17526 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 

5 15 U.S.C. 78q–1. 

6 15 U.S.C. 78q–1(b)(3)(F). 

7 15 U.S.C. 78q–1. 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(4)(ii). 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(4)(ii). 12 17 CFR 200.30–3(a)(12). 

Act.5 The revisions to Rules 80202.A.B. 

and 80202.B.B. and to Appendix 1 to 

Rule 802 will conform CME’s practice 

for listing indices for cleared CDX Index 

Untranched CDS Contracts to its 

existing practice for listing indices for 

cleared iTraxx Europe Index 

Untranched CDS Contracts. These 

amendments would provide market 

participants with a consistent format for 

identifying product eligibility 

requirements and should therefore be 

seen to be designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions 

and, to the extent applicable, derivatives 

agreements, contracts, and transactions, 

to assure the safeguarding of securities 

and funds which are in the custody or 

control of the clearing agency or for 

which it is responsible, and, in general, 

to protect investors and the public 

interest consistent with Section 

17A(b)(3)(F) of the Exchange Act.6

Furthermore, the proposed rule 

change is limited to CME’s futures and 

swaps clearing businesses, which mean 

they are limited in their effect to 

products that are under the exclusive 

jurisdiction of the CFTC. As such, the 

changes are limited to CME’s activities 

as a DCO clearing futures that are not 

security futures and swaps that are not 

security-based swaps. CME notes that 

the policies of the CFTC with respect to 

administering the Commodity Exchange 

Act are comparable to a number of the 

policies underlying the Exchange Act, 

such as promoting market transparency 

for over-the-counter derivatives markets, 

promoting the prompt and accurate 

clearance of transactions and protecting 

investors and the public interest. 

Because the proposed rule change is 

limited in their effect to CME’s futures 

and swaps clearing businesses, the 

proposed rule change is properly 

classified as effecting a change in an 

existing service of CME that: 

(a) Primarily affects the clearing 

operations of CME with respect to 

products that are not securities, 

including futures that are not security 

futures, swaps that are not securitybased swaps or mixed swaps; and 

forwards that are not security forwards; 

and 

(b) does not significantly affect any 

securities clearing operations of CME or 

any rights or obligations of CME with 

respect to securities clearing or persons 

using such securities-clearing service. 

As such, the changes are therefore 

consistent with the requirements of 

Section 17A of the Exchange Act 7 and 

are properly filed under Section 

19(b)(3)(A) 8 and Rule 19b–4(f)(4)(ii) 9

thereunder. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CME does not believe that the 

proposed rule change will have any 

impact, or impose any burden, on 

competition. The proposed amendments 

would simply provide market 

participants with a consistent format for 

identifying product eligibility 

requirements. Further, the changes are 

limited to CME’s futures and swaps 

clearing businesses and, as such, do not 

affect the security-based swap clearing 

activities of CME in any way and 

therefore do not impose any burden on 

competition that is inappropriate in 

furtherance of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

CME has not solicited, and does not 

intend to solicit, comments regarding 

this proposed rule change. CME has not 

received any unsolicited written 

comments from interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A) 10 of the Act and Rule 19b– 

4(f)(4)(ii) 11 thereunder. 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. 

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 No. SR– 

CME–2015–010 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–CME–2015–010. 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 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal office of CME 

and on CME’s Web site at http://

www.cmegroup.com/market-regulation/

rule-filings.html. 

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–CME–2015–010 and should 

be submitted on or before April 22, 

2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07365 Filed 3–31–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–237, OMB Control No. 

3235–0226] 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 17527 

1 15 U.S.C. 80a–10(f). 

2 17 CFR 270.10f–3. 

3These estimates are based on staff extrapolations 

from filings with the Commission. 

4Unless stated otherwise, the information 

collection burden estimates are based on 

conversations between the staff and representatives 

of funds. 

5This estimate is based on the following 

calculation: (0.5 hours x 3,350 = 1,675 hours). 

6This estimate is based on the following 

calculations: (20 minutes x 3,350 transactions = 

67,000 minutes; 67,000 minutes/60 = 1,117 hours). 

7This estimate is based on the following 

calculation: (1 hour per quarter x 4 quarters x 270 

funds = 1,080 hours). 

8These averages take into account the fact that in 

most years, fund attorneys and boards spend little 

or no time modifying procedures and in other years, 

they spend significant time doing so. 

9This estimate is based on the following 

calculation: (270 funds x 2 hours = 540 hours). 

10Based on information in Commission filings, 

we estimate that 38 percent of funds are advised by 

subadvisers. 

11This estimate is based on the following 

calculation (3 hours ÷ 4 rules = .75 hours). 

12These estimates are based on the following 

calculations: (0.75 hours × 251 portfolios = 188 

burden hours). 

13This estimate is based on the following 

calculation: (1,675 hours + 1,117 hours + 1,080 

hours + 188 hours = 4,060 total burden hours). 

Commission, Office of FOIA Services, 

100 F Street, NE., Washington, DC 

20549–2736. 

Extension: Rule 10f–3 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501–3520), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collections of information 

discussed below. The Commission plans 

to submit these existing collections of 

information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Section 10(f) of the Investment 

Company Act of 1940 (15 U.S.C. 80a) 

(the ‘‘Act’’) prohibits a registered 

investment company (‘‘fund’’) from 

purchasing any security during an 

underwriting or selling syndicate if the 

fund has certain relationships with a 

principal underwriter for the security.1

Congress enacted this provision in 1940 

to protect funds and their shareholders 

by preventing underwriters from 

‘‘dumping’’ unmarketable securities on 

affiliated funds. 

Rule 10f-3 permits a fund to engage in 

a securities transaction that otherwise 

would violate section 10(f) if, among 

other things: (i) Each transaction 

effected under the rule is reported on 

Form N–SAR; (ii) the fund’s directors 

have approved procedures for purchases 

made in reliance on the rule, regularly 

review fund purchases to determine 

whether they comply with these 

procedures, and approve necessary 

changes to the procedures; and (iii) a 

written record of each transaction 

effected under the rule is maintained for 

six years, the first two of which in an 

easily accessible place.2 The written 

record must state: (i) From whom the 

securities were acquired; (ii) the identity 

of the underwriting syndicate’s 

members; (iii) the terms of the 

transactions; and (iv) the information or 

materials on which the fund’s board of 

directors has determined that the 

purchases were made in compliance 

with procedures established by the 

board. 

Rule 10f–3 also conditionally allows 

managed portions of fund portfolios to 

purchase securities offered in otherwise 

off-limits primary offerings. To qualify 

for this exemption, rule 10f–3 requires 

that the subadviser that is advising the 

purchaser be contractually prohibited 

from providing investment advice to 

any other portion of the fund’s portfolio 

and consulting with any other of the 

fund’s advisers that is a principal 

underwriter or affiliated person of a 

principal underwriter concerning the 

fund’s securities transactions. 

These requirements provide a 

mechanism for fund boards to oversee 

compliance with the rule. The required 

recordkeeping facilitates the 

Commission staff’s review of rule 10f– 

3 transactions during routine fund 

inspections and, when necessary, in 

connection with enforcement actions. 

The staff estimates that approximately 

270 funds engage in a total of 

approximately 3,350 rule 10f–3 

transactions each year.3 Rule 10f–3 

requires that the purchasing fund create 

a written record of each transaction that 

includes, among other things, from 

whom the securities were purchased 

and the terms of the transaction. The 

staff estimates 4 that it takes an average 

fund approximately 30 minutes per 

transaction and approximately 1,675 

hours 5 in the aggregate to comply with 

this portion of the rule. 

The funds also must maintain and 

preserve these transactional records in 

accordance with the rule’s 

recordkeeping requirement, and the staff 

estimates that it takes a fund 

approximately 20 minutes per 

transaction and that annually, in the 

aggregate, funds spend approximately 

1,117 hours 6 to comply with this 

portion of the rule. 

In addition, fund boards must, no less 

than quarterly, examine each of these 

transactions to ensure that they comply 

with the fund’s policies and procedures. 

The information or materials upon 

which the board relied to come to this 

determination also must be maintained 

and the staff estimates that it takes a 

fund 1 hour per quarter and, in the 

aggregate, approximately 1,080 hours 7

annually to comply with this rule 

requirement. 

The staff estimates that reviewing and 

revising as needed written procedures 

for rule 10f–3 transactions takes, on 

average for each fund, two hours of a 

compliance attorney’s time per year.8

Thus, annually, in the aggregate, the 

staff estimates that funds spend a total 

of approximately 540 hours 9 on 

monitoring and revising rule 10f–3 

procedures. 

Based on an analysis of fund filings, 

the staff estimates that approximately 

251 fund portfolios enter into 

subadvisory agreements each year.10

Based on discussions with industry 

representatives, the staff estimates that 

it will require approximately 3 attorney 

hours to draft and execute additional 

clauses in new subadvisory contracts in 

order for funds and subadvisers to be 

able to rely on the exemptions in rule 

10f–3. Because these additional clauses 

are identical to the clauses that a fund 

would need to insert in their 

subadvisory contracts to rely on rules 

12d3–1, 17a–10, and 17e–1, and because 

we believe that funds that use one such 

rule generally use all of these rules, we 

apportion this 3 hour time burden 

equally to all four rules. Therefore, we 

estimate that the burden allocated to 

rule 10f–3 for this contract change 

would be 0.75 hours.11 Assuming that 

all 251 funds that enter into new 

subadvisory contracts each year make 

the modification to their contract 

required by the rule, we estimate that 

the rule’s contract modification 

requirement will result in 188 burden 

hours annually.12

The staff estimates, therefore, that rule 

10f–3 imposes an information collection 

burden of 4,060 hours.13 This estimate 

does not include the time spent filing 

transaction reports on Form N–SAR, 

which is encompassed in the 

information collection burden estimate 

for that form. 

Written comments are invited on: (a) 

Whether the collections of information 

are necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information has practical utility; (b) the 

accuracy of the Commission’s estimate 

of the burdens of the collections of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burdens of the collections 

of information on respondents, 

including through the use of automated 

collection techniques or other forms of 

mstockstill on DSK4VPTVN1PROD with NOTICES

17528 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 

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

2 17 CFR 240.19b–4. 

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 PavlikSimon, 100 F Street NE., Washington, 

DC 20549; or send an email to: PRA_

Mailbox@sec.gov. 

Dated: March 27, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07462 Filed 3–31–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

New Information Collection: 

Supplier Diversity Business Management 

System; SEC File No. 270–663, OMB 

Control No. 3235–XXXX. 

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 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request to approve the collection of 

information discussed below. 

The Commission is required under 

Section 342 of the Dodd Frank Wall 

Street and Reform Act to develop 

standards and procedures for ensuring 

the fair inclusion of minority-owned 

and women-owned businesses in all of 

the Commission’s business activities. 

The Commission is also required to 

develop standards for coordinating 

technical assistance minority-owned 

and women-owned businesses. As part 

of its implementation of Section 342 of 

the Dodd-Frank Act, the Commission is 

developing a new electronic Supplier 

Diversity Business Management System 

(the System) to collect up-to-date 

business information and capabilities 

statements from diverse suppliers 

interested in doing business with the 

Commission. The information collected 

in the System will allow the 

Commission to update and more 

effectively manage its current internal 

repository of diverse suppliers. Further, 

the information in the System will also 

allow the Commission to measure the 

effectiveness of its technical assistance 

and outreach efforts, and target areas 

where additional program efforts are 

necessary. 

Information will be collected in the 

System via web-based, e-filed, dynamic 

form-based technology. The company 

point of contact will complete a profile 

consisting of basic contact data and 

information on the capabilities of the 

business. The profile will include a 

series of questions, some of which are 

based on the data that the individual 

enters. Drop-down lists will be included 

where appropriate to increase ease of 

use. 

The information collection is 

voluntary. The System is scheduled to 

be released in May 2015. There are no 

costs associated with this collection. 

The public interface to the System will 

be available via a web-link provided by 

the agency. 

Estimated number of annual 

responses = 500 

Estimated annual reporting burden = 

250 hours (30 minutes per submission) 

On January 27, 2015, the Commission 

published a 60-day notice in the Federal 

Register (80 FR 4320) requesting public 

comment on the proposed collection of 

information. The Commission received 

no comments. 

Written comments continue to be 

invited on: (a) Whether this 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 imposed by 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. 

Background documentation for this 

information collection may be viewed at 

the following Web site, 

www.reginfo.gov. Please direct general 

comments to the following persons: (i) 

Desk Officer for the Securities and 

Exchange Commission, Office of 

Management and Budget, Room 10102, 

New Executive Office Building, 

Washington, DC 20503 or send an email 

to Shagufta Ahmed at Shagufta_

Ahmed@omb.eop.gov; and (ii) Pamela 

Dyson, 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 within 30 days of 

this notice. 

Dated: March 27, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07464 Filed 3–31–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74590; File No. SR–CBOE– 

2015–029] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing of a 

Proposed Rule Change Relating to 

Stock-Option Order Handling 

March 26, 2015. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 16, 

2014, Chicago Board Options Exchange, 

Incorporated (the ‘‘Exchange’’ or 

‘‘CBOE’’) filed with the Securities and 

Exchange Commission (the 

‘‘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 amend its 

rules regarding the handling and 

processing of stock-option orders on the 

Exchange. The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.cboe.com/

AboutCBOE/

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

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. 

mstockstill on DSK4VPTVN1PROD with NOTICES