34276 Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices 

65 Id. 

66 15 U.S.C. 78q–1(b)(3)(I). 67 17 CFR 200.30–3(a)(12). 

with the Capital Policy, is consistent 

with Rule 17Ad–22(e)(15)(ii).65

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC does not believe the proposal 

would have any impact, or impose any 

burden, on competition not necessary or 

appropriate in furtherance of the 

purpose of the Act.66 The proposal 

would apply uniformly to all 

Participants and Pledgees. DTC does not 

anticipate that the proposal would affect 

its day-to-day operations under normal 

circumstances, or in the management of 

a typical Participant default scenario or 

non-default event. DTC is not proposing 

to alter the standards or requirements 

for becoming or remaining a Participant 

or Pledgee, or otherwise using its 

services. DTC also does not propose to 

change its methodology for calculation 

of Participants Fund contributions. The 

proposal is intended to (1) address the 

risk of loss events and identify the tools 

and resources available to it to 

withstand and recover from such events, 

so that it can restore normal operations, 

and (2) provide a framework for its 

orderly wind-down and the transfer of 

its business in the event those recovery 

tools do not restore DTC to financial 

viability, as described herein. 

The R&W Plan and each of the 

Proposed Rules have been developed 

and documented in order to satisfy 

applicable regulatory requirements, as 

discussed above. 

With respect to the Recovery Plan, the 

proposal generally reflects DTC’s 

existing tools and existing internal 

procedures. Existing tools that would 

have a direct impact on the rights, 

responsibilities or obligations of 

Participants are reflected in the existing 

Rules or are proposed to be included in 

the Rules. Accordingly, the Recovery 

Plan and the proposed Force Majeure 

Rule are intended to provide a roadmap, 

define the strategy and identify the tools 

available to DTC in connection with its 

recovery efforts. By proposing to 

enhance DTC’s existing internal 

management and its regulatory 

compliance related to its recovery 

efforts, DTC does not believe the 

Recovery Plan or the proposed Force 

Majeure Rule would have any impact, or 

impose any burden, on competition. 

With respect to the Wind-down Plan 

and the proposed Wind-down Rule, 

which facilitate the execution of the 

Wind-down Plan, the proposal would 

operate to effect the transfer of all 

eligible Participants and Pledgees to the 

Transferee, and would not prohibit any 

market participant from either bidding 

to become the Transferee or from 

applying for membership with the 

Transferee. The proposal also would not 

prohibit any Participant or Pledgee from 

withdrawing from DTC prior to the 

Transfer Time, as is permitted under the 

Rules today, or from applying for 

membership with the Transferee. 

Therefore, as the proposal would treat 

each similarly situated Participant and 

Pledgee identically under the Winddown Plan and under the Proposed 

Wind-down Rule, DTC does not believe 

the Wind-down Plan or the proposed 

Wind-down Rule would have any 

impact, or impose any burden, on 

competition. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

While DTC has not solicited or 

received any written comments relating 

to this proposal, DTC has conducted 

outreach to its Members in order to 

provide them with notice of the 

proposal. DTC will notify the 

Commission of any written comments 

received by DTC. 

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing. 

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– 

DTC–2017–021 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–DTC–2017–021. 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 DTC and on DTCC’s website 

(http://dtcc.com/legal/sec-rulefilings.aspx). 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–DTC– 

2017–021 and should be submitted on 

or before August 3, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.67

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15363 Filed 7–18–18; 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: 

Regulation AC; SEC File No. 270–517, 

OMB Control No. 3235–0575 

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 previously approved 

collection of information provided for in 

Regulation Analyst Certification 

(‘‘Regulation AC’’) (17 CFR 242.500– 

505), under the Securities Exchange Act 

of 1934 (15 U.S.C. 78a et seq.). 

Regulation AC requires that research 

reports published, circulated, or 

provided by a broker or dealer or 

covered person contain a statement 

attesting that the views expressed in 

each research report accurately reflect 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices 34277 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4. 

8See standard FIX tag 18 (ExecInst) in the 

Investors Exchange FIX Specification, available on 

the Exchange’s public website. 

9See Rule 1.160(nn). 

10See Rule 11.230(c). The term ‘‘System routing 

table’’ refers to the proprietary process for 

determining the specific trading venues, including 

the Order Book, to which the System routes orders 

and the order in which it routes them. The 

Exchange reserves the right to maintain a different 

System routing table for different routing options 

and to modify the System routing table at any time 

without notice. 

the analyst’s personal views and 

whether or not the research analyst 

received or will receive any 

compensation in connection with the 

views or recommendations expressed in 

the research report. Regulation AC also 

requires broker-dealers to, on a quarterly 

basis, make, keep, and maintain records 

of research analyst statements regarding 

whether the views expressed in public 

appearances accurately reflected the 

analyst’s personal views, and whether 

any part of the analyst’s compensation 

is related to the specific 

recommendations or views expressed in 

the public appearance. Regulation AC 

also requires that research prepared by 

foreign persons be presented to U.S. 

persons pursuant to Securities Exchange 

Act Rule 15a–6 and that broker-dealers 

notify associated persons if they would 

be covered by the regulation. Regulation 

AC excludes the news media from its 

coverage. 

The collections of information under 

Regulation AC are necessary to provide 

investors with information with which 

to determine the value of the research 

available to them. It is important for an 

investor to know whether an analyst 

may be biased with respect to securities 

or issuers that are the subject of a 

research report. Further, in evaluating a 

research report, it is reasonable for an 

investor to want to know about an 

analyst’s compensation. Without the 

information collection, the purposes of 

Regulation AC could not be met. This 

regulation does not involve the 

collection of confidential information. 

The Commission estimates that 

Regulation AC imposes an aggregate 

annual time burden of approximately 

25,844 hours on 5,186 respondents, or 

approximately 5 hours per respondent. 

The Commission estimates that the total 

annual internal cost of compliance for 

the 25,844 hours is approximately 

$12,452,349, or approximately $2,401 

per respondent, annually. 

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: Shagufta_

Ahmed@omb.eop.gov; and (ii) Pamela 

Dyson, 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: July 13, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15380 Filed 7–18–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83634; File No. SR–IEX– 

2018–15] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Discontinue 

the Router Basic Routing Option 

July 13, 2018. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on July 10, 

2018, the Investors Exchange LLC 

(‘‘IEX’’ or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

by the self-regulatory organization. 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 

Pursuant to the provisions of Section 

19(b)(1) under the Securities Exchange 

Act of 1934 (‘‘Act’’),4 and Rule 19b–4 

thereunder,5 Investors Exchange LLC 

(‘‘IEX’’ or ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to amend Rule 11.230(c) (Routing 

Options) to discontinue the Router Basic 

routing option and delete references 

thereto. The Exchange has designated 

this rule change as ‘‘non-controversial’’ 

under Section 19(b)(3)(A) of the Act 6

and provided the Commission with the 

notice required by Rule 19b–4(f)(6) 

thereunder.7

The text of the proposed rule change 

is available at the Exchange’s website at 

www.iextrading.com, at the principal 

office of the Exchange, 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 

self-regulatory organization 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 statement may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this proposed rule 

change is to amend Rule 11.230(c) 

(Routing Options) to delete references to 

the Router Basic routing option. The 

Exchange currently offers two routing 

options—Router and Router Basic— 

which may be elected by a User upon 

entry of an order eligible for routing to 

the Exchange.8 The Exchange proposes 

to discontinue the Router Basic option. 

Rule 11.230(c)(1) describes the 

Exchange’s Router Basic routing option 

under which the System 9 sends 

routable orders to market centers on the 

Exchange’s proprietary System routing 

table.10 If shares remain unexecuted 

after routing, they are posted on the 

Order Book or canceled, as per User 

instructions. Once posted to the Order 

Book, the unexecuted portion of such an 

order is eligible for the re-sweep 

behavior described in Rule 11.230(c)(3), 

market conditions permitting. 

Furthermore, Rule 11.230(c)(2) 

describes the Exchange’s Router routing 

option under which the System sends 

routable orders to the Order Book to 

check for available shares and then any 

remainder is sent to market centers on 

the Exchange’s proprietary System 

routing table. If shares remain 

unexecuted after routing, they are 


sradovich on DSK3GMQ082PROD with NOTICES