Document ID: SEC-2018-1948-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2018-12-18T05:00Z

[Federal Register Volume 83, Number 242 (Tuesday, December 18, 2018)]
[Notices]
[Pages 64906-64907]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-27267]

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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:
    Order Granting a Conditional Exemption under the Securities 
Exchange Act of 1934 from the Confirmation Requirements of Exchange 
Act Rule 10b-10(a) for Certain Transactions in Money Market Funds, 
SEC File No. 270-792; OMB Control No. 3235-0739

    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'') 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 the following: Order 
Granting a Conditional Exemption under the Securities Exchange Act of 
1934 from the Confirmation Requirements of Exchange Act Rule 10b-10(a) 
for Certain Transactions in Money Market Funds (17 CFR 240.10b-10(a)).
    Rule 10b-10 under the Securities Exchange Act of 1934 (15 U.S.C. 
78a et seq.) generally requires broker-dealers to provide customers 
with specified information relating to their securities transactions at 
or before the completion of the transactions. Rule 10b-10(b), however, 
provides an exception from this requirement for certain transactions in 
money market funds that attempt to maintain a stable net asset value 
when no sales load or redemption fee is charged. The exception permits 
broker-dealers to provide transaction information to money market fund 
shareholders on a monthly, rather than immediate, basis, subject to the 
conditions. Amendments to Rule 2a-7 of the Investment Company Act of 
1940 (``Investment Company Act'') (15 U.S.C. 80a-1 et seq.) among other 
things, means, absent an exemption, broker-dealers would not be able to 
continue to rely on the exception under Exchange Act Rule 10b-10(b) for 
transactions in money market funds operating in accordance with Rule 
2a-7(c)(1)(ii).\1\
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    \1\ See generally Money Market Fund Reform; Amendments to Form 
PF, Securities Act Release No. 9408, Investment Advisers Act Release 
No. 3616, Investment Company Act Release No. 30551 (June 5, 2013), 
78 FR 36834, 36934 (June 19, 2013); see also Exchange Act Rule 10b-
10(b)(1), 17 CFR 240.10b-10(b)(1) (limiting alternative monthly 
reporting to money market funds that attempt to maintain a stable 
NAV).
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    In 2015, the Commission issued an Order Granting a Conditional 
Exemption under the Securities Exchange Act of 1934 From The 
Confirmation Requirements of Exchange Act Rule 10b-10(a) For Certain 
Transactions In Money Market Funds (``Order'') \2\ which allows broker-
dealers, subject to certain conditions, to provide transaction 
information to investors in any money market fund operating pursuant to 
Rule 2a-7(c)(1)(ii) on a monthly basis in lieu of providing immediate 
confirmations as required under Exchange Act Rule 10b-10(a) (``the 
Exemption''). Accordingly, to be

[[Page 64907]]

eligible for the Exemption, a broker-dealer must (1) provide an initial 
written notification to the customer of its ability to request delivery 
of immediate confirmations consistent with the written notification 
requirements of Exchange Act Rule 10b-10(a), and (2) not receive any 
such request to receive immediate confirms from the customer.
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    \2\ See Order Granting a Conditional Exemption Under the 
Securities Exchange Act of 1934 From the Confirmation Requirements 
of Exchange Act Rule 10b-10(a) for Certain Transactions in Money 
Market Funds, Exchange Act Release No. 34-76480 (Nov. 19, 2015), 80 
FR 73849 (Nov. 25, 2015).
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    As of March 31, 2018, the Commission estimates there are 
approximately 162 broker-dealers that clear customer transactions or 
carry customer funds and securities who would be responsible for 
providing customer confirmations. The Commission estimates that the 
cost of the ongoing notification requirements would be minimal, 
approximately 5% of the initial burden which was previously estimated 
to be 36 hours per broker-dealer, or approximately 1.8 hours per 
broker-dealer per year to provide ongoing notifications or a total 
burden of 292 hours annually for the 162 carrying broker-dealers.
    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 website: 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 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
Lindsay.M.Abate@omb.eop.gov; and (ii) Charles Riddle, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Candace Kenner, 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: December 12, 2018.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018-27267 Filed 12-17-18; 8:45 am]
 BILLING CODE 8011-01-P