16716 Federal Register / Vol. 80, No. 60 / Monday, March 30, 2015 / Notices 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f)(2). 

15 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

FINRA does not believe that the 

proposed rule change would impact the 

competition among member firms, those 

who seek qualifications, or to the 

provision of member services. Based on 

the economic impact assessment, the 

proposed increases in qualification 

examination fees are limited. Moreover, 

they do not impose significantly 

different impacts on member firms with 

different sizes or business models. 

Furthermore, FINRA does not believe 

that the proposed rule change will 

create any competitive advantage for 

any individuals as all candidates who 

register for a particular qualification 

examination will be charged the same 

amount. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 13 and paragraph (f)(2) of Rule 

19b–4 thereunder. 14 At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or 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– 

FINRA–2015–006 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–FINRA–2015–006. 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 Web site (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 Web site 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 such 

filing also will be available for 

inspection and copying at the principal 

office of FINRA. All comments received 

will be posted without change; the 

Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–FINRA– 

2015–006 and should be submitted on 

or before April 20, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority. 15

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07133 Filed 3–27–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74570; File No. SR–NYSE– 

2015–12] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Amending Rule 

13 Relating to Pegging Interest 

March 24, 2015. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on March 17, 

2015, New York Stock Exchange LLC 

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

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. 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 amend 

Rule 13 (Orders and Modifiers) relating 

to pegging interest. 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 Exchange proposes to amend 

Rule 13 relating to pegging interest to 

provide that if the protected best bid or 

offer (‘‘PBBO’’) is not within the range 

of the pegging interest, the pegging 

interest would peg to the ‘‘next bestpriced available displayable interest,’’ 

rather than the ‘‘next best-priced 

available interest.’’ This amendment 

would therefore exclude non-displayed 

interest from consideration as part of the 

‘‘next best-priced available interest’’ 

under the rule. 

Background 

Under current Rule 13, pegging 

interest pegs to prices based on (i) a 

PBBO, which may be available on the 

Exchange or an away market, or (ii) 

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Federal Register / Vol. 80, No. 60 / Monday, March 30, 2015 / Notices 16717 

4See paragraph (a)(3) to Rule 13 governing 

pegging interest. 5See paragraph (a)(4) to Rule 13 governing 

pegging interest. 6See paragraph (a)(4)(A) to Rule 13 governing 

pegging interest. Similarly, if pegging interest 

would peg to a price that would lock or cross the 

Exchange best offer or bid, the pegging interest 

would instead peg to the next available best-priced 

interest that would not lock or cross the Exchange 

best bid or offer. See paragraph (c)(1) to Rule 13 

governing pegging interest. 

7See Securities Exchange Act Release No. 54577 

(Oct. 5, 2006), 71 FR 60208, 60210–11 (Oct. 12, 

2006) (SR–NYSE–2006–36) (‘‘Pegging Approval 

Order’’) (order approving, among other things, 

introduction of pegging functionality for Floor 

brokers, including ‘‘if the Exchange best bid is 

higher than the ceiling price of a pegging buy-side 

e-Quote or d-Quote, the e-Quote or d-Quote would 

remain at its quote price or the highest price at 

which there is other interest within its pegging price 

range, whichever is higher (consistent with the 

limit price of the order underlying the e-Quote or 

d-Quote). Similarly, if the Exchange best offer is 

lower than the floor price of a pegging sell-side eQuote or d-Quote, the e-Quote or d-Quote would 

remain at its quote price or the lowest price at 

which there is other interest within its pegging price 

range, whichever is lower (consistent with the limit 

price of the order underlying the e-Quote or dQuote).’’ (emphasis added)). 

8See Securities Exchange Act Release No. 58845 

(Oct. 24, 2008), 73 FR 64379 (Oct. 29, 2008) (SR– 

NYSE–2008–46) (introducing Non-Display Reserve 

Orders). 

9See Securities Exchange Act Release No. 66031 

(Dec. 22, 2011), 76 FR 82024 (Dec. 29, 2011) (SR– 

NYSE–2011–62) (‘‘Because the next available bestpriced non-pegging interest may be on an away 

market, the Exchange further proposes to amend 

paragraph (vii) to Supplementary Material .26 to 

specify that the non-pegging interest against which 

pegging interest pegs may either be available on the 

Exchange or may be a protected bid or offer on an 

away market.’’) (‘‘2011 Pegging Filing’’); see also 

Securities Exchange Act Release No. 68302 (Nov. 

27, 2012), 77 FR 71658, 71662 (Dec. 3, 2012) (SR– 

NYSE–2012–65) (amending Exchange rule 

governing pegging to, among other things, 

consolidate rule text from separate parts of the thenexisting rule in a streamlined format, including use 

of the term ‘‘next available best-priced interest’’) 

(‘‘2012 Pegging Filing’’). 

10When the Exchange adopted this feature in 

2006, the Exchange only considered the Exchange 

BBO for purposes of determining whether the size 

condition was met, and specifically excluded 

pegging interest that was pegging to the Exchange 

BBO. See Pegging Approval Order, supra, n. 7 at 

60211. The Exchange now evaluates the minimum 

size requirement based on the PBBO instead of the 

Exchange BBO. See 2012 Pegging Filing, supra, n. 

9 at 71663. 

11The Exchange also proposes to delete the 

clause ‘‘which may not be the PBB or PBO’’ in 

current paragraph (c)(5), which is rule text that 

related to when primary pegging interest had an 

optional offset feature, in which case the minimum 

quantity would not have been evaluated against the 

PBBO because primary pegging interest with an 

offset would not have pegged to the PBBO. The 

Exchange did not implement the offset functionality 

and previously filed a rule change to delete the rule 

text relating to the optional offset. See Securities 

Exchange Act Release No. 71897 (April 8, 2014), 79 

FR 20953 (April 14, 2014) (SR–NYSE–2014–16) 

(amending rules governing pegging interest to 

Continued 

interest that establishes a price on the 

Exchange.4 In addition, pegging interest 

will peg only within a price range 

specified by the floor broker submitting 

the order. Thus, if the PBBO is not 

within the specified price range of the 

pegging interest, the pegging interest 

will instead peg to the next available 

best-priced interest that is within the 

specified price range.5 For example, if 

pegging interest to buy 100 shares has 

a specified price range up to $10.00, but 

the best protected bid (‘‘PBB’’) of 100 

shares is $10.01, then such pegging 

interest could not peg to the $10.01 PBB 

because it is not within the specified 

price range of the pegging interest. The 

pegging interest would instead peg to 

the next available best-priced interest 

within the specified price range of up to 

$10.00.6

The ‘‘next available best-priced 

interest’’ concept in the current rule was 

originally expressed in a different 

fashion (when pegging was based on the 

Exchange’s BBO, rather than the PBBO), 

but the basic functionality has always 

been the same. Specifically, when the 

pegging interest was introduced in 2006, 

if the Exchange BBO was higher (lower) 

than the price limit on the pegging 

interest to buy (sell), the pegging 

interest would peg to the highest 

(lowest) price at which there was other 

interest within the pegging price range.7

In 2008, the Exchange introduced NonDisplayed Reserve Orders, without 

changing the underlying functionality of 

pegging interest to exclude the prices of 

such orders from the evaluation of what 

constitutes the highest (lowest) price at 

which there is other interest available 

within the range of the pegging 

interest.8 In 2011, the Exchange 

amended the rule governing pegging 

interest to make a non-substantive 

change to the rule text to use the term 

‘‘next available best-priced non-pegging 

interest’’ to describe the highest (lowest) 

priced interest in the Exchange Book or 

a protected bid or offer on an away 

market to which pegging interest to buy 

(sell) could peg.9 Accordingly, the next 

available best-priced interest for pegging 

interest to buy (sell) is the next highest 

(lowest)-priced buy (sell) interest within 

Exchange systems or an away market 

protected quote that is available for an 

execution at any given time. That 

interest could be same-side nonmarketable displayable interest or sameside non-marketable non-displayable 

interest. 

Taking the above example, assume 

that the next price points on the 

Exchange’s book priced below the 

$10.01 PBB are a Non-Display Reserve 

Order to buy 100 for $9.99 and a Limit 

Order to buy 100 for $9.98. Because the 

Non-Display Reserve Order is the next 

available best-priced interest within the 

specified price range, the pegging 

interest would peg to the $9.99 price of 

the Non-Display Reserve Order. 

Proposed Rule Change 

The Exchange proposes to revise its 

rule to limit the type of interest to 

which pegging interest would peg if the 

PBBO is not within the specified price 

range of the pegging interest. As 

proposed, if the PBBO is not within the 

specified price range, the pegging 

interest would only peg to the next 

available best-priced displayable 

interest. The term ‘‘displayable’’ is 

defined in Rule 72(a)(i) as that portion 

of interest that could be published as, or 

as part of, the Exchange BBO and 

includes non-marketable odd-lot and 

round-lot orders. 

Using the above example, under the 

proposed change, the pegging interest to 

buy would instead peg to the Limit 

Order to buy for $9.98, and not the 

higher-priced Non-Display Reserve 

Order to buy for $9.99. 

The Exchange also proposes to make 

a conforming change to paragraph (c)(1) 

of Rule 13 to provide that if pegging 

interest would peg to a price that is 

locking or crossing the Exchange best 

bid or offer, the pegging interest would 

instead peg to the next available bestpriced displayable interest that would 

not lock or cross the Exchange best bid 

or offer. 

Currently, under any circumstance 

when pegging interest cannot peg to the 

PBBO, whether because of a price 

restriction or if the PBBO does not meet 

a minimum size designation, pegging 

interest pegs instead to the next 

available best-priced interest. For 

example, pursuant to paragraph (c)(5) of 

Rule 13 governing pegging interest, the 

Exchange offers an optional feature 

whereby pegging interest may be 

designated with a minimum size of 

same-side volume to which such 

pegging interest would peg. If the PBBO 

does not meet the optional minimum 

size designation, the pegging interest 

pegs to the next available best-priced 

interest, without regard to size.10

Accordingly, the Exchange also 

proposes to make a related change to 

current paragraph (c)(5) (which is being 

renumbered as paragraph (b)(4)) to 

• specify that, if the PBBO does not 

meet a minimum size requirement 

specified by the pegging interest, the 

pegging interest pegs to the next 

available best-priced interest, without 

regard to size, and 

• modify current functionality so that 

only displayable interest may be pegged 

[sic] in such circumstances.11

mstockstill on DSK4VPTVN1PROD with NOTICES

16718 Federal Register / Vol. 80, No. 60 / Monday, March 30, 2015 / Notices 

conform to functionality that is available at the 

Exchange). 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 

14See Securities Exchange Act Release No. 74298 

(Feb. 18, 2015), 80 FR 9770, 9772–73 (Feb. 24, 2015) 

(SR–NYSEMKT–2014–95) (Order instituting 

proceedings to determine whether to approve or 

disapprove a proposed rule change to NYSE MKT, 

LLC Rule 13—Equities, which is based on NYSE 

Rule 13). 

15 15 U.S.C. 78s(b)(3)(A)(iii). 

16 17 CFR 240.19b–4(f)(6). 

17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

18 17 CFR 240.19b–4(f)(6). 

19 17 CFR 240.19b–4(f)(6)(iii). 

20For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

21 15 U.S.C. 78s(b)(3)(C). 

The Exchange also proposes nonsubstantive amendments to delete 

references to ‘‘reserved’’ paragraphs of 

the rule and renumber the rule 

accordingly. 

Because of the technology changes 

associated with this proposed rule 

change, the Exchange will announce by 

Trader Update when this change will be 

implemented, which will be within 30 

days of the effective date of this filing. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Act,12 in general, and furthers the 

objectives of Section 6(b)(5),13 in 

particular, because it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities, 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. Specifically, the 

proposed change is intended to respond 

to the concern raised by the 

Commission 14 that the current rule 

permitting pegging to prices of nondisplayable same-side non-marketable 

interest could potentially allow the user 

of the pegging interest to ascertain the 

presence of hidden liquidity at those 

price levels. Eliminating that 

functionality to respond to the 

Commission concern (along with 

conforming changes in the relevant rule) 

is, therefore, consistent with the Act. 

Similarly, the Exchange believes that 

specifying in its rules how the Exchange 

treats pegging interest that cannot peg to 

the PBBO, whether because of a price or 

size restriction, would remove 

impediments to and perfect the 

mechanism of a free and open market 

because it would provide transparency 

regarding the Exchange’s pegging 

functionality. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed change is not intended to 

address any competitive issues but 

rather to specify and amend the 

functionality associated with pegging 

interest to respond to concerns raised 

regarding current functionality. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 15 and Rule 

19b–4(f)(6) thereunder.16 Because the 

proposed rule change does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder.17

A proposed rule change filed under 

Rule 19b–4(f)(6) 18 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),19 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange asserts that such a 

waiver is consistent with the protection 

of investors and the public interest 

because it would permit the Exchange to 

implement the proposed change as soon 

as the technology supporting the change 

is available, because it would respond to 

the Commission concerns that the 

current rule could potentially allow the 

user of pegging interest to ascertain the 

presence of hidden liquidity, and 

because it would provide transparency 

regarding the pegging functionality. The 

Commission believes that waiver of the 

operative delay is consistent with the 

protection of investors and the public 

interest. Accordingly, the Commission 

hereby waives the 30-day operative 

delay and designates the proposal 

operative upon filing.20

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act.21

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 rulecomments@sec.gov. Please include File 

Number SR–NYSE–2015–12 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2015–12. 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 Web site (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 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 60 / Monday, March 30, 2015 / Notices 16719 

22 17 CFR 200.30–3(a)(59). 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site 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 will also be available for 

inspection and copying at the NYSE’s 

principal office and on its Internet Web 

site at www.nyse.com. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–NYSE– 

2015–12 and should be submitted on or 

before April 20, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07134 Filed 3–27–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–216, OMB Control No. 

3235–0243] 

Submission for OMB Review; 

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 206(3)–2. 

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 extension of the previously 

approved collection of information 

discussed below. 

Rule 206(3)–2, (17 CFR 275.206(3)–2) 

which is entitled ‘‘Agency Cross 

Transactions for Advisory Clients,’’ 

permits investment advisers to comply 

with section 206(3) of the Investment 

Advisers Act of 1940 (the ‘‘Act’’) (15 

U.S.C. 80b–6(3)) by obtaining a client’s 

blanket consent to enter into agency 

cross transactions (i.e., a transaction in 

which an adviser acts as a broker to both 

the advisory client and the opposite 

party to the transaction). Rule 206(3)–2 

applies to all registered investment 

advisers. In relying on the rule, 

investment advisers must provide 

certain disclosures to their clients. 

Advisory clients can use the disclosures 

to monitor agency cross transactions 

that affect their advisory account. The 

Commission also uses the information 

required by Rule 206(3)–2 in connection 

with its investment adviser inspection 

program to ensure that advisers are in 

compliance with the rule. Without the 

information collected under the rule, 

advisory clients would not have 

information necessary for monitoring 

their adviser’s handling of their 

accounts and the Commission would be 

less efficient and effective in its 

inspection program. 

The information requirements of the 

rule consist of the following: (1) Prior to 

obtaining the client’s consent, 

appropriate disclosure must be made to 

the client as to the practice of, and the 

conflicts of interest involved in, agency 

cross transactions; (2) at or before the 

completion of any such transaction, the 

client must be furnished with a written 

confirmation containing specified 

information and offering to furnish 

upon request certain additional 

information; and (3) at least annually, 

the client must be furnished with a 

written statement or summary as to the 

total number of transactions during the 

period covered by the consent and the 

total amount of commissions received 

by the adviser or its affiliated brokerdealer attributable to such transactions. 

The Commission estimates that 

approximately 464 respondents use the 

rule annually, necessitating about 32 

responses per respondent each year, for 

a total of 14,848 responses. Each 

response requires an estimated 0.5 

hours, for a total of 7,424 hours. The 

estimated average burden hours are 

made solely for the purposes of the 

Paperwork Reduction Act and are not 

derived from a comprehensive or 

representative survey or study of the 

cost of Commission rules and forms. 

This collection of information is 

found at (17 CFR 275.206(3)–2) and is 

necessary in order for the investment 

adviser to obtain the benefits of Rule 

206(3)–2. The collection of information 

requirements under the rule is 

mandatory. Information subject to the 

disclosure requirements of Rule 

206(3)–2 does not require submission to 

the Commission; and, accordingly, the 

disclosure pursuant to the rule is not 

kept confidential. 

Commission-registered investment 

advisers are required to maintain and 

preserve certain information required 

under Rule 206(3)–2 for five (5) years. 

The long-term retention of these records 

is necessary for the Commission’s 

inspection program to ascertain 

compliance with the Advisers Act. 

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. 

The public may view the background 

documentation for this information 

collection at the following Web site, 

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 Remi Pavlik-Simon, 

100 F Street 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: March 24, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07127 Filed 3–27–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

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 6c–7; SEC File No. 270–269, OMB 

Control No. 3235–0276. 

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 extension of the previously 

approved collection of information 

discussed below. 

Rule 6c–7 (17 CFR 270.6c–7) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’) 

provides exemption from certain 

provisions of Sections 22(e) and 27 of 

the 1940 Act for registered separate 

accounts offering variable annuity 

contracts to certain employees of Texas 

institutions of higher education 

participating in the Texas Optional 

Retirement Program. There are 

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