Federal Register / Vol. 87, No. 47 / Thursday, March 10, 2022 / Notices 13779 

discount the estimated number of individual clients 

of non-internet advisers providing portfolio 

management to wrap programs by 10%. 

5These estimates are based on the number of new 

clients expected due to average year-over-year 

growth in individual clients from Form ADV Item 

5D(a)(1) and (b)(1) (about 8%) and an assumed rate 

of yearly client turnover of 10%. 

6These estimates are based upon consultation 

with investment advisers that operate investment 

advisory programs that rely on rule 3a–4. 

7The staff bases this estimate in part on the fact 

that, by business necessity, computer records 

already will be available that contain the 

information in the quarterly reports. 

8This estimate is based on the following 

calculation: (25,852,313 continuing clients × 1 

hour) + (2,127,147 new clients × 1.5 hours) + 

(27,979,460 total clients × (0.25 hours × 4 

statements)) = 57,022,493 hours. 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 92876 

(September 3, 2021), 86 FR 50748. Comments 

received on the proposal are available on the 

Commission’s website at: https://www.sec.gov/ 

comments/sr-nyse-2021-45/srnyse202145.htm. 

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

5See Securities Exchange Act Release No. 93221, 

86 FR 55662 (October 6, 2021). The Commission 

designated December 9, 2021 as the date by which 

the Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

approve or disapprove, the proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 93741, 

86 FR 71111 (Dec. 14, 2021). 

8Amendment No. 2 is available at: https://

www.sec.gov/comments/sr-nyse-2021-45/ 

srnyse202145-20118274-271197.pdf. On February 

17, 2022, the Exchange filed Amendment No. 1 to 

the proposed rule change. The Exchange withdrew 

Amendment No. 1 on March 1, 2022. 

9See Securities Exchange Act Release No. 94349. 

10 15 U.S.C. 78s(b)(2). 

11See supra note 3. 

12 15 U.S.C. 78s(b)(2). 

estimates that 2,127,147 are new clients 

and 25,852,313 are continuing clients.5

The staff estimates that each year the 

investment advisory program sponsors’ 

staff engage in 1.5 hours per new client 

and 1 hour per continuing client to 

prepare, conduct and/or review 

interviews regarding the client’s 

financial situation and investment 

objectives as required by the rule.6

Furthermore, the staff estimates that 

each year the investment advisory 

program sponsors’ staff spends 1 hour 

per client each year to prepare and mail 

quarterly client account statements, 

including notices to update 

information.7 Based on the estimates 

above, the Commission estimates that 

the total annual burden of the rule’s 

paperwork requirements is 57,022,493 

hours.8

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act. The estimate 

is not derived from a comprehensive or 

even a representative survey or study of 

the costs of Commission rules and 

forms. 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. 

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 by April 11, 2022 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 Pezzullo , 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Comments must be submitted to OMB 

within 30 days 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: March 4, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05015 Filed 3–9–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94363; File No. SR–NYSE– 

2021–45] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change, 

as Modified by Amendment No. 2, To 

Adopt Listing Standards for 

Subscription Warrants Issued by a 

Company Organized Solely for the 

Purpose of Identifying an Acquisition 

Target 

March 4, 2022. 

On August 24, 2021, New York Stock 

Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Exchange 

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

proposed rule change to adopt listing 

standards for subscription warrants 

issued by a company organized solely 

for the purpose of identifying an 

acquisition target. The proposed rule 

change was published for comment in 

the Federal Register on September 10, 

2021.3

On September 30, 2021, pursuant to 

Section 19(b)(2) of the Exchange Act,4

the Commission designated a longer 

period within which to approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.5

On December 8, 2021, the Commission 

instituted proceedings under Section 

19(b)(2)(B) of the Exchange Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

On March 1, 2022, the Exchange filed 

Amendment No. 2 to the proposed rule 

change, which replaced and superseded 

the proposed rule change as originally 

filed.8 On March 2, 2022, the 

Commission published notice of 

Amendment No. 2 to the proposed rule 

change.9

Section 19(b)(2) of the Act 10 provides 

that, after initiating proceedings, the 

Commission shall issue an order 

approving or disapproving the proposed 

rule change not later than 180 days after 

the date of publication of notice of filing 

of the proposed rule change. The 

Commission may extend the period for 

issuing an order approving or 

disapproving the proposed rule change, 

however, by not more than 60 days if 

the Commission determines that a 

longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for comment in 

the Federal Register on September 10, 

2021.11 The 180th day after publication 

of the proposed rule change is March 9, 

2022. The Commission is extending the 

time period for approving or 

disapproving the proposed rule change, 

as modified by Amendment No. 2, for 

an additional 60 days. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to issue an order 

approving or disapproving the proposed 

rule change, as modified by Amendment 

No. 2, so that it has sufficient time to 

consider the proposed rule change, as 

modified by Amendment No. 2, and the 

issues raised in the comments that have 

been submitted in connection therewith. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,12

designates May 8, 2022, as the date by 

which the Commission shall either 

approve or disapprove the proposed 

rule change, as modified by Amendment 

No. 2 (File No. SR–NYSE–2021–45). 


khammond on DSKJM1Z7X2PROD with NOTICES
13780 Federal Register / Vol. 87, No. 47 / Thursday, March 10, 2022 / Notices 

13 17 CFR 200.30–3(a)(57). 

1 See generally Money Market Fund Reform; 

Amendments to Form PF, Securities Act Release 

No. 9408, Investment Advisers Act Release No. 

3616, Investment Company Act Release No. 30551 

(June 5, 2013), 78 FR 36834, 36934 (June 19, 2013); 

see also Exchange Act Rule 10b–10(b)(1), 17 CFR 

240.10b–10(b)(1) (limiting alternative monthly 

reporting to money market funds that attempt to 

maintain a stable NAV). 

2 See 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, Exchange Act Release No. 34–76480 

(Nov. 19, 2015), 80 FR 73849 (Nov. 25, 2015). 

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

2 17 CFR 240.19b–4. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05023 Filed 3–9–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

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

3235–0739] 

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: 

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 

The prior 30-day notice was issued in 

error and this new one allows a new 30 

days to comment. 

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 

the following: 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)). 

Rule 10b–10 under the Securities 

Exchange Act of 1934 (‘‘Exchange Act’’) 

(15 U.S.C. 78a et seq.) generally requires 

broker-dealers to provide customers 

with specified information relating to 

their securities transactions at or before 

the completion of the transactions. Rule 

10b–10(b), however, provides an 

exception from this requirement for 

certain transactions in money market 

funds that attempt to maintain a stable 

net asset value when no sales load or 

redemption fee is charged. The 

exception permits broker-dealers to 

provide transaction information to 

money market fund shareholders on a 

monthly, rather than immediate, basis, 

subject to the conditions. Amendments 

to Rule 2a–7 (17 CFR 270.2a–7) of the 

Investment Company Act of 1940 

(‘‘Investment Company Act’’) (15 U.S.C. 

80a–1 et seq.) among other things, 

means, absent an exemption, brokerdealers would not be able to continue to 

rely on the exception under Exchange 

Act Rule 10b–10(b) for transactions in 

money market funds operating in 

accordance with Investment Company 

Act Rule 2a–7(c)(1)(ii).1

In 2015, the Commission issued an 

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 

(‘‘Order’’) 2 which allows broker-dealers, 

subject to certain conditions, to provide 

transaction information to investors in 

any money market fund operating 

pursuant to Investment Company Act 

Rule 2a–7(c)(1)(ii) on a monthly basis in 

lieu of providing immediate 

confirmations as required under 

Exchange Act Rule 10b–10(a) (‘‘the 

Exemption’’). Accordingly, to be eligible 

for the Exemption, a broker-dealer must 

(1) provide an initial written 

notification to the customer of its ability 

to request delivery of immediate 

confirmations consistent with the 

written notification requirements of 

Exchange Act Rule 10b–10(a), and (2) 

not receive any such request to receive 

immediate confirms from the customer. 

As of December 31, 2020, the 

Commission estimates there are 

approximately 154 broker-dealers that 

clear customer transactions or carry 

customer funds and securities who 

would be responsible for providing 

customer confirmations. The 

Commission estimates that the cost of 

the ongoing notification requirements 

would be minimal, approximately 5% of 

the initial burden which was previously 

estimated to be 36 hours per brokerdealer, or approximately 1.8 hours per 

broker-dealer per year to provide 

ongoing notifications or a total burden 

of 277 hours annually for the 154 

carrying broker-dealers. 

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 by 

April 11, 2022 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 Pezzullo, 100 F Street NE 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Comments must be submitted to OMB 

within 30 days of this notice. 

Dated: March 4, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05019 Filed 3–9–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94362; File No. SR–NYSE– 

2021–42] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change 

To Amend the Requirements of 

Section 102.06 of the NYSE Listed 

Company Manual To Allow an 

Acquisition Company To Contribute a 

Portion of Its Trust Account to a New 

Acquisition Company and Spin-Off the 

New Acquisition Company to Its 

Shareholders 

March 4, 2022. 

On August 23, 2021, the New York 

Stock Exchange LLC (‘‘NYSE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to amend the requirements of 

Section 102.06 of the NYSE Listed 

Company Manual (‘‘Manual’’) to allow 

an acquisition company to contribute a 

portion of the amount held in its trust 

account to a trust account of a new 


khammond on DSKJM1Z7X2PROD with NOTICES