Form 12b-25 60 Day Federal Register Notice

Federal Register / Vol. 86, No. 212 / Friday, November 5, 2021 / Notices
the Federal Register on May 12, 2021.9
The 180th day after publication of the
proposed rule change is November 8,
2021. The Commission is extending the
time period for approving or
disapproving the proposed rule change
for an additional 60 days.
The Commission finds that it is
appropriate to designate a longer period
within which to issue an order
approving or disapproving the proposed
rule change so that it has sufficient time
to consider the proposed rule change
and the issues raised in the comment
letters that have been submitted in
connection therewith. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,10 designates January
7, 2022, as the date by which the
Commission shall either approve or
disapprove the proposed rule change
(File Number SR–NYSEArca–2021–31).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–24167 Filed 11–4–21; 8:45 am]
BILLING CODE 8011–01–P

Dated: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.

SECURITIES AND EXCHANGE
COMMISSION

[FR Doc. 2021–24147 Filed 11–4–21; 8:45 am]

[SEC File No. 270–71; OMB Control No.
3235–0058]

BILLING CODE 8011–01–P

Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549

jspears on DSK121TN23PROD with NOTICES1

Extension:
Form 12b–25

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.
The purpose of Form 12b–25 is to
provide notice to the Commission and
the marketplace that a public company
will be unable to timely file a required
periodic report. If all filing conditions
are met, the company is granted an
automatic filing extension. Form 12b–25
9 See

supra note 3.
U.S.C. 78s(b)(2).
11 17 CFR 200.30–3(a)(57).
10 15

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is filed by publicly held companies.
Approximately 7,799 issuers file Form
12b–25 and it takes approximately 2.5
hours per response for a total of 19,498
burden hours.
Written comments are invited on: (a)
Whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’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.
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].

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–216, OMB Control No.
3235–0243]

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 206(3)–2

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 a
request for extension of the previously
approved collection of information
discussed below.
Rule 206(3)–2, (17 CFR 275.206(3)–2)
which is entitled ‘‘Agency Cross
Transactions for Advisory Clients,’’
permits investment advisers to comply
with section 206(3) of the Investment
Advisers Act of 1940 (the ‘‘Act’’) (15
U.S.C. 80b–6(3)) by obtaining a client’s

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blanket consent to enter into agency
cross transactions (i.e., a transaction in
which an adviser acts as a broker to both
the advisory client and the opposite
party to the transaction). Rule 206(3)–2
applies to all registered investment
advisers. In relying on the rule,
investment advisers must provide
certain disclosures to their clients.
Advisory clients can use the disclosures
to monitor agency cross transactions
that affect their advisory account. The
Commission also uses the information
required by Rule 206(3)-2 in connection
with its investment adviser inspection
program to ensure that advisers are in
compliance with the rule. Without the
information collected under the rule,
advisory clients would not have
information necessary for monitoring
their adviser’s handling of their
accounts and the Commission would be
less efficient and effective in its
inspection program.
The information requirements of the
rule consist of the following: (1) Prior to
obtaining the client’s consent,
appropriate disclosure must be made to
the client as to the practice of, and the
conflicts of interest involved in, agency
cross transactions; (2) at or before the
completion of any such transaction, the
client must be furnished with a written
confirmation containing specified
information and offering to furnish
upon request certain additional
information; and (3) at least annually,
the client must be furnished with a
written statement or summary as to the
total number of transactions during the
period covered by the consent and the
total amount of commissions received
by the adviser or its affiliated brokerdealer attributable to such transactions.
The Commission estimates that
approximately 378 respondents use the
rule annually, necessitating about 50
responses per respondent each year, for
a total of 18,900 responses. Each
response requires an estimated 0.5
hours, for a total of 9,450 hours. The
estimated average burden hours are
made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or
representative survey or study of the
cost of Commission rules and forms.
This collection of information is
found at (17 CFR 275.206(3)–2) and is
necessary in order for the investment
adviser to obtain the benefits of Rule
206(3)–2. The collection of information
requirements under the rule is
mandatory. Information subject to the
disclosure requirements of Rule 206(3)–
2 does not require submission to the
Commission; and, accordingly, the
disclosure pursuant to the rule is not
kept confidential.

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