Document ID: SEC-2019-1024-0003
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-01-27T05:00Z

[Federal Register Volume 87, Number 18 (Thursday, January 27, 2022)]
[Notices]
[Pages 4298-4299]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01617]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-792; OMB Control No. 3235-0739]

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

    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 
previously approved 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 (``Exchange 
Act'') (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 (17 CFR 270.2a-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 
Investment Company Act 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-

[[Page 4299]]

dealers, subject to certain conditions, to provide transaction 
information to investors in any money market fund operating pursuant to 
Investment Company Act 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 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 December 31, 2020, the Commission estimates there are 
approximately 154 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 277 hours annually for the 154 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. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to (i) >[email protected] < and (ii) David 
Bottom, Director/Chief Information Officer, Securities and Exchange 
Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, 
or by sending an email to: [email protected]. Comments must be 
submitted to OMB within 30 days of this notice.

    Dated: January 24, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01617 Filed 1-26-22; 8:45 am]
BILLING CODE 8011-01-P