Federal Register / Vol. 83, No. 165 / Friday, August 24, 2018 / Notices 42957 

18 17 CFR 200.30–3(a)(12). 

1See rule 22e–3(a)(3). 

2This estimate is based upon the Commission’s 

experience with the frequency with which money 

market funds have historically required sponsor 

support. Although the vast majority of money 

market fund sponsors have supported their money 

market funds in times of market distress, for 

purposes of this estimate Commission staff 

conservatively estimates that one or more sponsors 

may not provide support. 

3Based on a review of filings with the 

Commission, Commission staff estimates that 2.3 

conduit funds are invested in each master fund. 

However, master funds account for only 5.1% of all 

money market funds. Solely for the purposes of this 

information collection, and to avoid 

underestimating possible burdens, the Commission 

conservatively assumes that any money market that 

breaks the buck and liquidates would be a master 

fund. 

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– 

NASDAQ–2018–069 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–NASDAQ–2018–069. 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–NASDAQ–2018–069 and 

should be submitted on or before 

September 14, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18294 Filed 8–23–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; 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 22e–3, SEC File No. 270–603, OMB 

Control No. 3235–0658 

Notice is hereby given that, under 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. 

Section 22(e) of the Investment 

Company Act [15 U.S.C. 80a–22(e)] 

(‘‘Act’’) generally prohibits funds, 

including money market funds, from 

suspending the right of redemption, and 

from postponing the payment or 

satisfaction upon redemption of any 

redeemable security for more than seven 

days. The provision was designed to 

prevent funds and their investment 

advisers from interfering with the 

redemption rights of shareholders for 

improper purposes, such as the 

preservation of management fees. 

Although section 22(e) permits funds to 

postpone the date of payment or 

satisfaction upon redemption for up to 

seven days, it does not permit funds to 

suspend the right of redemption for any 

amount of time, absent certain specified 

circumstances or a Commission order. 

Rule 22e–3 under the Act [17 CFR 

270.22e–3] exempts money market 

funds from section 22(e) to permit them 

to suspend redemptions in order to 

facilitate an orderly liquidation of the 

fund. Specifically, rule 22e–3 permits a 

money market fund to suspend 

redemptions and postpone the payment 

of proceeds pending board-approved 

liquidation proceedings if: (i) The fund’s 

board of directors, including a majority 

of disinterested directors, determines 

pursuant to § 270.2a–7(c)(8)(ii)(C) that 

the extent of the deviation between the 

fund’s amortized cost price per share 

and its current net asset value per share 

calculated using available market 

quotations (or an appropriate substitute 

that reflects current market conditions) 

may result in material dilution or other 

unfair results to investors or existing 

shareholders; (ii) the fund’s board of 

directors, including a majority of 

disinterested directors, irrevocably 

approves the liquidation of the fund; 

and (iii) the fund, prior to suspending 

redemptions, notifies the Commission of 

its decision to liquidate and suspend 

redemptions. Rule 22e–3 also provides 

an exemption from section 22(e) for 

registered investment companies that 

own shares of a money market fund 

pursuant to section 12(d)(1)(E) of the 

Act (‘‘conduit funds’’), if the underlying 

money market fund has suspended 

redemptions pursuant to the rule. A 

conduit fund that suspends redemptions 

in reliance on the exemption provided 

by rule 22e–3 is required to provide 

prompt notice of the suspension of 

redemptions to the Commission. Notices 

required by the rule must be provided 

by electronic mail, directed to the 

attention of the Director of the Division 

of Investment Management or the 

Director’s designee.1 Compliance with 

the notification requirement is 

mandatory for money market funds and 

conduit funds that rely on rule 22e–3 to 

suspend redemptions and postpone 

payment of proceeds pending a 

liquidation, and are not kept 

confidential. 

Commission staff estimates that, on 

average, one money market fund would 

break the buck and liquidate every six 

years.2 In addition, Commission staff 

estimates that there are an average of 

two conduit funds that may be invested 

in a money market fund that breaks the 

buck.3 Commission staff further 

estimates that a money market fund or 

conduit fund would spend 

approximately one hour of an in-house 

attorney’s time to prepare and submit 

the notice required by the rule. Given 

these estimates, the total annual burden 

of the notification requirement of rule 

22e–3 for all money market funds and 


daltland on DSKBBV9HB2PROD with NOTICES
42958 Federal Register / Vol. 83, No. 165 / Friday, August 24, 2018 / Notices 

4This estimate is based on the following 

calculations: (1 hour ÷ 6 years) = 10 minutes per 

year for each fund and conduit fund that is required 

to provide notice under the rule. 10 minutes per 

year × 3 (combined number of affected funds and 

conduit funds) = 30 minutes. 

5This estimate is based on the following 

calculation: $401/hour × 30 minutes = $200.50. The 

estimated hourly wages used in this PRA analysis 

were derived from reports prepared by the 

Securities Industry and Financial Markets 

Association, modified to account for an 1,800-hour 

work year and multiplied by 5.35 to account for 

bonuses, firm size, employee benefits and overhead, 

and adjusted for inflation. 

conduit funds would be approximately 

30 minutes,4 at a cost of $201.5

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 and forms. 

Compliance with the collection of 

information requirements of the rule is 

necessary to obtain the benefit of relying 

on the rule. 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. 

Written comments are invited on: (a) 

Whether the collection of information is 

necessary for the proper performance of 

the functions of the Commission, 

including whether the information has 

practical utility; (b) the accuracy of the 

Commission’s estimate of the burden of 

the 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 after this 

publication. 

Please direct your written comments 

to Pamela Dyson, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Candace 

Kenner, 100 F Street NE, Washington, 

DC 20549; or send an email to: PRA_

Mailbox@sec.gov. 

Dated: August 21, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18360 Filed 8–23–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; 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 17g–5; SEC File. No. 270–581, OMB 

Control No. 3235–0649 

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’’) 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 Rule 17g–5 

(17 CFR 240.17g–5) under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.) (‘‘Exchange Act’’). 

Rule 17g–5 requires the disclosure of 

and establishment of procedures to 

manage certain NRSRO conflicts of 

interest, prohibits certain other NRSRO 

conflicts of interest, and contains 

requirements regarding the disclosure of 

information in the case of the conflict of 

interest of an NRSRO issuing or 

maintaining a credit rating on an assetbacked security that was paid for by the 

issuer, sponsor, or underwriter of the 

security. The Commission previously 

estimated that the total annual burden 

for respondents to comply with Rule 

17g–5 is 261,295 hours. 

The Commission may not conduct or 

sponsor a collection of information 

unless it displays a currently valid OMB 

control number. No person shall be 

subject to any penalty for failing to 

comply with a collection of information 

subject to the PRA that does not display 

a valid Office of Management and 

Budget (OMB) control number. 

Background documentation for this 

information collection may be viewed 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 St NE, 

Washington, DC 20549 or send an email 

to: PRA_Mailbox@sec.gov. Comments 

must be submitted to OMB within 30 

days of this notice. 

Dated: August 21, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18359 Filed 8–23–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; 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 17a–12/Form X–17A–5 Part IIB, SEC 

File No. 270–442, OMB Control No. 

3235–0498 

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’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 17a–12 (17 CFR 

240.17a–12) and Part IIB of Form X– 

17A–5 (17 CFR 249.617) under the 

Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.). The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Rule 17a–12 is the reporting rule 

tailored specifically for over-the-counter 

(‘‘OTC’’) derivatives dealers registered 

with the Commission, and Part IIB of 

Form X–17A–5, the Financial and 

Operational Combined Uniform Single 

(‘‘FOCUS’’) Report, is the basic 

document for reporting the financial 

and operational condition of OTC 

derivatives dealers. Rule 17a–12 

requires registered OTC derivatives 

dealers to file Part IIB of the FOCUS 

Report quarterly. Rule 17a–12 also 

requires that OTC derivatives dealers 

file audited financial statements 

annually. 

The reports required under Rule 17a– 

12 provide the Commission with 

information used to monitor the 

operations of OTC derivatives dealers 

and to enforce their compliance with 

the Commission’s rules. These reports 

also enable the Commission to review 

the business activities of OTC 

derivatives dealers and to anticipate, 

where possible, how these dealers may 

be affected by significant economic 

events. 


daltland on DSKBBV9HB2PROD with NOTICES