Federal Register / Vol. 86, No. 37 / Friday, February 26, 2021 / Notices 11817 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

hedging transactions in connection with 

the orderly liquidation. 

5. The Fund will make liquidating 

cash distributions solely in accordance 

with the Plan of Distribution. 

6. The Fund and Infinity Q will make 

and keep true, accurate and current all 

appropriate records, including but not 

limited to those surrounding the events 

leading to the requested relief, the Asset 

Liquidation Plan, the Plan of 

Distribution (and distributions made 

pursuant thereto), the valuation and sale 

of Fund portfolio holdings, and 

communications with shareholders 

(including any complaints from 

shareholders and responses thereto). 

7. The Fund and Infinity Q will 

promptly make available to Commission 

staff all files, books, records and 

personnel, as requested, relating to the 

Fund. 

8. The Fund and Infinity Q will 

provide periodic reporting, no less 

frequently than weekly, to Commission 

staff regarding all activities carried out 

pursuant to the Asset Liquidation Plan 

and the Plan of Distribution. 

9. Infinity Q, its affiliates, and its and 

their associated persons, will not 

receive any fee for managing the Fund. 

10. The Fund will be in liquidation 

and will not be engaged and does not 

propose to engage in any business 

activities other than those necessary for 

the protection of its assets, the 

protection of current and former 

shareholders and the winding-down of 

its affairs. 

11. The Fund and Infinity Q will 

appropriately convey accurate and 

timely information to current and 

former shareholders of the Fund with 

regard to the status of the Fund and its 

liquidation (including posting such 

information on the Fund’s website), 

including, without limitation, 

information concerning the dates and 

amounts of distributions, press releases 

and periodic reports, and will maintain 

a toll-free number to respond to 

shareholder inquiries. 

12. The Fund shall consult with 

Commission staff prior to making any 

material amendments to the Asset 

Liquidation Plan and the Plan of 

Distribution. 

13. The Fund will comply with the 

requirements of Section 30 of the Act 

and the rules thereunder and will file a 

report containing a liquidation audit, 

i.e., audited financial statements dated 

as of or near the final distribution date, 

promptly following the Fund’s final 

liquidating distribution. 

14. The Fund and Infinity Q will 

comply with all provisions of the 

Federal securities laws. 

15. The relief granted pursuant to this 

application shall be without prejudice 

to, and shall not limit the Commission’s 

rights in any manner with respect to, 

any Commission investigation of, or 

legal proceedings involving or against 

the Applicants. 

Commission Finding 

Based on the representations and 

conditions in the application, the 

Commission permits the temporary 

suspension of the right of redemption 

for the protection of the Fund’s security 

holders. Under the circumstances 

described in the application, which 

require immediate action to protect the 

Fund’s security holders, the 

Commission concludes that it is not 

practicable to give notice or an 

opportunity to request a hearing before 

issuing the order. 

It is ordered, pursuant to Section 

22(e)(3) of the Act, that the requested 

relief from Section 22(e) of the Act is 

granted with respect to the Fund until 

it has liquidated, or until the 

Commission rescinds the order granted 

herein. This order shall be in effect as 

of February 22, 2021, with suspension 

of redemption requests as requested by 

the Applicants to be effective as of 

February 19, 2021. 

By the Commission. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–03966 Filed 2–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting; Cancellation 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 86 FR 10609, February 

22, 2021. 

PREVIOUSLY ANNOUNCED TIME AND DATE OF

THE MEETING: Thursday, February 25, 

2021 at 2:30 p.m. 

CHANGES IN THE MEETING: The Closed 

Meeting scheduled for Thursday, 

February 25, 2021 at 2:30 p.m., has been 

cancelled. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Dated: February 24, 2021. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2021–04120 Filed 2–24–21; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91175; File No. SR–MSRB– 

2021–01] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Extend the Compliance 

Date of Amended Form G–32 

February 22, 2021. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on February 17, 2021 the Municipal 

Securities Rulemaking Board (‘‘MSRB’’) 

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 by the MSRB. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The MSRB filed with the Commission 

a proposed rule change to extend the 

March 31, 2021 compliance date of 

previously approved amendments to 

Form G–32 until August 2, 2021 in 

order to provide brokers, dealers, and 

municipal securities dealers 

(collectively, ‘‘dealers’’) additional time 

to operationalize compliance with the 

amended form (the ‘‘proposed rule 

change’’). The MSRB has designated the 

proposed rule change as constituting a 

‘‘noncontroversial’’ rule change under 

paragraph (f)(6) of Rule 19b–4 under the 

Act,3 which renders the proposal 

effective upon receipt of this filing by 

the Commission. 

The text of the proposed rule change 

is available on the MSRB’s website at 

www.msrb.org/Rules-andInterpretations/SEC-Filings/2021- 

Filings.aspx, at the MSRB’s principal 

office, and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

MSRB included statements concerning 

the purpose of and basis for the 

proposed rule change and discussed any 

comments it received on the proposed 


khammond on DSKJM1Z7X2PROD with NOTICES
11818 Federal Register / Vol. 86, No. 37 / Friday, February 26, 2021 / Notices 

4See Release No. 34–86219 (June 27, 2019), 84 FR 

31961 (July 3, 2019) (File No. SR–MSRB–2019–07). 

5 Id. 

6 Id. Completing Form G–32 is a requirement 

under Rule G–32. An underwriter must ensure that 

the data submitted on Form G–32 is accurate. Even 

if the underwriter initially enters the data into 

NIIDS and that data is, thereafter, auto-populated 

into the Form G–32, the underwriter is responsible 

for ensuring the submission of accurate information 

on Form G–32. See Release No. 34–85551 (April 2, 

2019), 84 FR 14988 (April 8, 2019) (File No. SR– 

MSRB–2019–07) at notes 13–14. 

7See MSRB Notice 2019–21 (December 20, 2019), 

announcing the November 30, 2020 effective date 

for amendments to Form G–32 that the Commission 

approved on June 27, 2019. 

8See ‘‘Proclamation 9994—Declaring a National 

Emergency Concerning the Novel Coronavirus 

Disease (COVID–19) Outbreak,’’ (March 13, 2020) at 

https://www.govinfo.gov/content/pkg/DCPD202000156/pdf/DCPD-202000156.pdf, 85 FR 15337 

(March 18, 2020). 

9See Release No. 34–88694 (April 20, 2020), 85 

FR 23088 (April 24, 2020) (File No. SR–MSRB– 

2020–01). 

10 Id. 

11See Release No. 34–90248 (October 22, 2020) 

85 FR 68395 (October 28, 2020) (File No. SR– 

MSRB–2020–08). The three additional manually 

submitted data elements were originally included 

with the 57 NIIDS auto-populated data elements 

identified by the MSRB for collection in the 2019 

rule filing. Accordingly, presently there are 66 new 

data elements included on amended Form G–32, 

including 54 data elements submitted to NIIDS and 

auto-populated to amended Form G–32, and 12 

additional data elements that must be submitted 

manually to EMMA Dataport, as applicable. Id. 

12See Release No. 34–90611 (December 9, 2020), 

85 FR 81248 (December 15, 2020) (File No. SR– 

MSRB–2020–08). 

13 In December 2020, the SEC approved an 

additional MSRB proposed rule change for 

immediate effectiveness that provided further 

COVID–19 pandemic-related regulatory relief to 

regulated entities from certain other MSRB rule 

requirements outside of Rule G–32. See Release No. 

34–90621 (December 9, 2020), 85 FR 21854 

(December 15, 2020) (File No. SR–MSRB–2020–09). 

14For example, dealers informed the MSRB that 

information required to complete manual 

submission of certain new data elements must be 

obtained from their fixed income trading desks and 

then reported to EMMA Dataport by back-office 

personnel responsible for such data entry. Dealers 

must identify appropriate staff and create 

procedures to operationalize the new information 

gathering and amended Form G–32 reporting 

process. 

15See ‘‘Emma Dataport Manual for Primary 

Market Submissions,’’ Version 3.0, January 2021, 

effective August 2021. 

16 15 U.S.C. 78o–4(b)(2)(C). 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. The MSRB has 

prepared summaries, set forth in 

Sections A, B, and C below, of the most 

significant aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Commission approved 

amendments to MSRB Rule G–32, on 

disclosures in connection with primary 

offerings, in June 2019 (‘‘Rule G–32 

amendments’’).4 The Rule G–32 

amendments included amendments to 

Form G–32 applicable to dealers acting 

as underwriters in the primary offering 

of municipal securities to collect and 

report new data elements through the 

MSRB’s Electronic Municipal Market 

Access Dataport system (EMMA®

Dataport) (‘‘amended Form G–32’’).5

Amended Form G–32 is designed to 

ensure the MSRB receives information 

from underwriters to facilitate the 

MSRB’s collection of market 

information to promote greater 

regulatory transparency in the 

municipal securities market. 

Underwriters are already required to 

input the majority of the amended Form 

G–32 data elements, as applicable, into 

the Depository Trust Company’s New 

Issue Information Dissemination Service 

(‘‘NIIDS’’).6 Along with the data 

elements auto-populated from NIIDS, 

nine of the new data elements were 

identified as requiring manual 

completion, when applicable. Pursuant 

to the Commission’s approval of 

amended Form G–32, the MSRB 

established a November 30, 2020 

compliance date for amended Form G– 

32.7

In March 2020, the United States 

declared a national emergency in 

response to the coronavirus disease 

(‘‘COVID–19’’) pandemic.8 Shortly 

thereafter in April 2020, the 

Commission approved an MSRB 

proposed rule change filed for 

immediate effectiveness to provide 

regulatory relief to dealers and 

municipal advisors (collectively 

‘‘regulated entities’’) in light of COVID– 

19 pandemic-related operational 

challenges and disruptions to normal 

business functions faced by these 

regulated entities.9 In the April 2020 

filing, the MSRB, among other things, 

provided relief to dealers by extending 

the compliance date for the amended 

Form G–32 to March 31, 2021. The 

MSRB also stated in the April 2020 

filing that it would continue to monitor 

the impact of COVID–19.10

In October 2020, the MSRB filed a 

proposed rule change to clarify how 

dealers acting as underwriters in the 

primary offering of municipal securities 

must manually complete three of the 

data fields on amended Form G–32 that 

previously had been described as autopopulated with NIIDS data (‘‘new Form 

G–32 clarifying amendment’’).11 The 

Commission approved the new Form G– 

32 clarifying amendment, with a 

compliance date of March 31, 2021, on 

December 9, 2020.12 As a result of the 

new Form G–32 clarifying amendment, 

underwriters are on notice that there are 

12, rather than nine, data fields that, 

when applicable, underwriters must 

manually complete with accurate 

information. 

The MSRB recognizes that the 

impacts of the COVID–19 pandemic 

persist, including ongoing safety 

concerns and continuing operational 

challenges for dealers.13 Specifically, 

the MSRB understands that the 

pandemic continues to affect dealers’ 

ability to wholly operationalize the 

changes necessary to implement the 

new Form G–32 amendments by the 

March 31, 2021 compliance date. For 

example, dealers need additional time 

to develop and test applicable 

compliance processes and procedures 

prior to the compliance date and to 

conduct staff training necessary to 

effectively implement the new Form G– 

32 amendments.14

The MSRB published the updated 

‘‘EMMA Dataport Manual for Primary 

Market Submissions’’ (‘‘manual’’) on 

January 29, 2021.15 While the MSRB 

previously provided dealers with access 

to the new amended Form G–32 in 

October 2020 through the new Form G– 

32 clarifying amendment, the MSRB 

believes providing a further extension of 

time from March 31, 2021 to August 2, 

2021, will afford dealers the time they 

deem necessary to implement policies 

and procedures and to conduct 

appropriate staff training to effectively 

operationalize compliance with new 

Form G–32. 

2. Statutory Basis 

The MSRB believes that the proposed 

rule change is consistent with Section 

15B(b)(2)(C) of the Exchange Act,16

which provides that the MSRB’s rules 

shall: 

be designed to prevent fraudulent and 

manipulative acts and practices, to promote 

just and equitable principles of trade, to 

foster cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with respect 

to, and facilitating transactions in municipal 

securities and municipal financial products, 

to remove impediments to and perfect the 

mechanism of a free and open market in 

municipal securities and municipal financial 

products, and, in general, to protect 

investors, municipal entities, obligated 

persons, and the public interest. 

The proposed rule change does not 

alter any rule language but provides 

dealers with additional time to comply 

with certain obligations under MSRB 

Rule G–32. In addition, the proposed 

rule change will alleviate some of the 

operational challenges dealers may be 

experiencing and allow them to more 


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Federal Register / Vol. 86, No. 37 / Friday, February 26, 2021 / Notices 11819 

17 Id. 

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f)(6). 20 17 CFR 200.30–3(a)(12). 

effectively allocate resources to 

implement new Form G–32 effectively, 

which would (1) promote just and 

equitable principles of trade, (2) foster 

cooperation and coordination with 

persons engaged in regulating and 

processing information with respect to 

transactions in municipal securities, 

and (3) remove impediments to and 

perfect the mechanism of a free and 

open market in municipal securities. 

The proposed rule change would 

promote just and equitable principles of 

trade by providing additional time for 

dealers to establish compliance 

procedures to ensure that all applicable 

fields are complete and accurate. In 

turn, more accurate and complete 

information will enhance the MSRB’s 

regulatory transparency initiatives and 

facilitate the MSRB’s own usage of data, 

which the MSRB believes helps remove 

impediments to, and promotes the 

mechanisms of a free and open market 

and fosters cooperation and 

coordination with persons engaged in 

regulating and processing information 

with respect to transactions in 

municipal securities. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Section 15B(b)(2)(C) of the Act 

requires that MSRB rules be designed 

not to impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act.17 The MSRB does 

not believe that the proposed rule 

change will impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

Exchange Act. The goal of the proposed 

rule change is to grant additional time 

for dealers to meet certain obligations 

under Rule G–32 during the exigent 

circumstances of the COVID–19 

pandemic but would not alter their 

underlying obligations under MSRB 

rules. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received on the proposed 

rule change. 

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 18 and Rule 19b– 

4(f)(6) 19 thereunder. 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– 

MSRB–2021–01 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–MSRB–2021–01. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of the MSRB. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–MSRB–2021–01 and should 

be submitted on or before March 19, 

2021. 

For the Commission, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–03948 Filed 2–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: 30-Day notice. 

SUMMARY: The Small Business 

Administration (SBA) is seeking 

approval from the Office of Management 

and Budget (OMB) for the information 

collection described below. In 

accordance with the Paperwork 

Reduction Act and OMB procedures, 

SBA is publishing this notice to allow 

all interested member of the public an 

additional 30 days to provide comments 

on the proposed collection of 

information. 

DATES: Submit comments on or before 

March 29, 2021. 

ADDRESSES: Written comments and 

recommendations for this information 

collection request should be sent within 

30 days of publication of this notice to 

www.reginfo.gov/public/do/PRAMain. 

Find this particular information 

collection request by selecting ‘‘Small 

Business Administration’’; ‘‘Currently 

Under Review,’’ then select the ‘‘Only 

Show ICR for Public Comment’’ 

checkbox. This information collection 

can be identified by title and/or OMB 

Control Number. 

FOR FURTHER INFORMATION CONTACT: You 

may obtain a copy of the information 

collection and supporting documents 

from the Agency Clearance Office at 

Curtis.Rich@sba.gov; (202) 205–7030, or 

from www.reginfo.gov/public/do/ 

PRAMain. 

SUPPLEMENTARY INFORMATION: 

Solicitation of Public Comments: In 

carrying out its statutory mandate in 15 


khammond on DSKJM1Z7X2PROD with NOTICES