30 Day Notice

Federal Register / Vol. 87, No. 13 / Thursday, January 20, 2022 / Notices
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) MBX.OMB.OIRA.SEC_desk_
[email protected] and (ii) David
Bottom, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549, or by
sending an email to: PRA_Mailbox@
sec.gov.
Dated: January 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01058 Filed 1–19–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–523, OMB Control No.
3235–0585]

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Submission for OMB Review;
Comment Request; Extension: Rule
206(4)–7
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
The title for the collection of
information is ‘‘Investment Advisers Act
rule 206(4)–7, 17 CFR Sec. 275.206(4)–
7, Compliance procedures and
practices.’’ This collection of
information is found at 17 CFR
275.206(4)–7, and is mandatory. Rule
206(4)–7 under the Investment Advisers
Act of 1940 (‘‘Advisers Act’’) requires
each investment adviser registered with
the Commission to (1) adopt and
implement written policies and
procedures reasonably designed to
prevent violations of the Advisers Act
and its rules, (2) review those
compliance policies and procedures
annually, and (3) designate a chief
compliance officer who is responsible
for administering the compliance
policies and procedures. The rule is
designed to protect investors by
fostering better compliance with the
securities laws. The collection of
information under rule 206(4)–7 is
necessary to help ensure that
investment advisers maintain
comprehensive internal programs that

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promote the advisers’ compliance with
the Advisers Act and its rules. The
Commission’s examination and
oversight staff may review the
information collected to assess
investment advisers’ compliance
programs. Responses provided to the
Commission pursuant to the rule in the
context of the Commission’s
examination and oversight program are
generally 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 control
number.
The respondents to this information
collection are investment advisers
registered with the Commission.
Updated data indicate that there were
14,376 advisers registered with the
Commission as of August 2021. Each
respondent would produce one
response, per year. Commission staff has
estimated that compliance with rule
206(4)–7 imposes an annual burden of
approximately 90 hours per response.
Based on this figure, Commission staff
estimates a total annual burden of
1,293,840 hours for this collection of
information.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (1) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
[email protected]; and (2)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John R.
Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected]. Written comments
and recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
Dated: January 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01061 Filed 1–19–22; 8:45 am]
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SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–586, OMB Control No.
3235–0647]

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:
Rule 204

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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 204 (17 CFR 242.204), under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 204(a) provides that a participant
of a registered clearing agency must
deliver securities to a registered clearing
agency for clearance and settlement on
a long or short sale in any equity
security by settlement date, or if a
participant of a registered clearing
agency has a fail to deliver position at
a registered clearing agency in any
equity security for a long or short sale
transaction in the equity security, the
participant shall, by no later than the
beginning of regular trading hours on
the applicable close-out date,
immediately close out its fail to deliver
positions by borrowing or purchasing
securities of like kind and quantity. For
a short sale transaction, the participant
must close out a fail to deliver by no
later than the beginning of regular
trading hours on the settlement day
following the settlement date. If a
participant has a fail to deliver that the
participant can demonstrate on its books
and records resulted from a long sale, or
that is attributable to bona-fide market
making activities, the participant must
close out the fail to deliver by no later
than the beginning of regular trading
hours on the third consecutive
settlement day following the settlement
date. Rule 204 is intended to help
further the Commission’s goal of
reducing fails to deliver by maintaining
the reductions in fails to deliver
achieved by the adoption of temporary
Rule 204T, as well as other actions
taken by the Commission. In addition,
Rule 204 is intended to help further the
Commission’s goal of addressing

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potentially abusive ‘‘naked’’ short
selling in all equity securities.
The information collected under Rule
204 will continue to be retained and/or
provided to other entities pursuant to
the specific rule provisions and will be
available to the Commission and selfregulatory organization (‘‘SRO’’)
examiners upon request. The
information collected will continue to
aid the Commission and SROs in
monitoring compliance with these
requirements. In addition, the
information collected will aid those
subject to Rule 204 in complying with
its requirements. These collections of
information are mandatory.
Several provisions under Rule 204
will impose a ‘‘collection of
information’’ within the meaning of the
Paperwork Reduction Act.
I. Allocation Notification
Requirement: As of December 31, 2020,
there were 3,551 registered brokerdealers.1 Each of these broker-dealers
could clear trades through a participant
of a registered clearing agency and,
therefore, become subject to the
notification requirements of Rule
204(d). If a participant allocates a fail to
deliver position to a broker or dealer
pursuant to Rule 204(d), the broker or
dealer that has been allocated the fail to
deliver position in an equity security
must determine whether such fail to
deliver position was closed out in
accordance with Rule 204(a). If such
broker or dealer does not comply with
the provisions of Rule 204(a), such
broker or dealer must immediately
notify the participant that it has become
subject to the requirements of Rule
204(b). The Commission estimates that
a broker or dealer could have to make
such determination and notification
with respect to approximately 2.1 equity
securities per day.2 The Commission
estimates a total of 1,886,646 potential
notifications in accordance with Rule
204(d) across all registered brokerdealers that could be allocated
responsibility to close out a fail to
deliver position per year (3,551
registered broker-dealers notifying
participants once per day 3 on 2.1 equity
1 The Commission’s Division of Economic and
Risk Analysis (‘‘DERA’’) estimates that there were
approximately 3,551 registered broker-dealers as of
December 31, 2020.
2 DERA estimates that there were approximately
7,450 average daily fail to deliver positions during
2020. Across 3,551 registered broker-dealers, the
number of securities per registered broker-dealer
per trading day is approximately 2.1 (7,450 ÷ 3,551)
equity securities.
3 Because failure to comply with the close-out
requirements of Rule 204(a) is a violation of the
rule, the Commission believes that a broker or
dealer would make the notification to a participant
that it is subject to the borrowing requirements of
Rule 204(b) at most once per day.

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securities, multiplied by 253 trading
days in 2020). The total estimated
annual burden hours per year will be
approximately 301,864 burden hours
(1,886,646 multiplied by 0.16 hours/
notification 4).
II. Demonstration Requirement for
Fails to Deliver on Long Sales: As of
December 31, 2020, there were 127
participants of NSCC that were
registered as broker-dealers. If a
participant of a registered clearing
agency has a fail to deliver position in
an equity security at a registered
clearing agency and determined that
such fail to deliver position resulted
from a long sale, the Commission
estimates that a participant of a
registered clearing agency will have to
make such determination with respect
to approximately 29 securities per day.5
The Commission estimates a total of
931,799 potential demonstrations in
accordance with Rule 204(a)(1) across
all broker-dealer participants per year
(127 participants checking for
compliance once per day on 29
securities, multiplied by 253 trading
days in 2020). The total approximate
estimated annual burden hour per year
will be approximately 149,088 burden
hours (931,799 multiplied by 0.16
hours/demonstration 6).
III. Pre-Borrow Notification
Requirement: As of December 31, 2020,
there were 27 participants of NSCC that
were registered as broker-dealers. If a
participant of a registered clearing
agency has a fail to deliver position in
an equity security, the participant must
determine whether the fail to deliver
position was closed out in accordance
with Rule 204(a). The Commission
estimates that a participant of a
registered clearing agency will have to
make such determination with respect
to approximately 59 equity securities
per day.7 The Commission estimates a
total of 1,895,729 potential notifications
in accordance with Rule 204(c) across
all participants per year (127 broker4 See Amendments to Regulation SHO, Exchange
Act Release No. 60388 (July 27, 2009), 74 FR 38265
(July 31, 2009) (‘‘Rule 204 Adopting Release’’)
(making permanent the amendments to Regulation
SHO contained in Interim Final Temporary Rule
204T and incorporating by reference the time
estimates from the Rule 204T Adopting Release for
compliance with the notification, demonstration,
and certification requirements of Rule 204).
5 DERA estimates that during 20120
approximately 49.2% of trade volume was long.
DERA estimates that there were approximately
7,450 average daily fail to deliver positions during
2020. Across 127 broker-dealer participants of the
NSCC, the number of securities per participant per
day is approximately 59 (7,450 ÷ 127) equity
securities. 49.2% of 59 equity securities per trading
day equals approximately 29 securities per day.
6 See supra note 4.
7 See supra note 5.

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dealer participants notifying brokerdealers once per day on 59 securities,
multiplied by 253 trading days in 2020).
The total estimated annual burden
hours per year will be approximately
303,317 burden hours (1,895,729
multiplied by 0.16 hours/notification 8).
IV. Certification Requirement: As of
December 31, 2020, there were 3,551
registered broker-dealers. Each of these
broker-dealers may clear trades through
a participant of a registered clearing
agency. If the broker-dealer determines
that it has not incurred a fail to deliver
position on settlement date for a long or
short sale in an equity security for
which the participant has a fail to
deliver position at a registered clearing
agency or has purchased or borrowed
securities in accordance with the prefail credit provision of Rule 204(e), the
Commission estimates that a brokerdealer could have to make such
determination with respect to
approximately 2.1 securities per day.9
The Commission estimates that each
such registered broker-dealer could have
to certify to a participant that the
broker-dealer has not incurred a fail to
deliver position on settlement date for a
long or short sale in an equity security
for which the participant has a fail to
deliver position at a registered clearing
agency or, alternatively, that the brokerdealer is in compliance with the
requirements set forth in the pre-fail
credit provision of Rule 204(e),
1,886,646 times per year (3,551
registered broker-dealers certifying once
per day on 2.1 securities, multiplied by
253 trading days in 2020). The total
approximate estimated annual burden
hours per year will be approximately
301,864 burden hours (1,886,646
multiplied by 0.16 hours/
certification 10).
V. Pre-Fail Credit Demonstration
Requirement: As of December 31, 2020,
there were 3,551 registered brokerdealers. If a broker-dealer purchased or
borrowed securities in accordance with
the conditions specified in Rule 204(e)
and determined that it had a net long
position or net flat position on the
settlement day for which the brokerdealer is claiming pre-fail credit, the
Commission estimates that a brokerdealer could have to make such a
determination with respect to
approximately 2.1 securities per day.11
The Commission estimates that the total
number of times per year that such
registered broker-dealers could have to
demonstrate on their respective books
8 See

supra note 4.
supra note 2.
10 See supra note 4.
11 See supra note 2.
9 See

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Federal Register / Vol. 87, No. 13 / Thursday, January 20, 2022 / Notices
and records that the broker-dealer has a
net long position or net flat position on
the settlement day for which the brokerdealer is claiming pre-fail credit is
1,886,646 times per year (3,551
registered broker-dealers checking for
compliance once per day on 2.1 equity
securities, multiplied by 253 trading
days in 2020). The total approximate
estimated annual burden hours per year
will be 301,864 burden hours (1,886,646
multiplied by 0.16 hours/
demonstration 12).
The total aggregate annual burden for
the collection of information undertaken
pursuant to all five provisions is thus
1,357,997 hours per year (301,864 +
149,088 + 303,317 + 301,864 + 301,864).
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.
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) MBX.OMB.OIRA.SEC_desk_
[email protected] and (ii) David
Bottom, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549, or by
sending an email to: PRA_Mailbox@
sec.gov.
Dated: January 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01057 Filed 1–19–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
34470; 812–15284]

Oaktree Fund Advisors, LLC and
Oaktree Strategic Credit Fund
January 14, 2022.

Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
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AGENCY:

Notice of an application under
Section 6(c) of the Investment Company
Act of 1940 (the ‘‘Act’’) for an
exemption from Sections 18(a)(2), 18(c),
18(i) and Section 61(a) of the Act.

Applicants
request an order to permit certain
closed-end management investment
companies that have elected to be
regulated as business development
companies (‘‘BDCs’’) to issue multiple
classes of shares with varying sales
loads and asset-based service and/or
distribution fees.
APPLICANTS: Oaktree Fund Advisors,
LLC. (‘‘OFA’’), Oaktree Strategic Credit
Fund (‘‘OSCF’’).
FILING DATE: The application was filed
on November 30, 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 on any application by
emailing the SEC’s Secretary at
[email protected] and serving
the relevant applicant with a copy of the
request by email, if an email address is
listed for the relevant applicant below,
or personally or by mail, if a physical
address is listed for the relevant
applicant below.
Hearing requests should be received
by the Commission by 5:30 p.m. on
February 8, 2022, and should be
accompanied by proof of service on
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.
ADDRESSES: The Commission:
[email protected]. Applicants:
c/o William G. Farrar, by email to
[email protected].
FOR FURTHER INFORMATION CONTACT: Lisa
Reid Ragen, Branch Chief, at (202) 551–
6825 (Division of Investment
Management, Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: For
Applicants’ representations, legal
analysis, and condition, please refer to
Applicants’ application, dated
November 30, 2021, which may be
obtained via the Commission’s website
by searching for the file number, using
the Company name box, at http://
www.sec.gov/search/search.htm, or by
calling (202) 551–8090.
For the Commission, by the Division
of Investment Management, under
delegated authority.
SUMMARY OF APPLICATION:

supra note 4.

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[Release No. 34–93972; File No. SR–MIAX–
2021–58]

Self-Regulatory Organizations; Miami
International Securities Exchange,
LLC; Notice of Designation of a Longer
Period for Commission Action on a
Proposed Rule Change To Adopt
Exchange Rule 532, Order and Quote
Price Protection Mechanisms and Risk
Controls
January 13, 2022.

On November 16, 2021, Miami
International Securities Exchange, LLC
(‘‘MIAX Options’’ or the ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (the ‘‘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 adopt a new
Managed Protection Override feature, a
new Max Put Price Protection feature,
and a new MIAX Strategy Price
Protection, which will be included in
new Exchange Rule 532, ‘‘Order and
Quote Price Protection Mechanisms and
Risk Controls.’’ The proposed rule
change was published for comment in
the Federal Register on December 3,
2021.3 The Commission has received no
comment letters regarding 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 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 January 17,
2022.
The Commission is extending the 45day period for Commission action on
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 so that it has sufficient time
to consider and act on the proposed rule
change. Accordingly, pursuant to
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 93676
(November 29, 2021), 86 FR 68695.
4 15 U.S.C. 78s(b)(2).
2 17

[FR Doc. 2022–01053 Filed 1–19–22; 8:45 am]
12 See

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1 15

J. Matthew DeLesDernier,
Assistant Secretary.

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