Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices 4297 

TABLE—FORM 13F CURRENT AND REVISED BURDEN ESTIMATES—Continued 

Initial 

hours Annual hours Wage rate Internal time cost External costs 1

Number of amendments................. 244 amendments 10 .... ..................................... 244 amendments ........ 244 amendments. 

Revised current annual 

estimated burden of 

all amendments.

................ 976 hours .................... ..................................... $217,831 ..................... $73,200. 

Total Estimated Form 13F Burden 

Currently approved 

burden estimates.

(1) 472,521.6 hours .......... ..................................... $31,186,425.60 ........... $0. 

Revised current burden estimates.

(1) 67,242 hours ............... ..................................... $13,733,909 ................ $4,846,374. 

Notes: 

1The external costs of complying with Form 13F can vary among filers. Some filers use third-party vendors for a range of services in connection with filing reports on Form 13F, while other filers use vendors for more limited purposes such as providing more user-friendly versions of the 

list of section 13(f) Securities. For purposes of the PRA, we estimate that each filer will spend an average of $300 on vendor services each year 

in connection with the filer’s four quarterly reports on Form 13F–HR or Form 13F–NT, as applicable, in addition to the estimated vendor costs associated with any amendments. In addition, some filers engage outside legal services in connection with the preparation of requests for confidential treatment or analyses regarding possible requests, or in connection with the form’s disclosure requirements. For purposes of the PRA, we estimate that each manager filing reports on Form 13F–HR will incur $489 for one hour of outside legal services each year. 2 $66 was the estimated wage rate for a compliance clerk in 2018. 

3The estimate reduces the total burden hours associated with complying with the reporting requirements of Form 13F–HR from 80.8 to 11 

hours. We believe that this reduction adequately reflects the reduction in the time managers spend complying with Form 13F–HR as a result of 

advances in technology that have occurred since Form 13F was adopted. The revised estimate also assumes that an in-house compliance attorney would spend 1 hour annually on the preparation of the filing, as well as determining whether a 13(f) Confidential Treatment Request should 

be filed. The remaining 10 hours would be divided equally between a senior programmer and compliance clerk. 4The $202.50 wage rate reflects current estimates of the blended hourly rate for an in-house senior programmer ($334) and in-house compliance clerk ($71). $202.50 is based on the following calculation: ($334 + $71) / 2 = $202.50. The $334 per hour figure for a senior programmer is 

based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association’s Office Salaries in 

the Securities Industry 2013 (‘‘SIFMA Report’’), modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied 

by 5.35 to account for bonuses, firm size, employee benefits and overhead. The $71 per hour figure for a compliance clerk is based on salary information from the SIFMA Report, modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 2.93 to 

account for bonuses, firm size, employee benefits and overhead. 5The $368 per hour figure for a compliance attorney is based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013 (‘‘SIFMA Report’’), modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. 6 $789 includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–HR filing as well as an estimated $489 for one 

hour of outside legal services. We estimate that Form 13F–HR filers will require some level of external legal counsel in connection with these filings. 7This estimate is based on the number of 13F–HR filers as of December 2019. 

8This estimate is based on the number of Form 13F–NT filers as of December 2019. 

9The revised estimate assumes that an in-house compliance attorney would spend 0.5 hours annually on the preparation of the filing amendment, as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 3.5 hours would be divided equally 

between a senior programmer and compliance clerk. 10This estimate is based on the number of Form 13F amendments filed as of December 2019. 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act. The estimate 

is not derived from a comprehensive or 

even a representative survey or study of 

the costs of Commission rules. 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: January 24, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01613 Filed 1–26–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–017, OMB Control No. 

3235–0017] 

Submission for OMB Review; 

Comment Request, Extension: Rules 

6a–1 and 6a–2, Form 1 

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 

(‘‘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 


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I I I I 
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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