Form 12b-25 30 Day Federal Register Notice

Federal Register / Vol. 87, No. 1 / Monday, January 3, 2022 / Notices
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 John R. Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].
Dated: December 28, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–28430 Filed 12–30–21; 8:45 am]

Dated: December 28, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.

BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

[FR Doc. 2021–28437 Filed 12–30–21; 8:45 am]
BILLING CODE 8011–01–P

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

SECURITIES AND EXCHANGE
COMMISSION

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Submission for OMB Review;
Comment Request; Extension: Form
12b–25

[SEC File No. 270–641, OMB Control No.
3235–0685]

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
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
The purpose of Form 12b–25 (17 CFR
240.12b–25) is to provide notice to the
Commission and the marketplace that a
registrant will be unable to timely file a
required periodic or transition report
pursuant to the Securities Exchange Act
of 1934 (15 U.S.C. 78a et seq.) or the
Investment Company Act of 1940 (15
U.S.C. 80a et seq.). If all the filing
conditions of the form are satisfied, the
registrant is granted an automatic filing
extension. The information required is
filed on occasion and is mandatory. All
information is available to the public for
review. Approximately 3,432 registrants
file Form 12b–25 and it takes
approximately 2.5 hours per response
for a total of 8,580 burden hours (2.5
hours per response × 3,432 responses).
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:

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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 John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].

Proposed Collection; Comment
Request; Extension: Rules 3a68–2 and
3a68–4(c)
Upon Written Request, Copies Available
From: U.S. 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 (‘‘SEC’’) is
soliciting comments on the existing
collection of information provided for
Rules 3a68–2 and 3a68–4(c). The SEC
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 3a68–2 creates a process for
interested persons to request a joint
interpretation by the SEC and the
Commodity Futures Trading
Commission (‘‘CFTC’’) (together with
the SEC, the ‘‘Commissions’’) regarding
whether a particular instrument (or
class of instruments) is a swap, a
security-based swap, or both (i.e., a
mixed swap). Under Rule 3a68–2, a
person provides to the Commissions a
copy of all material information
regarding the terms of, and a statement
of the economic characteristics and
purpose of, each relevant agreement,
contract, or transaction (or class
thereof), along with that person’s
determination as to whether each such
agreement, contract, or transaction (or
class thereof) should be characterized as
a swap, security-based swap, or both

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127

(i.e., a mixed swap). The Commissions
also may request the submitting person
to provide additional information.
The SEC expects 25 requests pursuant
to Rule 3a68–2 per year. The SEC
estimates the total paperwork burden
associated with preparing and
submitting each request would be 20
hours to retrieve, review, and submit the
information associated with the
submission. This 20 hour burden is
divided between the SEC and the CFTC,
with 10 hours per response regarding
reporting to the SEC and 10 hours of
response regarding third party
disclosure to the CFTC.1 The SEC
estimates this would result in an
aggregate annual burden of 500 hours
(25 requests × 20 hours/request).
The SEC estimates that the total costs
resulting from a submission under Rule
3a68–2 would be approximately $12,000
for outside attorneys to retrieve, review,
and submit the information associated
with the submission. The SEC estimates
this would result in aggregate costs each
year of $300,000 (25 requests × 30
hours/request × $400).
Rule 3a68–4(c) establishes a process
for persons to request that the
Commissions issue a joint order
permitting such persons (and any other
person or persons that subsequently
lists, trades, or clears that class of mixed
swap) to comply, as to parallel
provisions only, with specified parallel
provisions of either the Commodity
Exchange Act (‘‘CEA’’) or the Securities
Exchange Act of 1934 (‘‘Exchange Act’’),
and related rules and regulations
(collectively ‘‘specified parallel
provisions’’), instead of being required
to comply with parallel provisions of
both the CEA and the Exchange Act.
The SEC expects ten requests
pursuant to Rule 3a68–4(c) per year.
The SEC estimates that nine of these
requests will have also been made in a
request for a joint interpretation
pursuant to Rule 3a68–2, and one will
not have been. The SEC estimates the
total burden for the one request for
which the joint interpretation pursuant
to 3a68–2 was not requested would be
30 hours, and the total burden
associated with the other nine requests
would be 20 hours per request because
some of the information required to be
submitted pursuant to Rule 3a68–4(c)
would have already been submitted
pursuant to Rule 3a68–2. The burden in
both cases is evenly divided between
the SEC and the CFTC.
The SEC estimates that the total costs
resulting from a submission under Rule
3a68–4(c) would be approximately
1 The burdens imposed by the CFTC are included
in this collection of information.

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Federal Register / Vol. 87, No. 1 / Monday, January 3, 2022 / Notices

$20,000 for the services of outside
attorneys to retrieve, review, and submit
the information associated with the
submission of the one request for which
a request for a joint interpretation
pursuant to Rule 3a68–2 was not
previously made (1 request × 50 hours/
request × $400). For the nine requests
for which a request for a joint
interpretation pursuant to Rule 3a68–2
was previously made, the SEC estimates
the total costs associated with preparing
and submitting a party’s request
pursuant to Rule 3a68–4(c) would be
$6,000 less per request because, as
discussed above, some of the
information required to be submitted
pursuant to Rule 3a68–4(c) already
would have been submitted pursuant to
Rule 3a68–2. The SEC estimates this
would result in an aggregate cost each
year of $126,000 for the services of
outside attorneys (9 requests × 35 hours/
request × $400).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the SEC,
including whether the information shall
have practical utility; (b) the accuracy of
the SEC’s estimates of the burden of the
proposed collection of information; (c)
ways to enhance the quality, utility, and
clarity of the information to be
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.
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.
Please direct your written comments
to: David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
[email protected].
Dated: December 28, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–28427 Filed 12–30–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0447, SEC File No.
270–392]

Submission for OMB Review;
Comment Request; Extension: Rule
17f–6
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, under the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501–3520), 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 17f–6 (17 CFR 270.17f–6) under
the Investment Company Act of 1940
(15 U.S.C. 80a) permits registered
investment companies (‘‘funds’’) to
maintain assets (i.e., margin) with
futures commission merchants
(‘‘FCMs’’) in connection with

commodity transactions effected on
both domestic and foreign exchanges.
Before the rule was adopted, funds
generally were required to maintain
such assets in special accounts with a
custodian bank.
The rule requires a written contract
that contains certain provisions
designed to ensure important safeguards
and other benefits relating to the
custody of fund assets by FCMs. To
protect fund assets, the contract must
require that FCMs comply with the
segregation or secured amount
requirements of the Commodity
Exchange Act (‘‘CEA’’) and the rules
under that statute. The contract also
must contain a requirement that FCMs
obtain an acknowledgment from any
clearing organization that the fund’s
assets are held on behalf of the FCM’s
customers according to CEA provisions.
Because rule 17f–6 does not impose
any ongoing obligations on funds or
FCMs, Commission staff estimates there
are no costs related to existing contracts
between funds and FCMs. This estimate
does not include the time required by an
FCM to comply with the rule’s contract
requirements because, to the extent that
complying with the contract provisions
could be considered ‘‘collections of
information,’’ the burden hours for
compliance are already included in
other PRA submissions.1 Commission
staff estimates that approximately 1,302
series of 155 funds which report that
futures commission merchants and
commodity clearing organizations
provide custodial services to the fund.2
Commission staff, however, estimates
that any burden of the rule would be
borne by funds and FCMs entering into
new contracts pursuant to the rule as set
forth in Table 1 below:

TABLE 1—BURDEN OF INFORMATION COLLECTION FOR COMPLYING WITH RULE 17f–6
Estimated responses

Estimated hours burden

130 series ...................
15 funds 1 ...................

130 series × 0.1 hours = 13 hours .................
15 funds × 1 hour = 15 hours .........................
13 hours + 15 hours = 28 hours 3 ...................
28 hours annually ...........................................

Estimated cost burdens

New contracts with
FCMs Annually.

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Totals ....................

130 series and 15
funds annually 2.

13 hours × $425 (attorney) 4 = $5,525.
15 hours × $425 (attorney) 4 = $6,375.
$5,525 + $6,375 = $11,900.
$11,900 annually.

1 These estimates are based on the assumption that 10% of series and funds that currently effect commodities transactions enter into new
FCM contracts each year. This assumption encompasses series and fund that enter into FCM contracts for the first time, as well as fund complexes and fund that change the FCM with whom they maintain margin accounts for commodities transactions.
2 Commission staff estimates that approximately 155 funds, representing 1,302 separate fund series, currently effect commodities transactions
and could deposit margin with FCMs in connection with those transactions pursuant to rule 17f–6. Staff further estimates that of this number, 15
funds and 130 series enter into new contracts with FCMs each year.

1 The rule requires a contract with the FCM to
contain two provisions requiring the FCM to
comply with existing requirements under the CEA
and rules adopted thereunder. Thus, to the extent
these provisions could be considered collections of

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information, the hours required for compliance
would be included in the collection of information
burden hours submitted by the CFTC for its rules.

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2 This estimate is based on the number of funds
that reported on Form N–CEN from July 31, 2020–
July 31, 2021, in response to sub-items C.12.6. and
D.14.6. Money market funds are excluded from this
estimate because they are not eligible securities.

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