Federal Register 30 Day Notice

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Federal Register / Vol. 86, No. 203 / Monday, October 25, 2021 / Notices

fund brokerage from taking distribution
efforts into account is designed to
ensure that funds’ selection of brokers to
effect portfolio securities transactions is
not influenced by considerations about
the sale of fund shares.
Commission staff estimates that there
are approximately 6,358 funds (for
purposes of this estimate, registered
open-end investment companies or
series thereof) that have at least one
share class subject to a rule 12b–1 plan
and approximately 454 fund families
with common boards of directors that
have at least one fund with a 12b–1
plan. The Commission further estimates
that the annual hour burden for
complying with the rule is 425 hours for
each fund family with a portfolio that
has a rule 12b–1 plan. We therefore
estimate that the total hourly burden per
year for all funds to comply with
current information collection
requirements under rule 12b–1 is
192,950 hours. Commission staff
estimates that approximately three
funds per year prepare a proxy in
connection with the adoption or
material amendment of a rule 12b–1
plan. The staff further estimates that the
cost of each fund’s proxy is $30,000.
Thus, the total annual cost burden of
rule 12b–1 to the fund industry is
$90,000.
Estimates of average burden hours
and costs are made solely for purposes
of the Paperwork Reduction Act and are
not derived from a comprehensive or
even representative survey or study of
the costs of Commission rules and
forms. The collections of information
required by rule 12b–1 are necessary to
obtain the benefits of the rule. Notices
to the Commission will not be kept
confidential. 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 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.

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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].
All submissions should refer to File
Number 270–188. This file number
should be included on the subject line
if email is used. The Commission will
post all comments on the Commission’s
internet website (http://www.sec.gov).
All comments received will be posted
without change; we do not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
Dated: October 19, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–23160 Filed 10–22–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

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 this
proposed rule change is October 23,
2021. The Commission is extending this
45-day time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change and any comments.
Accordingly, pursuant to Section
19(b)(2) of the Act,5 the Commission
designates December 7, 2021, as the date
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–MEMX–2021–10).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–23140 Filed 10–22–21; 8:45 am]

[Release No. 34–93383; File No. SR–MEMX–
2021–10]

BILLING CODE 8011–01–P

Self-Regulatory Organizations; MEMX
LLC; Notice of Designation of a Longer
Period for Commission Action on a
Proposed Rule Change To Establish a
Retail Midpoint Liquidity Program

SECURITIES AND EXCHANGE
COMMISSION

October 19, 2021.

On August 18, 2021, MEMX LLC
(‘‘MEMX’’) 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 establish a
Retail Midpoint Liquidity Program. The
proposed rule change was published for
comment in the Federal Register on
September 8, 2021.3 The Commission
has received no comments on the
proposed rule change.
Section 19(b)(2) of the Act 4 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 (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission shall either
approve the proposed rule change,
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 92844
(September 1, 2021), 86 FR 50411 (September 8,
2021).
4 15 U.S.C. 78s(b)(2).
2 17

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[SEC File No. 270–518, OMB Control No.
3235–0576]

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
Extension:
Regulation G

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 this
request for extension of the previously
approved collection of information
discussed below.
Regulation G (17 CFR 244.100–
244.102) under the Securities Exchange
Act of 1934 (the ‘‘Exchange Act’’) (15
U.S.C. 78a et seq.) requires publicly
reporting companies that disclose or
releases financial information in a
manner that is calculated or presented
other than in accordance with generally
accepted accounting principles
(‘‘GAAP’’) to provide a reconciliation of
5 Id.
6 17

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CFR 200.30–3(a)(31).

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Federal Register / Vol. 86, No. 203 / Monday, October 25, 2021 / Notices
the non-GAAP financial information to
the most directly comparable GAAP
financial measure. Regulation G
implemented the requirements of
Section 401 of the Sarbanes-Oxley Act
of 2002 (15 U.S.C. 7261). We estimate
that approximately 14,000 public
companies must comply with
Regulation G approximately six times a
year for a total of 84,000 responses
annually. We estimated that it takes
approximately 0.5 hours per response
(0.5 hours per response × 84,000
responses) for a total reporting burden
of 42,000 hours annually.
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 19, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–23152 Filed 10–22–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. IC–34400; File No. 812–15274]

Credit Suisse Asset Management,
LLC., et al.; Notice of Application and
Temporary Order
October 19, 2021.

Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Temporary order and notice of
application for a permanent order under
section 9(c) of the Investment Company
Act of 1940 (‘‘Act’’).
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AGENCY:

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 19, 2021 (‘‘Guilty Plea’’), by
Credit Suisse Securities (Europe)

SUMMARY OF APPLICATION:

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Limited (the ‘‘Pleading Entity’’ or
‘‘CSSEL’’) 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: CSSEL, Credit Suisse Asset
Management, LLC (‘‘CSAM’’), Credit
Suisse Asset Management Limited
(‘‘CSAML’’), Credit Suisse Securities
(USA) LLC (‘‘CSSU,’’ and together with
CSSEL, CSAM and CSAML, the
‘‘Applicants’’) and Credit Suisse Group
AG (‘‘CS Group’’).1
FILING DATE: The application was filed
on October 19, 2021.
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, personally or
by mail. Hearing requests should be
received by the Commission by 5:30
p.m. on November 15, 2021 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:
Roger Machlis, Credit Suisse Asset
Management, LLC, Eleven Madison
Avenue, New York, NY 10010.
FOR FURTHER INFORMATION CONTACT: Kay
M. Vobis, Senior Counsel, at (202) 551–
6728 or Trace W. Rakestraw, Branch
Chief, at (202) 551–6821 (Division of
Investment Management, Chief
Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a temporary order and a
summary of the application. The
complete application may be obtained
1 CS Group is a party to the application solely for
purposes of making the representations and
agreeing to the conditions in the application that
apply to it. For such purpose, it is included in the
term ‘‘Applicants’’ solely with respect to such
representations and conditions.

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via the Commission’s website by
searching for the file number, or an
applicant using the Company name box,
at http://www.sec.gov/search/
search.htm, or by calling (202) 551–
8090.
Applicants’ Representations
1. The Pleading Entity is a limited
liability company, incorporated in the
United Kingdom and authorized under
the Financial Services and Markets Act
2000, as amended. The Pleading Entity
is an indirect wholly-owned subsidiary
of CSAG (defined below). Its principal
activity is acting as a broker dealer.
2. CSAM, a limited liability company
formed under Delaware law, is
registered as an investment adviser
under the Investment Advisers Act of
1940 (the ‘‘Advisers Act’’). CSAM serves
as investment adviser (either as primary
investment adviser or as investment
sub-adviser) to each Fund 2 listed in Part
1 of Appendix A of the application.
3. CSAML, a corporation formed
under the laws of the United Kingdom,
is registered as an investment adviser
under the Advisers Act. CSAML serves
as investment sub-adviser to the Fund
listed in Part 2 of Appendix A of the
application.
4. CSSU, a limited liability company
formed under Delaware law, is
registered as a broker-dealer under the
Securities Exchange Act of 1934, as
amended (the ‘‘Exchange Act’’), and as
an investment adviser under the
Advisers Act. CSSU serves as principal
underwriter to each Open-End Fund
listed in Part 3 of Appendix A of the
application.
5. Each of the above Applicants is
either a direct or indirect wholly owned
subsidiary of CS Group (CS Group,
together with its wholly-owned
subsidiaries and affiliated entities,
‘‘Credit Suisse’’). Credit Suisse AG
(‘‘CSAG’’) is a wholly owned subsidiary,
and the principal operating subsidiary,
of CS Group, which operates as a
holding company. Both CS Group and
CSAG are corporations organized under
the laws of Switzerland.
6. Currently, CSAM, CSAML and
CSSU (together, the ‘‘Fund Servicing
Applicants’’), which are affiliates of the
Pleading Entity, collectively serve as
investment adviser or investment
subadviser to investment companies
2 The term ‘‘Fund’’ as used herein refers to any
investment company that is registered under the
Act (‘‘RIC’’), employees’ securities companies
(‘‘ESC’’), investment company that has elected to be
treated as a business development company under
the Act (‘‘BDC’’) for which a Covered Person
currently provides Fund Servicing Activities, or,
subject to the terms and conditions of the Orders,
may in the future provide Fund Servicing
Activities.

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