12254 Federal Register / Vol. 86, No. 39 / Tuesday, March 2, 2021 / Notices 

Applicant’s Legal Analysis 

1. Section 202(a)(11) of the Advisers 

Act defines the term ‘‘investment 

adviser’’ to mean ‘‘any person who, for 

compensation, engages in the business 

of advising others, either directly or 

through publications or writings, as to 

the value of securities or as to the 

advisability of investing in, purchasing, 

or selling securities, or who, for 

compensation and as part of a regular 

business, issues or promulgates analyses 

or reports concerning securities. . . .’’ 

2. The Applicant falls within the 

definition of an investment adviser 

under Section 202(a)(11). The Family 

Office Rule provides an exclusion from 

the definition of investment adviser for 

which the Applicant is currently 

eligible but would no longer qualify if 

the Applicant provides Services to the 

Additional Family Clients. Absent the 

requested relief, once the Applicant 

provides Services to the Additional 

Family Client and can no longer rely on 

the Family Office Rule, the Applicant 

would be required to register as an 

investment adviser in the State of 

Nevada and would be subject to 

regulation in the State of Nevada, 

notwithstanding that (i) the Applicant 

does not hold itself out to the public as 

an investment adviser and does not 

market non-public offerings to persons 

or entities that are not Family Clients, 

(ii) the Applicant is wholly owned and 

controlled by members of the Lewis 

Family, in accordance with paragraph 

(b)(2) of the Family Office Rule, and (iii) 

the Applicant is a ‘‘family office’’ for the 

Lewis Family and will not offer its 

Services to anyone other than Family 

Clients and the Additional Family 

Client. 

3. The Applicant submits that its 

proposed relationship with the 

Additional Family Client does not 

change the nature of the office into that 

of a commercial advisory firm. In 

support of this argument, the Applicant 

notes that if the Common Ancestor 

chosen were one branch higher in the 

familial tree, the Niece would be a 

Family Member. The Applicant states 

that in requesting the order, the 

Applicant is not attempting to expand 

its operations or engage in any level of 

commercial activity to which the 

Advisers Act is designed to apply. 

Indeed, although the Additional Family 

Client does not fall within the definition 

of Family Member, the Applicant 

represents that the Additional Family 

Client has been treated as a close family 

member of the Lewis Family for many 

years. Additionally, the Applicant 

represents that if the Additional Family 

Client’s assets were managed by the 

Applicant, the assets owned by the 

Additional Family Client would 

represent less than half of one percent 

(.5%) of the Applicant’s assets under 

management. 

4. The Applicant also submits that 

there is no public interest in requiring 

the Applicant to be registered under the 

Advisers Act. The Applicant states that 

the office is a private organization that 

was formed to be the family trust 

company for the Lewis Family, and that 

the Applicant does not have any public 

clients. The Applicant maintains that 

the office’s Advisory Services are 

exclusively tailored to the needs of the 

Lewis Family and the Additional 

Family Client. The Applicant argues 

that the provision of Advisory Services 

to the Additional Family Client does not 

create any public interest that would 

require the office to be registered under 

the Advisers Act that is different in any 

manner than the considerations that 

apply to a ‘‘family office’’ that complies 

in all respects with the Family Office 

Rule. 

5. The Applicant argues that, although 

the Family Office Rule largely codified 

the exemptive orders that the 

Commission had previously issued 

before the enactment of the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act, the Commission 

recognized in proposing the rule that 

the exact representations, conditions, or 

terms contained in every exemptive 

order could not be captured in a rule of 

general applicability. The Commission 

noted that family offices would remain 

free to seek a Commission exemptive 

order to advise an individual or entity 

that did not meet the proposed family 

client definition, and that certain issues 

would be more appropriately addressed 

through an exemptive order process 

where the Commission can consider the 

specific facts and circumstances, than 

through a rule of general applicability. 

6. The Applicant maintains that, 

based on its unusual circumstances— 

desiring to provide Services to one 

Additional Family Client who has been 

considered and treated as a family 

member and whose status as a client of 

the office would not change the nature 

of the office’s operations to that of a 

commercial advisory business—an 

exemptive order is appropriate based on 

the Applicant’s specific facts and 

circumstances. 

7. For the foregoing reasons, the 

Applicant requests an order declaring it 

to be a person not within the intent of 

Section 202(a)(11) of the Advisers Act. 

The Applicant submits that the order is 

necessary and appropriate, in the public 

interest, consistent with the protection 

of investors, and consistent with the 

purposes fairly intended by the policy 

and provisions of the Advisers Act. 

Applicant’s Conditions 

1. The Applicant will offer and 

provide Advisory Services only to 

Family Clients and to the Additional 

Family Client, who generally will be 

deemed to be, and be treated as if she 

were, a Family Client; provided, 

however, that the Additional Family 

Client will be deemed to be, and treated 

as if she were, a Family Member for 

purposes of paragraph (b)(1) and for 

purposes of paragraph (d)(4)(vi) of the 

Family Office Rule. 

2. The Applicant will at all times be 

wholly-owned by Family Clients and 

exclusively controlled (directly or 

indirectly) by one or more Family 

Members or Family Entities (excluding 

the Additional Family Client’s Family 

Entities) as defined in paragraph (d)(5) 

of the Family Office Rule. 

3. At all times the assets beneficially 

owned by Family Members and/or 

Family Entities (excluding the 

Additional Family Client’s Family 

Entities) will account for at least 99% of 

the assets for which the Applicant 

provides Advisory Services. 

4. The Applicant will comply with all 

the terms for exclusion from the 

definition of investment adviser under 

the Advisers Act set forth in the Family 

Office Rule except for the limited 

exception requested by this application. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04215 Filed 3–1–21; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Affordable Care Act 

Internal Claims and Appeals and 

External Review Disclosures 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: The Internal Revenue Service, 

as part of its continuing effort to reduce 

paperwork and respondent burden, 

invites the general public and other 

Federal agencies to take this 

opportunity to comment on continuing 

information collections, as required by 

the Paperwork Reduction Act of 1995. 

The IRS is soliciting comments 


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Federal Register / Vol. 86, No. 39 / Tuesday, March 2, 2021 / Notices 12255 

concerning affordable care act internal 

claims and appeals and external review 

disclosures. 

DATES: Written comments should be 

received on or before May 3, 2021 to be 

assured of consideration. 

ADDRESSES: Direct all written comments 

to Kinna Brewington, Internal Revenue 

Service, Room 6526, 1111 Constitution 

Avenue NW, Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the form should be directed to 

Kerry Dennis, at (202) 317–5751 or 

Internal Revenue Service, Room 6526, 

1111 Constitution Avenue NW, 

Washington, DC 20224, or through the 

internet, at Kerry.Dennis@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Affordable Care Act Internal 

Claims and Appeals and External 

review Disclosures. 

OMB Number: 1545–2182. 

Regulation Project Number: REG– 

125592–10 (TD 9494). 

Abstract: Section 2719 of the Public 

Health Service Act, incorporated into 

Code section 9815 by section 1563(f) of 

the Patient Protection and Affordable 

Care Act, Public Law 111–148, requires 

group health plans and issuers of group 

health insurance coverage, in 

connection with internal appeals of 

claims denials, to provide claimants free 

of charge with any evidence relied upon 

in deciding the appeal that was not 

relied on in making the initial denial of 

the claim. This is a third-party 

disclosure requirement. Individuals 

appealing a denial of a claim should be 

able to respond to any new evidence the 

plan or issuer relies on in the appeal, 

and this disclosure requirement is 

essential so that the claimant knows of 

the new evidence. 

Current Actions: There is no change to 

the regulation or the paperwork burden 

previously approved by OMB. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

1,769,264. 

Estimated Total Annual Burden 

Hours: 2,271. 

The following paragraph applies to all 

the collections of information covered 

by this notice. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless the collection of information 

displays a valid OMB control number. 

Books or records relating to a collection 

of information must be retained if their 

contents may become material in the 

administration of any internal revenue 

law. Generally, tax returns and tax 

return information are confidential, as 

required by 26 U.S.C. 6103. 

Request for Comments: Comments 

submitted in response to this notice will 

be summarized and/or included in the 

request for OMB approval. All 

comments will become a matter of 

public record. Comments are invited on: 

(a) Whether the collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information shall 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 to be collected; (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; and (e) estimates of capital 

or start-up costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Approved: February 16, 2021. 

Chakinna B. Clemons, 

Supervisory Tax Analyst. 

[FR Doc. 2021–04272 Filed 3–1–21; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Open Meeting of the Taxpayer 

Advocacy Panel’s Notices and 

Correspondence Project Committee 

AGENCY: Internal Revenue Service (IRS) 

Treasury. 

ACTION: Notice of meeting. 

SUMMARY: An open meeting of the 

Taxpayer Advocacy Panel’s Notices and 

Correspondence Project Committee will 

be conducted. The Taxpayer Advocacy 

Panel is soliciting public comments, 

ideas, and suggestions on improving 

customer service at the Internal Revenue 

Service. Due to a processing error, we 

will not be able to meet the 15-calendar 

notice threshold, but this meeting will 

still be open. This meeting will still be 

held via teleconference. 

DATES: The meeting will be held 

Wednesday, March 10, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Robert Rosalia at 1–888–912–1227 or 

(718) 834–2203. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given pursuant to Section 

10(a)(2) of the Federal Advisory 

Committee Act, 5 U.S.C. App. (1988) 

that an open meeting of the Taxpayer 

Advocacy Panel’s Notices and 

Correspondence Project Committee will 

be held Wednesday, March 10, 2021, at 

1:00 p.m. Eastern Time. The public is 

invited to make oral comments or 

submit written statements for 

consideration. Due to limited time and 

structure of meeting, notification of 

intent to participate must be made with 

Robert Rosalia. For more information 

please contact Robert Rosalia at 1–888– 

912–1227 or (718) 834–2203, or write 

TAP Office, 2 Metrotech Center, 100 

Myrtle Avenue, Brooklyn, NY 11201 or 

contact us at the website: http://

www.improveirs.org. The agenda will 

include various IRS issues. 

Dated: February 24, 2021. 

Kevin Brown, 

Acting Director, Taxpayer Advocacy Panel. 

[FR Doc. 2021–04206 Filed 3–1–21; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Open Meeting of the Taxpayer 

Advocacy Panel Taxpayer 

Communications Project Committee 

AGENCY: Internal Revenue Service (IRS) 

Treasury. 

ACTION: Notice of meeting. 

SUMMARY: An open meeting of the 

Taxpayer Advocacy Panel’s Taxpayer 

Communications Project Committee will 

be conducted. The Taxpayer Advocacy 

Panel is soliciting public comments, 

ideas, and suggestions on improving 

customer service at the Internal Revenue 

Service. Due to a processing error, we 

will not be able to meet the 15-calendar 

notice threshold, but this meeting will 

still be open. This meeting will still be 

held via teleconference. 

DATES: The meeting will be held 

Tuesday, March 9, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Conchata Holloway at 1–888–912–1227 

or 336–690–6217. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given pursuant to Section 

10(a)(2) of the Federal Advisory 

Committee Act, 5 U.S.C. App. (1988) 

that a meeting of the Taxpayer 

Advocacy Panel Taxpayer 

Communications Project Committee will 

be held Tuesday, March 9, 2021, at 

12:00 p.m. Eastern Time. The public is 

invited to make oral comments or 

submit written statements for 

consideration. Due to limited time and 

structure of meeting, notification of 

intent to participate must be made with 

Conchata Holloway. For more 


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