40582 Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Notices 

25 17 CFR 200.30–3(a)(12). 

the public interest; (ii) for the protection 

of investors; or (iii) 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 

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– 

Phlx–2018–53 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–Phlx–2018–53. 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–Phlx–2018–53 and should 

be submitted on or before September 5, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–17492 Filed 8–14–18; 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: 

Regulation S–P. SEC File No. 270–480; 

OMB Control No. 3235–0537. 

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 the privacy notice and 

opt out notice provisions of Regulation 

S–P—Privacy of Consumer Financial 

Information (17 CFR part 248, subpart 

A) under the Securities Exchange Act of 

1934 (‘‘Exchange Act’’) (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. 

The privacy notice and opt out notice 

provisions of Regulation S–P (the 

‘‘Rule’’) implement the privacy notice 

and opt out notice requirements of Title 

V of the Gramm-Leach-Bliley Act 

(‘‘GLBA’’), which include the 

requirement that at the time of 

establishing a customer relationship 

with a consumer and not less than 

annually during the continuation of 

such relationship, a financial institution 

shall provide a clear and conspicuous 

disclosure to such consumer of such 

financial institution’s policies and 

practices with respect to disclosing 

nonpublic personal information to 

affiliates and nonaffiliated third parties 

(‘‘privacy notice’’). Title V of the GLBA 

also provides that, unless an exception 

applies, a financial institution may not 

disclose nonpublic personal information 

of a consumer to a nonaffiliated third 

party unless the financial institution 

clearly and conspicuously discloses to 

the consumer that such information may 

be disclosed to such third party; the 

consumer is given the opportunity, 

before the time that such information is 

initially disclosed, to direct that such 

information not be disclosed to such 

third party; and the consumer is given 

an explanation of how the consumer can 

exercise that nondisclosure option (‘‘opt 

out notice’’). The Rule applies to brokerdealers, investment advisers registered 

with the Commission, and investment 

companies (‘‘covered entities’’). 

Commission staff estimates that, as of 

March 31, 2018, the Rule’s information 

collection burden applies to 

approximately 20,465 covered entities 

(approximately 3,857 broker-dealers, 

12,643 investment advisers registered 

with the Commission, and 3,965 

investment companies). In view of (a) 

the minimal recordkeeping burden 

imposed by the Rule (since the Rule has 

no recordkeeping requirement and 

records relating to customer 

communications already must be made 

and retained pursuant to other SEC 

rules); (b) the summary fashion in 

which information must be provided to 

customers in the privacy and opt out 

notices required by the Rule (the model 

privacy form adopted by the SEC and 

the other agencies in 2009, designed to 

serve as both a privacy notice and an 

opt out notice, is only two pages); (c) the 

availability to covered entities of the 

model privacy form and online model 

privacy form builder; and (d) the 

experience of covered entities’ staff with 

the notices, SEC staff estimates that 

covered entities will each spend an 

average of approximately 12 hours per 

year complying with the Rule, for a total 

of approximately 245,580 annual 

burden-hours (12 x 20,465 = 245,580). 

SEC staff understands that the vast 

majority of covered entities deliver their 

privacy and opt out notices with other 

communications such as account 

opening documents and account 

statements. Because the other 

communications are already delivered 

to consumers, adding a brief privacy 

and opt out notice should not result in 

added costs for processing or for postage 

and materials. Also, privacy and opt out 

notices may be delivered electronically 

to consumers who have agreed to 

electronic communications, which 

further reduces the costs of delivery. 

Because SEC staff assumes that most 

paper copies of privacy and opt out 

notices are combined with other 

required mailings, the burden-hour 

estimates above are based on resources 

required to integrate the privacy and opt 

notices into another mailing, rather than 

on the resources required to create and 

send a separate mailing. SEC staff 

estimates that, of the estimated 12 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Notices 40583 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Market Makers’’ refers to Lead Market 

Makers (‘‘LMMs’’), Primary Lead Market Makers 

(‘‘PLMMs’’), and Registered Market makers 

(‘‘RMMs’’) collectively. See Exchange Rule 100. A 

Directed Order Lead Market Maker (‘‘DLMM’’) and 

Directed Primary Lead Market Maker (‘‘DPLMM’’) is 

a party to a transaction being allocated to the LMM 

or PLMM and is the result of an order that has been 

directed to the LMM or PLMM. See Fee Schedule, 

note 2. 

4The calculation of the volume thresholds does 

not include QCC and cQCC Orders, PRIME and 

cPRIME AOC Responses, and unrelated MIAX 

Market Maker quotes or unrelated MIAX Market 

Maker orders that are received during the Response 

Time Interval and executed against the PRIME 

Order (‘‘PRIME Participating Quotes or Orders’’) 

and unrelated MIAX Market Maker complex quotes 

or unrelated MIAX Market Maker complex orders 

that are received during the Response Time Interval 

and executed against a cPRIME Order (‘‘cPRIME 

Participating Quote or Order’’) (herein ‘‘Excluded 

Contracts’’). See Fee Schedule, page 2. 

5See Securities Exchange Act Release No. 83515 

(June 25, 2018), 83 FR 30786 (June 29, 2018) (SR– 

MIAX–2018–12). 

annual burden-hours incurred, 

approximately 8 hours would be spent 

by administrative assistants at an hourly 

rate of $82, and approximately 4 hours 

would be spent by internal counsel at an 

hourly rate of $422, for a total 

annualized internal cost of compliance 

of $2,344 for each of the covered entities 

(8 × $82 = $656; 4 × $422 = $1,688; $656 

+ $1,688 = $2,344). Hourly cost of 

compliance estimates for administrative 

assistant time are derived from the 

Securities Industry and Financial 

Markets Association’s Office Salaries in 

the Securities Industry 2013, modified 

by SEC staff to account for an 1,800- 

hour work-year and multiplied by 2.93 

to account for bonuses, firm size, 

employee benefits and overhead. Hourly 

cost of compliance estimates for internal 

counsel time are derived from the 

Securities Industry and Financial 

Markets Association’s Management & 

Professional Earnings in the Securities 

Industry 2013, modified by SEC staff to 

account for an 1,800-hour work-year 

and multiplied by 5.35 to account for 

bonuses, firm size, employee benefits, 

and overhead. Accordingly, SEC staff 

estimates that the total annualized 

internal cost of compliance for the 

estimated total hour burden for the 

approximately 20,465 covered entities 

subject to the Rule is approximately 

$47,969,960 ($2,344 × 20,465 = 

$47,969,960). 

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: 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 9, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–17488 Filed 8–14–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83812; File No. SR–MIAX– 

2018–21] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

August 9, 2018. 

Pursuant to the provisions of Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on July 31, 2018, Miami International 

Securities Exchange LLC (‘‘MIAX 

Options’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I, II, and III below, 

which Items have been prepared by the 

Exchange. 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 

The Exchange is filing a proposal to 

amend the MIAX Options Fee Schedule 

(the ‘‘Fee Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings, at MIAX’s principal office, 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 proposes to amend the 

Market Maker Sliding Scale (defined 

below) contained in its Fee Schedule, 

and assessed to MIAX Options Market 

Makers,3 to (i) modify certain volume 

thresholds, and (ii) increase certain 

Maker (as defined below) fees in certain 

Tiers for options transactions in Penny 

classes (as defined below) executed in 

the simple order book. 

Section 1)a)i) of the Fee Schedule sets 

forth the Exchange’s Market Maker 

Sliding Scale for Market Maker 

Transaction Fees (the ‘‘Sliding Scale’’). 

The Sliding Scale assesses a per contract 

transaction fee on a Market Maker for 

the execution of simple orders and 

quotes (collectively, ‘‘simple orders’’) 

and complex orders and quotes 

(collectively, ‘‘complex orders’’). The 

percentage threshold by tier is based on 

the Market Maker’s percentage of total 

national market maker volume in all 

options classes that trade on the 

Exchange during a particular calendar 

month, or total aggregated volume 

(‘‘TAV’’), and the Exchange aggregates 

the volume executed by Market Makers 

in both simple orders and complex 

orders for purposes of determining the 

applicable tier and corresponding per 

contract transaction fee amount.4 The 

Sliding Scale applies to all MIAX 

Options Market Makers for transactions 

in all products (except for mini-options, 

for which there are separate product 

fees), with fees established for standard 

option classes in the Penny Pilot 

Program 5 (‘‘Penny classes’’) and 

separate fees for standard option classes 

which are not in the Penny Pilot 


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