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Federal Register / Vol. 86, No. 241 / Monday, December 20, 2021 / Notices

FY22–2
III. Notice of Commission Action
IV. Ordering Paragraphs

I. Introduction
On December 13, 2021, the Postal
Service filed a notice with the
Commission pursuant to 39 CFR
3035.105 and Order No. 546,1
concerning the inbound portions of an
Inbound Competitive Multi-Service
Agreement with a Foreign Postal
Operator (FPO) which the Postal Service
seeks to include within the Inbound
Competitive Multi-Service Agreement
with Foreign Postal Operators 1
(MC2010–34 product).2
II. Summary of the FPO–USPS
Agreement FY22–2
The FPO–USPS Agreement FY22–2 is
intended to become effective on January
1, 2022, and will, unless terminated
earlier, expire on December 31, 2023.
Except as otherwise agreed by contract,
the FPO exchanges mail with the Postal
Service and applies the Universal Postal
Convention and Universal Postal
Convention Regulations to those
exchanges. The competitive services
offered by the Postal Service to the FPO
in FPO–USPS Agreement FY22–2
include rates for inbound parcels,
packets, and international Express Mail
Service. Notice at 5–6. The Postal
Service states that ‘‘[m]any rates will be
based on a per-piece and per-kilo
structure and in Special Drawing
Rights. . . .’’ Id. at 6 (footnote omitted).
Only the inbound portions of the FPO–
USPS Agreement FY22–2 that concern
competitive products are included in
the proposal filed in this docket. Id.
Outbound delivery of competitive postal
products within the FPO’s country have
not previously been presented to the
Commission and are not presented in
this Notice. Id.
Accompanying the Notice are:
• Attachment 1—an application for
non-public treatment of materials to
maintain redacted portions of the
agreement and supporting documents
under seal;
• Attachment 2—a redacted copy of
FPO–USPS Agreement FY22–2;
• Attachment 3—a copy of the
Governors’ Decision No. 19–1;

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1 Docket

Nos. MC2010–34 and CP2010–95, Order
Adding Inbound Competitive Multi-Service
Agreements with Foreign Postal Service Operators
1 to the Competitive Product List and Approving
Included Agreement, September 29, 2010 (Order
No. 546).
2 See Notice of United States Postal Service of
Filing Functionally Equivalent Inbound
Competitive Multi-Service Agreement with Foreign
Postal Operator—FY22–2, December 13, 2021, at 1
(Notice). The Postal Service refers to the agreement
as ‘‘FPO–USPS Agreement FY22–2.’’ Id.

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• Attachment 4—a certified statement
required by 39 CFR 3035.105(c)(2); and
• Supporting financial
documentation as separate Excel files.
The Postal Service asserts that ‘‘[t]he
FPO–USPS Agreement FY22–2 is
functionally equivalent to the baseline
agreement filed in Docket No. MC2010–
34 because the terms of this agreement
are similar in scope and purpose to the
terms of the CP2010–95 Agreement’’
that is used for functional equivalency
analyses of the Inbound Competitive
Multi-Service Agreement with Foreign
Postal Operators 1 product.’’ 3 The
Postal Service states that ‘‘[b]ecause the
FPO–USPS Agreement FY22–2 and the
CP2010–95 Agreement incorporate the
same cost attributes and methodology,
the relevant cost and market
characteristics are similar.’’ Notice at 9.
Additionally, the Postal Service
asserts that the FPO–USPS Agreement
FY22–2 is in compliance with 39 U.S.C.
3633. Id. The Postal Service states
further that the FPO–USPS Agreement
FY22–2 is essentially an updated
version of the FPO–USPS Agreement
FY20–1, which was previously included
in the Inbound Competitive MultiService Agreements with Postal
Operators 1 product.4
The Postal Service asserts that its
proposed addition of FPO–USPS
Agreement FY22–2 to the Inbound
Competitive Multi-Service Agreement
with Foreign Postal Operators 1 product
is also supported by prior Commission
determinations that bilateral agreements
with FPOs and negotiated service
agreements should be included in the
Inbound Competitive Multi-Service
Agreement with Foreign Postal
Operators 1 product. Notice at 3–4.
III. Notice of Commission Action
The Commission establishes Docket
No. CP2022–36 for consideration of the
Notice pertaining to FPO–USPS
Agreement FY22–2 and the related rates
and classifications. The Commission
invites comments on whether the Postal
3 Notice at 3. An agreement (the CP2010–95
Agreement) was originally presented to the
Commission in Docket No. CP2010–95 for inclusion
in the Inbound Competitive Multi-Service
Agreements with Foreign Postal Operators 1
product. Order No. 546 at 8–10. The CP2010–95
Agreement was subsequently accepted by the
Commission as the baseline agreement for
functional equivalency analyses of the Inbound
Competitive Multi-Service Agreement with Foreign
Postal Operators 1 product. Docket No. CP2011–69,
Order Concerning an Additional Inbound
Competitive Multi-Service Agreements with
Foreign Postal Operators 1 Negotiated Service
Agreement, September 7, 2011, at 5 (Order No. 840).
See also Notice at 7–9.
4 Notice at 3. See Docket No. CP2020–144, Order
Approving Additional Inbound Competitive MultiService Agreement with Foreign Postal Operator—
FY20–1, June 25, 2020, at 7 (Order No. 5565).

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Service’s filing is consistent with the
requirements of 39 U.S.C. 3633 and 39
CFR 3035.105 and whether it is
functionally equivalent to the baseline
agreement included in the Inbound
Competitive Multi-Service Agreements
with Foreign Postal Operators 1 product
(MC2010–34). Comments are due no
later than December 21, 2021. Public
portions of this filing can be accessed
via the Commission’s website
(www.prc.gov).
The Commission appoints Jennaca D.
Upperman to serve as an officer of the
Commission to represent the interests of
the general public in these proceedings
(Public Representative).
IV. Ordering Paragraphs
It is ordered:
1. The Commission establishes Docket
No. CP2022–36 for consideration of the
matters raised in this docket.
2. Pursuant to 39 U.S.C. 505, Jennaca
D. Upperman is appointed to serve as
officer of the Commission (Public
Representative) to represent the
interests of the general public in these
proceedings.
3. Comments are due no later than
December 21, 2021.
4. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Erica A. Barker,
Secretary.
[FR Doc. 2021–27414 Filed 12–17–21; 8:45 am]
BILLING CODE 7710–FW–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–218, OMB Control No.
3235–0242]

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 206(4)–3

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’’) 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.

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Federal Register / Vol. 86, No. 241 / Monday, December 20, 2021 / Notices
Rule 206(4)–3 (17 CFR 275.206(4)–3)
under the Investment Advisers Act of
1940, which is entitled ‘‘Cash Payments
for Client Solicitations,’’ provides
restrictions on cash payments for client
solicitations. The rule requires that an
adviser pay all solicitors’ fees pursuant
to a written agreement. When an adviser
will provide only impersonal advisory
services to the prospective client, the
rule imposes no disclosure
requirements. When the solicitor is
affiliated with the adviser and the
adviser will provide individualized
advisory services to the prospective
client, the solicitor must, at the time of
the solicitation or referral, indicate to
the prospective client that he is
affiliated with the adviser. When the
solicitor is not affiliated with the
adviser and the adviser will provide
individualized advisory services to the
prospective client, the solicitor must, at
the time of the solicitation or referral,
provide the prospective client with a
copy of the adviser’s brochure and a
disclosure document containing
information specified in rule 206(4)–3.
Amendments to rule 206(4)–3,
adopted in 2010 in connection with rule
206(4)–5, specify that solicitation
activities involving a government entity,
as defined in rule 206(4)–5, are subject
to the additional limitations of rule
206(4)–5. In December 2020, the
Commission adopted a single marketing
rule which merged certain existing
provisions of rule 206(4)–3 into
amendments to rule 206(4)–1. In light of
these 2020 amendments, the
Commission has rescinded rule 206(4)–
3, effective November 2, 2022.
Notwithstanding the rescission of rule
206(4)–3, the Office of Management and
Budget (the ‘‘OMB’’) has requested that
the Commission submit documents in
connection with the extension of rule
206(4)–3 for the period covering
February 28, 2022 to November 2, 2022,
the effective date of the discontinuance
of rule 206(4)–3.
To the extent that the OMB has
requested this collection of information,
the information rule 206(4)–3 requires is
necessary to inform advisory clients
about the nature of the solicitor’s
financial interest in the
recommendation so the prospective
clients may consider the solicitor’s
potential bias, and to protect clients
against solicitation activities being
carried out in a manner inconsistent
with the adviser’s fiduciary duty to
clients. Rule 206(4)–3 is applicable to
all Commission-registered investment
advisers. The Commission believes that
approximately 3,829 of these advisers
have cash referral fee arrangements. The
rule requires approximately 7.04 burden

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hours per year per adviser and results in
a total of approximately 26,956 total
burden hours (7.04 × 3,829) for all
advisers.
Please direct your written comments
within 60 days to 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: [email protected].
Dated: December 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–27498 Filed 12–17–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–489, OMB Control No.
3235–0541]

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 606 of Regulation NMS

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 606 of Regulation
NMS (‘‘Rule 606’’) (17 CFR 242.606),
under the Securities Exchange Act of
1934 (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.
Rule 606 (formerly known as Rule
11Ac1–6) requires disclosure by brokerdealers of (1) pursuant to Rule 606(a)(1),
a quarterly aggregated public report on
the handling of orders in NMS stocks
that are submitted on a held basis and
orders in NMS securities that are option
contracts with a market value less than
$50,000; (2) pursuant to Rule 606(b)(1),
a report, upon request of a customer, on
the routing of that customer’s orders in
NMS stocks that are submitted on a held
basis, orders in NMS stocks that are
submitted on a not held basis and do
not qualify for two de minimis
exceptions, and orders in NMS
securities that are option contracts,
containing certain information on the
broker-dealer’s routing of such orders
for that customer for the prior six
months; and (3) pursuant to Rule

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71935

606(b)(3), a report, upon request of a
customer that places with the brokerdealer, directly or indirectly, NMS stock
orders of any size that are submitted on
a not held basis (subject to two de
minimis exceptions), containing certain
information on the broker-dealer’s
handling of such orders for that
customer for the prior six months.
The total annual time burden
associated with Rule 606 is
approximately 190,240 hours per year
and the total annual cost burden
associated with Rule 606 is
approximately $1,300,000 per year,
calculated as described below.
The Commission estimates that out of
the currently 3,585 broker-dealers that
are subject to the collection of
information obligations of Rule
606(a)(1), clearing brokers bear a
substantial portion of the burden of
complying with the reporting and
recordkeeping requirements of Rule 606
on behalf of small to mid-sized
introducing firms. There currently are
approximately 186 clearing brokers. In
addition, there are approximately 78
introducing brokers that receive funds
or securities from their customers.
Because at least some of these firms also
may have greater involvement in
determining where customer orders are
routed for execution, they have been
included, along with clearing brokers, in
estimating the total burden of Rule
606(a)(1).
The Commission staff estimates that
each firm significantly involved in order
routing practices incurs an average
burden of 40 hours to prepare and
disseminate the quarterly report
required by Rule 606(a)(1), or a burden
of 160 hours per year. With an estimated
264 1 broker-dealers significantly
involved in order routing practices, the
total industry-wide time burden per
year to comply with the quarterly
reporting requirement in Rule 606 is
estimated to be 42,240 hours (160 ×
264). Additionally, for each of the 264
broker-dealers subject to disclosure
requirements of Rule 606(a)(1), the
Commission estimates the annual
burden under Rule 606(a)(1)(iv) to
monitor payment for order flow and
profit-sharing relationships and
potential self-regulatory organization
rule changes that could impact their
order routing decisions and incorporate
any new information into their reports
to be 10 hours and the annual burden
for each broker-dealer to describe and
update any terms of payment for order
flow arrangements and profit-sharing
relationships with a Specified Venue
1 186 clearing brokers + 78 introducing brokers =
264.

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