Federal Register / Vol. 87, No. 1 / Monday, January 3, 2022 / Notices 137 

SE is a public document and is filed on 

occasion. Form SE is filed by 

individuals, companies or other entities 

that are required to file documents 

electronically. Approximately 19 

registrants file Form SE and it takes an 

estimated 0.10 hours per response for a 

total annual burden of 2 hours (0.10 

hours per response × 19 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: 

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: PRA_Mailbox@sec.gov. 

Dated: December 28, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–28439 Filed 12–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–028, OMB Control No. 

3235–0032] 

Submission for OMB Review; 

Comment Request; Extension: Rule 

17f–1(b) 

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 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the previously approved 

collection of information provided for in 

Rule 17f–1(b) (17 CFR 240.17f–1(b)), 

under the Securities Exchange Act of 

1934 (15 U.S.C. 78a et seq.). 

Under Rule 17f–1(b) under the 

Exchange Act, approximately 10,000 

entities in the securities industry are 

registered in the Lost and Stolen 

Securities Program (‘‘Program’’). 

Registration fulfills a statutory 

requirement that entities report and 

inquire about missing, lost, counterfeit, 

or stolen securities. Registration also 

allows entities in the securities industry 

to gain access to a confidential database 

that stores information for the Program. 

The Commission staff estimates that 

10 new entities will register in the 

Program each year. The staff estimates 

that the average number of hours 

necessary to comply with Rule 17f–1(b) 

is one-half hour. Accordingly, the staff 

estimates that the total annual burden 

for all participants is 5 hours (10 × onehalf hour). The Commission staff 

estimates that compliance staff work at 

subject entities results in an internal 

cost of compliance, at an estimated 

hourly wage of $283, of $141.50 per year 

per entity (.5 hours × $283 per hour = 

$141.50 per year). Therefore, the 

aggregate annual internal cost of 

compliance is approximately $1,415 

($141.50 × 10 = $1,415). 

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. 

The public may view background 

documentation for this information 

collection at the following website: 

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 R. Pezzullo, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: December 28, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–28431 Filed 12–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–642, OMB Control No. 

3235–0696] 

Submission for OMB Review; 

Comment Request; Extension: Rules 

15Fb1–1 Through 15Fb6–2 and Forms 

SBSE, SBSE–A, SBSE–BD, SBSE–C 

and SBSE–W 

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 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. The Code 

of Federal Regulation citations 

associated with this collection of 

information are 17 CFR 240.15Fb1–1 

through 240.15Fb6–2, and 17 CFR 

249.1600, 249.1600a, 249.1600b, 

249.1600c and 249.1601. 

The Commission adopted Rules 

15Fb1–1 through 15Fb6–2 and Forms 

SBSE, SBSE–A, SBSE–BD, SBSE–C and 

SBSE–W on August 5, 2015 to create a 

process to register SBS Entities. Forms 

SBSE, SBSE–A, and SBSE–BD and 

SBSE–C were designed to elicit certain 

information from applicants. The 

Commission uses the information 

disclosed by applicants through the SBS 

Entity registration rules and forms to: (1) 

Determine whether an applicant meets 

the standards for registration set forth in 

the provisions of the Exchange Act; and 

(2) develop an information resource 

regarding SBS Entities where members 

of the public may obtain relevant, up-todate information about SBS Entities, 

and where the Commission may obtain 

information for examination and 

enforcement purposes. Without the 

information provided through these SBS 

Entity registration rules and forms, the 

Commission could not effectively 

determine whether the applicant meets 

the standards for registration or 

implement policy objectives of the 

Exchange Act. 

The information collected pursuant to 

Rule 15Fb3–2 and Form SBSE–W allows 

the Commission to determine whether it 

is appropriate to allow an SBS Entity to 

withdraw from registration and to 

facilitate that withdrawal. Without this 

information, the Commission would be 

unable to effectively determine whether 

it was appropriate to allow an SBS 


khammond on DSKJM1Z7X2PROD with NOTICES
138 Federal Register / Vol. 87, No. 1 / Monday, January 3, 2022 / Notices 

1See, e.g., https://www.incorp.com/registeredagent-services/ (as of October 15, 2021, $129 per 

year), https://www.wolterskluwer.com/en/solutions/ 

ct-corporation/registered-agent-services-solutions 

(as of October 15, 2021, $305 per year), and https:// 

www.ailcorp.com/services/registered-agent (as of 

October 15, 2021, $149 per year). The staff sought 

websites that provided pricing information and a 

comprehensive description of their registered agent 

services. We calculated our estimate by averaging 

the costs provided on these three websites—($129 

+ $305 + $149) ÷ 3 = $191. 

1The Securities Act requires the delivery of 

prospectuses to investors who buy securities from 

an issuer or from underwriters or dealers who 

participate in a registered distribution of securities. 

See Securities Act sections 2(a)(10), 4(1), 4(3), 5(b) 

(15 U.S.C. 77b(a)(10), 77d(1), 77d(3), 77e(b)); see 

also rule 174 under the Securities Act (17 CFR 

230.174) (regarding the prospectus delivery 

obligation of dealers); rule 15c2–8 under the 

Securities Exchange Act of 1934 (17 CFR 240.15c2– 

8) (prospectus delivery obligations of brokers and 

dealers). 

2Rule 154 permits the householding of 

prospectuses that are delivered electronically to 

investors only if delivery is made to a shared 

electronic address and the investors give written 

consent to householding. Implied consent is not 

permitted in such a situation. See rule d 154(b)(4). 

Entity to withdraw. In addition, it 

would be more difficult for the 

Commission to properly regulate SBS 

Entities if it were unable to quickly 

identify those that have withdrawn from 

the security-based swap business. 

In 2017 there were approximately 55 

entities that may need to register as SBS 

Entities. That number has not changed. 

The Commission estimates that these 

Entities likely would incur a total 

burden of 9,825 hours per year to 

comply with Rules 15Fb1–1 through 

15Fb6–2 and Forms SBSE, SBSE–A, 

SBSE–BD, SBSE–C and SBSE–W. 

In addition, Rules 15Fb1–1 through 

15Fb6–2 and Forms SBSE, SBSE–A, 

SBSE–BD, SBSE–C and SBSE–W may 

impose certain costs on non-resident 

persons that apply to be registered with 

the Commission as SBS Entities, 

including an initial and ongoing costs 

associated with obtaining an opinion of 

counsel indicating that it can, as a 

matter of law, provide the Commission 

with access to its books and records and 

submit to Commission examinations, 

and an ongoing cost associated with 

establishing and maintaining a 

relationship with a U.S. agent for 

service of process. 

The staff estimates, based on internet 

research,1 that it would cost each 

nonresident SBS Entity approximately 

$191 annually to appoint and maintain 

a relationship with a U.S. agent for 

service of process. Consequently, the 

total cost for all nonresident SBS 

Entities to appoint and maintain 

relationships with U.S. agents for 

service of process is approximately 

$4,202 per year. 

Non-resident SBS Entities also would 

incur outside legal costs associated with 

obtaining an opinion of counsel. The 

staff estimates that each of the estimated 

22 non-resident persons that likely will 

apply to register as SBS Entities with 

the Commission would incur, on 

average, approximately $25,000 in 

outside legal costs to obtain the opinion 

of counsel necessary to register, and that 

the total annualized cost for all 

nonresident SBS Entities to obtain this 

opinion of counsel would be 

approximately $183,333. Nonresident 

SBS Entities would also need to obtain 

a revised opinion of counsel after any 

changes in the legal or regulatory 

framework that would impact the SBS 

Entity’s ability to provide, or manner in 

which it provides, the Commission with 

prompt access to its books and records 

or that impacts the Commission’s ability 

to inspect and examine the SBS Entity. 

We do not believe this would occur 

frequently, and therefore estimate that 

one non-resident entity may need to 

recertify annually. Thus, the total 

ongoing cost associated with obtaining a 

revised opinion of counsel regarding the 

new regulatory regime would be 

approximately $25,000 annually. 

Consequently, the total annualized cost 

burden associated with Rules 15Fb1–1 

through 15Fb6–2 and Forms SBSE, 

SBSE–A, SBSE–BD, SBSE–C and SBSE– 

W would be approximately $212,205 

per year. 

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. 

The public may view background 

documentation for this information 

collection at the following website: 

>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) >MBX.OMB.OIRA.SEC_

desk_officer@omb.eop.gov < 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: 

PRA_Mailbox@sec.gov. 

Dated: December 28, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–28425 Filed 12–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[OMB Control No. 3235–0495, SEC File No. 

270–438] 

Submission for OMB Review; 

Comment Request; Extension: Rule 

154 

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. 

The federal securities laws generally 

prohibit an issuer, underwriter, or 

dealer from delivering a security for sale 

unless a prospectus meeting certain 

requirements accompanies or precedes 

the security. Rule 154 (17 CFR 230.154) 

under the Securities Act of 1933 (15 

U.S.C. 77a) (the ‘‘Securities Act’’) 

permits, under certain circumstances, 

delivery of a single prospectus to 

investors who purchase securities from 

the same issuer and share the same 

address (‘‘householding’’) to satisfy the 

applicable prospectus delivery 

requirements.1 The purpose of rule 154 

is to reduce the amount of duplicative 

prospectuses delivered to investors 

sharing the same address. 

Under rule 154, a prospectus is 

considered delivered to all investors at 

a shared address, for purposes of the 

federal securities laws, if the person 

relying on the rule delivers the 

prospectus to the shared address, 

addresses the prospectus to the 

investors as a group or to each of the 

investors individually, and the investors 

consent to the delivery of a single 

prospectus. The rule applies to 

prospectuses and prospectus 

supplements. Currently, the rule 

permits householding of all 

prospectuses by an issuer, underwriter, 

or dealer relying on the rule if, in 

addition to the other conditions set forth 

in the rule, the issuer, underwriter, or 

dealer has obtained from each investor 

written or implied consent to 

householding.2 The rule requires 

issuers, underwriters, or dealers that 

wish to household prospectuses with 

implied consent to send a notice to each 

investor stating that the investors in the 

household will receive one prospectus 

in the future unless the investors 

provide contrary instructions. In 


khammond on DSKJM1Z7X2PROD with NOTICES