Rule 506(e) 30 Day Federal Register Notice

Federal Register / Vol. 85, No. 208 / Tuesday, October 27, 2020 / Notices
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) MBX.OMB.OIRA.SEC_desk_
[email protected] 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: October 22, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–23748 Filed 10–26–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–654, OMB Control No.
3235–0704]

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

jbell on DSKJLSW7X2PROD with NOTICES

Extension:
Rule 506(e) of Regulation D Felons and
Other Bad Actors Disclosure Statement

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget the
following request for an extension of the
previously approved collection of
information discussed below.
Regulation 506(e) of Regulation D (17
CFR 230.506(e)) under the Securities
Act of 1933 (15 U.S.C. 77a et seq.)
requires the issuer to furnish to each
purchaser, a reasonable time prior to
sale, a description in writing of any
matters that would have triggered
disqualification under Rule 506(d)(1) of
Regulation D, but occurred before
September 23, 2013. The disclosure
required by Rule 506(e) is not filed with
the Commission, but serves as an
important investor protection tool to
inform investors of an issuer’s and its
covered persons, involvement in past
‘‘bad actor’’ disqualifying events such as
pre-existing criminal convictions, court
injunctions, disciplinary proceedings,
and other sanctions enumerated in Rule
506(d). Without the mandatory written
statement requirements set forth in Rule
506(e), purchasers may have the
impression that all bad actors are
disqualified from participation in Rule
506 offerings.

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We estimate there are 19,908
respondents that will conduct a onehour factual inquiry to determine
whether the issuer and its covered
persons have had pre-existing
disqualifying events before September
23, 2013. Of those 19,908 respondents,
we estimate that 220 respondents with
disqualifying events will spend ten
hours to prepare a disclosure statement
describing the matters that would have
triggered disqualification under
506(d)(1) of Regulation D, except that
these disqualifying events occurred
before September 23, 2013, the effective
date of the Rule 506 amendments. An
estimated 2,200 burden hours are
attributed to the 220 respondents with
disqualifying events in addition to the
19,908 burden hours associated with the
one-hour factual inquiry. In sum, the
total annual increase in paperwork
burden for all affected respondents to
comply with the Rule 506(e) disclosure
statement is estimated to be
approximately 22,108 hours of company
personnel time.
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 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: [email protected].
Dated: October 22, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–23747 Filed 10–26–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. IC–34071; File No. 812–15172]

Goldman Sachs (Malaysia) Sdn. Bhd.,
et al.; Notice of Application and
Temporary Order
October 22, 2020.

Securities and Exchange
Commission (‘‘Commission’’)

AGENCY:

PO 00000

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68105

Temporary order and notice of
application for a permanent order under
section 9(c) of the Investment Company
Act of 1940 (‘‘Act’’).

ACTION:

Applicants
have received a temporary order
(‘‘Temporary Order’’) exempting them
from section 9(a) of the Act, with
respect to a guilty plea entered on
October 22, 2020 (‘‘Guilty Plea’’), by
Goldman Sachs (Malaysia) Sdn. Bhd.
(the ‘‘Pleading Entity’’ or ‘‘GS
Malaysia’’) in the United States District
Court for the Eastern District of New
York (the ‘‘District Court’’) in
connection with a plea agreement (‘‘Plea
Agreement’’) between the Pleading
Entity and the United States Department
of Justice (‘‘DOJ’’), until the Commission
takes final action on an application for
a permanent order (the ‘‘Permanent
Order,’’ and with the Temporary Order,
the ‘‘Orders’’). Applicants also have
applied for a Permanent Order.
Applicants: GS Malaysia, Goldman
Sachs & Co. LLC (‘‘GS&Co.’’), Goldman
Sachs Asset Management, L.P.
(‘‘GSAM’’), Goldman Sachs Asset
Management International (‘‘GSAMI’’)
and GS Investment Strategies, LLC
(‘‘GSIS’’ and collectively, the
‘‘Applicants’’).
FILING DATE: The application was filed
on October 22, 2020.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing by emailing the
Commission’s Secretary at [email protected] and serving applicants
with a copy of the request, by email.
Hearing requests should be received by
the Commission by 5:30 p.m. on
November 16, 2020 and should be
accompanied by proof of service on the
applicants, in the form of an affidavit,
or for lawyers, a certificate of service.
Pursuant to rule 0–5 under the Act,
hearing requests should state the nature
of the writer’s interest, any facts bearing
upon the desirability of a hearing on the
matter, the reason for the request, and
the issues contested. Persons who wish
to be notified of a hearing may request
notification by emailing the
Commission’s Secretary at [email protected].
ADDRESSES: The Commission:
[email protected]. Applicants:
David A. Markowitz, The Goldman
Sachs Group, Inc., david.markowitz@
gs.com.
FOR FURTHER INFORMATION CONTACT:
Kieran G. Brown, Senior Counsel, at
(202) 551–6773 or David J. Marcinkus,
Branch Chief, at (202) 551–6821
SUMMARY OF APPLICATION:

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