60 Day Notice

Federal Register / Vol. 86, No. 166 / Tuesday, August 31, 2021 / Notices
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rulechange
(File No. SR–NASDAQ–2021–054).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–18673 Filed 8–30–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92749; File No. SR–FICC–
2021–004]

Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Designation of Longer Period for
Commission Action on Proposed Rule
Change Relating to Confidential
Information, Market Disruption Events,
Systems Disconnect, and Other
Changes
August 25, 2021.

I. Introduction
On June 25, 2021, Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) proposed
rule change SR–FICC–2021–004 (the
‘‘Proposed Rule Change’’) pursuant to
Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder 2 to amend FICC’s
rules relating to confidentiality
requirements, market disruption events,
systems disconnect, and other changes.
The Proposed Rule Change was
published for comment in the Federal
Register on July 13, 2021,3 and the
Commission received a comment, which
addresses issues that also appear in this
Proposed Rule Change.4
Section 19(b)(2) of the Act 5 provides
that within 45 days of the publication of

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6 17

CFR 200.30–3(a)(31).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 92341
(June 25, 2021), 86 FR 36799 (July 13, 2021) (File
No. SR–FICC–2021–004) (‘‘Notice of Filing’’).
4 Specifically, the Commission received a
comment letter on a proposed rule change filed by
FICC’s affiliate, the Depository Trust Company
(‘‘DTC’’), regarding parallel changes to DTC’s Rules.
See Securities Exchange Act Release No. 92342
(June 25, 2021), 86 FR 36833 (July 13, 2021) (File
No. SR–DTC–2021–011). The comment letter is
available on the Commission’s website at https://
www.sec.gov/comments/sr-dtc-2021-011/
srdtc2021011.htm. Because the comment addresses
issues that also appear in this Proposed Rule
Change, the Commission will consider it in
connection with FICC’s proposal as well.
5 15 U.S.C. 78s(b)(2).

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notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for the
Proposed Rule Change is effectively
Friday, August 27, 2021.
The Commission is extending the 45day review period for Commission
action on the Proposed Rule Change. In
order to provide the Commission with
sufficient time to consider the Proposed
Rule Change, the Commission finds that
it is appropriate to designate a longer
period within which to take action on
the Proposed Rule Change.
Accordingly, pursuant to Section
19(b)(2) of the Act 6 and for the reasons
stated above, the Commission
designates Friday, October 8, 2021, as
the date by which the Commission shall
either approve, disapprove, or institute
proceedings to determine whether to
disapprove the Proposed Rule Change
(File No. SR–FICC–2021–004).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–18671 Filed 8–30–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–269; OMB Control No.
3235–0276]

Proposed Collection; 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 6c–7

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 (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
6 Id.
7 17

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CFR 200.30–3(a)(31).

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of information to the Office of
Management and Budget for extension
and approval.
Rule 6c–7 (17 CFR 270.6c–7) under
the Investment Company Act of 1940
(15 U.S.C. 80a-1 et seq.) (‘‘1940 Act’’)
provides exemption from certain
provisions of Sections 22(e) and 27 of
the 1940 Act for registered separate
accounts offering variable annuity
contracts to certain employees of Texas
institutions of higher education
participating in the Texas Optional
Retirement Program. There are
approximately 142 registrants governed
by Rule 6c–7. The burden of compliance
with Rule 6c–7, in connection with the
registrants obtaining from a purchaser,
prior to or at the time of purchase, a
signed document acknowledging the
restrictions on redeem ability imposed
by Texas law, is estimated to be
approximately 3 minutes of professional
time per response for each of
approximately 6,500 purchasers
annually (at an estimated $72 per
hour),1 for a total annual burden of 325
hours (at a total annual cost of $23,400).
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 or forms. The
Commission does not include in the
estimate of average burden hours the
time preparing registration statements
and sales literature disclosure regarding
the restrictions on redeem ability
imposed by Texas law. The estimate of
burden hours for completing the
relevant registration statements are
reported on the separate PRA
submissions for those statements. (See
the separate PRA submissions for Form
N–3 (17 CFR 274.11b) and Form N–4 (17
CFR 274.11c).)
The Commission requests written
comments 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
1 $72/hour figure for a Compliance Clerk is based
on the Commission’s estimates concerning the
allocation of burden hours and the relevant wage
rates from the Commission’s consultations with
industry representatives and on salary information
for the securities industry compiled by the
Securities Industry and Financial Markets
Association’s Office Salaries in the Securities
Industry 2013. The estimated wage figures are
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,
overhead, and adjusted to account for the effects of
inflation. See Securities Industry and Financial
Markets Association, Report on Management &
Professional Earnings in the Securities Industry
2013.

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48782

Federal Register / Vol. 86, No. 166 / Tuesday, August 31, 2021 / Notices

agency’s 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_
[email protected].
Dated: August 25, 2021.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–18698 Filed 8–30–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92752; File No. SR–LTSE–
2021–04]

Self-Regulatory Organizations; LongTerm Stock Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
Director ‘‘Business Relationships’’
Provision and Definition of ‘‘Family
Member’’ for Purposes of LTSE Rule
14.405(a)(2) and Supplementary
Material .01 (Definition of
Independence)
August 25, 2021.

Pursuant to Section
of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on August
19, 2021, Long-Term Stock Exchange,
Inc. (‘‘LTSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
khammond on DSKJM1Z7X2PROD with NOTICES

19(b)(1) 1

I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
LTSE proposes to amend LTSE Rule
14.405(a)(2) and Supplementary
1 15

U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15

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Material .01 (Definition of
Independence) under LTSE Rule
14.405(a) (‘‘Supplementary Material’’) to
(i) adopt provisions conforming LTSE’s
independence standards with respect to
listed company (‘‘Company’’) 4
directors’ ‘‘business relationships’’ with
the corresponding standards of the New
York Stock Exchange (‘‘NYSE’’) Rule
303.A.02(b)(v) and relevant parts of the
related NYSE Commentary and
Disclosure Requirement for NYSE-listed
Companies seeking to dually list on
LTSE, and (ii) amend the definition of
‘‘Family Member’’ solely for purposes of
director independence determinations
under LTSE Rule 14.405(a)(2). LTSE has
filed the proposed rule change pursuant
to Section 19(b)(3)(A) of the Act,5 and
Rule 19b4(f)(6) thereunder,6 which
renders the proposed rule change
effective upon filing with the
Commission.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of these statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 14.405(a)(2) and related
Supplementary Material to adopt a
provision conforming LTSE’s
independence standards with respect to
directors’ business relationships with
the corresponding standard of NYSE
Rule 303.A.02(b)(v) and related
Commentary and Disclosure
Requirement, in order to accommodate
NYSE-listed Companies seeking to
dually list 7 their securities on LTSE.
The Exchange also proposes to amend
the definition of ‘‘Family Member’’
solely for purposes of director
4 ‘‘Company’’ means the issuer of a security listed
or applying to list on the Exchange. See LTSE Rule
14.002(a)(5).
5 15 U.S.C. 78s(b)(3)(A).
6 17 CFR 240.19b–4(f)(6).
7 See LTSE Rule 14.210(a) (permitting a Company
to have a class of securities that has been approved
for listing on another national securities exchange).

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independence under LTSE Rule
14.405(a)(2) 8 to conform it to the
corresponding definitions of the NYSE 9
and the Nasdaq Stock Market LLC
(‘‘Nasdaq’’).10
LTSE rules require Companies to meet
certain standards related to director
independence, including that a majority
of the board of the directors of the
Company be independent directors,11
and that the Company’s audit,
compensation, and nominating 12
committees be comprised solely of
independent directors.13 LTSE Rule
14.405(a)(2) defines ‘‘Independent
Director’’ as ‘‘a person other than an
Executive Officer or employee of the
Company or any other individual
having a relationship which, in the
opinion of the Company’s board of
directors, would interfere with the
exercise of independent judgment in
carrying out the responsibilities of a
director.’’
LTSE Rule 14.405(a)(2) also provides
a list of certain relationships that
preclude a board finding of director
independence 14 (the ‘‘Bright-Line
Independence Tests’’), including a
director who is, or has a Family Member
who is, a partner in, or a controlling
Shareholder or an Executive Officer of,
any organization to which the Company
made, or from which the Company
received, payments for property or
services in the current or any of the past
three fiscal years that exceed 5% of the
recipient’s (i.e., that of the organization
or the Company) consolidated gross
revenues for that year, or $200,000,
whichever is more (with certain
exceptions).15 This rule is referred to as
8 This definition of Family Member is not
applicable to LTSE Rule 5.110 (Supervision), which
pertains to Member supervision and aligns with a
corresponding FINRA rule.
9 See General Commentary to Section 303A.02(b)
of NYSE Listed Company Manual (defining
‘‘immediate family member’’).
10 See Nasdaq Rule 5605(a)(2) (defining ‘‘Family
Member’’).
11 LTSE Rule 14.405(b)(1).
12 If the Company does not have a nominating
committee, under LTSE Rule 14.405(e), nominees
for directors must be selected or recommended by
independent directors constituting a majority of the
board’s independent directors in a vote in which
only independent directors participate.
13 See LTSE Rule 14.405(c)(3)(A) (regarding audit
committee composition); LTSE Rule 14.405(d)(2)(A)
(regarding compensation committee composition);
LTSE Rule 14.405(e)(1) (regarding nominating
committee composition).
14 See Supplementary Material, LTSE Rule
14.405(a)(2).01 (noting that ‘‘[t]hese objective
measures provide transparency to investors and
Companies, facilitate uniform application of the
rules, and ease administration’’).
15 See LTSE Rule 14.405(a)(2)(D) (exceptions to
this rule apply for (i) payments arising solely from
investments in the Company’s securities; or (ii)
payments under non-discretionary charitable
contribution matching programs).

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