60 Day Notice

khammond on DSKJM1Z7X2PROD with NOTICES

48786

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

consumer is given the opportunity,
before the time that such information is
initially disclosed, to direct that such
information not be disclosed to such
third party; and the consumer is given
an explanation of how the consumer can
exercise that nondisclosure option (‘‘opt
out notice’’). The Rule applies to brokerdealers, investment advisers registered
with the Commission, and investment
companies (‘‘covered entities’’).
Commission staff estimates that, as of
June 30, 2021 the Rule’s information
collection burden applies to
approximately 21,875 covered entities
(approximately 3,560 broker-dealers,
14,381 investment advisers registered
with the Commission, and 3,934
investment companies). In view of (a)
the minimal recordkeeping burden
imposed by the Rule (since the Rule has
no recordkeeping requirement and
records relating to customer
communications already must be made
and retained pursuant to other SEC
rules); (b) the summary fashion in
which information must be provided to
customers in the privacy and opt out
notices required by the Rule (the model
privacy form adopted by the SEC and
the other agencies in 2009, designed to
serve as both a privacy notice and an
opt out notice, is only two pages); (c) the
availability to covered entities of the
model privacy form and online model
privacy form builder; and (d) the
experience of covered entities’ staff with
the notices, SEC staff estimates that
covered entities will each spend an
average of approximately 12 hours per
year complying with the Rule, for a total
of approximately 262,500 annual
burden-hours (12 × 21,875 = 262,500).
SEC staff understands that the vast
majority of covered entities deliver their
privacy and opt out notices with other
communications such as account
opening documents and account
statements. Because the other
communications are already delivered
to consumers, adding a brief privacy
and opt out notice should not result in
added costs for processing or for postage
and materials. Also, privacy and opt out
notices may be delivered electronically
to consumers who have agreed to
electronic communications, which
further reduces the costs of delivery.
Because SEC staff assumes that most
paper copies of privacy and opt out
notices are combined with other
required mailings, the burden-hour
estimates above are based on resources
required to integrate the privacy and opt
notices into another mailing, rather than
on the resources required to create and
send a separate mailing. SEC staff
estimates that, of the estimated 12

VerDate Sep<11>2014

20:08 Aug 30, 2021

Jkt 253001

annual burden-hours incurred,
approximately 8 hours would be spent
by administrative assistants at an hourly
rate of $83, and approximately 4 hours
would be spent by internal counsel at an
hourly rate of $428, for a total annual
internal cost of compliance of $2,376 for
each of the covered entities (8 × $83 =
$664; 4 × $428 = $1,712; $664 + $1,712
= $2,376). Hourly cost of compliance
estimates for administrative assistant
time are derived from the Securities
Industry and Financial Markets
Association’s Office Salaries in the
Securities Industry 2013, modified by
SEC staff to account for an 1,800-hour
work-year and multiplied by 2.93 to
account for bonuses, firm size,
employee benefits and overhead. Hourly
cost of compliance estimates for internal
counsel time are derived from the
Securities Industry and Financial
Markets Association’s Management &
Professional Earnings in the Securities
Industry 2013, modified by SEC staff to
account for an 1,800-hour work-year
and multiplied by 5.35 to account for
bonuses, firm size, employee benefits,
and overhead. Accordingly, SEC staff
estimates that the total annual internal
cost of compliance for the estimated
total hour burden for the approximately
21,875 covered entities subject to the
Rule is approximately $51,975,000
($2,376 × 21,875 = $51,975,000).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
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.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
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].

PO 00000

Frm 00128

Fmt 4703

Sfmt 4703

Dated: August 25, 2021.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–18699 Filed 8–30–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–253; OMB Control No.
3235–026]

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 23c–1

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), 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
of information to the Office of
Management and Budget for extension
and approval.
Rule 23c–1(a) under the Investment
Company Act (17 CFR 270.23c–1(a))
permits a closed-end fund to repurchase
its securities for cash if, in addition to
the other requirements set forth in the
rule, the following conditions are met:
(i) Payment of the purchase price is
accompanied or preceded by a written
confirmation of the purchase (‘‘written
confirmation’’); (ii) the asset coverage
per unit of the security to be purchased
is disclosed to the seller or his agent
(‘‘asset coverage disclosure’’); and (iii) if
the security is a stock, the fund has,
within the preceding six months,
informed stockholders of its intention to
purchase stock (‘‘six month notice’’).
Commission staff estimates that 56
closed-end funds undertake a total of
224 repurchases annually under rule
23c–1.1 Staff estimates further that, with
respect to each repurchase, each fund
spends 2.5 hours to comply with the
rule’s written confirmation, asset
coverage disclosure and six month
notice requirements. Thus, Commission
staff estimates the total annual
respondent reporting burden is 560
1 The number of closed-end funds that undertake
repurchases annually under rule 23c–1 is based on
information provided in response to Item C.7.i of
Form N–CEN from January 1, 2020 through
December 31, 2020.

E:\FR\FM\31AUN1.SGM

31AUN1

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

khammond on DSKJM1Z7X2PROD with NOTICES

hours.2 Commission staff further
estimates that the cost of the hourly
burden per repurchase is approximately
$330.50 (one half hour of a compliance
attorney’s time at $373 per hour,3 and
two hours of clerical time at $72 per
hour).4 The total annual cost for all
funds is estimated to be $185,080.5
In addition, the fund must file with
the Commission a copy of any written
solicitation to purchase securities given
by or on behalf of the fund to 10 or more
persons. The copy must be filed as an
exhibit to Form N–CSR (17 CFR
249.331and 274.128).6 The burden
associated with filing Form N–CSR is
addressed in the submission related to
that form.
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 and forms.
Written comments are invited on: (a)
Whether the collection of information is
necessary for the proper performance of
the functions of the Commission,
including whether the information has
practical utility; (b) the accuracy of the
Commission’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,
2 This estimate is based on the following
calculation: 224 repurchases × 2.5 hours per
repurchase = 560 hours.
3 The $373/hour figure for a compliance attorney
is from SIFMA’s Management & Professional
Earnings in the Securities Industry 2013, updated
for 2021, modified by Commission staff to account
for an 1,800-hour work-year and inflation, and
multiplied by 5.35 to account for bonuses, firm size,
employee benefits and overhead.
4 The $72/hour figure for a compliance clerk is
from SIFMA’s Office Salaries in the Securities
Industry 2013, updated for 2021, modified by
Commission staff 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.
5 This estimate is based on the following
calculation: 560 repurchases × $330.5 per
repurchase = $185,080.
6 In addition, Item 9 of Form N–CSR requires
closed-end funds to disclose information similar to
the information that was required in Form N–23C–
1, which was discontinued in 2004.

VerDate Sep<11>2014

20:08 Aug 30, 2021

Jkt 253001

DC 20549; or send an email to: PRA_
[email protected].
Dated: August 25, 2021.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–18697 Filed 8–30–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92750; File No. SR–NSCC–
2021–007]

Self-Regulatory Organizations;
National Securities 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, National Securities
Clearing Corporation (‘‘NSCC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) proposed
rule change SR–NSCC–2021–007 (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 NSCC’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
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
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 92334
(June 25, 2021), 86 FR 36815 (July 13, 2021) (File
No. SR–NSCC–2021–007) (‘‘Notice of Filing’’).
4 Specifically, the Commission received a
comment letter on a proposed rule change filed by
NSCC’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 NSCC’s proposal as well.
5 15 U.S.C. 78s(b)(2).
2 17

PO 00000

Frm 00129

Fmt 4703

Sfmt 4703

48787

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–NSCC–2021–007).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–18672 Filed 8–30–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–233, OMB Control No.
3235–0223]

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 17f–2

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l 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
of information to the Office of
Management and Budget for extension
and approval.
Rule 17f–2 (17 CFR 270.17f–2),
entitled ‘‘Custody of Investments by
6 Id.
7 17

E:\FR\FM\31AUN1.SGM

CFR 200.30–3(a)(31).

31AUN1