Federal Register / Vol. 86, No. 16 / Wednesday, January 27, 2021 / Notices 7317 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 90563 

(December 3, 2020), 85 FR 79252. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(ii). 

4 17 CFR 240.19b–4(f)(6). 

5 Derivatives Clearing Organizations General 

Provisions and Core Principles, 85 FR 4800 (January 

27, 2020). 

6CFTC Letter No. 19–17, Comm. Fut. L. Rep. 

¶ 34,523 (July 10, 2019). See also CFTC Letter No. 

20–28, Comm. Fut. L. Rep. ¶ 34,798 (September 15, 

2020). 

7OCC’s By-Laws and Rules can be found on 

OCC’s public website: https://www.theocc.com/ 

Company-Information/Documents-and-Archives/ 

By-Laws-and-Rules. 

requesting that OMB extend its approval 

for another three years. 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 OMB control number. 

PBGC estimates that approximately 70 

plans will terminate as distress or 

PBGC-initiated terminations each year. 

PBGC further estimates that two 

participants or other affected parties of 

every nine distress terminations or 

PBGC-initiated terminations filed will 

annually make requests for termination 

information, or 2⁄9 of 70 (approximately 

16 plans per year). PBGC estimates that 

the hour burden for each request will be 

about 20 hours. The total annual hour 

burden is estimated to be 320 hours (16 

plans × 20 hours). PBGC expects that the 

staff of plan administrators and 

sponsors will perform the work inhouse and that no work will be 

contracted to third parties. Therefore, 

the annual cost burden is estimated to 

be $0. 

Issued in Washington, DC. 

Hilary Duke, 

Assistant General Counsel for Regulatory 

Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2021–01741 Filed 1–26–21; 8:45 am] 

BILLING CODE 7709–02–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90962; File No. SR– 

PEARL–2020–30] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Designation of 

a Longer Period for Commission 

Action on a Proposed Rule Change To 

Amend the Exchange’s By-Laws in 

Connection With an Equity Rights 

Program 

January 21, 2021. 

On November 24, 2020, MIAX 

PEARL, LLC (‘‘MIAX PEARL’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘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 

amend the Amended and Restated ByLaws of MIAX PEARL to correspond 

with an Equity Rights Program recently 

established by the Exchange. The 

proposed rule change was published for 

comment in the Federal Register on 

December 9, 2020.3 The Commission 

has received no comments on the 

proposal. 

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 this 

proposed rule change is January 23, 

2021. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates March 9, 2021, as the date by 

which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–PEARL–2020–30). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01730 Filed 1–26–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90960; File No. SR–OCC– 

2021–002] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change Relating to 

Revisions to Part 39 of the Commodity 

Futures Trading Commission 

Regulations 

January 21, 2021. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 

13, 2021, The Options Clearing 

Corporation (‘‘OCC’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III below, which Items have been 

prepared primarily by OCC. OCC filed 

the proposed rule change pursuant to 

Section 19(b)(3)(A)(ii) 3 of the Act and 

Rule 19b–4(f)(6) 4 thereunder so that the 

proposal was effective upon filing with 

the Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change by OCC 

would amend Interpretation and Policy 

(‘‘I&P’’) .01 to OCC Rule 602 (CustomerLevel Margin Requirement), add I&P .02 

to OCC Rule 602 (Customer-Level 

Margin Requirement) and add I&P .01 to 

OCC Rule 1103 (Notice of Suspension to 

Clearing Members) to achieve 

compliance with recent amendments to 

Part 39 of the Commodity Futures 

Trading Commission (‘‘CFTC’’) 5

regulations and facilitate no-action relief 

issued by CFTC staff.6 The proposed 

changes to OCC Rules are included in 

Exhibit 5 of File No. SR–OCC–2021– 

002. Material proposed to be added to 

OCC’s Rules as currently in effect is 

underlined and material proposed to be 

deleted is marked in strikethrough text. 

All capitalized terms not defined herein 

have the same meaning as set forth in 

the OCC By-Laws and Rules.7

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, 

OCC included statements concerning 

the purpose of and basis for the 

proposed rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. OCC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements. 


khammond on DSKJM1Z7X2PROD with NOTICES
7318 Federal Register / Vol. 86, No. 16 / Wednesday, January 27, 2021 / Notices 

8 85 FR at 4812 and 4856. 

9See, e.g. 85 FR at 4812. 

10 17 CFR 39.13(g)(8)(ii). 

11 Id. 

12OCC plans to distribute information used to 

calculate the minimum initial margin requirement 

for futures customer accounts and futures customer 

accounts with heightened risk profiles through a 

daily theoretical pricing file that is distributed to 

Clearing Members. OCC currently uses a similar 

approach for information used to calculate the 

minimum initial margin requirement for hedge and 

speculative positions of futures customers. 

13 Derivatives Clearing Organization General 

Provisions and Core Principles, 76 FR 69334, 69374 

(November 8, 2011). 

14See File No. SR–OCC–2012–006. 

15CFTC Letter No. 19–17, Comm. Fut. L. Rep. 

¶ 34,523 (July 10, 2019) (granting time-limited noaction relief with respect to CFTC Regulation 

39.13(g)(8)(iii) until June 30, 2021). See also CFTC 

Letter No. 20–28, Comm. Fut. L. Rep. ¶ 34,798 

(September 15, 2020) (extending the time-limited 

no-action relief with respect to CFTC Regulation 

39.13(g)(8)(iii) until December 31, 2021). 

16CFTC Regulation 39.16(c)(2)(ii) also requires 

DCOs to adopt rules providing for the prompt 

transfer, liquidation, or hedging of the customer or 

house positions of the defaulting clearing member, 

as applicable. Chapter XI of OCC’s Rules addresses 

this portion of CFTC Regulation 39.16(c)(2)(ii). 

17 17 CFR 39.16(c)(2)(ii). See also 85 FR at 4815– 

16 and 4857. 

18See 85 FR at 4800. 

19 15 U.S.C. 78q–1(b)(3)(F). 

20 15 U.S.C. 78q–1(b)(3)(F). 

21 17 CFR 240.17Ad–22(e)(1). 

22 15 U.S.C. 78q–1(b)(3)(I). 

23See 85 FR at 4849–50. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(1) Purpose 

The purpose of revised I&P .01 to OCC 

Rule 602 is to achieve compliance with 

recent amendments to CFTC Regulation 

39.13(g)(8)(ii).8 Departing from the 

historical practice of establishing 

distinct minimum initial margin 

requirements for hedge and speculative 

customer accounts,9 revised CFTC 

Regulation 39.13(g)(8)(ii) provides that a 

derivatives clearing organization 

(‘‘DCO’’) shall establish a minimum 

initial margin requirement that clearing 

members must charge their customers 

with respect to each product and 

portfolio that is commensurate with the 

risk presented by each customer 

account.10 The revised regulation also 

provides DCOs reasonable discretion in 

establishing a higher minimum initial 

margin requirement that clearing 

members must collect for categories of 

customers determined by the clearing 

member to have heightened risk 

profiles.11 As amended, I&P .01 to Rule 

602 will allow OCC to achieve 

compliance with CFTC Regulation 

39.13(g)(8)(ii) by requiring Clearing 

Members to determine which futures 

customers or categories of futures 

customers have heightened risk profiles 

and to collect, at a minimum, the 

amount of initial margin established by 

OCC for such customers or categories of 

customers from time to time. The 

proposal also eliminates the existing 

language in I&P .01 to OCC Rule 602 

contemplating distinct margin 

requirements for customer hedge and 

speculative positions.12

OCC also proposes to adopt I&P .02 to 

OCC Rule 602 to facilitate no-action 

relief granted by the CFTC. By way of 

background, in 2011, the CFTC adopted 

Regulation 39.13(g)(8)(iii) requiring each 

DCO to prohibit the withdrawal of funds 

from a customer account unless the 

clearing member holds a sufficient 

amount of the customer’s assets to cover 

its initial margin requirements with 

respect to products cleared by the 

DCO.13 In 2012, OCC adopted Rule 

602(b) to satisfy this requirement.14

CFTC staff has issued time-limited noaction relief pursuant to which a DCO 

may allow a futures commission 

merchant (‘‘FCM’’) clearing member to 

treat the separate accounts of a customer 

as accounts of separate entities for 

purposes of CFTC Regulation 

39.13(g)(8)(iii), provided that the 

clearing member satisfies several 

conditions set forth in the letter.15

Proposed I&P .02 creates an exception to 

OCC Rule 602(b) that allows FCM 

Clearing Members that satisfy the 

conditions established by the CFTC to 

treat separate futures customer accounts 

as accounts of separate entities for 

purposes of OCC Rule 602(b). 

Finally, the proposed rule change 

adds I&P .01 to OCC Rule 1103, which 

specifies that OCC will publish a public 

notice of a decision to suspend a 

Clearing Member on its website as soon 

as reasonably practical. OCC is adopting 

this I&P to achieve compliance with 

CFTC Regulation 39.16(c)(2)(ii), which 

requires each DCO to adopt rules 

describing the actions a DCO will take 

upon a default,16 which must include 

posting a public notice of a declaration 

of default on the DCO’s website.17

OCC proposes to make the revisions 

to the I&Ps to OCC Rules 602 and 1103 

described above effective on January 27, 

2021. This effective date aligns to the 

compliance date for the revisions to Part 

39 of the CFTC regulations.18

(2) Statutory Basis 

Section 17A(b)(3)(F) 19 of the Act 

requires, among other things, that the 

rules of a clearing agency be designed to 

promote the prompt and accurate 

clearance and settlement of securities 

and derivatives transactions and protect 

investors and the public interest. OCC 

believes that the proposed rule change 

is consistent with Section 17A(b)(3)(F) 

of the Act.20 As noted above, the 

proposed revision to I&P .01 to Rule 602 

protects investors and the public 

interest by more clearly describing 

which accounts are subject to increased 

initial margin requirements. The 

addition of .02 to OCC Rule 602 will 

promote the prompt and accurate 

clearance and settlement of transactions 

by accommodating no-action relief that 

is intended to help Clearing Members 

and their customers realize operational 

efficiencies for separate accounts. The 

proposed addition of I&P .01 to OCC 

Rule 1103 promotes the public interest 

by specifying that OCC will publish a 

public notice of a decision to suspend 

a Clearing Member on its website. The 

proposal also enables OCC to satisfy 

certain requirements set forth in Part 39 

of the CFTC regulations and provides 

for a well-founded, clear, transparent 

and enforceable legal basis for its 

activities in accordance with SEC Rule 

17Ad–22(e)(1).21 The proposed rule 

change is not inconsistent with the 

existing rules of OCC, including any 

other rules proposed to be amended. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

Section 17A(b)(3)(I) of the Act 22

requires that the rules of a clearing 

agency not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. OCC does not 

believe that the proposed rule change 

would have any impact or impose a 

burden on competition. Although this 

proposed rule change affects Clearing 

Members, their customers, and the 

markets that OCC serves, OCC believes 

that the proposed rule change would not 

disadvantage or favor any particular 

user of OCC’s services in relationship to 

another user because the proposed 

amendments apply equally to all users 

of OCC. OCC also notes that two of the 

proposed revisions to OCC Rules are 

designed to achieve compliance with 

amendments to Part 39 of the CFTC 

Regulations, and, in adopting these 

amendments, the CFTC identified no 

anticompetitive effects.23 Given that the 

revisions to I&P .01 to OCC Rule 602 

and I&P .01 to OCC Rule 1103 are 

narrowly tailored to achieve compliance 

with regulatory requirements for which 

no anticompetitive effects have been 

identified, OCC does not believe that 

these amendments would have any 

impact or impose a burden on 

competition. The addition of I&P .02 to 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 16 / Wednesday, January 27, 2021 / Notices 7319 

24 15 U.S.C. 78s(b)(3)(A). 

25 17 CFR 240.19b–4(f)(6). 

26 17 CFR 240.19b–4(f)(6)(iii). 

27See 85 FR at 4812 citing CFTC Letter No. 12– 

08 (Sept. 14, 2012). In the relevant section CFTC 

Letter No. 12–08 provided, ‘‘[A] DCO may continue 

the practice of establishing customer initial margin 

requirements based on the type of customer account 

and by applying prudential standards that result in 

FCMs collecting customer initial margin at levels 

commensurate with the risk presented by each type 

of customer account. This is the case even if the 

differentiation between accounts is not stated 

specifically in terms of ‘hedge’ and ‘non-hedge’ 

accounts.’’ See CFTC Letter 12–08 at 8. 

OCC Rule 602 is intended to facilitate 

no-action relief related to an existing 

market practice and is not expected to 

have any impact on the competitive 

landscape. 

While OCC does not believe that the 

proposal would have any impact or 

impose a burden on competition, if any 

such impact or burden to competition 

were to exist, the proposed amendments 

would still be necessary to achieve 

compliance with applicable regulatory 

requirements and accommodate noaction relief granted by the CFTC. The 

amendments are appropriate, because 

they are narrowly tailored to achieve 

compliance with CFTC Regulations and 

facilitate no-action relief. Accordingly, 

OCC does not believe that the proposed 

rule change would have any 

unnecessary or inappropriate impact or 

burden on competition. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments on the proposed 

rule change were not and are not 

intended to be solicited with respect to 

the proposed rule change and none have 

been received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: 

(i) Significantly affect the protection 

of investors or the public interest; 

(ii) impose any significant burden on 

competition; and 

(iii) become operative for 30 days 

from the date on which it was filed, or 

such shorter time as the Commission 

may designate, it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 24 and Rule 19b–4(f)(6) 25

thereunder. 

OCC has requested that the 

Commission waive the 30-day operative 

delay under Rule 19b–4(f)(6)(iii) 26 so 

that the proposed rule changes may 

become effective and operative effective 

on January 27, 2021. OCC states that the 

proposal is intended to achieve 

compliance with amendments to Part 39 

of the CFTC Regulations, which become 

effective on that date. Accordingly, OCC 

believes that the prompt 

implementation of these changes would 

be consistent with the public interest 

and the protection of investors. 

In adopting CFTC Regulation 

39.13(g)(8)(ii), the CFTC noted that the 

amendment was consistent with an 

existing interpretation permitting DCOs 

to establish initial margin requirements 

based on the type of customer account 

and by applying prudential standards 

that result in FCMs collecting initial 

margin commensurate with the risk 

presented by each customer account.27

OCC does not believe that the 

amendment to I&P .01 and addition of 

I&P .02 to Rule 602 would significantly 

affect the protection of investors or the 

public interest as these changes simply 

conform the language of OCC’s Rules to 

the applicable CFTC Regulation and 

prior interpretive guidance and facilitate 

no-action relief that has been granted 

with respect to an existing practice. 

Finally, the addition of I&P .01 to OCC 

Rule 1103 would not significantly affect 

the protection of investors or the public 

interest as it codifies OCC’s 

longstanding practice of posting a notice 

of a Clearing Member default to its 

website. The proposed rule change 

would not impose any significant 

burden on competition because, as 

described above, the requirements apply 

to all Clearing Members, do not 

disadvantage or favor any particular 

user of OCC’s services in relationship to 

another user and achieve compliance 

with applicable regulatory requirements 

for which the CFTC identified no 

anticompetitive effects. 

The Commission believes that 

delaying the operation of the proposed 

rule change for 30 days would impede 

OCC’s ability to comply with the CFTC 

rules by January 27, 2021 because a 30- 

day delay from the date of filing would 

require that the proposed rule change 

not become operative until February 12, 

2021. The Commission believes, 

therefore, that waiving the 30-day 

operative delay would facilitate OCC’s 

ability to comply with the CFTC’s rules 

in a timely manner. Moreover, the 

Commission believes that the proposed 

rule change would not significantly 

affect the protection of investors or the 

public interest or impose a significant 

burden on competition because the 

changes would conform OCC’s rules to 

existing practices as described above. 

The Commission designates the 

proposed rule change as operative on 

January 27, 2021. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

OCC–2021–002 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–OCC–2021–002. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

office of OCC and on OCC’s website at 

https://www.theocc.com/CompanyInformation/Documents-and-Archives/ 

By-Laws-and-Rules. 

All comments received will be posted 

without change. Persons submitting 

comments are cautioned that we do not 

redact or edit personal identifying 


khammond on DSKJM1Z7X2PROD with NOTICES
7320 Federal Register / Vol. 86, No. 16 / Wednesday, January 27, 2021 / Notices 

28 17 CFR 200.30–3(a)(12). 

1The estimate of 2,207 funds is based on the 

number of management investment companies 

currently registered with the Commission. The 

Commission staff estimates that there are 

approximately 6,392 portfolios that invest primarily 

in equity securities, 804 ‘‘hybrid’’ or bond portfolios 

that may hold some equity securities, 2,857 bond 

portfolios that hold no equity securities, and 361 

money market fund portfolios, and 1,476 fund of 

funds, for a total of 11,890 portfolios required to file 

Form N–PX reports. The staff has based its portfolio 

estimates on a number of publications. See 

Investment Company Institute, Trends in Mutual 

Fund Investing (February 2020); Investment 

Company Institute, Closed-End Fund Assets and 

Net Issuance (Fourth Quarter 2019); Investment 

Company Institute, ETF Assets and Net Issuance 

(February 2020). 

information from comment submissions. 

You should submit only information 

that you wish to make available 

publicly. 

All submissions should refer to File 

Number SR–OCC–2021–002 and should 

be submitted on or before February 17, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01729 Filed 1–26–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–182, OMB Control No. 

3235–0237] 

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: 

Form N–54A 

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 a 

request for extension of the previously 

approved collection of information 

discussed below. 

Under the Investment Company Act 

of 1940 (15 U.S.C. 80a–1 et seq.) (the 

‘‘Investment Company Act’’), certain 

investment companies can elect to be 

regulated as business development 

companies, as defined in Section 

2(a)(48) of the Investment Company Act 

(15 U.S.C. 80a–2(a)(48)). Under Section 

54(a) of the Investment Company Act 

(15 U.S.C. 80a–53(a)), any company 

defined in Section 2(a)(48)(A) and (B) 

may elect to be subject to the provisions 

of Sections 55 through 65 of the 

Investment Company Act (15 U.S.C. 

80a–54 to 80a–64) by filing with the 

Commission a notification of election, if 

such company has: (1) A class of equity 

securities registered under Section 12 of 

the Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) (‘‘Exchange Act’’); or 

(2) filed a registration statement 

pursuant to Section 12 of the Exchange 

Act for a class of its equity securities. 

The Commission adopted Form N–54A 

(17 CFR 274.53) as the form for 

notification of election to be regulated 

as a business development company. 

The purpose of Form N–54A is to 

notify the Commission that the 

investment company making the 

notification elects to be subject to 

Sections 55 through 65 of the 

Investment Company Act, enabling the 

Commission to administer those 

provisions of the Investment Company 

Act to such companies. 

The Commission estimates that on 

average approximately 7 business 

development companies file these 

notifications each year. Each of those 

business development companies need 

only make a single filing of Form N– 

54A. The Commission further estimates 

that this information collection imposes 

a burden of 0.5 hours, resulting in a 

total annual PRA burden of 3.5 hours. 

Based on the estimated wage rate, the 

total cost to the business development 

company industry of the hour burden 

for complying with Form N–54A would 

be approximately $1,288. 

The collection of information under 

Form N–54A is mandatory. The 

information provided by the form is not 

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 public may view the background 

documentation for this information 

collection at the following website, 

www.reginfo.gov. Comments should be 

directed to: (i) 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: 

Lindsay.M.Abate@omb.eop.gov; and (ii) 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Cynthia 

Roscoe, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 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 21, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01655 Filed 1–26–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–524, OMB Control No. 

3235–0582] 

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: 

Form N–PX 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘Paperwork 

Reduction Act’’), the Securities and 

Exchange Commission (the 

‘‘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. 

Rule 30b1–4 (17 CFR 270.30b1–4) 

under the Investment Company Act of 

1940 (15 U.S.C. 80a–1 et seq.) requires 

every registered management 

investment company, other than a small 

business investment company registered 

on Form N–5 (‘‘funds’’), to file a report 

on Form N–PX not later than August 31 

of each year. Funds use Form N–PX to 

file annual reports with the Commission 

containing their complete proxy voting 

record for the most recent twelve-month 

period ended June 30. 

The Commission estimates that there 

are approximately 2,207 funds 

registered with the Commission, 

representing approximately 11,890 fund 

portfolios that are required to file Form 

N–PX reports. The 11,890 portfolios are 

comprised of approximately 6,392 

portfolios holding equity securities, 

2,857 portfolios holding no equity 

securities, and 1,476 portfolios holding 

fund securities (i.e., fund of funds).1 The 

currently approved burden of Form N– 

PX for portfolios holding equity 


khammond on DSKJM1Z7X2PROD with NOTICES