Federal Register / Vol. 88, No. 235 / Friday, December 8, 2023 / Notices 85677 

1 This estimate is based on the following 

calculation: 5 hours (estimated hours per 

application to prepare the marked copies) + 2 hour 

(estimated hours per application to explain, notate, 

and certify) = 7 hours. 

2 This estimate is based on the following 

calculation: 5 (estimated hours per application to 

prepare the marked copies) × $484 (hourly rate for 

an in-house counsel) = $2,420; 2 (estimated hours 

per application to explain, notate, and certify) × 

$484 (hourly rate for an in-house counsel) = $968; 

$2,420 (estimated cost per application to prepare 

the marked copies) + $968 (estimated cost per 

application to explain, notate, and certify) = $3,388; 

the hourly wages data is from the Securities 

Industry Financial Markets Association’s 

Management & Professional Earnings in the 

Securities Industry 2013, modified by Commission 

Staff to account for an 1,800-hour work-year and 

inflation, and multiplied by 5.35 (professionals) to 

account for bonuses, firm size, employee benefits, 

and overhead, suggests that the cost for in-house 

counsel is $484 per hour. 

3 This estimate is based on the following 

calculations: [5 (estimated hours per application to 

prepare the marked copies) + 2 (estimated hours per 

application to explain, notate, and certify)] × 32 

(estimated number of applications under expedited 

review) × 0.20 (approximate percentage of 

applications prepared by in-house counsel) = 44.8 

(rounded up to 50). 

4 This estimate is based on the following 

calculation: 50 (estimated total hours utilizing inhouse counsel) × $484 (hourly rate for an in-house 

counsel) = $24,200. 

5 This estimate is based on the following 

calculation: 116 (estimated number of all 

applications) ¥32 (estimated number of 

applications under expedited review) = 84. 

6 This estimate is based on the following 

calculation: 2 (estimated hours to prepare ‘‘in 

writing’’ response) × $484 (hourly rate for an inhouse counsel) = $968. 

7 This estimate is based on the following 

calculations: 2 (estimated hours to prepare ‘‘in 

writing’’ response) × 84 (estimated number of 

applications under standard review) × 0.10 

(approximate percentage of application required to 

respond ‘‘in writing’’) × 0.20 (approximate 

percentage of applications prepared by in-house 

counsel) = 3.36. 

3040.135, and 39 CFR 3035.105; Public 

Representative: Christopher C. Mohr; 

Comments Due: December 11, 2023. 

5. Docket No(s).: MC2024–93 and 

CP2024–95; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail, USPS Ground Advantage & Parcel 

Select Contract 1 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: December 1, 2023; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: 

Christopher C. Mohr; Comments Due: 

December 11, 2023. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2023–26931 Filed 12–7–23; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–819, OMB Control No. 

3235–0780] 

Proposed Collection; Comment 

Request; Extension: Rule 0–5 

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 (the 

‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this collection of 

information to the Office of 

Management and Budget for extension 

and approval. 

Rule 0–5 (17 CFR 270.0–5) under the 

Investment Company Act (the ‘‘Act’’) 

(15 U.S.C. 80a et seq.) entitled 

‘‘Procedure with Respect to 

Applications and Other Matters,’’) sets 

forth procedure for applications seeking 

orders for exemptions or other relief 

under the Investment Company Act. 

Rule 0–5(e) requires applicants seeking 

expedited review to include certain 

information with the application. Rule 

0–5(e)(1) requires that the cover page of 

the application include a notation 

prominently stating ‘‘EXPEDITED 

REVIEW REQUESTED UNDER 17 CFR 

270.0–5(d).’’ Rule 0–5(e)(2) requires 

applicants to submit exhibits with 

marked copies of the application 

showing changes from the final versions 

of two precedent applications identified 

as substantially identical. Rule 0–5(e)(3) 

requires an accompanying cover letter, 

signed, on behalf of the applicant, by 

the person executing the application (i) 

identifying two substantially identical 

applications and explaining why the 

applicant chose those particular 

applications, and if more recent 

applications of the same type have been 

approved, why the applications chosen, 

rather than the more recent 

applications, are appropriate; and (ii) 

certifying that that the applicant 

believes the application meets the 

requirements of rule 0–5(d) and that the 

marked copies required by rule 0–5(e)(2) 

are complete and accurate. 

Rule 0–5(g) provides that, if an 

applicant has not responded in writing 

to a request for clarification or 

modification of an application filed 

under standard review within 120 days 

after the request, the application will be 

deemed withdrawn. As an oral response 

would not stop an application from 

being deemed withdrawn, rule 0–5(g), 

requires applicants to respond ‘‘in 

writing’’ and therefore create an 

additional cost within the meaning of 

the PRA. 

The information collected under rule 

0–5(g) and (e) is intended to provide an 

expedited review procedure for certain 

applications and establish an internal 

timeframe for review of applications 

outside of the expedited procedure. The 

rule is meant to provide relief as 

efficiently and timely as possible, while 

also ensuring that applications continue 

to be carefully analyzed consistent with 

the relevant statutory standards. 

Applicants for orders under the Act 

can include investment companies and 

affiliated persons of investment 

companies. Applicants file applications 

as they deem necessary. The 

Commission receives approximately 116 

applications per year under the Act, and 

of the 116 applications, we estimate to 

receive approximately 32 applications 

seeking expedited review under the Act. 

Although each application is typically 

submitted on behalf of multiple entities, 

the entities in the vast majority of cases 

are related companies and are treated as 

a single applicant for purposes of this 

analysis. Each application subject to 

rules 0–5(e) and 0–5(g) does not impose 

any ongoing obligations or burdens on 

the part of an applicant. 

Much of the work of preparing an 

application is performed by outside 

counsel. Based on conversations with 

applicants and Staff experience, 

approximately 20 percent of 

applications are prepared by in-house 

counsel. 

The mandatory requirements under 

rule 0–5(e) increase the estimated hour 

or cost burden for applicants utilizing 

in-house counsel by 7 hours 1 or $3,388 2

per application. Therefore, the 

mandatory requirements under rule 0– 

5(e) increase the total estimated annual 

hour burden by approximately 50 hours 

utilizing in-house counsel.3 The total 

estimated annual cost burden for 

utilizing in-house counsel is $24,200.4

We estimate to receive approximately 

84 applications 5 per year seeking 

standard review under the Act and of 

the 84 applications, we estimate that in 

approximately 10 percent of those, the 

applicants respond ‘‘in writing’’ to 

avoid the application being deemed 

withdrawn pursuant to rule 0–5(g). We 

believe the ‘‘in writing’’ requirement 

under rule 0–5(g) increases the burden 

for applicants utilizing in-house counsel 

by 2 hours or $968 per application.6

Therefore, the ‘‘in writing’’ requirement 

under rule 0–5(g) increases the total 

estimated annual hour burden by 

approximately 3.36 hours utilizing inhouse counsel.7 The total estimated 


khammond on DSKJM1Z7X2PROD with NOTICES
85678 Federal Register / Vol. 88, No. 235 / Friday, December 8, 2023 / Notices 

8 This estimate is based on the following 

calculation: 3.36 (estimated total hours utilizing inhouse counsel) × $484 (hourly rate for an in-house 

counsel) = $1,626.24. 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4See Securities Exchange Act Release No. 96930 

(February 15, 2023), 88 FR 13872 (March 6, 2023) 

(File No. S7–05–22) (Shortening the Securities 

Transaction Settlement Cycle) (‘‘SEC T+1 Adopting 

Release’’). The effective date of final Exchange Act 

Rules changes is May 5, 2023, and the compliance 

date is May 28, 2024. 

5See Securities Exchange Act Release No. 33023 

(October 6, 1993), 58 FR 52891 (October 13, 1993) 

(File No. S7–5–93). The implementation date of 

Exchange Act Rule 15c6–1 was June 7, 1995. See 

Securities Exchange Act Release No. 34592 

(November 9, 1994), 59 FR 59137 (November 16, 

1994) (File No. S7–5–93). When adopted, Exchange 

Act Rule 15c6–1 prohibited broker-dealers from 

effecting or entering into a contract for the purchase 

or sale of a security (other than an exempted 

security, government security, municipal security, 

commercial paper, bankers’ acceptances, or 

commercial bills) that provides for payment of 

funds and delivery of securities later than the third 

business day after the date of the contract unless 

otherwise expressly agreed to by the parties at the 

time of the transaction. Although not covered by 

Exchange Act Rule 15c6–1, in 1995, the 

Commission approved the Municipal Securities 

Rulemaking Board’s (‘‘MSRB’’) rule change 

requiring transactions in municipal securities to 

settle by T+3. See Securities Exchange Act Release 

No. 35427 (February 28, 1995), 60 FR 12798 (March 

8, 1995) (Order Approving File No. SR–MSRB–94– 

10). 

6See Securities Exchange Act Release No. 80295 

(March 22, 2017), 82 FR 15564 (March 29, 2017) 

(File No. S7–22–16). The compliance date for the 

T+2 settlement cycle was September 5, 2017. In 

April 2016, the Commission approved the MSRB’s 

rule change requiring transactions in municipal 

securities to settle by T+2. See Securities Exchange 

Act Release No. 77744 (April 29, 2016), 81 FR 

26851 (May 4, 2016) (Order Approving File No. SR– 

MSRB–2016–04). 

7See Securities Exchange Act Release No. 35507 

(March 17, 1995), 60 FR 15616 (March 24, 1995) 

annual cost burden utilizing in-house 

counsel is $1,626.24.8

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 

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 

by February 6, 2024. 

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 John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: December 5, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–26990 Filed 12–7–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99075; File No. SR–FINRA– 

2023–017] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend FINRA Rules 

To Conform to Exchange Act Rules 

15c6–1 and 15c6–2 To Shorten the 

Standard Settlement Cycle for Most 

Broker-Dealer Transactions From Two 

Business Days After the Trade Date to 

One Business Day After the Trade Date 

December 4, 2023. 

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

Securities Exchange Act of 1934 (‘‘Act’’) 

and Rule 19b–4 thereunder,2 notice is 

hereby given that on November 28, 

2023, the Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I and 

II below, which Items have been 

prepared by FINRA. FINRA has 

designated the proposed rule change as 

constituting a ‘‘non-controversial’’ rule 

change under paragraph (f)(6) of Rule 

19b–4 under the Act,3 which renders 

the proposal effective upon receipt of 

this filing by the Commission. 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 

FINRA is proposing to amend FINRA 

Rules 2341 (Investment Company 

Securities), 4515 (Approval and 

Documentation of Changes in Account 

Name or Designation), 6282 

(Transactions Reported by Members to 

the ADF), 6380A (Transaction 

Reporting), 6380B (Transaction 

Reporting), 6622 (Transaction 

Reporting), 7140 (Trade Report 

Processing), 7240A (Trade Report 

Processing), 7340 (Trade Report 

Processing), 11140 (Transactions in 

Securities ‘‘Ex-Dividend,’’ ‘‘Ex-Rights’’ 

or ‘‘Ex-Warrants’’), 11150 (Transactions 

‘‘Ex-Interest’’ in Bonds Which Are Dealt 

in ‘‘Flat’’), 11210 (Sent by Each Party), 

11320 (Dates of Delivery), 11620 

(Computation of Interest), 11860 (COD 

Orders), 11893 (Clearly Erroneous 

Transactions in OTC Equity Securities), 

and 11894 (Review by the Uniform 

Practice Code (‘‘UPC’’) Committee) to 

conform to the Commission’s final 

amendments to Exchange Act Rule 

15c6–1 and adoption of Exchange Act 

Rule 15c6–2 to shorten the standard 

settlement cycle for most broker-dealer 

transactions from two business days 

after the trade date (‘‘T+2’’) to one 

business day after the trade date 

(‘‘T+1’’).4

The text of the proposed rule change 

is available on FINRA’s website at 

http://www.finra.org, at the principal 

office of FINRA 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, 

FINRA 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. FINRA 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 

Background 

In October 1993, the Commission 

adopted Exchange Act Rule 15c6–1 to 

shorten the standard U.S. trade 

settlement cycle for most securities 

transactions from five business days 

after the trade date (‘‘T+5’’) to three 

business days after the trade date 

(‘‘T+3’’).5 In March 2017, the 

Commission amended Exchange Act 

Rule 15c6–1 to further shorten the trade 

settlement cycle from T+3 to T+2.6 On 

both occasions, FINRA amended its 

settlement-related rules to conform to 

the Commission’s changes to the trade 

settlement cycle.7


khammond on DSKJM1Z7X2PROD with NOTICES