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Federal Register / Vol. 86, No. 137 / Wednesday, July 21, 2021 / Notices
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estimates that each newly formed fund group will incur 400 hours of attorney time at a cost of $170,000 18 and that all newly formed fund groups will incur a total of 16,400 hours at a cost of $6,970,000 to enter into information sharing agreements with their intermediaries.19
Rule 22c2a3 requires funds to maintain records of all informationsharing agreements for 6 years in an easily accessible place. Commission staff understands that most shareholder information agreements are stored at the fund group level and estimates that there are currently approximately 840
fund groups.20 Commission staff understands that information-sharing agreements are generally included as addendums to distribution agreements between funds and their intermediaries, and that these agreements would be stored as required by the rule as a matter of ordinary business practice. Therefore, Commission staff estimates that maintaining records of informationsharing agreements requires 10 minutes of time spent by a general clerk at a rate of $64 per hour 21 per fund, each year.
Accordingly, Commission staff estimates that all funds will incur 140
hours at a cost of $8,960 22 in complying with the recordkeeping requirement of rule 22c2a3.
Therefore, Commission staff estimates that to comply with the information sharing agreement requirements of rule 22c2a2 and 3, it requires a total of 26,620 hours at a cost of $11,262,960.23
The Commission staff estimates that on average, each fund group requests shareholder information once a week, and gives instructions regarding the restriction of shareholder trades every day, for a total of 417 responses related to information sharing systems per fund group each year, and a total 350,280
responses for all fund groups 18 This estimate is based on the following calculations: 4 hours 100 intermediaries = 400
hours; 400 hours $425 = $170,000.
19 This estimate is based on the following calculations: 41 fund groups 400 hours = 16,400
hours $425 16,400 = 6,970,000.
20 ICI, 2020 Investment Company Fact Book at Fig 2.12 2020 https www.ici.org/research/stats/
factbook.
21 The $64 per hour figure for a general clerk is derived from SIFMAs Office Salaries in the Securities Industry 2013 modified to account for an 1,800-hour work-year and inflation, and multiplied by 2.93 to account for bonuses, firm size, employee benefits, and overhead.
22 This estimate is based on the following calculations: 10 minutes 840 fund groups = 8,400
minutes; 8,400 minutes/60 = 140 hours; 140
hours $64 = $8,960.
23 This estimate is based on the following calculations: 10,080 hours + 16,400 hours + 140
hours = 26,620 hours; $4,284,000 + $6,970,000 +
$8,960 = $11,262,960.

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annually.24 In addition, as described above, the staff estimates that funds make 36 responses related to board determinations, 2,520 responses related to new intermediaries of existing fund groups, 4,100 responses related to new fund group information sharing agreements, and 840 responses related to recordkeeping, for a total of 7,496
responses related to the other requirements of rule 22c2. Therefore, the Commission staff estimates that the total number of responses is 357,776
350,280 + 7,496 = 357,776.
The Commission staff estimates that the total hour burden for rule 22c2 is 27,088 hours at a cost of $11,645,460.25
Responses provided to the Commission will be accorded the same level of confidentiality accorded to other responses provided to the Commission in the context of its examination and oversight program. Responses provided in the context of the Commissions examination and oversight program are generally kept confidential. Complying with the information collections of rule 22c2 is mandatory for funds that redeem their shares within 7 days of purchase. 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.
Written comments are invited on: a Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility;
b the accuracy of the agencys estimate of the burden of the collection of information; c ways to enhance the quality, utility, and clarity of the information 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.
Please direct your written comments to David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, C/O Cynthia Roscoe, 100 F Street NE, Washington, DC 20549; or send an email to: PRA_
Mailbox@sec.gov.

Dated: July 15, 2021.
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202115426 Filed 72021; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492418; File No. SRICEEU
2021010

Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Partial Amendment No. 1 and Designation of Longer Period for Commission Action on Proposed Rule Change Relating to the Clearing Rules, Clearing Procedures, Finance Procedures, Delivery Procedures, CDS Procedures, Membership Procedures, Complaint Resolution Procedures, and General Contract Terms July 15, 2021.

I. Introduction On May 13, 2021, ICE Clear Europe Limited ICE Clear Europe filed with the Securities and Exchange Commission Commission, pursuant to Section 19b1 of the Securities Exchange Act Act 1 and Rule 19b4
thereunder,2 a proposed rule change to amend its Clearing Rules, Clearing Procedures, Finance Procedures, Delivery Procedures, CDS Procedures, Membership Procedures, Complaint Resolution Procedures, and General Contract Terms to make various updates and enhancements. The proposed rule change was published for comment in the Federal Register on June 2, 2021.3
To date, the Commission has not received comments on the proposed rule change. On June 16, 2021, ICE Clear Europe filed Partial Amendment No. 1
to the proposed rule change. The Commission is publishing this notice to solicit comments on Partial Amendment No. 1 and to designate a longer period for action on the proposed rule change, as modified by Partial Amendment No.
1.
II. Notice of Partial Amendment No. 1
and Solicitation of Comments On June 16, 2021, ICE Clear Europe filed Partial Amendment No. 1 to update Exhibit 5D, the Delivery 1 15

estimate is based on the following calculations: 52 + 365 = 417; 417 840 fund groups = 350,280.
25 This estimate is based on the following calculations: 468 hours board determination +
26,620 hours information sharing agreements =
27,088 total hours; $382,500 board determination + $11,262,960 information sharing agreements =
$11,645,460.

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U.S.C. 78sb1.
CFR 240.19b4.
3 Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change Relating to the Clearing Rules, Clearing Procedures, Finance Procedures, Delivery Procedures, CDS
Procedures, Membership Procedures, Complaint Resolution Procedures and General Contract Terms, Exchange Act Release No. 3492020 May 26, 2021;
86 FR 29612 June 2, 2021 SRICEEU2021010.
2 17

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