Federal Register / Vol. 79, No. 222 / Tuesday, November 18, 2014 / Notices 68729 

1Rule 13h–1(a)(1) defines ‘‘large trader’’ as any 

person that directly or indirectly, including through 

other persons controlled by such person, exercises 

investment discretion over one or more accounts 

and effects transactions for the purchase or sale of 

any NMS security for or on behalf of such accounts, 

by or through one or more registered broker-dealers, 

in an aggregate amount equal to or greater than the 

identifying activity level or voluntarily registers as 

a large trader by filing electronically with the 

Commission Form 13H. 

2See Securities Exchange Act Release No. 64976 

(July 27, 2011), 76 FR 46959 (August 3, 2011). 

3The Commission, pursuant to Rule 17a–25 (17 

CFR 240.17a–25), currently collects transaction data 

from registered broker-dealers through the 

Electronic Blue Sheets (‘‘EBS’’) system to support 

its regulatory and enforcement activities. The large 

trader framework added two new fields, the time of 

the trade and the identity of the trader, to the EBS 

system. 

4See 5 U.S.C. 552 and 15 U.S.C. 78m(h)(7). 

Monday, December 8, 2014. 

8:00 a.m. to 1:00 p.m.: Open. 

Presentations by Awardee Institution, 

faculty staff and students to Site Team 

and NSF Staff; Discussions and question 

and answer sessions. 

1:00 p.m.—8:00 p.m.: Closed. 

Draft report on education and 

research activities. 

Tuesday, December 9, 2014. 

8:30 a.m.—noon: Open. 

Response to presentations by Site 

Team and NSF Staff Awardee 

Institution faculty staff; Discussions and 

question and answer sessions. 

Noon to 3:00 p.m.: Closed. 

Complete written site visit report with 

preliminary recommendations. 

Reason for Closing: The proposals 

being reviewed include information of a 

proprietary or confidential nature, 

including technical information; 

financial data, such as salaries; and 

personal information concerning 

individuals associated with the 

proposals. These matters are exempt 

under 5 U.S.C. 552b(c), (4) and (6) of the 

Government in the Sunshine Act. 

Dated: November 12, 2014. 

Suzanne Plimpton, 

Acting, Committee Management Officer. 

[FR Doc. 2014–27178 Filed 11–17–14; 8:45 am] 

BILLING CODE 7555–01–P 

NATIONAL SCIENCE FOUNDATION 

Business and Operations Advisory 

Committee; Notice of Meeting 

In accordance with Federal Advisory 

Committee Act (Pub. L. 92–463, as 

amended), the National Science 

Foundation announces the following 

meeting: 

Name: Business and Operations 

Advisory Committee (9556). 

Date/Time: December 11, 2014; 1:00 

p.m. to 5:30 p.m. (EST), December 12, 

2014; 8:00 a.m. to 12:00 p.m. (EST). 

Place: National Science Foundation, 

4201 Wilson Boulevard, Arlington, 

Virginia 22230; Stafford I, Room 1235. 

Type of Meeting: Open. 

Contact Person: Joan Miller, National 

Science Foundation, 4201 Wilson 

Boulevard, Arlington, VA 22230 (703) 

292–8200. 

Purpose of Meeting: To provide 

advice concerning issues related to the 

oversight, integrity, development and 

enhancement of NSF’s business 

operations. 

Agenda: 

December 11, 2014 

Welcome/Introductions; BFA/OIRM 

Updates; iTRAK Update; NSF 

Relocation Update; Succession 

Planning; Managing Change at NSF; 

Strategic Review Process. 

December 12, 2014 

Risk-Based Management; Prepare for 

Discussion with Dr. Co ́rdova; 

Discussion with Dr. Co ́rdova; Meeting 

Wrap-Up. 

Dated: November 13, 2014. 

Suzanne Plimpton, 

Acting, Committee Management Officer. 

[FR Doc. 2014–27233 Filed 11–17–14; 8:45 am] 

BILLING CODE 7555–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

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: 

Rule 13h–1 and Form 13H, SEC File No. 

270–614, OMB Control No. 3235–0682. 

Notice is hereby given that pursuant to the 

Paperwork Reduction Act of 1995 (44 U.S.C. 

3501 et seq. ‘‘PRA’’), the Securities and 

Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) has submitted to the Office of 

Management and Budget (‘‘OMB’’) a request 

for approval of extension of the existing 

collection of information provided for in 

Rule 13h–1 (17 CFR 240.13h–1) and Form 

13H—registration of large traders 1 submitted 

pursuant to Section 13(h) of the Securities 

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

(‘‘Exchange Act’’). 

Rule 13h–1 and Form 13H under Section 

13(h) of the Exchange Act established a large 

trader reporting framework.2 The framework 

assists the Commission in identifying and 

obtaining certain baseline information about 

traders that conduct a substantial amount of 

trading activity, as measured by volume or 

market value, in the U.S. securities markets. 

The identification, recordkeeping, and 

reporting framework provides the 

Commission with a mechanism to identify 

large traders and their affiliates, accounts, 

and transactions. Specifically, the rule 

requires large traders to identify themselves 

to the Commission and make certain 

disclosures to the Commission on Form 13H. 

Upon receipt of Form 13H, the Commission 

issues a unique identification number to the 

large trader, which the large trader then 

provides to its registered broker-dealers. 

Certain registered broker-dealers are required 

to maintain transaction records for each large 

trader, and are required to report that 

information to the Commission upon 

request.3 In addition, certain registered 

broker-dealers are required to adopt 

procedures to monitor their customers for 

activity that would trigger the identification 

requirements of the rule. 

The respondents to the collection of 

information are large traders. Each new large 

trader respondent files one response, which 

takes approximately 20 hours to complete. 

The average internal cost of compliance per 

response is $5,177, calculated as follows: (3 

hours of compliance manager time at $283 

per hour) + (7 hours of legal time at $334 per 

hour) + (10 hours of paralegal time at $199 

per hour) = $5,177. Additionally, on average, 

each large trader respondent (including new 

respondents) files 2 responses per year, 

which take approximately 6 hours to 

complete. The average internal cost of 

compliance per response is $1,632, 

calculated as follows: (2 hours of compliance 

manager time at $283 per hour) + (2 hours 

of legal time at $334 per hour) + (2 hours of 

paralegal time at $199 per hour) = $1,632. 

Each registered broker-dealer’s monitoring 

requirement takes approximately 15 hours 

per year. The average internal cost of 

compliance is $5,010, calculated as follows: 

15 hours of legal time at $334 per hour = 

$5,010. The Commission estimates that it 

may send 100 requests specifically seeking 

large trader data per year to each registered 

broker-dealer subject to the rule, and it 

would take each registered broker-dealer 2 

hours to comply with each request 

Accordingly, the annual reporting hour 

burden for a broker-dealer is estimated to be 

200 burden hours (100 requests × 2 burden 

hours/request = 200 burden hours). The 

average internal cost of compliance per 

response is $398, calculated as follows: 2 

hours of paralegal time at $199 per hour = 

$398. 

Compliance with Rule 13h–1 is mandatory. 

The information collection under proposed 

Rule 13h–1 is considered confidential subject 

to the limited exceptions provided by the 

Freedom of Information Act.4

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 Web site: 

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 


tkelley on DSK3SPTVN1PROD with NOTICES
68730 Federal Register / Vol. 79, No. 222 / Tuesday, November 18, 2014 / Notices 

1 20,000 (number of issuers) × .65 (percentage of 

issuers that may use designated agents) × $750 

(estimated average annual cost for issuer’s use of 

designated agent) = $9,750,000. 

Management and Budget, Room 10102, New 

Executive Office Building, Washington, DC 

20503, or by sending an email to: Shagufta_

Ahmed@omb.eop.gov; and (ii) Pamela Dyson, 

Acting Director/Chief Information Officer, 

Securities and Exchange Commission, c/o 

Remi Pavlik-Simon, 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: November 12, 2014. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27190 Filed 11–17–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Rule 15c2–12, 

SEC File No. 270–330, OMB Control No. 

3235–0372. 

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 15c2–12— 

Municipal Securities Disclosure (17 CFR 

240.15c2–12) under the Securities 

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

seq.) (‘‘Exchange Act’’). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

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

Paragraph (b) of Rule 15c2–12 

requires underwriters of municipal 

securities: (1) To obtain and review an 

official statement ‘‘deemed final’’ by an 

issuer of the securities, except for the 

omission of specified information prior 

to making a bid, purchase, offer, or sale 

of municipal securities; (2) in noncompetitively bid offerings, to send, 

upon request, a copy of the most recent 

preliminary official statement (if one 

exists) to potential customers; (3) to 

contract with the issuer to receive, 

within a specified time, sufficient 

copies of the final official statement to 

comply with Rule 15c2–12’s delivery 

requirement and the rules of the 

Municipal Securities Rulemaking Board 

(‘‘MSRB’’); (4) to send, upon request, a 

copy of the final official statement to 

potential customers for a specified 

period of time; and (5) before 

purchasing or selling municipal 

securities in connection with an 

offering, to reasonably determine that 

the issuer or the obligated person has 

undertaken, in a written agreement or 

contract, for the benefit of holders of 

such municipal securities, to provide 

certain information on a continuing 

basis to the MSRB in an electronic 

format as prescribed by the MSRB. The 

information to be provided consists of: 

(1) Certain annual financial and 

operating information and audited 

financial statements (‘‘annual filings’’); 

(2) notices of the occurrence of any of 

14 specific events (‘‘event notices’’); and 

(3) notices of the failure of an issuer or 

obligated person to make a submission 

required by a continuing disclosure 

agreement (‘‘failure to file notices’’). 

Rule 15c2–12 is intended to enhance 

disclosure in the municipal securities 

market, and thereby reduce fraud, by 

establishing standards for obtaining, 

reviewing and disseminating 

information about municipal securities 

by their underwriters. 

Municipal offerings of less than $1 

million are exempt from the rule, as are 

offerings of municipal securities issued 

in large denominations that are sold to 

no more than 35 sophisticated investors 

or have short-term maturities. 

It is estimated that approximately 

20,000 issuers, 250 broker-dealers and 

the MSRB will spend a total of 115,248 

hours per year complying with Rule 

15c2–12. Based on data from the MSRB 

through September 2014 and annualized 

through December 2014, issuers will 

submit approximately 62,596 annual 

filings to the MSRB in 2014. 

Commission staff estimates that an 

issuer will require approximately 45 

minutes to prepare and submit annual 

filings to the MSRB. Therefore, the total 

annual burden on issuers to prepare and 

submit 62,596 annual filings to the 

MSRB is estimated to be 46,947 hours. 

Based on data from the MSRB through 

September 2014 and annualized through 

December 2014, issuers will submit 

approximately 73,480 event notices to 

the MSRB in 2014. Commission staff 

estimates that an issuer will require 

approximately 45 minutes to prepare 

and submit event notices to the MSRB. 

Therefore, the total annual burden on 

issuers to prepare and submit 73,480 

event notices to the MSRB is estimated 

to be 55,110 hours. Based on data from 

the MSRB through September 2014 and 

annualized through December 2014, 

issuers will submit approximately 7,063 

failure to file notices to the MSRB in 

2014. Commission staff estimates that 

an issuer will require approximately 30 

minutes to prepare and submit failure to 

file notices to the MSRB. Therefore, the 

total annual burden on issuers to 

prepare and submit 7,063 failure to file 

notices to the MSRB is estimated to be 

3,531 hours. Commission staff estimates 

that the total annual burden on brokerdealers to comply with Rule 15c2–12 is 

300 hours. Finally, Commission staff 

estimates that the MSRB will incur an 

annual burden of 9,360 hours to collect, 

index, store, retrieve and make available 

the pertinent documents under Rule 

15c2–12. 

Based on data provided by the MSRB, 

the Commission estimates that up to 

65% of issuers may use designated 

agents to submit some or all of their 

continuing disclosure documents to the 

MSRB. The Commission estimates that 

the average total annual cost that may be 

incurred by issuers that use the services 

of a designated agent will be 

$9,750,000.1

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 to be 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 in 

writing within 60 days of this 

publication. 

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 OMB 

control number. 

Please direct your written comments 

to: Pamela Dyson, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: November 12, 2014. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27191 Filed 11–17–14; 8:45 am] 

BILLING CODE 8011–01–P 


tkelley on DSK3SPTVN1PROD with NOTICES