60 Day Notice

Federal Register / Vol. 86, No. 166 / Tuesday, August 31, 2021 / Notices
19(b)(3)(A)(iii) of the Act 31 and Rule
19b–4(f)(6)(iii) thereunder.32
A proposed rule change filed under
Rule 19b–4(f)(6) 33 normally does not
become operative for 30 days after the
date of the filing. However, pursuant to
Rule 19b–4(f)(6)(iii),34 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
upon filing. The Exchange states that it
does not believe that the proposal raises
any new or novel issues not previously
considered by the Commission in that
the provisions at issue have been
approved by the Commission and in
effect at other exchanges for a
considerable period. In addition, the
Exchange has represented that it
anticipates that its first dual listings will
take effect by the end of August 2021
and that the proposed rule change will
be helpful for the companies that plan
to list on this timeline. The Commission
believes that waiver of the 30-day
operative delay is consistent with the
protection of investors and the public
interest because the proposed rule
change does not raise any new or novel
issues and is consistent with adopted
rules on other exchanges. Accordingly,
the Commission hereby waives the 30day operative delay and designates the
proposal operative upon filing.35
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
31 15

U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
33 17 CFR 240.19b–4(f)(6).
34 17 CFR 240.19b–4(f)(6)(iii).
35 For purposes only of accelerating the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).

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IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.36
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–18674 Filed 8–30–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
LTSE–2021–04 on the subject line.
Paper Comments
• Send paper comments in triplicate
to: Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–LTSE–2021–04. 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–LTSE–2021–04 and should
be submitted on or before September 21,
2021.

PO 00000

[SEC File No. 270–480; OMB Control No.
3235–0537]

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:
Regulation S–P

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in the privacy notice and
opt out notice provisions of Regulation
S–P—Privacy of Consumer Financial
Information (17 CFR part 248, subpart
A) under the Securities Exchange Act of
1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
The privacy notice and opt out notice
provisions of Regulation S–P (the
‘‘Rule’’) implement the privacy notice
and opt out notice requirements of Title
V of the Gramm-Leach-Bliley Act
(‘‘GLBA’’), which include the
requirement that at the time of
establishing a customer relationship
with a consumer and not less than
annually during the continuation of
such relationship, a financial institution
shall provide a clear and conspicuous
disclosure to such consumer of such
financial institution’s policies and
practices with respect to disclosing
nonpublic personal information to
affiliates and nonaffiliated third parties
(‘‘privacy notice’’). Title V of the GLBA
also provides that, unless an exception
applies, a financial institution may not
disclose nonpublic personal information
of a consumer to a nonaffiliated third
party unless the financial institution
clearly and conspicuously discloses to
the consumer that such information may
be disclosed to such third party; the
36 17

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CFR 200.30–3(a)(12).

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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

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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].

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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.

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