60 Day Notice

Federal Register / Vol. 86, No. 201 / Thursday, October 21, 2021 / Notices
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–CBOE–2021–058. 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–CBOE–2021–058 and
should be submitted on or before
November 12, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–22927 Filed 10–20–21; 8:45 am]

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BILLING CODE 8011–01–P

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17:35 Oct 20, 2021

[Release No. 34–93347; File No. SR–
PEARL–2021–33]

Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Withdrawal of
a Proposed Rule Change To Amend
the MIAX Pearl Options Fee Schedule
To Increase the Monthly Fees for MIAX
Express Network Full Service Ports
October 15, 2021.

On July 1, 2021, MIAX PEARL, LLC
(‘‘MIAX Pearl’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’),1 and
Rule 19b–4 thereunder,2 a proposed rule
change to amend the MIAX Pearl
Options Fee Schedule to increase
monthly fees for the Exchange’s MIAX
Express Network Full Service MEO
Ports. The proposed rule change was
immediately effective upon filing with
the Commission pursuant to Section
19(b)(3)(A) of the Act.3 On July 15,
2021, the proposed rule change was
published for comment in the Federal
Register.4 On August 27, 2021, pursuant
to Section 19(b)(3)(C) of the Act, the
Commission: (1) Temporarily
suspended the proposed rule change;
and (2) instituted proceedings to
determine whether to approve or
disapprove the proposal.5 The
Commission received one comment
letter on the proposal.6 On October 12,
2021, the Exchange withdrew the
proposed rule change (SR–PEARL–
2021–33).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–22926 Filed 10–20–21; 8:45 am]
BILLING CODE 8011–01–P

1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 See Securities Exchange Act Release No. 92365
(July 9, 2021), 86 FR 37347.
5 See Securities Exchange Act Release No. 92798,
86 FR 49360 (September 2, 2021).
6 See Letter from Richard J. McDonald,
Susquehanna International Group, LLP, to Vanessa
Countryman, Secretary, Commission, dated
September 7, 2021, available at: https://
www.sec.gov/comments/sr-pearl-2021-33/
srpearl202133-9208443-250011.pdf.
7 17 CFR 200.30–3(a)(57) and (58).
2 17

CFR 200.30–3(a)(12).

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SECURITIES AND EXCHANGE
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[SEC File No. 270–438, OMB Control No.
3235–0495]

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 154

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission
(‘‘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.
The federal securities laws generally
prohibit an issuer, underwriter, or
dealer from delivering a security for sale
unless a prospectus meeting certain
requirements accompanies or precedes
the security. Rule 154 (17 CFR 230.154)
under the Securities Act of 1933 (15
U.S.C. 77a) (the ‘‘Securities Act’’)
permits, under certain circumstances,
delivery of a single prospectus to
investors who purchase securities from
the same issuer and share the same
address (‘‘householding’’) to satisfy the
applicable prospectus delivery
requirements.1 The purpose of rule 154
is to reduce the amount of duplicative
prospectuses delivered to investors
sharing the same address.
Under rule 154, a prospectus is
considered delivered to all investors at
a shared address, for purposes of the
federal securities laws, if the person
relying on the rule delivers the
prospectus to the shared address,
addresses the prospectus to the
investors as a group or to each of the
investors individually, and the investors
consent to the delivery of a single
prospectus. The rule applies to
prospectuses and prospectus
supplements. Currently, the rule
1 The Securities Act requires the delivery of
prospectuses to investors who buy securities from
an issuer or from underwriters or dealers who
participate in a registered distribution of securities.
See Securities Act sections 2(a)(10), 4(1), 4(3), 5(b)
[15 U.S.C. 77b(a)(10), 77d(1), 77d(3), 77e(b); see
also rule 174 under the Securities Act (17 CFR
230.174) (regarding the prospectus delivery
obligation of dealers); rule 15c2–8 under the
Securities Exchange Act of 1934 (17 CFR 240.15c2–
8) (prospectus delivery obligations of brokers and
dealers).

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Federal Register / Vol. 86, No. 201 / Thursday, October 21, 2021 / Notices

permits householding of all
prospectuses by an issuer, underwriter,
or dealer relying on the rule if, in
addition to the other conditions set forth
in the rule, the issuer, underwriter, or
dealer has obtained from each investor
written or implied consent to
householding.2 The rule requires
issuers, underwriters, or dealers that
wish to household prospectuses with
implied consent to send a notice to each
investor stating that the investors in the
household will receive one prospectus
in the future unless the investors
provide contrary instructions. In
addition, at least once a year, issuers,
underwriters, or dealers relying on rule
154 for the householding of
prospectuses relating to open-end
management investment companies that
are registered under the Investment
Company Act of 1940 (‘‘mutual funds’’)
and each series thereof must explain to
investors who have provided written or
implied consent how they can revoke
their consent.3 Preparing and sending
the notice and the annual explanation of
the right to revoke are collections of
information.
The rule allows issuers, underwriters,
or dealers to household prospectuses if
certain conditions are met. Among the
conditions with which a person relying
on the rule must comply are providing
notice to each investor that only one
prospectus will be sent to the household
and, in the case of issuers that are
mutual funds and any series thereof,
providing to each investor who consents
to householding an annual explanation
of the right to revoke consent to the
delivery of a single prospectus to
multiple investors sharing an address.
The purpose of the notice and annual
explanation requirements of the rule is
to ensure that investors who wish to
receive individual copies of
prospectuses are able to do so.
Although rule 154 is not limited to
mutual funds, the Commission believes
that it is used mainly by mutual funds
and by broker-dealers that deliver
prospectuses for mutual funds. The
Commission is unable to estimate the
number of issuers other than mutual
funds that rely on the rule.
The Commission estimates that, as of
June 30, 2021, there are approximately
13,182 mutual fund series registered on
Form N–1A, approximately 1,279 of
which are directly sold and therefore
deliver their own prospectuses. Of
2 Rule 154 permits the householding of
prospectuses that are delivered electronically to
investors only if delivery is made to a shared
electronic address and the investors give written
consent to householding. Implied consent is not
permitted in such a situation. See rule 154(b)(4).
3 See Rule 154(c).

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these, the Commission estimates that
approximately half (640 mutual fund
series): (i) Do not send the implied
consent notice requirement because
they obtain affirmative written consent
to household prospectuses in the fund’s
account opening documentation; or (ii)
do not take advantage of the
householding provision because of
electronic delivery options which lessen
the economic and operational benefits
of rule 154 when compared with the
costs of compliance. Therefore, the
Commission estimates that each of the
640 directly sold mutual fund series
will spend an average of 20 hours per
year complying with the notice
requirement of the rule, for a total of
12,800 burden hours. In addition, of the
approximately 1,279 mutual fund series
that are directly sold, the Commission
estimates that approximately 75% (or
960) will each spend 1 hour complying
with the annual explanation of the right
to revoke requirement of the rule, for a
total of 960 hours.
The Commission estimates that, as of
December 31, 2020, there were
approximately 462 broker-dealers that
have customer accounts with mutual
funds, and therefore may be required to
deliver mutual fund prospectuses. The
Commission estimates that each affected
broker-dealer will spend, on average, 20
hours complying with the notice
requirement of the rule, for a total of
9,240 hours. In addition, each brokerdealer will also spend one hour
complying with the annual explanation
of the right to revoke requirement, for a
total of 462 hours. Therefore, the total
number of respondents for rule 154 is
1,422 (960 4 mutual fund series plus 462
broker-dealers), and the estimated total
hour burden is approximately 23,462
hours (13,760 hours for mutual fund
series, plus 9,702 hours for brokerdealers).
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.
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 OMB control
number.
Written comments are invited on: (a)
Whether the collections of information
are necessary for the proper
performance of the functions of the
Commission, including whether the
4 The Commission estimates that 640 mutual
funds prepare both the implied consent notice and
the annual explanation of the right to revoke
consent + 320 mutual funds that prepare only the
annual explanation of the right to revoke.

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information has practical utility; (b) the
accuracy of the Commission’s estimate
of the burden of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collections
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: October 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–22898 Filed 10–20–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93365; File No. SR–
CboeBZX–2021–071]

Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Extend the
Pilot Related to the Market-Wide
Circuit Breaker in Rule 11.18
October 15, 2021.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on October
14, 2021, Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) 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 Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17

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