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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices
jbell on DSKJLSW7X2PROD with NOTICES

annually, with a total of 6 responses.2
Thus, the total annual hour burden for rule 17f1 is approximately 21 hours.3
Funds that rely on rule 17f1
generally use outside counsel to prepare the custodial contract for the boards review and to transmit the contract to the Commission. Commission staff estimates the cost of outside counsel to perform these tasks for a fund each year is $978.4 Funds also must have an independent public accountant verify the funds assets three times each year and prepare the certificate of examination. Commission staff estimates the annual cost for an independent public accountant to perform this service is $9,050.5
Therefore, the total annual cost burden for a fund that relies on rule 17f1
would be approximately $10,028.6 As noted above, the staff estimates that 6
funds rely on rule 17f1 each year, for an estimated total annualized cost burden of $60,168.7
The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Compliance with the collections of information required by rule 17f1 is mandatory for funds that place their assets in the custody of a national securities exchange member. Responses will not be kept confidential. 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.
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 ReviewOpen for Public Comments or by using the 2 Based on a review of Form N17f1 filings over the last three years the Commission staff estimates that an average of 6 funds rely on rule 17f1 each year.
3 This estimate is based on the following calculation: 6 respondents 3.5 hours = 21 hours.
The annual burden for rule 17f1 does not include time spent preparing Form N17f1. The burden for Form N17f1 is included in a separate collection of information.
4 This estimate is based on the following calculation: 2 hours of outside counsel time $489
= $978. The staff has estimated the average cost of outside counsel at $489 per hour, based on information received from funds and their counsel.
5 This estimate is based on information received from fund representatives estimating the aggregate annual cost of an independent public accountants periodic verification of assets and preparation of the certificate of examination.
6 This estimate is based on the following calculation: $978 + $9,050 = $10,028.
7 This estimate is based on the following calculation: 6 funds $10,028 = $60,168.

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search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to i www.reginfo.gov/public/do/
PRAMain and ii David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov.
Dated: March 2, 2021.
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202104655 Filed 3521; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
SEC File No. 270429, OMB Control No.
32350480

Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
205492736
Extension:
Rule 9b1

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 9b1, Options Disclosure Document 17 CFR 240.9b 1, 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 9b1 17 CFR 240.9b1 sets forth the categories of information required to be disclosed in an options disclosure document ODD and requires the options markets to file an ODD with the Commission 60 days prior to the date it is distributed to investors.
In addition, Rule 9b1 provides that the ODD must be amended if the information in the document becomes materially inaccurate or incomplete and that amendments must be filed with the Commission 30 days prior to the distribution to customers. Finally, Rule 9b1 requires a broker-dealer to furnish to each customer an ODD and any amendments prior to accepting an order to purchase or sell an option on behalf of that customer or when approving a customers account for options trading.

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There are 16 options markets 1 that must comply with Rule 9b1. These respondents work together to prepare a single ODD covering options traded on each market, as well as amendments to the ODD. These respondents file approximately 3 amendments per year.
The staff calculates that the preparation and filing of amendments should take no more than eight hours per options market. Thus, the total time burden for options markets per year is approximately 384 hours 16 options markets 8 hours per amendment 3
amendments. The estimated cost for an in-house attorney is $420 per hour,2
resulting in a total internal cost of compliance for these respondents of approximately $161,280 per year 384
hours at $420 per hour.
In addition, approximately 1,020
broker-dealers 3 must comply with Rule 9b1. Each of these respondents will process an average of 3 new customers for options each week and, therefore, will have to furnish approximately 156
ODDs per year. The postal mailing or electronic delivery of the ODD takes respondents no more than 30 seconds to complete for an annual time burden for each of these respondents of approximately 78 minutes or 1.3 hours.
Thus, the total time burden per year for broker-dealers is approximately 1,326
hours 1,020 broker-dealers 1.3 hours.
The estimated cost for a general clerk of a broker-dealer is $63 per hour,4
1 The sixteen options markets are as follows: BOX
Exchange LLC, Cboe BZX Exchange, Inc., Cboe C2
Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, Inc., Miami International Securities Exchange LLC, MIAX Emerald, LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, Nasdaq PHLX LLC, Nasdaq Options Market NOM, NYSE Arca, Inc., and NYSE American LLC.
2 SIFMA did its last annual survey in 2013 and will not resume the survey process. Accordingly, the $420 figure is based on the 2013 figure $380
adjusted by the inflation rate calculated using the Bureau of Labor Statistics CPI Inflation Calculator.
The $380 per hour figure for an Attorney is from SIFMAs Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour workyear and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead.
3 The estimate of 1,020 broker-dealers required to comply with Rule 9b1 is derived from Item 12 of the Form BD OMB Control No. 32350012. This estimate may be high as it includes broker-dealers that engage in only a proprietary business, and as a result are not required to deliver an ODD, as well as those broker-dealers subject to Rule 9b1.
4 The $63 figure is based on the 2013 figure $57
adjusted for inflation. See supra note 2. The $57 per hour figure for a General Clerk is from SIFMAs Office Salaries in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. The staff believes that the ODD
would be mailed or electronically delivered to customers by a general clerk of the broker-dealer or some other equivalent position.

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