10114 Federal Register / Vol. 89, No. 30 / Tuesday, February 13, 2024 / Notices 

57 15 U.S.C. 78o–4(b)(2)(C). 

58 17 CFR 240.15c6–2. 

59 15 U.S.C. 78s(b)(2). 

60 17 CFR 200.30–3(a)(12). 

risk reduction, the Commission finds 

that the proposed rule change would 

promote investor protection and the 

public interest. 

In approving the proposed rule 

change, the Commission has considered 

the proposed rule change’s impact on 

efficiency, competition, and capital 

formation. Section 15B(b)(2)(C) of the 

Act 57 requires that MSRB rules not be 

designed to impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The Commission 

believes the proposed rule change to 

amend Rule G–12 would not impose 

any burden on competition and would 

not have an impact on competition, as 

the proposed rule change would apply 

a uniform standard for same-day 

allocation, confirmation, and 

affirmation for municipal securities to 

align with the standard applicable to, 

among other securities, equity and 

corporate bond transactions under 

Amended Exchange Act Rule 15c6–2.58

In addition, the proposed rule change 

would apply equally to all dealers. As 

all components of the proposed rule 

change would be applied equally to all 

registered dealers transacting in 

municipal securities, the Commission 

believes that the proposed rule change 

would not impose any additional 

burdens on competition that are not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

The Commission also finds that the 

proposed rule change will not hinder 

capital formation. As noted above, the 

proposed rule change ensures a uniform 

standard for same-day allocation, 

confirmation, and affirmation across all 

asset classes of securities (including 

municipal securities), and would be 

applied equally to all dealers. As such, 

the Commission believes that the 

proposed rule change would promote 

clearer regulatory requirements for the 

trade matching and affirmation process 

of municipal securities transactions. 

Furthermore, a shorter standard for 

allocations, confirmations, and 

affirmations may reduce the volume of 

unsettled transactions that could 

potentially pose settlement risk, and 

decrease liquidity risk by enabling 

market participants to access the 

proceeds of their transactions sooner. 

Therefore, the Commission also finds 

that the proposed rule change would 

promote efficiency of the trade matching 

and affirmation process, and would not 

negatively impact the municipal 

securities market’s operational 

efficiency. 

As noted above, the Commission 

received two comment letters on the 

filing. The Commission believes that the 

MSRB, through its response, addressed 

the commenters’ concerns. For the 

reasons noted above, the Commission 

believes that the proposed rule change 

is consistent with the Exchange Act. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,59

that the proposed rule change (SR– 

MSRB–2023–07) be, and hereby is, 

approved. 

For the Commission, pursuant to delegated 

authority.60

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02862 Filed 2–12–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

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

3235–0780] 

Submission for OMB Review; 

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’’) has submitted to the 

Office of Management and Budget a 

request for approval of the collection of 

information discussed below. 

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 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 89, No. 30 / Tuesday, February 13, 2024 / Notices 10115 

1This 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. 

2This 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. 

3This 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). 

4This estimate is based on the following 

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

counsel) = $24,200. 

5This estimate is based on the following 

calculation: 116 (estimated number of all 

applications)—32 (estimated number of 

applications under expedited review) = 84. 

6This estimate is based on the following 

calculation: 2 (estimated hours to prepare ‘‘in 

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

7This 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. 

8This 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. 

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 

annual cost burden utilizing in-house 

counsel is $1,626.24.8

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 March 14, 2024 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: February 8, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02906 Filed 2–12–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–823, OMB Control No. 

3235–0778] 

Proposed Collection; Comment 

Request; Extension: Market Data 

Infrastructure 

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 

(‘‘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 Rules 603 and 614 (17 

CFR 242.603 and 17 CFR 242.614, 

respectively), under the Securities 

Exchange Act of 1934 (‘‘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. 

On December 9, 2020, the 

Commission updated the content of 

national market system (‘‘NMS’’) 

information that is required to be 

collected, consolidated, and 

disseminated as part of the national 

market system under Regulation NMS. 

Second, the Commission amended the 

method by which ‘‘consolidated market 

data,’’ as now defined, is collected, 

consolidated, and disseminated by 

introducing a decentralized 

consolidation model with competing 

consolidators, which replaces the 

centralized consolidation model that 

relies on exclusive securities 

information processors (‘‘exclusive 

SIPs’’). 

The amendments, as adopted, 

establish seven new collections of 

information. 

1. Registration requirements and Form 

CC: Rule 614(a)(1)(i) requires each 

competing consolidator to register with 

the Commission by filing Form CC 

electronically in accordance with the 

instructions contained on the form. 

Competing consolidators will be 

required to file amendments to the form 

in accordance with the rule and file 

notice of its cessation of operations. 

2. Competing consolidator duties and 

data collection: Rule 614(d)(1)–(4) 

requires competing consolidators to (i) 

collect from each SRO the information 

with respect to quotations for and 

transactions in NMS stocks as provided 

in Rule 603(b); (ii) calculate and 

generate consolidated market data 

products; (iii) make consolidated market 

data products available to subscribers 

with the required timestamps on terms 

that are not unreasonably 

discriminatory; and (iv) timestamp the 

information collected from the SROs at 

certain specified times. 

3. Competing consolidators’ public 

posting of Form CC: Rule 614(c) requires 

competing consolidators to make public 

on its website a direct URL hyperlink to 

the Commission website that contains 

each effective initial Form CC, as 

amended, order of ineffective initial 

Form CC, and Form CC amendments to 

an effective Form CC. 

4. Recordkeeping: Rule 614(d)(7) 

requires each competing consolidator to 

keep and preserve at least one copy of 

all documents as defined in the rule for 

a period of no less than five years, the 

first two in an easily accessible place. 

Rule 614(d)(8) requires each competing 

consolidator, upon request of any 

representative of the Commission, to 

promptly furnish copies of any 

documents to such representative. 

5. Reports and Reviews: Rule 

614(d)(5) requires competing 

consolidators to publish on their 

websites certain monthly performance 

metrics. Rule 614(d)(6) requires 

competing consolidators to publish 

certain monthly data quality 

information. 

6. Amendment to the effective 

national market system plan(s) for NMS 


lotter on DSK11XQN23PROD with NOTICES1