Federal Register / Vol. 87, No. 9 / Thursday, January 13, 2022 / Notices 2197 

Representative registrations, could range from $600 

to $680 (for the SIE, Series 7 and Series 79). The 

qualification examination fees used in the examples 

above are based on the revised fees that will go into 

effect on January 1, 2022. See supra note 15. 

29See 2020 FINRA Industry Snapshot, available 

at https://www.finra.org/sites/default/files/2020-07/ 

2020-industry-snapshot.pdf. 

30See supra note 23. 

31 In the event of a partial termination, some firms 

may determine to reimburse individuals who elect 

to remain qualified for a terminated registration 

through the MQP. 

32 15 U.S.C. 78s(b)(3)(A). 

33 17 CFR 240.19b–4(f)(2). 34 17 CFR 200.30–3(a)(12). 

experience material costs when they are 

not able to retain qualified experienced 

persons because of professional and 

personal events that require such 

individuals to take an extended leave of 

absence from the industry. 

As noted above, the population of 

FINRA-registered persons is 

approximately 620,000 individuals.29 In 

recent years, out of the approximately 

620,000 individuals, approximately 

90,000 individuals end their registration 

with all firms with which they are 

registered at some point during the year. 

Out of these, approximately half do not 

reregister and are considered to have left 

the securities industry. 

Economic Impacts 

FINRA previously considered the 

economic impacts of the MQP.30 As 

discussed above, the proposed fee of 

$100 will permit recovery of the costs 

for the development, maintenance and 

delivery of the MQP content and the 

systems and operational costs of 

establishing and managing the MQP. 

The proposed fee will also provide for 

a contribution to FINRA’s overall 

regulatory operations. 

The proposed $100 annual fee is 

imposed on individuals following the 

termination of a registration category.31

As such, FINRA anticipates that the 

proposed fee will not impose costs on 

member firms. 

Participating in the MQP is voluntary, 

so individuals will pay the fee when the 

anticipated benefits outweigh the costs. 

Potential beneficiaries are not limited to 

individuals who under the current 

baseline requalify and reregister 

between two and five years after their 

registrations are terminated. Some 

individuals who currently do not 

terminate their registrations, and others 

who terminate their registrations and 

never reregister, may also benefit from 

the option provided by the MQP and 

paying the proposed $100 fee. 

Alternatives Considered 

In establishing the proposed fee, 

FINRA sought to minimize the burden 

to individuals who would elect to 

participate in the MQP while covering 

program costs and maintaining the 

contribution of the testing and CE 

programs to FINRA’s overall regulatory 

operations. FINRA considered a range of 

possible fees and found that the 

proposed fee and annual revenue come 

within narrow ranges of meeting these 

goals. 

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. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 32 and paragraph (f)(2) of Rule 

19b–4 thereunder.33 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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

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– 

FINRA–2021–034 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–FINRA–2021–034. 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 FINRA. 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–FINRA– 

2021–034 and should be submitted on 

or before February 3, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00490 Filed 1–12–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–512, OMB Control No. 

3235–0570] 

Proposed Collection; Comment 

Request; Extension: Form N–CSR 

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 

(44 U.S.C. 3501 et seq.), 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. 

Form N–CSR (17 CFR 249.331 and 

274.128) is a combined reporting form 


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2198 Federal Register / Vol. 87, No. 9 / Thursday, January 13, 2022 / Notices 

1This estimate is based on the following 

calculation: 179,443 (previous burden estimate) + 

1,724.5 (additional internal burden) = 181,167.5 

hours. 

2This estimate is based on the number of 

registered management companies as calculated by 

the filing type: 1,403 N–1A registrants (13,248 

funds); 693 N–2 registrants (691 funds); 5 N–3 

registrants (14 funds); 417 N–4 registrants (418 

funds); 235 N–6 registrants (236 funds); 47 N–8B– 

2 registrants (47 funds). 

3This estimate is based on the following 

calculation: 14,654 funds × $203 per filing × 2 

filings per year = $5,949,524. 

used by registered management 

investment companies (‘‘funds’’) to file 

certified shareholder reports under the 

Investment Company Act of 1940 (15 

U.S.C. 80a–1 et seq.) (‘‘Investment 

Company Act’’) and the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.) (‘‘Exchange Act’’). Specifically, 

Form N–CSR is to be used for reports 

under section 30(b)(2) of the Investment 

Company Act (15 U.S.C. 80a–29(b)(2)) 

and section 13(a) or 15(d) of the 

Exchange Act (15 U.S.C. 78m(a) and 

78o(d)), filed pursuant to rule 30b2–1(a) 

under the Investment Company Act (17 

CFR 270.30b2–1(a)). Reports on Form 

N–CSR are to be filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) no later than 10 days 

after the transmission to stockholders of 

any report that is required to be 

transmitted to stockholders under rule 

30e–1 under the Investment Company 

Act (17 CFR 270.30e–1). The 

information filed with the Commission 

permits the verification of compliance 

with securities law requirements and 

assures the public availability and 

dissemination of the information. 

The current total annual burden hour 

inventory for Form N–CSR is 181,167 

hours.1 The hour burden estimates for 

preparing and filing reports on Form N– 

CSR are based on the Commission’s 

experience with the contents of the 

form. The number of burden hours may 

vary depending on, among other things, 

the complexity of the filing and whether 

preparation of the reports is performed 

by internal staff or outside counsel. 

The Commission’s new estimate of 

burden hours that will be imposed by 

Form N–CSR is as follows: 

TABLE 1—SUMMARY OF REVISED BURDEN HOURS FOR REPORTS ON FORM N–CSR 

Funds and filings Annual time burden (hours) 

Number of funds Number of annual 

filings 

Number of total 

filings 

Hour burden per 

fund per filing 

Total annual hour 

burden 

(A) (B) (C) = (A) × (B) (D) (E) = (C) × (D) 

Form N–CSR ......................................... 2 14,654 2 29,308 7.75 227,137 

In total, the Commission estimates it 

will take 227,137 burden hours per year 

for all funds to prepare and file reports 

on Form N–CSR. Commission staff 

estimates that the annual cost of outside 

services associated with Form N–CSR is 

approximately $203 per fund and the 

total annual external cost burden for 

Form N–CSR is $5,949,524.3

Estimates of average burden hours 

and costs are made solely for purposes 

of the Paperwork Reduction Act, and are 

not derived from a comprehensive or 

even representative survey or study of 

the costs of Commission rules and 

forms. Compliance with the information 

collection requirements of Form N–CSR 

is mandatory. Responses to the 

collection of information will not be 

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 OMB control number. 

Written comments are invited on: (a) 

Whether the collection of information is 

necessary for the proper performance of 

the functions of the Commission, 

including whether the information has 

practical utility; (b) the accuracy of the 

Commission’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, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O John R. 

Pezzullo, 100 F Street NE, Washington, 

DC 20549; or send an email to: PRA_

Mailbox@sec.gov. 

All submissions should refer to File 

Number 270–512. This file number 

should be included on the subject line 

if email is used. The Commission will 

post all comments on the Commission’s 

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

All comments received will be posted 

without change; we do not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

Dated: January 10, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00589 Filed 1–12–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–792; OMB Control No. 

3235–0739] 

Proposed Collection; Comment 

Request; Extension: Order Granting a 

Conditional Exemption Under the 

Securities Exchange Act of 1934 From 

the Confirmation Requirements of 

Exchange Act Rule 10b–10(a) for 

Certain Transactions in Money Market 

Funds 

Upon Written Request, Copies Available 

From: U.S. 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’’) is soliciting comments 

on the existing collection of information 

provided for in the Order Granting a 

Conditional Exemption under the 

Securities Exchange Act of 1934 from 

the Confirmation Requirements of 

Exchange Act Rule 10b–10(a) for Certain 

Transactions in Money Market Funds 

(17 CFR 240.10b–10(a)). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 


jspears on DSK121TN23PROD with NOTICES1