4298 Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices 

1See generally Money Market Fund Reform; 

Amendments to Form PF, Securities Act Release 

No. 9408, Investment Advisers Act Release No. 

3616, Investment Company Act Release No. 30551 

(June 5, 2013), 78 FR 36834, 36934 (June 19, 2013); 

see also Exchange Act Rule 10b–10(b)(1), 17 CFR 

240.10b–10(b)(1) (limiting alternative monthly 

reporting to money market funds that attempt to 

maintain a stable NAV). 

2See Order Granting a Conditional Exemption 

Under the Securities Exchange Act of 1934 From 

the Confirmation Requirements of Exchange Act 

Rule 10b–10(a) for Certain Transactions in Money 

Rule 6a–1 (17 CFR 240.6a–1), Rule 6a– 

2 (17 CFR 240.6a–2), and Form 1 (17 

CFR 249.1) under the Securities 

Exchange Act of 1934 (‘‘Exchange Act’’ 

or ‘‘Act’’) (15 U.S.C. 78a et seq.). 

The Exchange Act sets forth a 

regulatory scheme for national securities 

exchanges. Rule 6a–1 under the Act 

generally requires an applicant for 

initial registration as a national 

securities exchange to file an 

application with the Commission on 

Form 1. An exchange that seeks an 

exemption from registration based on 

limited trading volume also must apply 

for such exemption on Form 1. Rule 6a– 

2 under the Act requires registered and 

exempt exchanges: (1) To amend the 

Form 1 if there are any material changes 

to the information provided in the 

initial Form 1; and (2) to submit 

periodic updates of certain information 

provided in the initial Form 1, whether 

such information has changed or not. 

The information required pursuant to 

Rules 6a–1 and 6a–2 is necessary to 

enable the Commission to maintain 

accurate files regarding the exchange 

and to exercise its statutory oversight 

functions. Without the information 

submitted pursuant to Rule 6a–1 on 

Form 1, the Commission would not be 

able to determine whether the 

respondent has met the criteria for 

registration (or an exemption from 

registration) set forth in Section 6 of the 

Exchange Act. The amendments and 

periodic updates of information 

submitted pursuant to Rule 6a–2 are 

necessary to assist the Commission in 

determining whether a national 

securities exchange or exempt exchange 

is continuing to operate in compliance 

with the Exchange Act. 

Initial filings on Form 1 by new 

exchanges are made on a one-time basis. 

The Commission estimates that it will 

receive approximately one initial Form 

1 filing per year and that each 

respondent would incur an average 

burden of 880 hours to file an initial 

Form 1 at an average internal 

compliance cost per response of 

approximately $340,886. Therefore, the 

Commission estimates that the annual 

burden for all respondents to file the 

initial Form 1 would be 880 hours (one 

response/respondent × one respondent × 

880 hours/response) and an internal 

compliance cost of $340,886 (one 

response/respondent × one respondent × 

$340,886/response). 

There currently are 24 entities 

registered as national securities 

exchanges. The Commission estimates 

that each registered or exempt exchange 

files eleven amendments or periodic 

updates to Form 1 per year, incurring an 

average burden of 25 hours per 

amendment to comply with Rule 6a–2. 

The Commission estimates that the 

average internal compliance cost for a 

national securities exchange per 

response would be approximately 

$8,480. The Commission estimates that 

the annual burden for all respondents to 

file amendments and periodic updates 

to the Form 1 pursuant to Rule 6a–2 

would be 6,600 hours (24 respondents × 

25 hours/response × 11 responses/ 

respondent per year) and an internal 

compliance cost of $2,238,720 (24 

respondents × $8,480/response × 11 

responses/respondent per year). 

The total estimated annual time 

burden associated with Rules 6a–1 and 

6a–2 is thus approximately 7,480 hours 

(880 + 6,600). 

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. 

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 to 

(i) www.reginfo.gov/public/do/ 

PRAMain 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. 

Comments must be submitted to OMB 

within 30 days of this notice. 

Dated: January 24, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01616 Filed 1–26–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–792; OMB Control No. 

3235–0739] 

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: 

Order Granting a Conditional Exemption 

under the Securities Exchange Act of 

1934 from the Confirmation 

Requirements of Exchange Act Rule 10b– 

10(a) for Certain Transactions in Money 

Market Funds 

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’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the previously approved 

collection of information provided for in 

the following: Order Granting a 

Conditional Exemption under the 

Securities Exchange Act of 1934 from 

the Confirmation Requirements of 

Exchange Act Rule 10b–10(a) for Certain 

Transactions in Money Market Funds 

(17 CFR 240.10b–10(a)). 

Rule 10b–10 under the Securities 

Exchange Act of 1934 (‘‘Exchange Act’’) 

(15 U.S.C. 78a et seq.) generally requires 

broker-dealers to provide customers 

with specified information relating to 

their securities transactions at or before 

the completion of the transactions. Rule 

10b–10(b), however, provides an 

exception from this requirement for 

certain transactions in money market 

funds that attempt to maintain a stable 

net asset value when no sales load or 

redemption fee is charged. The 

exception permits broker-dealers to 

provide transaction information to 

money market fund shareholders on a 

monthly, rather than immediate, basis, 

subject to the conditions. Amendments 

to Rule 2a–7 (17 CFR 270.2a–7) of the 

Investment Company Act of 1940 

(‘‘Investment Company Act’’) (15 U.S.C. 

80a–1 et seq.) among other things, 

means, absent an exemption, brokerdealers would not be able to continue to 

rely on the exception under Exchange 

Act Rule 10b–10(b) for transactions in 

money market funds operating in 

accordance with Investment Company 

Act Rule 2a–7(c)(1)(ii).1

In 2015, the Commission issued an 

Order Granting a Conditional 

Exemption under the Securities 

Exchange Act of 1934 From The 

Confirmation Requirements of Exchange 

Act Rule 10b–10(a) For Certain 

Transactions In Money Market Funds 

(‘‘Order’’) 2 which allows brokerVerDate Sep<11>2014 17:53 Jan 26, 2022 Jkt 256001 PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 E:\FR\FM\27JAN1.SGM 27JAN1

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Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices 4299 

Market Funds, Exchange Act Release No. 34–76480 

(Nov. 19, 2015), 80 FR 73849 (Nov. 25, 2015). 

dealers, subject to certain conditions, to 

provide transaction information to 

investors in any money market fund 

operating pursuant to Investment 

Company Act Rule 2a–7(c)(1)(ii) on a 

monthly basis in lieu of providing 

immediate confirmations as required 

under Exchange Act Rule 10b–10(a) 

(‘‘the Exemption’’). Accordingly, to be 

eligible for the Exemption, a brokerdealer must (1) provide an initial 

written notification to the customer of 

its ability to request delivery of 

immediate confirmations consistent 

with the written notification 

requirements of Exchange Act Rule 10b– 

10(a), and (2) not receive any such 

request to receive immediate confirms 

from the customer. 

As of December 31, 2020, the 

Commission estimates there are 

approximately 154 broker-dealers that 

clear customer transactions or carry 

customer funds and securities who 

would be responsible for providing 

customer confirmations. The 

Commission estimates that the cost of 

the ongoing notification requirements 

would be minimal, approximately 5% of 

the initial burden which was previously 

estimated to be 36 hours per brokerdealer, or approximately 1.8 hours per 

broker-dealer per year to provide 

ongoing notifications or a total burden 

of 277 hours annually for the 154 

carrying broker-dealers. 

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. 

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 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. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: January 24, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01617 Filed 1–26–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–789, OMB Control No. 

3235–0731] 

Proposed Collection; 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 

Generic ICR: 

Generic Clearance for the Collection of 

Qualitative Feedback on Agency Service 

Delivery 

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’’) 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 information collection activity 

will garner qualitative customer and 

stakeholder feedback in an efficient, 

timely manner, in accordance with the 

Administration’s commitment to 

improving service delivery. By 

qualitative feedback we mean 

information that provides useful 

insights on perceptions and opinions, 

but are not statistical surveys that yield 

quantitative results that can be 

generalized to the population of study. 

This feedback will provide insights into 

customer or stakeholder perceptions, 

experiences and expectations, provide 

an early warning of issues with service, 

or focus attention on areas where 

communication, training or changes in 

operations might improve delivery of 

products or services. These collections 

will allow for ongoing, collaborative and 

actionable communications between the 

SEC and its customers and stakeholders. 

It will also allow feedback to contribute 

directly to the improvement of program 

management. 

Feedback collected under this generic 

clearance will provide useful 

information, but it will not yield data 

that can be generalized to the overall 

population. This type of generic 

clearance for qualitative information 

will not be used for quantitative 

information collections that are 

designed to yield reliably actionable 

results, such as monitoring trends over 

time or documenting program 

performance. Depending on the degree 

of influence the results are likely to 

have, such collections may still be 

eligible for submission for other generic 

mechanisms that are designed to yield 

quantitative results. 

Below is the projected average annual 

estimates each year for the next three 

years: 

Expected Annual Number of 

activities: [20]. 

Respondents: [20,000]. 

Annual responses: [20,000]. 

Frequency of Response: Once per 

request. 

Average minutes per response: [10]. 

Annual burden hours: [3,500]. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information to be 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. 

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. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: January 24, 2024. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01638 Filed 1–26–22; 8:45 am] 

BILLING CODE 8011–01–P 


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