Federal Register / Vol. 87, No. 1 / Monday, January 3, 2022 / Notices 129 

3Based on conversations with fund representatives, Commission staff understands that funds typically enter into contracts with FCMs on behalf of series that engage in commodities transactions. Series covered by the contract are typically listed in an attachment, which may be 

amended to encompass new series. Commission staff estimates that the burden for a fund to enter into a contract with an FCM that contains the 

contract requirements of rule 17f–6 is one hour, and further estimates that the burden to add a series to an existing contract between a fund and 

an FCM is 6 minutes. 4The $425 per hour figure for an attorney is from SIFMA’s Management & Professional Earnings in the Securities Industry 2013, updated for 

2021 modified by Commission staff to account for an 1,800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee 

benefits and overhead. 

These estimates 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. 

The collections of information 

requirements of the rule are necessary to 

obtain the benefit of relying on the rule. 

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 website, 

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: 

Lindsay.M.Abate@omb.eop.gov; and (ii) 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John R. 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. Written comments 

and recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to www.reginfo.gov/public/do/ 

PRAMain. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. 

Dated: December 28, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–28423 Filed 12–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[OMB Control No. 3235–0169, SEC File No. 

270–172] 

Submission for OMB Review; 

Comment Request; Extension: Form 

N–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 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

Form N–5 (17 CFR 239.24 and 274.5) 

is the form used by small business 

investment companies (‘‘SBICs’’) to 

register their securities under the 

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

seq.) (‘‘Securities Act’’) and the 

Investment Company Act of 1940 (15 

U.S.C. 80a–1 et seq.) (‘‘Investment 

Company Act’’). Form N–5 is the 

registration statement form adopted by 

the Commission for use by an SBIC that 

has been licensed as such under the 

Small Business Investment Act of 1958 

or which has received the preliminary 

approval of the Small Business 

Administration (‘‘SBA’’) and has been 

notified by the SBA that the company 

may submit a license application Form 

N–5 is an integrated registration form 

and may be used as the registration 

statement under both the Securities Act 

and the Investment Company Act. The 

purpose of Form N–5 is to meet the 

filing and disclosure requirements of 

both the Securities Act and Investment 

Company Act, and to provide investors 

with information sufficient to evaluate 

an investment in an SBIC. The 

information that is required to be filed 

with the Commission permits 

verification of compliance with 

securities law requirements and assures 

the public availability and 

dissemination of the information. 

The Commission did not receive any 

filings on Form N–5 in the last three 

years (and in the three years before that, 

received only one Form N–5 filing). 

Nevertheless, for purposes of this PRA, 

we conservatively estimate that at least 

one Form N–5 will be filed in the next 

three years, which translates to about 

0.333 filings on Form N–5 per year. The 

currently approved internal burden of 

Form N–5 is 352 hours per response. We 

continue to believe this estimate for 

Form N–5’s internal hour burden is 

appropriate. Therefore, the number of 

currently approved aggregate burden 

hours, when calculated using the 

current estimate for number of filings, is 

about 117 internal hours per year. 

The currently approved external cost 

burden of Form N–5 is $10,100 per 

filing. The requested external cost 

burden for filing one Form N–5 would 

be $12,524 per year. This estimated 

burden is based on the estimated wage 

rate of $496/hour, for 25.25 hours, for 

outside legal services to complete the 

form and provide the required 

hyperlinks. 

Estimates of average burden hours 

and costs are made solely for the 

purposes of the Paperwork Reduction 

Act, and are not derived from a 

comprehensive or even representative 

survey or study of the costs of 

Commission rules and forms. 

Compliance with the collection of 

information requirements of Form N–5 

is mandatory. Responses to the 

collection of information will not be 

kept confidential. 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 OMB control number. 

The public may view the background 

documentation for this information 

collection at the following website, 

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: 

Lindsay.M.Abate@omb.eop.gov; and (ii) 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John R. 

Pezzullo 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. Written comments 

and recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to www.reginfo.gov/public/do/ 

PRAMain. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. 


khammond on DSKJM1Z7X2PROD with NOTICES
130 Federal Register / Vol. 87, No. 1 / Monday, January 3, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 78886 

(September 20, 2016), 81 FR 66113 (September 26, 

2016) (SR–Nasdaq–2016–101); see also Securities 

Exchange Release No. 79035 (October 4, 2016), 81 

FR 70207 (October 11, 2016) (SR–Nasdaq–2016– 

124) (setting fees for Trading Insights); Securities 

Exchange Act Release No. 80856 (June 5, 2017), 82 

FR 26820 (June 9, 2017) (SR–Nasdaq–2017–051) 

(modifying fees to allow members to sponsor their 

customers to receive Trading Insights and extending 

a free trial offer). The initial proposal had included 

a Liquidity Dynamics Analysis component, which 

was to help market participants identify pockets of 

accessible liquidity, but the Exchange later 

announced that this component would be delayed 

and was never made available to subscribers. See 

Securities Exchange Release No. 79119 (October 19, 

2016), 81 FR 73157 (October 24, 2016) (SR–Nasdaq– 

2016–138). 

4The data elements for this component, in 

summary, are: (i) Issue (Nasdaq symbol for the 

issue); (ii) Buy/Sell Indicator (side of the market at 

which the market participants are quoting); (iii) 

Price (the price (inclusive of decimal point) at 

which Nasdaq Market Center market participants 

had order interest for the given security at the given 

time); (iv) Order Reference Number (the unique 

reference number assigned to the new order at the 

time of receipt); (v) Order Entry Time Stamp (the 

time order was received in the system); (vi) Share 

Quantity (total number of shares submitted on 

original order); and (vii) Missed Opportunity 

Quantity (total number of shares missed). 

5The data elements for this component, in 

summary, are: (i) Issue (Nasdaq symbol for the 

issue); (ii) Buy/Sell Indicator (side of the market at 

which the market participants are quoting); (iii) 

Price (the price (inclusive of decimal point) at 

which Nasdaq Market Center market participants 

had order interest for the given security at the given 

time); (iv) Order Reference Number (the unique 

reference number assigned to the new order at the 

time of receipt); (v) Order Size; (vi) Matching 

Engine times for incoming orders; (vii) Missed 

Opportunity times; and (viii) Reasons for not getting 

fills. The Missed Opportunity—Latency component 

would not provide specific information about 

resting orders on the Exchange order book. 

6A port is a means by which a member firm 

connects to Nasdaq’s systems. Each port would be 

categorized into a peer grouping that would be 

based upon a given set of metrics that would share 

similar trading behavior characteristics, and there 

would be at least ten peers within a security. The 

data elements for this component, in summary, 

include: (i) Total Dollar Volume; (ii) Total Share 

Volume, Share Volume of Liquidity Provision and 

Accessible for Tape A, Tape B and Tape C; (iii) 

Number of Trades, including Hidden Orders and 

Number of Hidden Trades; (iv) Mean/Median Trade 

Size; (v) Mean/Median Size of Hidden Orders; (vi) 

Number of Buy/Sell Orders Received; (vii) Number 

of Aggressive Orders, Mean Size of Aggressive Buy/ 

Sell Orders; (viii) Number of Passive Orders, Mean 

Size of Displayed Passive Order, Hidden Passive for 

Buy and Sell Orders; (ix) Number of Orders at Best 

Bid/Ask Level; (x) Mean Cost to Execute for Buy 

and Sell for 1,000, 5,000, 10,000 Shares; (xi) 

Number of Modified/Cancelled Buy/Sell Orders; 

(xii) Mean Buy/Sell Price Range; (xiii) Total 

Number of Buy/Sell Price; (xiv) Number, Mean— 

Resting Buy/Sell Price Points; (xv) Missed 

Opportunities—Liquidity, Latency; (xvi) Mean 

Share Volume Against Hidden, Mean Quote 

Rotation Time. 

Dated: December 28, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–28426 Filed 12–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93868; File No. SR– 

NASDAQ–2021–102] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Withdraw 

Its Trading Insights Product From Sale 

December 27, 2021. 

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 December 

16, 2021, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ 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 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 withdraw 

its Trading Insights product from sale. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, 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 

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. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to withdraw the Trading 

Insights product from sale. Trading 

Insights is an optional market data 

service designed to help members 

analyze their own order activity. Nasdaq 

has determined, however, that the 

product is no longer needed, and, for 

certain components of the product, 

members are able to gather similar 

insights into their own order activity 

using existing messaging received on 

their order acknowledgments. Because 

Trading Insights is no longer needed in 

the industry, Nasdaq has decided to 

redirect the resources used to offer 

Trading Insights toward new tools and 

services, and withdraw the product 

from sale. 

Trading Insights 

Trading Insights is an optional market 

data service designed to help members 

analyze their own order activity. It is 

comprised of three components: (a) 

Missed Opportunity—Liquidity; (b) 

Missed Opportunity—Latency; and (c) 

Peer Benchmarking.3

The Missed Opportunity—Liquidity 

component identifies when an order 

from a market participant could have 

been increased in size, resulting in the 

execution of additional shares, and is 

designed to provide information to a 

market participant interested in gaining 

insight into pockets of liquidity.4

The Missed Opportunity—Latency 

component identifies the amount of 

time by which an otherwise marketable 

order missed execution, and is designed 

to provide information to market 

participants interested in optimizing 

their models and trading patterns.5

The Peer Benchmarking component 

ranks the quality of a market 

participant’s trading performance 

against its peers, allowing each 

participant to view its relative trading 

performance by port.6 It is designed to 

help participants better understand 

trends over time, their relative 

performance relative to their 

competitors in general, and whether 

behavioral changes translate into 

expected results. 

All of the data offered by Trading 

Insights is specific to the market 

participant’s port, and no participant 

would be able to receive another market 

participant’s data. 

All data is provided on a T+1 basis. 

Proposed Withdrawal 

Nasdaq regularly reviews its product 

catalog to ensure that the tools and 

services it offers fit the needs of its 

customers. As explained above, Trading 

Insights is an optional market data 

service designed to help members 

analyze their own order activity. Nasdaq 


khammond on DSKJM1Z7X2PROD with NOTICES