30 day notice

Federal Register / Vol. 85, No. 133 / Friday, July 10, 2020 / Notices
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2020–54. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NYSE–2020–54 and should
be submitted on or before July 31, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–14869 Filed 7–9–20; 8:45 am]
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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 206(4)–6, SEC File No. 270–
513, OMB Control No. 3235–0571

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
13 17

CFR 200.30–3(a)(12).

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(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 extension of the
previously approved collection of
information discussed below.
The title for the collection of
information is ‘‘Rule 206(4)–6’’ under
the Investment Advisers Act of 1940 (15
U.S.C. 80b–1 et seq.) (‘‘Advisers Act’’)
and the collection has been approved
under OMB Control No. 3235–0571. The
Commission adopted rule 206(4)–6 (17
CFR 275.206(4)–6), the proxy voting
rule, to address an investment adviser’s
fiduciary obligation to clients who have
given the adviser authority to vote their
securities. Under the rule, an
investment adviser that exercises voting
authority over client securities is
required to: (i) Adopt and implement
policies and procedures that are
reasonably designed to ensure that the
adviser votes securities in the best
interest of clients, including procedures
to address any material conflict that
may arise between the interest of the
adviser and the client; (ii) disclose to
clients how they may obtain
information on how the adviser has
voted with respect to their securities;
and (iii) describe to clients the adviser’s
proxy voting policies and procedures
and, on request, furnish a copy of the
policies and procedures to the
requesting client. The rule is designed
to assure that advisers that vote proxies
for their clients vote those proxies in
their clients’ best interest and provide
clients with information about how
their proxies were voted.
Rule 206(4)–6 contains ‘‘collection of
information’’ requirements within the
meaning of the Paperwork Reduction
Act. 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 collection is
mandatory and responses to the
disclosure requirement are not kept
confidential.
The respondents are investment
advisers registered with the Commission
that vote proxies with respect to clients’
securities. Advisory clients of these
investment advisers use the information
required by the rule to assess
investment advisers’ proxy voting
policies and procedures and to monitor
the advisers’ performance of their proxy
voting activities. The information
required by Advisers Act rule 204–2, a
recordkeeping rule, also is used by the
Commission staff in its examination and
oversight program. Without the
information collected under the rules,
advisory clients would not have

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information they need to assess the
adviser’s services and monitor the
adviser’s handling of their accounts, and
the Commission would be less efficient
and effective in its programs.
The estimated number of investment
advisers subject to the collection of
information requirements under the rule
is 12,265. It is estimated that each of
these advisers is required to spend on
average 10 hours annually documenting
its proxy voting procedures under the
requirements of the rule, for a total
burden of 122,650 hours. We further
estimate that on average, approximately
279 clients of each adviser would
request copies of the underlying policies
and procedures. We estimate that it
would take these advisers 0.1 hours per
client to deliver copies of the policies
and procedures, for a total burden of
342,194 hours. Accordingly, we
estimate that rule 206(4)-6 results in an
annual aggregate burden of collection
for SEC-registered investment advisers
of a total of 464,844 hours.
Records related to an adviser’s proxy
voting policies and procedures and
proxy voting history are separately
required under the Advisers Act
recordkeeping rule 204–2 (17 CFR
275.204–2). The standard retention
period required for books and records
under rule 204–2 is five years, in an
easily accessible place, the first two
years in an appropriate office of the
investment adviser. OMB has previously
approved the collection with this
retention period. 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) 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: July 2, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–14753 Filed 7–9–20; 8:45 am]
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