

(e) for large hedge fund advisers that 

already make Form PF filings, an 

estimated amortized average annual 

burden of 600 hours for each of the next 

three years; 

(f) for large hedge fund advisers, an 

estimated average annual burden of 10 

hours for current reporting for each of 

the next three years; 

(g) for large liquidity fund advisers 

making their first Form PF filing, an 

estimated amortized average annual 

burden of 67 hours for each of the first 

three years; 

(h) for large liquidity fund advisers 

that already make Form PF filings, an 

estimated amortized average annual 

burden of 280 hours for each of the next 

three years; 

(i) for large private equity fund 

advisers making their first Form PF 

filing, an estimated amortized average 

annual burden of 84 hours for each of 

the first three years; 

(j) for large private equity fund 

advisers that already make Form PF 

filings, an estimated amortized average 

annual burden of 100 hours for each of 

the next three years; and 

(k) for large private equity fund 

advisers, an estimated average annual 

burden of 5 hours for event reporting for 

each of the next three years. 

With respect to annual internal costs, 

the Commission estimates the collection 

of information will result in 

122.86burden hours per year on average 

for each respondent. With respect to 

external cost burdens, the Commission 

estimates a range from $0 to $50,000 per 

adviser. Estimates of average burden 

hours and costs are made solely for the 

purposes of the Paperwork Reduction 

Act and are not derived from a 

comprehensive or even representative 

survey or study of the costs of 

Commission rules and forms. The 

changes in burden hours are due to the 

staff’s estimates of the time costs and 

external costs that result from the 

adopted amendments, the use of 

updated data, and the use of different 

methodologies to calculate certain 

estimates. Compliance with the 

collection of information requirements 

of Form PF is mandatory for advisers 

that satisfy the criteria described in 

Instruction 1 to the Form. Responses to 

the collection of information will be 

kept confidential to the extent permitted 

by law. The Commission does not 

intend to make public information 

reported on Form PF that is identifiable 

to any particular adviser or private fund, 

although the Commission may use Form 

PF information in an enforcement 

action. 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 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 by October 30, 2023 to (i) 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, 

c/o John Pezzullo, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov . 

Dated: September 26, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21430 Filed 9–28–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98494; File No. SR–FICC– 

2023–011] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Order 

Approving Proposed Rule Change, as 

Modified by Amendment No. 1, To 

Adopt a Portfolio Differential Charge 

as an Additional Component to the 

Government Securities Division 

Required Fund Deposit 

September 25, 2023. 

I. Introduction 

On August 3, 2023, Fixed Income 

Clearing Corporation (‘‘FICC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–FICC–2023–011 

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

Securities Exchange Act of 1934 

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

On August 16, 2023, FICC filed 

Amendment No. 1 to the proposed rule 

change, to make clarifications to the 

proposed rule change.3 The proposed 

rule change, as modified by Amendment 

No. 1, is hereinafter referred to as the 

‘‘Proposed Rule Change.’’ The Proposed 

Rule Change was published for 

comment in the Federal Register on 

August 23, 2023.4 The Commission has 

received no comments on the Proposed 

Rule Change. For the reasons discussed 

below, the Commission is approving the 

Proposed Rule Change.5

II. Background 

FICC is a central counterparty 

(‘‘CCP’’), which means it interposes 

itself as the buyer to every seller and 

seller to every buyer for the financial 

transactions it clears. FICC’s 

Government Securities Division 

(‘‘GSD’’) 6 provides trade comparison, 

netting, risk management, settlement, 

and CCP services for the U.S. 

Government securities market. As such, 

FICC is exposed to the risk that one or 

more of its members may fail to make 

a payment or to deliver securities. 

A key tool that FICC uses to manage 

its credit exposures to its members is 

the daily collection of the Required 

Fund Deposit (i.e., margin) from each 

member. A member’s margin is 

designed to mitigate potential losses 

associated with liquidation of the 

member’s portfolio in the event of that 

member’s default. The aggregated 

amount of all members’ margin 

constitutes the Clearing Fund, which 

FICC would be able to access should a 

defaulted member’s own margin be 

insufficient to satisfy losses to FICC 

caused by the liquidation of that 

member’s portfolio. Each member’s 

margin consists of a number of 


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