32824 Federal Register / Vol. 75, No. 110 / Wednesday, June 9, 2010 / Notices 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication. 

Please direct your written comments 

to Charles Boucher, Director/CIO, 

Securities and Exchange Commission, 

C/O Shirley Martinson, 6432 General 

Green Way, Alexandria, VA 22312; or 

send an e-mail to: 

PRA_Mailbox@sec.gov. 

Dated: June 2, 2010. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–13832 Filed 6–8–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies 

Available From: Securities and 

Exchange Commission, Office of 

Investor Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: Rule 10b-10; SEC File No. 

270–389; OMB Control No. 3235–0444. 

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) has submitted to the 

Office of Management and Budget a 

request for approval of extension of the 

previously approved collection of 

information provided for in Rule 10b-10 

(17 CFR 240.10b–10) under the 

Securities and Exchange Act of 1934 (15 

U.S.C. 78a et seq.) 

Rule 10b–10 requires broker-dealers 

to convey basic trade information to 

customers regarding their securities 

transactions. This information includes: 

the date and time of the transaction, the 

identity and number of shares bought or 

sold, and the trading capacity of the 

broker-dealer. Depending on the trading 

capacity of the broker-dealer, Rule 10b– 

10 requires the disclosure of 

commissions as well as mark-up and 

mark-down information. For 

transactions in debt securities, Rule 

10b–10 requires the disclosure of 

redemption and yield information. Rule 

10b–10 potentially applies to all of the 

approximately 5,178 firms registered 

with the Commission that effect 

transactions on behalf of customers. 

Based on information provided by 

registered broker-dealers to the 

Commission in FOCUS Reports, the 

Commission staff estimates that on 

average, registered broker-dealers 

process approximately 1.4 billion order 

tickets per month for transactions on 

behalf of customers. Each order ticket 

representing a transaction effected on 

behalf of a customer results in one 

confirmation. Therefore, the 

Commission staff estimates that 

approximately 16.8 billion 

confirmations are sent to customers 

annually. The confirmations required by 

Rule 10b–10 are generally processed 

through automated systems. It takes 

approximately 1 minute to generate and 

send a confirmation. Accordingly, the 

Commission estimates that brokerdealers spend 280 million hours per 

year complying with Rule 10b–10. 

The amount of confirmations sent and 

the cost of sending each confirmation 

varies from firm to firm. Smaller firms 

generally send fewer confirmations than 

larger firms because they effect fewer 

transactions. The Commission staff 

estimates the costs of producing and 

sending a paper confirmation, including 

postage to be approximately 96 cents. 

The Commission staff also estimates 

that the cost of producing a sending a 

wholly electronic confirmation is 

approximately 52 cents. Based on 

informal discussions with industry 

participants as well as no-action 

positions taken in this area, the staff 

estimates that broker-dealers used 

electronic confirmations for 

approximately 25 percent of 

transactions. Based on these 

calculations, Commission staff estimates 

that 12,600,000,000 paper confirmations 

are mailed each year at a cost of 

$12,096,000,000. Commission staff also 

estimates that 4,200,000,000 wholly 

electronic confirmations are sent each 

year at a cost of $2,184,000,000. 

Accordingly, Commission staff 

estimates that total annual cost 

associated with generating and 

delivering to investors the information 

required under Rule 10b–10 would be 

$14,280,000,000. 

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. 

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 

send an e-mail to: 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

Charles Boucher Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Shirley 

Martinson, 6432 General Green Way, 

Alexandria VA 22312 or send an e-mail 

to: PRA_Mailbox@sec.gov. Comments 

must be submitted to OMB within 30 

days of this notice. 

Dated: June 2, 2010. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–13834 Filed 6–8–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Form 1, Rules 6a–1 and 6a–2; SEC File No. 

270–0017; OMB Control No. 3235–0017. 

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’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

The Securities Exchange Act of 1934 

(15 U.S.C. 78a et seq. (the ‘‘Act’’) sets 

forth a regulatory scheme for national 

securities exchanges. Rule 6a–1 (17 CFR 

240.6a–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 (17 CFR 249.1). 

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 (17 

CFR 240.6a–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 met the criteria for 

registration or exemption set forth in 

Sections 6 and 19 of the Act. Without 

the amendments and periodic updates 

of information submitted pursuant to 

Rule 6a–2, the Commission would have 


erowe on DSK5CLS3C1PROD with NOTICES
Federal Register / Vol. 75, No. 110 / Wednesday, June 9, 2010 / Notices 32825 

substantial difficulty determining 

whether a national securities exchange 

or exempt exchange was continuing to 

operate in compliance with the Act. 

Initial filings on Form 1 by new 

exchanges are made on a one-time basis. 

The Commission estimates that it will 

receive approximately three initial Form 

1 filings per year and that each 

respondent would incur an average 

burden of 47 hours to file an initial 

Form 1 at an average cost per response 

of approximately $10,354. Therefore, 

the Commission estimates that the 

annual burden for all respondents to file 

the initial Form 1 would be 141 hours 

(one response/respondent × three 

respondents × 47 hours/response) and 

$31,062 (one response/respondent × 

three respondents × $10,354/response). 

There currently are thirteen entities 

registered as national securities 

exchanges and two exempt exchanges, 

for a total of 15 exchanges. The 

Commission estimates that each 

registered or exempt exchange files four 

amendments or periodic updates to 

Form 1 per year, incurring an average 

burden of 25 hours to comply with Rule 

6a–2. 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 is 

1500 hours (15 respondents × 25 hours/ 

response × four response/respondent 

per year) and $317,700 (15 respondents 

× $5,295/response × one response/ 

respondent per year). 

Compliance with Rules 6a–1 and 6a– 

2 and Form 1 is mandatory for entities 

seeking to register as a national 

securities exchange or seeking an 

exemption from registration based on 

limited trading volume. Information 

received in response to Rules 6a–1 and 

6a–2 and Form 1 shall not be kept 

confidential; the information collected 

is public information. As set forth in 

Rule 17a–1 (17 CFR 240.17a–1) under 

the Act, a national securities exchange 

generally is required to retain records of 

the collection of information for at least 

five years. 

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. 

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 e-mail to: 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

Charles Boucher, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Shirley 

Martinson, 6432 General Green Way, 

Alexandria, VA 22312 or send an e-mail 

to: PRA_Mailbox@sec.gov. Comments 

must be submitted to the Office of 

Management and Budget within 30 days 

of this notice. 

Dated: June 2, 2010. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–13833 Filed 6–8–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

29292; File No. 812–13748] 

FFCM, LLC and FQF Trust; Notice of 

Application 

June 2, 2010. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application under 

section 6(c) of the Investment Company 

Act of 1940 (‘‘Act’’) for an exemption 

from rule 12d1–2(a) under the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit open-end 

management investment companies 

relying on rule 12d1–2 under the Act to 

invest in certain financial instruments. 

APPLICANTS: FFCM, LLC (‘‘FFCM,’’ and 

together with any entity controlling, 

controlled by or under common control 

with FFCM, the ‘‘Adviser’’) and FQF 

Trust (‘‘Trust,’’ and together with the 

Adviser, ‘‘Applicants’’). 

FILING DATES: The application was filed 

on January 28, 2010, and amended on 

May 27, 2010. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the application will be 

issued unless the Commission orders a 

hearing. Interested persons may request 

a hearing by writing to the 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on June 28, 2010 and 

should be accompanied by proof of 

service on applicants, in the form of an 

affidavit or, for lawyers, a certificate of 

service. Hearing requests should state 

the nature of the writer’s interest, 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. 

ADDRESSES: Secretary, Securities and 

Exchange Commission, 100 F Street, 

NE., Washington, DC 20549–1090; 

Applicants: FFCM, LLC and FQF Trust, 

230 Congress Street, 5th Floor, Boston, 

MA 02110. 

FOR FURTHER INFORMATION CONTACT: 

Deepak T. Pai, Senior Counsel, at (202) 

551–6876, or Michael W. Mundt, 

Assistant Director, at (202) 551–6821 

(Division of Investment Management, 

Office of Investment Company 

Regulation). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained via the Commission’s 

Web site by searching for the file 

number, or an applicant using the 

Company name box, at http:// 

www.sec.gov/search/search.htm or by 

calling (202) 551–8090. 

Applicants’ Representations: 

1. The Trust is organized as a 

Delaware statutory trust and is 

registered with the Commission as an 

open-end management investment 

company. The Adviser, a Delaware 

limited liability company, will register 

as an investment adviser under the 

Investment Advisers Act of 1940, as 

amended, prior to relying on the 

requested order. A broker-dealer 

registered under the Securities 

Exchange Act of 1934, as amended 

(‘‘Exchange Act’’), will be selected and 

will serve as distributor. 

2. Applicants request the exemption 

to the extent necessary to permit any 

existing or future registered open-end 

management investment company or 

series thereof that (a) is advised by the 

Adviser, (b) is in the same group of 

investment companies, as defined in 

section 12(d)(1)(G) of the Act, (c) invests 

in shares of other registered open-end 

investment companies (‘‘Underlying 

Funds’’) in reliance on section 

12(d)(1)(G) of the Act, and (d) is also 

eligible to invest in securities (as 

defined in section 2(a)(36) of the Act) in 

reliance on rule 12d1–2 under the Act 

(‘‘Funds of Funds’’), to also invest, to the 

extent consistent with its investment 

objective, policies, strategies and 

limitations, in financial instruments that 

may not be securities within the 

meaning of section 2(a)(36) of the Act 

(‘‘Other Investments’’). Applicants state 

that all Funds of Funds and Underlying 

Funds are or will be registered with the 

Commission as open-end management 

investment companies. 

3. Consistent with its fiduciary 

obligations under the Act, each Fund of 

Fund’s board of trustees or directors 

will review the advisory fees charged by 

the Fund of Fund’s investment adviser 

to ensure that they are based on services 

provided that are in addition to, rather 

than duplicative of, services provided 


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