Federal Register / Vol. 80, No. 48 / Thursday, March 12, 2015 / Notices 13053 

SECURITIES AND EXCHANGE 

COMMISSION 

[OMB Control No. 3235–0503, SEC File No. 

270–446] 

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: 

Form N–6. 

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 existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

The title for the collection of 

information is ‘‘Form N–6 (17 CFR 

239.17c and 274.11d) under the 

Securities Act of 1933 (15 U.S.C. 77a et 

seq.) and under the Investment 

Company Act of 1940 (15 U.S.C. 80a–1 

et seq.) registration statement of separate 

accounts organized as unit investment 

trusts that offer variable life insurance 

policies.’’ Form N–6 is the form used by 

insurance company separate accounts 

organized as unit investment trusts that 

offer variable life insurance contracts to 

register as investment companies under 

the Investment Company Act of 1940 

and/or to register their securities under 

the Securities Act of 1933. The primary 

purpose of the registration process is to 

provide disclosure of financial and 

other information to investors and 

potential investors for the purpose of 

evaluating an investment in a security. 

Form N–6 also requires separate 

accounts organized as unit investment 

trusts that offer variable life insurance 

policies to provide investors with a 

prospectus and a statement of additional 

information (‘‘SAI’’) covering essential 

information about the separate account 

when it makes an initial or additional 

offering of its securities. 

The Commission estimates that 

approximately 472 registration 

statements (396 post-effective 

amendments plus 76 initial registration 

statements) are filed on Form N–6 

annually. The estimated hour burden 

per portfolio for preparing and filing an 

initial registration statement on Form 

N–6 is 770.25 hours. The estimated 

annual hour burden for preparing and 

filing initial registration statements is 

58,539 hours (76 initial registration 

statements annually times 770.25 hours 

per registration statement). The 

Commission estimates that the hour 

burden for preparing and filing a posteffective amendment on Form N–6 is 

67.5 hours. The total annual hour 

burden for preparing and filing posteffective amendments is 26,730 hours 

(396 post-effective amendments 

annually times 67.5 hours per 

amendment). The frequency of response 

is annual. The total annual hour burden 

for Form N–6, therefore, is estimated to 

be 85,269 hours (58,539 hours for initial 

registration statements plus 26,730 

hours for post-effective amendments). 

The Commission estimates that the 

cost burden for preparing an initial 

Form N–6 filing is $24,169 per portfolio 

and the current cost burden for 

preparing a post-effective amendment to 

a previously effective registration 

statement is $8,788 per portfolio. The 

Commission estimates that, on an 

annual basis, 76 portfolios will be 

referenced in an initial Form N–6 and 

396 portfolios will be referenced in a 

post-effective amendment of Form N–6. 

Thus, the total cost burden allocated to 

Form N–6 would be $5,316,892. 

The information collection 

requirements imposed by Form N–6 are 

mandatory. Responses to the collection 

of information will not be kept 

confidential. Estimates of average 

burden hours are made solely for the 

purposes of the Paperwork Reduction 

Act, and are not derived from a 

comprehensive or even a representative 

survey or study of the costs of 

Commission rules and forms. 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 proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’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 of this 

publication. 

Please direct your written comments 

to Pamela Dyson, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Remi 

Pavlik-Simon, 100 F Street NE., 

Washington, DC 20549; or send an email 

to: PRA_Mailbox@sec.gov. 

Dated: March 6, 2015. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–05601 Filed 3–11–15; 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 15g–5, SEC File No. 270–348, OMB 

Control No. 3235–0394. 

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 15g–5—Disclosure 

of Compensation to Associated Persons 

in Connection with Penny Stock 

Transactions—(17 CFR 240.15g–5) 

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 15g–5 requires brokers and 

dealers to disclose to customers the 

amount of compensation to be received 

by their sales agents in connection with 

penny stock transactions. The purpose 

of the rule is to increase the level of 

disclosure to investors concerning 

penny stocks generally and specific 

penny stock transactions. 

The Commission estimates that 

approximately 221 broker-dealers will 

spend an average of 87 hours annually 

to comply with the rule. Thus, the total 

compliance burden is approximately 

19,245 burden-hours per year. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’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 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
13054 Federal Register / Vol. 80, No. 48 / Thursday, March 12, 2015 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 72629 

(July 16, 2014), 79 FR 42564 (July 22, 2014) (NYSE– 

2014–35). 4See Securities Exchange Act Release No. 67347 

(July 3, 2012), 77 FR 40673 (July 10, 2012) (‘‘RLP 

Approval Order’’) (SR–NYSE–2011–55). 

5See id. at 40681. 

6Concurrently with this filing, the Exchange has 

submitted a request for an extension of the 

exemption under Regulation NMS Rule 612 

previously granted by the Commission that permits 

it to accept and rank the undisplayed RPIs. See 

Letter from Martha Redding, Senior Counsel, NYSE 

Group, Inc. to Brent J. Fields, Secretary, Securities 

and Exchange Commission, dated February 27, 

2015. 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

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 Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549 or send an email to PRA_

Mailbox@sec.gov. 

Dated: March 6, 2015. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–05600 Filed 3–11–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74454; File No. SR–NYSE– 

2015–10] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Extend the 

Pilot Period for the Exchange’s Retail 

Liquidity Program Which Is Currently 

Scheduled To Expire on March 31, 

2015, Until September 30, 2015 

March 6, 2015. 

Pursuant to 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 February 

27, 2015, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the 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 proposes to extend the 

pilot period for the Exchange’s Retail 

Liquidity Program (the ‘‘Retail Liquidity 

Program’’ or the ‘‘Program’’), which is 

currently scheduled to expire on March 

31, 2015, until September 30, 2015. The 

text of the proposed rule change is 

available on the Exchange’s Web site at 

www.nyse.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 those 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 parts 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 filing is to extend 

the pilot period of the Retail Liquidity 

Program,3 currently scheduled to expire 

on March 31, 2015, until September 30, 

2015. 

Background 

In July 2012, the Commission 

approved the Retail Liquidity Program 

on a pilot basis.4 The Program is 

designed to attract retail order flow to 

the Exchange, and allows such order 

flow to receive potential price 

improvement. The Program is currently 

limited to trades occurring at prices 

equal to or greater than $1.00 per share. 

Under the Program, Retail Liquidity 

Providers (‘‘RLPs’’) are able to provide 

potential price improvement in the form 

of a non-displayed order that is priced 

better than the Exchange’s best 

protected bid or offer (‘‘PBBO’’), called 

a Retail Price Improvement Order 

(‘‘RPI’’). When there is an RPI in a 

particular security, the Exchange 

disseminates an indicator, known as the 

Retail Liquidity Identifier, indicating 

that such interest exists. Retail Member 

Organizations (‘‘RMOs’’) can submit a 

Retail Order to the Exchange, which 

would interact, to the extent possible, 

with available contra-side RPIs. 

The Retail Liquidity Program was 

approved by the Commission on a pilot 

basis. Pursuant to NYSE Rule 107C(m), 

the pilot period for the Program is 

scheduled to end on March 31, 2015. 

Proposal To Extend the Operation of the 

Program 

The Exchange established the Retail 

Liquidity Program in an attempt to 

attract retail order flow to the Exchange 

by potentially providing price 

improvement to such order flow. The 

Exchange believes that the Program 

promotes competition for retail order 

flow by allowing Exchange members to 

submit RPIs to interact with Retail 

Orders. Such competition has the ability 

to promote efficiency by facilitating the 

price discovery process and generating 

additional investor interest in trading 

securities, thereby promoting capital 

formation. The Exchange believes that 

extending the pilot is appropriate 

because it will allow the Exchange and 

the Commission additional time to 

analyze data regarding the Program that 

the Exchange has committed to 

provide.5 As such, the Exchange 

believes that it is appropriate to extend 

the current operation of the Program.6

Through this filing, the Exchange seeks 

to amend NYSE Rule 107C(m) and 

extend the current pilot period of the 

Program until September 30, 2015. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,7

in general, and furthers the objectives of 

Section 6(b)(5),8 in particular, in that it 

is designed to promote just and 

equitable principles of trade, to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. The Exchange believes 

that extending the pilot period for the 

Retail Liquidity Program is consistent 

with these principles because the 

Program is reasonably designed to 

attract retail order flow to the exchange 

environment, while helping to ensure 

that retail investors benefit from the 

better price that liquidity providers are 

willing to give their orders. 

Additionally, as previously stated, the 

competition promoted by the Program 

may facilitate the price discovery 


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