34328 Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices 

29 15 U.S.C. 78q–1(b)(3)(D). 

30See Notice of Filing, supra note 3, at 22973. 

31NSCC would be offering central clearing for 

overnight SFTs for the first time, and accordingly, 

NSCC would not be able to anticipate the size and 

composition of the SFT activities. See Securities 

Exchange Act Release No. 94694 (April 12, 2022), 

87 FR 23372, 22375 (April 19, 2022) (SR–NSCC– 

2022–003). 

32See Notice of Filing, supra note 3, at 22973. 

33 15 U.S.C. 78q–1(b)(3)(D). 

34 17 CFR 240.17Ad–22(e)(21). 

35 Id. 

36 15 U.S.C. 78q–1. 

37 15 U.S.C. 78s(b)(2). 

38 In approving the Proposed Rule Change, the 

Commission considered the proposals’ impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

39 17 CFR 200.30–3(a)(12). 

B. Consistency With Section 

17A(b)(3)(D) of the Act 

Section 17A(b)(3)(D) of the Act 

requires that the rules of a clearing 

agency provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among its participants.29

As described above in Section II.D., 

DTC would establish a fee of $0.005 per 

item delivered or received, which 

would be charged to the payor and the 

payee of an SFT price differential 

payment order. The Commission 

believes that the proposed fee for SFT 

price differential payment orders would 

provide for the equitable allocation of 

reasonable dues, fees, and other charges 

among Participants. First, the proposed 

fee of $0.005 is less than the $0.10 fee 

for payment order applicable for 

uncleared bilateral stock loan 

transactions.30 Second, the Commission 

understands that due to the lack of 

history for cleared SFT activity,31 DTC 

cannot estimate at this time the average 

number of SFT Price Differential 

payment orders that would be processed 

and cannot, therefore, quantify a precise 

fee.32 Accordingly, the Commission 

believes that the proposed fee, which is 

designed to take into account the 

imbalance between the amount of 

payment orders that would be required 

for cleared SFTs and the amount 

required for uncleared bilateral stock 

loan transactions, is reasonable. The 

Commission also believes that the 

proposed fee would be equitably 

allocated because the fee would be 

charged to payors and payees per item 

delivered or received in accordance 

with their use of SFT price differential 

payment orders and all such payors and 

payees would be treated equally with 

respect to the fee. 

Therefore, the Commission believes 

that the Proposed Rule Change 

establishing a fee for the delivery and 

receipt of an SFT price differential 

payment order is designed to provide 

for the equitable allocation of reasonable 

dues, fees, and other charges among 

participants, consistent with Section 

17A(b)(3)(D) of the Act.33

C. Consistency With Rule 17Ad– 

22(e)(21) 

Rule 17Ad–22(e)(21) promulgated 

under the Act requires, in part, a 

covered clearing agency establish, 

implement, maintain and enforce 

written policies and procedures 

reasonably designed to be efficient and 

effective in meeting the requirements of 

its participants and the markets it 

serves, including the clearing agency’s 

clearing and settlement arrangements 

and the scope of products cleared or 

settled.34

As described above in Section II.A., 

DTC proposes to revise its Rules, 

Settlement Guide, and Fee Guide to be 

able to process SFTs arising from 

NSCC’s proposed SFT service. By doing 

so, DTC would assist NSCC to 

efficiently and effectively execute its 

new service, which is to clear and settle 

a new product. Also, as stated in 

Section II.B., the proposal would (i) 

provide a basis for DTC to accept and 

rely on the instructions from NSCC as 

special representative of DTC’s 

Participants for SFTs, and (ii) establish 

a new type of instructions for SFT price 

differential payment orders. As stated in 

Section II.C., the proposal would revise 

the look-ahead processing to 

accommodate SFTs and ensure that 

SFTs would be processed timely and 

efficiently. As stated in Section II.D., the 

proposal would also revise DTC’s fee 

guide to clearly establish a fee for SFT 

price differential payment orders, which 

are new transactions for DTC. Without 

such changes, NSCC would not be able 

to clear and settle SFTs at DTC. 

For the reasons stated above, the 

Commission believes that the Proposed 

Rule Change is reasonably designed to 

be efficient and effective in meeting the 

requirements of its participants and the 

market it serves, and consistent with 

Rule 17Ad–22(e)(21).35

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the Proposed 

Rule Change is consistent with the 

requirements of the Act and in 

particular with the requirements of 

Section 17A of the Act 36 and the rules 

and regulations promulgated 

thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act 37 that 

Proposed Rule Change SR–DTC–2022– 

002, be, and hereby is, approved.38

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.39

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12011 Filed 6–3–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–412, OMB Control No. 

3235–0469] 

Proposed Collection; Comment 

Request; Extension: Rule 17Ad–17 

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’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 17Ad–17, (17 CFR 

240.17Ad–17), under the Securities 

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

seq.). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Rule 17Ad–17 requires certain 

transfer agents and broker-dealers to 

make two searches for the correct 

address of lost securityholders using an 

information database without charge to 

the lost securityholders. In addition, 

paying agents are required to attempt to 

notify lost payees at least once. In 

addition, the entities also are required to 

maintain records relating to the searches 

and notifications. The Commission staff 

estimates that the rule applies to 

approximately 496 broker dealers and 

transfer agents, and 3,113 paying agent 

entities, including carrying firms, 

transfer agents, indenture trustees, 

custodians, and approximately 10% of 

issuers. The Commission staff estimates 

that the total annual burden for searches 

is approximately 183,813 hours and the 

total annual burden for paying agent 

notifications is approximately 38,913 

hours. In addition, approximately 5,968 

burden hours are associated with 

recordkeeping, representing an annual 

burden of 4,411 hours for the brokerdealers and transfer agents, and 1,557 

for paying agents. The Commission staff 

estimates that the aggregate annual 

burden is therefore approximately 


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Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices 34329 

228,694 hours (183,813 + 38,913 + 

5,968). 

In addition, the Commission staff 

estimates that covered entities will 

incur costs of approximately $6,617,298 

annually, primarily as payment to third 

party data base providers that will 

search for the missing securityholders. 

The retention period for the 

recordkeeping requirement under Rule 

17Ad–17 is not less than three years. 

The recordkeeping requirement under 

this rule is mandatory to assist the 

Commission in monitoring compliance 

with the rule. This rule does not involve 

the collection of confidential 

information. 

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 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 by 

August 5, 2022. 

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. 

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: May 31, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12020 Filed 6–3–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34603] 

Applications for Deregistration Under 

Section 8(f) of the Investment 

Company Act of 1940 

May 27, 2022. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’) 

ACTION: Notice. 

The following is a notice of 

applications for deregistration under 

section 8(f) of the Investment Company 

Act of 1940 for the month of May 2022. 

A copy of each application may be 

obtained via the Commission’s website 

by searching for the applicable file 

number listed below, or for an applicant 

using the Company name search field, 

on the SEC’s EDGAR system. The SEC’s 

EDGAR system may be searched at 

https://www.sec.gov/edgar/searchedgar/ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. An order 

granting each application will be issued 

unless the SEC orders a hearing. 

Interested persons may request a 

hearing on any application by emailing 

the SEC’s Secretary at SecretarysOffice@sec.gov and serving the relevant 

applicant with a copy of the request by 

email, if an email address is listed for 

the relevant applicant below, or 

personally or by mail, if a physical 

address is listed for the relevant 

applicant below. Hearing requests 

should be received by the SEC by 5:30 

p.m. on June 21, 2022, and should be 

accompanied by proof of service on 

applicants, in the form of an affidavit or, 

for lawyers, a certificate of service. 

Pursuant to Rule 0–5 under the Act, 

hearing requests should state the nature 

of the writer’s interest, any facts bearing 

upon the desirability of a hearing on the 

matter, the reason for the request, and 

the issues contested. Persons who wish 

to be notified of a hearing may request 

notification by writing to the 

Commission’s Secretary at SecretarysOffice@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. 

FOR FURTHER INFORMATION CONTACT: 

Shawn Davis, Assistant Director, at 

(202) 551–6413 or Chief Counsel’s 

Office at (202) 551–6821; SEC, Division 

of Investment Management, Chief 

Counsel’s Office, 100 F Street NE, 

Washington, DC 20549–8010. 

General California Municipal Money 

Market Fund [File No. 811–04871] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On February 1, 

2021, applicant made a liquidating 

distribution to its shareholders based on 

net asset value. Expenses of $4,271 

incurred in connection with the 

liquidation were paid by the applicant’s 

investment adviser. 

Filing Date: The application was filed 

on April 6, 2022. 

Applicant’s Address: james.bitetto@

bnymellon.com. 

General Government Securities Money 

Market Funds, Inc. [File No. 811– 

03456] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to Dreyfus Treasury 

Securities Cash Management, and on 

May 11, 2021 made a final distribution 

to its shareholders based on net asset 

value. Expenses of $241,982 incurred in 

connection with the reorganization were 

paid by the applicant’s investment 

adviser. 

Filing Date: The application was filed 

on May 10, 2022. 

Applicant’s Address: james.bitetto@

bnymellon.com. 

Nuveen California Municipal Value 

Fund 2 [File No. 811–22272] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to Nuveen 

California Municipal Value Fund, and 

on April 1, 2021 made a final 

distribution to its shareholders based on 

net asset value. Expenses of $624,205 

incurred in connection with the 

reorganization were paid by the 

applicant and the acquiring fund. 

Filing Date: The application was filed 

on March 25, 2022. 

Applicant’s Address: mark.winget@

nuveen.com. 

Nuveen High Income 2020 Target Term 

Fund [File No. 811–23051] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On October 30, 

2020, applicant made liquidating 

distributions to its shareholders based 

on net asset value. Expenses of $980 

incurred in connection with the 

liquidation were paid by the applicant. 

Filing Dates: The application was 

filed on March 25, 2022, and amended 

on May 17, 2022. 

Applicant’s Address: mark.winget@

nuveen.com. 

Nuveen Maryland Quality Municipal 

Income Fund [File No. 811–07486] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to Nuveen Quality 

Municipal Income Fund, and on May 3, 

2021 made a final distribution to its 

shareholders based on net asset value. 

Expenses of $497,349 incurred in 

connection with the reorganization were 

paid by the applicant and the acquiring 

fund. 


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