14306 Federal Register / Vol. 87, No. 49 / Monday, March 14, 2022 / Notices 

6 These estimates are based on the following 

calculations: 514 financial institutions and creditors 

that maintain covered accounts × 29 hours = 14,906 

hours; 514 financial institutions and creditors that 

maintain covered accounts × $15,603 = $8,019,942. 

7 These estimates are based on the following 

calculations: 1,142 hours + 14,906 hours = 16,048 

hours; $519,610 + $8,019,942 = $8,539,552. 

8 This estimate is based on the following 

calculation: 1 hour × $455 (hourly rate for internal 

counsel) = $455. See supra note 2 (discussing the 

methodology for estimating the hourly rate for 

internal counsel). 

9 Staff estimates that, of the 9.5 hours incurred 

to prepare and present the annual report to the 

board and periodically review and update the 

Program, 8.5 hours will be spent by internal counsel 

at an hourly rate of $455, and 1 hour will be spent 

by the board of directors as a whole at an hourly 

rate of $4,770. Thus, the estimated $7,874 in 

additional annual costs is based on the following 

calculation: (8.5 hours × $455 = $3,868) + (1 hour 

× $4,770 = $4,770) = $8,638. See supra note 2 

(discussing the methodology for estimating the 

hourly rate for internal counsel and the board of 

directors). 

10 Based on a review of entities that the SEC 

regulates, SEC staff estimates that, as of September 

30, 2021, there are approximately 14,705 

investment advisers, 3,533 broker-dealers, 1,380 

active open-end investment companies, and 100 

ESCs. Of these, staff estimates that all of the brokerdealers, open-end investment companies and ESCs 

are likely to qualify as financial institutions or 

creditors. We also estimate that approximately 33% 

of investment advisers, or 4,902 investment 

advisers, are likely to qualify. See Adopting 

Release, supra note 3, at n.190 (discussing the 

staff’s analysis supporting its estimate that 33% of 

investment advisers are likely to qualify as financial 

institutions or creditors). We therefore estimate that 

a total of 9,915 financial institutions or creditors 

will bear the ongoing burden of assessing covered 

accounts under Regulation S–ID. (The SEC staff 

estimates that the other types of entities that are 

covered by the scope of the SEC’s rules will not be 

financial institutions or creditors and therefore will 

not be subject to the rules’ requirements.) 

The estimates of 9,915 hours and $3,784,800 are 

based on the following calculations: 9,915 financial 

institutions and creditors × 1 hour = 9,915 hours; 

9,915 financial institutions and creditors × $455 = 

$4,511,325. 

11 See supra note 5 and accompanying text. If a 

financial institution or creditor does not maintain 

covered accounts, there would be no ongoing 

annual burden for purposes of the PRA. 

12 These estimates are based on the following 

calculations: 8,924 financial institutions and 

creditors that maintain covered accounts × 9.5 

hours = 84,778 hours; 8,924 financial institutions 

and creditors that maintain covered accounts × 

$8,638 = $77,085,512. 

13 These estimates are based on the following 

calculations: 9,915 hours + 84,778 hours = 94,693 

hours; $4,511,325 + $77,085,512 = $81,596,837. 

14 § 248.202(a). 

additional cost of $8,019,942.6 Thus, the 

total initial estimated burden for all 

newly-formed SEC-regulated entities is 

16,048 hours at a total estimated cost of 

$8,539,552.7

Each financial institution and creditor 

would be required to conduct periodic 

assessments to determine if the entity 

offers or maintains covered accounts, 

which SEC staff estimates would entail 

an annual burden of 1 hour per entity. 

Staff estimates that this burden would 

result in an annual cost of $455 to each 

financial institution or creditor.8 To the 

extent a financial institution or creditor 

offers or maintains covered accounts, 

staff estimates that the financial 

institution or creditor also would incur 

an annual burden of 2.5 hours to 

prepare and present an annual report to 

the board, and an annual burden of 7 

hours to periodically review and update 

the Program (including review and 

preservation of contracts with service 

providers, as well as review and 

preservation of any documentation 

received from service providers). Staff 

estimates that these burdens would 

result in additional annual costs of 

$8,638 for each financial institution or 

creditor that offers or maintains covered 

accounts.9

SEC staff estimates that there are 

9,915 SEC-regulated entities that are 

either financial institutions or creditors, 

and that all of these will be required to 

periodically review their accounts to 

determine if they offer or maintain 

covered accounts, for a total of 9,915 

hours for these entities at a total cost of 

$4,511,325.10 Of these 9,915 entities, 

staff estimates that approximately 90 

percent, or 8,924, maintain covered 

accounts, and thus will need the 

additional burdens related to complying 

with the rules.11 Accordingly, staff 

estimates that the additional annual 

burden for SEC-regulated entities that 

qualify as financial institutions or 

creditors and maintain covered accounts 

is 84,778 hours at an additional cost of 

$77,085,512.12 Thus, the total estimated 

ongoing annual burden for all SECregulated entities is 94,693 hours at a 

total estimated annual cost of 

$81,596,837.13

The collections of information 

required by section 248.202 will apply 

only to SEC-regulated entities that issue 

credit or debit cards.14 SEC staff 

understands that SEC-regulated entities 

generally do not issue credit or debit 

cards, but instead partner with other 

entities, such as banks, that issue cards 

on their behalf. These other entities, 

which are not regulated by the SEC, are 

already subject to substantially similar 

change of address obligations pursuant 

to the Agencies’ identity theft red flags 

rules. Therefore, staff does not expect 

that any SEC-regulated entities will be 

subject to the information collection 

requirements of section 248.202, and 

accordingly, staff estimates that there is 

no hour or cost burden for SECregulated entities related to section 

248.202. 

In total, SEC staff estimates that the 

aggregate annual information collection 

burden of Regulation S–ID is 110,741 

hours (16,048 hours + 94,693 hours). 

This estimate of burden hours is made 

solely for the purposes of the Paperwork 

Reduction Act and is not derived from 

a quantitative, comprehensive, or even 

representative survey or study of the 

burdens associated with Commission 

rules and forms. Compliance with 

Regulation S–ID, including compliance 

with the information collection 

requirements thereunder, is mandatory 

for each SEC-regulated entity that 

qualifies as a ‘‘financial institution’’ or 

‘‘creditor’’ under Regulation S–ID (as 

discussed above, certain collections of 

information under Regulation S–ID are 

mandatory only for financial 

institutions or creditors that offer or 

maintain covered accounts). Responses 

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 control 

number. 

Written comments are invited on: (i) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(ii) the accuracy of the agency’s estimate 

of the burden of the collection of 

information; (iii) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (iv) 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 May 13, 2022. 

Please direct your written comments 

to 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. 

Dated: March 9, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05350 Filed 3–11–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

March 17, 2022. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 


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Federal Register / Vol. 87, No. 49 / Monday, March 14, 2022 / Notices 14307 

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

2 17 CFR 240.19b–4. 

3See Cboe Options Fees Schedule, Routing Fees. 

4 15 U.S.C. 78f. 

5 15 U.S.C. 78f(b)(4). 

6 15 U.S.C. 78f(b)(5). 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

(Authority: 5 U.S.C. 552b.) 

Dated: March 10, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–05473 Filed 3–10–22; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94376; File No. SR–CBOE– 

2022–008] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fees 

Schedule 

March 8, 2022. 

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 1, 

2022, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) 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 

Cboe Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to amend 

its Fees Schedule. The text of the 

proposed rule change is provided in 

Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (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. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

fee schedule by removing certain fee 

codes related to routed XSP options 

orders in light of the recent delisting of 

XSP options on the Exchange’s affiliate 

Cboe BZX Exchange, Inc. (‘‘BZX 

Options’’), effective March 1, 2022. 

The Exchange assesses various fees 

for orders that are routed and executed 

on away markets.3 The proposed rule 

change removes fees codes RX, RY, TX 

and TY from the Routing Fees table, all 

of which apply specifically to XSP 

orders that are routed away. The 

Exchange proposes to eliminate these 

fee codes as XSP is a proprietary 

product and the only other exchange 

that listed XSP (i.e., BZX Options) has 

now delisted it. As such, XSP currently 

trades exclusively on the Exchange and 

therefore cannot route to any other 

market. Accordingly, the Exchange 

proposes to eliminate the now obsolete 

fee codes and corresponding fees. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,4

in general, and furthers the objectives of 

Section 6(b)(4),5 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Trading Permit 

Holders and issuers and other persons 

using its facilities. The Exchange also 

believes that the proposed rule change 

is consistent with the objectives of 

Section 6(b)(5) 6 requirements that the 

rules of an exchange be 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 regulating, clearing, 

settling, processing information with 

respect to, and 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, and, 

particularly, is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange believes the proposed 

rule change is reasonable, equitable and 

not unfairly discriminatory as it does 

not change the fees or rebates assessed 

by the Exchange, but rather updates the 

Fee Schedule to remove fee codes 

associated with routed orders in XSP 

options because the only other exchange 

that listed XSP options (and that such 

options could therefore route to) no 

longer lists XSP options for trading. 

Therefore, the proposed rule change is 

reasonably designed to update the Fee 

Schedule to accurately reflect classes 

available for routing and is designed to 

reduce any potential confusion 

regarding the availability of XSP options 

on an exchange other than the 

Exchange. The Exchange also believes 

that the proposed rule change is 

equitable and not unfairly 

discriminatory because all Trading 


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