Federal Register / Vol. 87, No. 52 / Thursday, March 17, 2022 / Notices 15279 

10 17 CFR 240.17Ad–22(e)(10). 

11 15 U.S.C. 78s(b)(3)(A). 12 17 CFR 240.19b–4(f). 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

documentation and timing matters, 

consistent with the requirements of the 

Clearing House. Clearance of the 

Contracts would otherwise be supported 

by ICE Clear Europe’s existing financial 

resources, risk management, systems 

and operational arrangements. The 

amendments thus appropriately clarify 

the role and responsibilities of the 

Clearing House and Clearing Members 

with respect to physical delivery. As a 

result, ICE Clear Europe believes the 

amendments are consistent with the 

requirements of Rule 17Ad–22(e)(10).10

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICE Clear Europe does not believe the 

proposed amendments would have any 

impact, or impose any burden, on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The proposed 

amendments to the Delivery Procedures 

are intended to establish procedures 

applicable to the delivery and 

settlement of the Contracts in 

connection with the listing of such 

Contracts for trading on the ICE Endex 

market. ICE Clear Europe believes that 

such contracts would provide 

opportunities for interested market 

participants to engage in trading activity 

in the relevant German natural gas 

market. ICE Clear Europe does not 

believe the amendments would 

adversely affect competition among 

Clearing Members, materially affect the 

cost of clearing, adversely affect access 

to clearing for Clearing Members or their 

customers, or otherwise adversely affect 

competition in clearing services. 

Accordingly, ICE Clear Europe does not 

believe that the amendments would 

impose any impact or burden on 

competition that is not appropriate in 

furtherance of the purpose of the Act. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments relating to the 

proposed amendments have not been 

solicited or received by ICE Clear 

Europe. ICE Clear Europe will notify the 

Commission of any comments received 

with respect to the proposed rule 

change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 11 and paragraph (f) of Rule 

19b–4 12 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 Number SR– 

ICEEU–2022–006 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–ICEEU–2022–006. 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 website (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 website 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 

10:00 a.m. and 3:00 p.m. Copies of such 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Europe and on ICE 

Clear Europe’s website at https://

www.theice.com/clear-europe/ 

regulation. 

All comments received will be posted 

without change. Persons submitting 

comments are cautioned that we do not 

redact or edit personal identifying 

information from comment submissions. 

You should submit only information 

that you wish to make available 

publicly. All submissions should refer 

to File Number SR–ICEEU–2022–006 

and should be submitted on or before 

April 7, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Eduardo Aleman, 

Assistant Secretary. 

[FR Doc. 2022–05596 Filed 3–16–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94403; File No. SR–LTSE– 

2022–01] 

Self-Regulatory Organizations; LongTerm Stock Exchange, Inc.; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Extend 

the Date of the Pilot Related to the 

Market-Wide Circuit Breaker in Rule 

11.280 

March 11, 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 4, 

2022, Long-Term Stock Exchange, Inc. 

(‘‘LTSE’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. 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 

LTSE proposes a rule change to 

extend the pilot related to the marketwide circuit breaker in Rule 11.280. 

The text of the proposed rule change 

is available at the Exchange’s website at 

https://longtermstockexchange.com/, at 

the principal office of the Exchange, and 

at the Commission’s Public Reference 

Room. 


khammond on DSKJM1Z7X2PROD with NOTICES
15280 Federal Register / Vol. 87, No. 52 / Thursday, March 17, 2022 / Notices 

3See Securities Exchange Act Release No. 67090 

(May 31, 2012), 77 FR 33531 (June 6, 2012) (SR– 

BATS–2011–038; SR–BYX–2011–025; SR–BX– 

2011–068; SR–CBOE–2011–087; SR–C2–2011–024; 

SR–CHX–2011–30; SR–EDGA–2011–31; SR–EDGX– 

2011–30; SR–FINRA–2011–054; SR–ISE–2011–61; 

SR–NASDAQ–2011–131; SR–NSX–2011–11; SR– 

NYSE–2011–48; SR–NYSEAmex–2011–73; SR– 

NYSEArca–2011–68; SR–Phlx–2011–129) (‘‘Pilot 

Rules Approval Order’’). LTSE adopted Pilot Rules 

as part of its approval as a national securities 

exchange. See generally [cite to Form 1 

approval][sic] 

4The rules of the equity options exchanges 

similarly provide for a halt in trading if the cash 

equity exchanges invoke a MWCB Halt. See, e.g., 

NYSE Arca Rule 6.65–O(d)(4). 

5See Securities Exchange Act Release No. 67091 

(May 31, 2012), 77 FR 33498 (June 6, 2012). The 

LULD Plan provides a mechanism to address 

extraordinary market volatility in individual 

securities. 

6See e.g., Securities Exchange Act Release Nos. 

67090 (May 31, 2012), 77 FR 33531 (June 6, 2012) 

(SR–NYSE–2011–48) (Approval Order); and 68784 

(January 31, 2013), 78 FR 8662 (February 6, 2013) 

(SR–NYSE–2013–10). 

7See Securities Exchange Act Release No. 85623 

(April 11, 2019), 84 FR 16086 (April 17, 2019). 

8See https://www.sec.gov/rules/sro/ltse/2019/34- 

87357.pdf. 

9See Securities Exchange Act Release No. 90125 

(October 8, 2020), 85 FR 65114 (October 14, 2020) 

(SR–LTSE–2020–18). 

10See Securities Exchange Act Release No. 93376 

(October 18, 2021), 86 FR 58713 (October 22, 2021) 

(SR–LTSE–2021–06). 

11See https://www.cmegroup.com/content/dam/ 

cmegroup/market-regulation/rule-filings/2020/9/20- 

392_1.pdf; https://www.cmegroup.com/content/ 

dam/cmegroup/market-regulation/rule-filings/2020/ 

9/20-392_2.pdf. 

II. Self-Regulatory Organization’s 

Statement on the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 self-regulatory organization 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 extend the 

pilot related to the market-wide circuit 

breaker in Rule 11.280 to the close of 

business on April 18, 2022. 

Background 

The Market-Wide Circuit Breaker 

(‘‘MWCB’’) rules, including the 

Exchange’s Rule 11.280, provide an 

important, automatic mechanism that is 

invoked to promote stability and 

investor confidence during periods of 

significant stress when cash equities 

securities experience extreme marketwide declines. The MWCB rules are 

designed to slow the effects of extreme 

price declines through coordinated 

trading halts across both cash equity 

and equity options securities markets. 

The cash equities rules governing 

MWCBs were first adopted in 1988 and, 

in 2012, all U.S. cash equity exchanges 

and FINRA amended their cash equities 

uniform rules on a pilot basis (the ‘‘Pilot 

Rules’’).3 The Pilot Rules currently 

provide for trading halts in all cash 

equity securities during a severe market 

decline as measured by a single-day 

decline in the S&P 500 Index (‘‘SPX’’).4

Under the Pilot Rules, a market-wide 

trading halt will be triggered if SPX 

declines in price by specified 

percentages from the prior day’s closing 

price of that index. The triggers are set 

at three circuit breaker thresholds: 7% 

(Level 1), 13% (Level 2), and 20% 

(Level 3). A market decline that triggers 

a Level 1 or Level 2 halt after 9:30 a.m. 

and before 3:25 p.m. would halt marketwide trading for 15 minutes, while a 

similar market decline at or after 3:25 

p.m. would not halt market-wide 

trading. (Level 1 and Level 2 halts may 

occur only once a day.) A market 

decline that triggers a Level 3 halt at any 

time during the trading day would halt 

market-wide trading for the remainder 

of the trading day. 

The Commission approved the Pilot 

Rules, the term of which was to 

coincide with the pilot period for the 

Plan to Address Extraordinary Market 

Volatility Pursuant to Rule 608 of 

Regulation NMS (the ‘‘LULD Plan’’),5

including any extensions to the pilot 

period for the LULD Plan.6 In April 

2019, the Commission approved an 

amendment to the LULD Plan for it to 

operate on a permanent, rather than 

pilot, basis.7 In conjunction with the 

proposal to make the LULD Plan 

permanent, the Exchange amended Rule 

11.280 to untie the Pilot Rules’ 

effectiveness from that of the LULD Plan 

and to extend the Pilot Rules’ 

effectiveness to the close of business on 

October 18, 2020.8 The Exchange 

subsequently amended Rule 11.280, to 

extend the Pilot Rules’ effectiveness for 

an additional year to the close of 

business on October 18, 2021.9 The 

Exchange then further amended Rule 

11.280, to extend the Pilot Rules’ 

effectiveness for another year to the 

close of business on March 18, 2022.10

The Exchange now proposes to amend 

Rule 11.280 to extend the pilot to the 

close of business on April 18, 2022. This 

filing does not propose any substantive 

or additional changes to Rule 11.280. 

The MWCB Task Force and the March 

2020 MWCB Events 

In late 2019, Commission staff 

requested the formation of a MWCB 

Task Force (‘‘Task Force’’) to evaluate 

the operation and design of the MWCB 

mechanism. The Task Force included 

representatives from the SROs, the 

Commission, CME, the Commodity 

Futures Trading Commission (‘‘CFTC’’), 

and the securities industry and 

conducted several organizational 

meetings in December 2019 and January 

2020. 

In Spring 2020, the MWCB 

mechanism proved itself to be an 

effective tool for protecting markets 

through turbulent times. In March 2020, 

at the outset of the worldwide COVID– 

19 pandemic, U.S. equities markets 

experienced four MWCB Level 1 halts, 

on March 9, 12, 16, and 18, 2020. In 

each instance, the markets halted as 

intended upon a 7% drop in the S&P 

500 Index, and resumed as intended 15 

minutes later. 

In response to these events, in the 

Spring and Summer of 2020, the Task 

Force held ten meetings that were 

attended by Commission staff, with the 

goal of performing an expedited review 

of the March 2020 halts and identifying 

any areas where the MWCB mechanism 

had not worked properly. Given the risk 

of unintended consequences, the Task 

Force did not recommend changes that 

were not rooted in a noted deficiency. 

The Task Force recommended creating 

a process for a backup reference price in 

the event that SPX were to become 

unavailable, and enhancing functional 

MWCB testing. The Task Force also 

asked CME to consider modifying its 

rules to enter into a limit-down state in 

the futures pre-market after a 7% 

decline instead of 5%. CME made the 

requested change, which became 

effective on October 12, 2020.11

The MWCB Working Group’s Study 

On September 17, 2020, the Director 

of the Commission’s Division of Trading 

and Markets asked the SROs to conduct 

a more complete study of the design and 

operation of the Pilot Rules and the 

LULD Plan during the period of 

volatility in the Spring of 2020. 

In response to the request, the SROs 

created a MWCB ‘‘Working Group’’ 

composed of SRO representatives and 

industry advisers that included 

members of the advisory committees to 

both the LULD Plan and the NMS Plans 


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Federal Register / Vol. 87, No. 52 / Thursday, March 17, 2022 / Notices 15281 

12See Report of the Market-Wide Circuit Breaker 

(‘‘MWCB’’) Working Group Regarding the March 

2020 MWCB Events, submitted March 31, 2021 (the 

‘‘Study’’), available at https://www.nyse.com/ 

publicdocs/nyse/markets/nyse/Report_of_the_

Market-Wide_Circuit_Breaker_Working_Group.pdf. 13See id. at 46. 14See Securities Exchange Act Release No. 92428 

(July 16, 2021), 86 FR 38776 (July 22, 2021) (SR– 

NYSE–2021–40). 

15See Securities Exchange Act Release No. 93203 

(September 30, 2021), 86 FR 55049 (October 5, 

2021) (SR–NYSE–2021–57). 16 15 U.S.C. 78f(b). 17 15 U.S.C. 78f(b)(5). 

18 15 U.S.C. 78s(b)(3)(A)(iii). 

19 17 CFR 240.19b–4(f)(6). 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4 requires a self-regulatory organization to give the 

Commission written notice of its intent to file a 

proposed rule change under that subsection at least 

five business days prior to the date of filing, or such 

shorter time as designated by the Commission. The 

Commission has waived this requirement. 

22 17 CFR 240.19b–4(f)(6). 

23 17 CFR 240.19b–4(f)(6)(iii). 

governing the collection, consolidation, 

and dissemination of last-sale 

transaction reports and quotations in 

NMS Stocks. The Working Group met 

regularly from September 2020 through 

March 2021 to consider the 

Commission’s request, review data, and 

compile its study. The Working Group’s 

efforts in this respect incorporated and 

built on the work of an MWCB Task 

Force. 

The Working Group submitted its 

study to the Commission on March 31, 

2021 (the ‘‘Study’’).12 In addition to a 

timeline of the MWCB events in March 

2020, the Study includes a summary of 

the analysis and recommendations of 

the MWCB Task Force; an evaluation of 

the operation of the Pilot Rules during 

the March 2020 events; an evaluation of 

the design of the current MWCB system; 

and the Working Group’s conclusions 

and recommendations. 

In the Study, the Working Group 

concluded: (1) The MWCB mechanism 

set out in the Pilot Rules worked as 

intended during the March 2020 events; 

(2) the MWCB halts triggered in March 

2020 appear to have had the intended 

effect of calming volatility in the 

market, without causing harm; (3) the 

design of the MWCB mechanism with 

respect to reference value (SPX), trigger 

levels (7%/13%/20%), and halt times 

(15 minutes) is appropriate; (4) the 

change implemented in Amendment 10 

to the Plan to Address Extraordinary 

Market Volatility (the ‘‘Limit Up/Limit 

Down Plan’’ or ‘‘LULD Plan’’) did not 

likely have any negative impact on 

MWCB functionality; and (5) no changes 

should be made to the mechanism to 

prevent the market from halting shortly 

after the opening of regular trading 

hours at 9:30 a.m. 

In light of the foregoing conclusions, 

the Working Group also made several 

recommendations, including that the 

Pilot Rules should be permanent 

without any changes.13

Proposal to Extend the Operation of the 

Pilot Rules Pending the Commission’s 

Consideration of the Exchange’s Filing 

To Make the Pilot Rules Permanent 

On July 16, 2021, the NYSE proposed 

a rule change to make the Pilot Rules 

permanent, consistent with the Working 

Group’s recommendations.14 On 

September 30, 2021, the Commission 

extended its time to consider the 

proposed rule change to March 18, 

2022.15 The Exchange now proposes to 

extend the expiration date of the Pilot 

Rules to the close of business on April 

18, 2022. 

b. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,16 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,17

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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. The 

market-wide circuit breaker mechanism 

under Rule 11.280 is an important, 

automatic mechanism that is invoked to 

promote stability and investor 

confidence during a period of 

significant stress when securities 

markets experience extreme broad-based 

declines. Extending the market-wide 

circuit breaker pilot for an additional 

five [sic] months would ensure the 

continued, uninterrupted operation of a 

consistent mechanism to halt trading 

across the U.S. markets while the 

Commission reviews the Exchange’s 

proposed rule change to make the Pilot 

Rules permanent. 

The Exchange also believes that the 

proposed rule change promotes just and 

equitable principles of trade in that it 

promotes transparency and uniformity 

across markets concerning when and 

how to halt trading in all stocks as a 

result of extraordinary market volatility. 

Based on the foregoing, the Exchange 

believes the benefits to market 

participants from Pilot Rules should 

continue on a pilot basis because they 

will promote fair and orderly markets 

and protect investors and the public 

interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act because the 

proposal would ensure the continued, 

uninterrupted operation of a consistent 

mechanism to halt trading across the 

U.S. markets while the Commission 

reviews the Exchange’s proposed rule 

change to make the Pilot Rules 

permanent. 

Further, the Exchange understands 

that FINRA and other national securities 

exchanges have filed or will file 

proposals to extend their rules regarding 

the market-wide circuit breaker pilot. 

Thus, the proposed rule change will 

help to ensure consistency across 

market centers without implicating any 

competitive issues. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 18 and Rule 

19b–4(f)(6) thereunder.19 Because the 

proposed rule change does not (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, the proposed rule 

change has become effective pursuant to 

Section 19(b)(3)(A) of the Act 20 and 

Rule 19b–4(f)(6)(iii) thereunder.21

A proposed rule change filed under 

Rule 19b–4(f)(6) 22 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),23 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange asked that the 

Commission waive the 30 day operative 

delay so that the proposal may become 

operative immediately upon filing. 

Extending the Pilot Rules’ effectiveness 

to the close of business on April 18, 

2022 will extend the protections 

provided by the Pilot Rules, which 

would otherwise expire in less than 30 

days. Waiver of the operative delay 

would therefore permit uninterrupted 

continuation of the MWCB pilot while 

the Commission reviews the NYSE’s 


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15282 Federal Register / Vol. 87, No. 52 / Thursday, March 17, 2022 / Notices 

24For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 25 17 CFR 200.30–3(a)(12). 

1 44 U.S.C. 3501 et seq. 

2This estimate is based on the following 

calculation: 179,443 (previous burden estimate) + 

1,724.5 (additional internal burden) = 181,167.5 

hours. 

proposed rule change to make the Pilot 

Rules permanent. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.24

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

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 Number SR– 

LTSE–2022–01 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–LTSE–2022–01. 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 website (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 website 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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of LTSE and on its internet 

website at https://longtermstock

exchange.com/. 

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–LTSE–2022–01 and should 

be submitted on or before April 7, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Eduardo Aleman, 

Assistant Secretary. 

[FR Doc. 2022–05594 Filed 3–16–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–512, OMB Control No. 

3235–0570] 

Submission for OMB Review; 

Comment Request; Extension: Form 

N–CSR 

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–CSR (17 CFR 249.331 and 

274.128) is a combined reporting form 

used by registered management 

investment companies (‘‘funds’’) to file 

certified shareholder reports under the 

Investment Company Act of 1940 (15 

U.S.C. 80a–1 et seq.) (‘‘Investment 

Company Act’’) and the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.) (‘‘Exchange Act’’). Specifically, 

Form N–CSR is to be used for reports 

under section 30(b)(2) of the Investment 

Company Act (15 U.S.C. 80a–29(b)(2)) 

and section 13(a) or 15(d) of the 

Exchange Act (15 U.S.C. 78m(a) and 

78o(d)), filed pursuant to rule 30b2–1(a) 

under the Investment Company Act (17 

CFR 270.30b2–1(a)). Reports on Form 

N–CSR are to be filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) no later than 10 days 

after the transmission to stockholders of 

any report that is required to be 

transmitted to stockholders under rule 

30e–1 under the Investment Company 

Act (17 CFR 270.30e–1). The 

information filed with the Commission 

permits the verification of compliance 

with securities law requirements and 

assures the public availability and 

dissemination of the information. 

The following estimates of average 

burden hours and costs are made solely 

for purposes of the Paperwork 

Reduction Act of 1995 1 and are not 

derived from a comprehensive or even 

representative survey or study of the 

cost of Commission rules and forms. 

Compliance with Form N–CSR is 

mandatory. Responses to the collection 

of information will not be kept 

confidential. 

The current total annual burden hour 

inventory for Form N–CSR is 181,167 

hours.2 The hour burden estimates for 

preparing and filing reports on Form 

N–CSR are based on the Commission’s 

experience with the contents of the 

form. The number of burden hours may 

vary depending on, among other things, 

the complexity of the filing and whether 

preparation of the reports is performed 

by internal staff or outside counsel. 

The Commission’s new estimate of 

burden hours that will be imposed by 

Form N–CSR is as follows: 


khammond on DSKJM1Z7X2PROD with NOTICES