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Federal Register / Vol. 88, No. 69 / Tuesday, April 11, 2023 / Notices

association meetings, conferences, and
other forums.
Julia B. Wise,
Director, Procurement Management and
Policy Division, NASA—Headquarters, Office
of Procurement.
[FR Doc. 2023–07489 Filed 4–10–23; 8:45 am]

[FR Doc. 2023–07618 Filed 4–7–23; 11:15 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

BILLING CODE 7510–13–P

[SEC File No. 270–485, OMB Control No.
3235–0547]

SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings

Proposed Collection; Comment
Request: Extension: ‘‘Investor Form’’

2:00 p.m. on Thursday,
April 13, 2023.
PLACE: The meeting will be held via
remote means and/or at the
Commission’s headquarters, 100 F
Street NE, Washington, DC 20549.
STATUS: This meeting will be closed to
the public.
MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
In the event that the time, date, or
location of this meeting changes, an
announcement of the change, along with
the new time, date, and/or place of the
meeting will be posted on the
Commission’s website at https://
www.sec.gov.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)
and (10) and 17 CFR 200.402(a)(3),
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and
(a)(10), permit consideration of the
scheduled matters at the closed meeting.
The subject matter of the closed
meeting will consist of the following
topics:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Resolution of litigation claims; and
Other matters relating to examinations
and enforcement proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting agenda items that
may consist of adjudicatory,
examination, litigation, or regulatory
matters.
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Authority: 5 U.S.C. 552b.

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 pursuant to the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501 et seq.) that 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 (‘‘OMB’’) for
extension and approval.
Each year the Commission receives
several thousand contacts from
investors who have complaints or
questions on a wide range of
investment-related issues. To make it
easier for the public to contact the
agency electronically, the Commission’s
Office of Investor Education and
Advocacy (‘‘OIEA’’) created an
electronic form (the Investor Form) that
provides drop down options to choose
from in order to categorize the investor’s
complaint or question, and may also
provide the investor with automated
information about their issue. The
Investor Form asks investors to provide
information concerning, among other
things, their names, how they can be
reached, the names of the individuals or
entities involved, the nature of their
complaint or tip, what documents they
can provide, and what, if any, actions
they have taken. Use of the Investor
Form is voluntary. Absent the forms, the
public still has several ways to contact
the agency, including telephone,
facsimile, letters, and email. Investors
can access the Investor Form through
the consolidated Investor Complaint
and Question web page.
OIEA receives approximately 30,000
contacts each year through the Investor
Form. Investors who choose not to use
the Investor Form receive the same level
of service as those who do. The dual
purpose of the form is to make it easier
for the public to contact the agency with

TIME AND DATE:

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Dated: April 6, 2023.
J. Matthew DeLesDernier,
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complaints, questions, tips, or other
feedback and to further streamline the
workflow of Commission staff that
record, process, and respond to investor
contacts.
The Commission uses the information
that investors supply on the Investor
Form to review and process the contact
(which may, in turn, involve responding
to questions, processing complaints, or,
as appropriate, initiating enforcement
investigations), to maintain a record of
contacts, to track the volume of investor
complaints, and to analyze trends. Use
of the Investor Form is voluntary. The
Investor Form asks investors to provide
information concerning, among other
things, their names, how they can be
reached, the names of the individuals or
entities involved, the nature of their
complaint or tip, what documents they
can provide, and what, if any, actions
they have taken.
The staff of the Commission estimates
that the total reporting burden for using
the Investor Form is 7,500 hours. The
calculation of this estimate depends on
the number of investors who use the
forms each year and the estimated time
it takes to complete the forms: 30,000
respondents × 15 minutes = 7,500
burden hours.
The Commission may not conduct or
sponsor a collection of information
unless it displays a currently valid
control number. No person shall be
subject to any penalty for failing to
comply with a collection of information
subject to the PRA that does not display
a valid OMB control number.
Written comments are invited on: (a)
whether the 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.
Please direct your written comments
to David Bottom, Chief Information
Officer, Securities and Exchange
Commission, c/o John R. Pezullo, 100 F
St. NE, Washington, DC 20549; or send
an email to: [email protected].

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Federal Register / Vol. 88, No. 69 / Tuesday, April 11, 2023 / Notices
Dated: April 5, 2023.
Sherry R. Haywood,
Assistant Secretary.

Amendment No. 1 to the original
proposed rule change (‘‘Amendment No.
1’’). The text of Amendment No. 1 is
available on the MSRB’s website.8 The
Commission is publishing this notice to
solicit comments on Amendment No. 1
from interested persons.

[FR Doc. 2023–07496 Filed 4–10–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97255; File No. SR–MSRB–
2023–01]

Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Amendment
No. 1 to Proposed Rule Change
Consisting of Amendments to MSRB
Rule G–40, on Advertising by
Municipal Advisors, and MSRB Rule
G–8, on Books and Records
April 5, 2023.

I. Introduction
On January 31, 2023, the Municipal
Securities Rulemaking Board (‘‘MSRB’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’),
pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’ or ‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule (the
‘‘original proposed rule change’’)
consisting of amendments to MSRB
Rule G–40 on advertising by municipal
advisors (‘‘Rule G–40’’), and MSRB Rule
G–8 on books and records (‘‘Rule G–
8’’).3
The original proposed rule change
was published for comment in the
Federal Register on February 14, 2023.4
The Commission received two comment
letters on the original proposed rule
change.5 On March 21, 2023, the MSRB
granted an extension of time for the
Commission to act on the filing until
May 15, 2023.6
On April 4, 2023, the MSRB
responded to the comments 7 and filed
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See MSRB filing of original proposed rule
change, available at https://msrb.org/sites/default/
files/2023-01/MSRB-2023-01.pdf.
4 Release No. 34–96840 (Feb. 8, 2023), 88 FR 9580
(Feb. 14, 2023) (‘‘Notice’’). The comment period
closed on March 7, 2023.
5 See Letter to Secretary, Commission, from Leslie
M. Norwood, Managing Director and Associate
General Counsel, Securities Industry and Financial
Markets Association, dated March 7, 2023 (‘‘SIFMA
Letter’’); Letter to Secretary, Commission, from
Susan Gaffney, Executive Director, National
Association of Municipal Advisors, dated March 7,
2023 (‘‘NAMA Letter’’).
6 See ‘‘Extension of Time on File No. SR–MSRB–
2023–01 to May 15, 2023,’’ available at https://
msrb.org/sites/default/files/2023-03/MSRB-202301%20eot.pdf.
7 See Letter from Saliha Olgun, Interim Chief
Regulatory Officer, MSRB, to Secretary,

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II. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Amendment
As described further below, the MSRB
filed Amendment No. 1 to respond to
comments on the original proposed rule
change, relating to: (1) the definition of
‘‘testimonial;’’ (2) non-client
testimonials; (3) solicitor municipal
advisors; (4) social media guidance; and
(5) other clarifications to rule text and
design.9
A. Definition of Testimonial
The MSRB noted that a commenter
suggested that the term ‘‘testimonial’’ be
defined within the rule language itself.10
The MSRB responded, stating it would
provide a definition of a ‘‘testimonial’’
in Rule G–40 to avoid confusion with
the term ‘‘testimonial’’ as used in Rule
206–4(1) 11 under the Investment
Advisers Act of 1940 (‘‘Advisers
Act’’).12 Specifically, the MSRB defined
‘‘testimonial’’ in amended Rule G–
40(a)(iv)(G)(1) as ‘‘a statement of a
person’s or entity’s experience
concerning the municipal advisor or
concerning the municipal advisory
services rendered by the municipal
advisor.’’ 13 Furthermore, the MSRB also
removed language from the original
proposed rule change referring to the
‘‘advice, analysis, report, or other
services rendered by the municipal
advisor.’’ 14 The MSRB concluded that
replacing this language with ‘‘municipal
advisory services’’ in the definition of
‘‘testimonial’’ (and elsewhere in the
original proposed rule change’s rule
text) provided greater clarity.15 The
MSRB also made conforming numbering
changes to the original proposed rule
change’s Rule G–40 revisions to
accommodate the addition of the
Commission, dated April 4, 2023, available at
https://msrb.org/sites/default/files/2023-04/MSRB2023-01%20Comment%20Letter.pdf.
8 Amendment No. 1 is available at https://
msrb.org/sites/default/files/2023-04/MSRB-202301%20A-1.pdf.
9 The MSRB stated that Amendment No. 1 does
not alter or impact the analysis in the original
proposed rule change’s burden on competition or
the statutory basis sections. See Amendment No. 1.
10 NAMA Letter at 1–2; see also Amendment No.
1.
11 17 CFR 275.206(4)–1(b)(1).
12 See Amendment No. 1; 15 U.S.C. 80b–1–80b–
2.
13 See Amendment No. 1.
14 See id.
15 See id.

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definition of ‘‘testimonial’’ to amended
Rule G–40(a)(iv)(G)(1).16
The MSRB stated that the revised rule
text in amended Rule G–40(a)(iv)(G)(2)
provides that, if a municipal advisor’s
advertisement meets certain conditions,
then a municipal advisor may, directly
or indirectly, publish, circulate or
distribute an advertisement which
refers, directly or indirectly, to a
testimonial.17 The MSRB posited that
this definition addresses a comment
requesting that Rule G–40 include a
definition of the term ‘‘testimonial,’’ but
also a comment’s suggestion that the
rule ‘‘include affirmative language that
testimonials may be used if certain
requirements are met.’’ 18 The MSRB
also deleted a redundant phrase later in
this subsection; specifically, amended
Rule G–40(a)(iv)(G)(2)(b)(iv)(‘‘the paid
testimonial must include’’).19
B. Non-Client Testimonials
The MSRB noted that both
commenters suggested that it would
promote further harmonization with
MSRB Rule G–21 (‘‘Rule G–21’’), on
advertising by brokers, dealers, and
municipal securities dealers, if
municipal advisors were able to use
testimonials by third parties.20 The
MSRB stated that it will amend the
original proposed rule change to permit
municipal advisors to use testimonials
from a third party, whether a person or
entity, subject to the conditions set forth
in proposed Amendment No. 1.21 The
MSRB reasoned that, for example,
analogous to Rule 206–4(1) 22 under the
Advisers Act,23 an advertisement of a
municipal advisor that includes a
testimonial would need to include a
disclosure indicating whether the
testimonial is from a current client or
from someone who is not a current
client.24 The MSRB wrote that it agreed
with the Commission’s belief that this
type of disclosure would provide
important context for weighing the
relevance of the testimonial.25
C. Solicitor Municipal Advisors
The MSRB stated that both
commenters found the proposal to
16 The MSRB also added a cross-reference to the
new definition of ‘‘testimonial’’ in the original
proposed rule change’s Rule G–8. See id.
17 See id.
18 NAMA Letter at 4; see also id.
19 See Amendment No. 1.
20 See id.; NAMA Letter and SIFMA Letter.
21 See Amendment No. 1.
22 17 CFR 275.206(4)–1(b)(1).
23 15 U.S.C. 80b–1–80b–2.
24 See Amendment No. 1.
25 See id.; see also Release No. IA–5653 (Dec. 22,
2020) (File No. S7–21–19), 86 FR 13024 (Mar. 5,
2021) (‘‘IA Marketing Rule Adopting Release’’) at
13048.

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