14304 Federal Register / Vol. 87, No. 49 / Monday, March 14, 2022 / Notices 

2See id. at 2; see also United States Postal 

Service, Delivering for America: Our Vision and 

Ten-Year Plan to Achieve Financial Sustainability 

and Service Excellence, March 23, 2021, at 53, 

available at https://about.usps.com/what/strategicplans/delivering-for-america/assets/USPS_

Delivering-For-America.pdf. 

3 Id.; see Docket No. N2021–2, Advisory Opinion 

on the Service Standard Changes Associated with 

First-Class Package Service, September 29, 2021. 

The Postal Service intends to implement the general 

reduction in the First-Class Package Service 

standards either before or concurrently with the 

general promotion of Retail Ground and Parcel 

Select Ground standards. Notice at 2 n.4. 

4The Commission may consider whether to 

extend the 90 days for a decision based on good 

cause. 

stability.2 The Postal Service states that 

the proposal would align competitive 

products (within the contiguous United 

States) service standards, specifically by 

raising Retail Ground and Parcel Select 

Ground standards to the level of the 

First-Class Package Service standard. 

Notice at 2–3. The First-Class Package 

Service standard is planned to be 

reduced from a 2-to-3 day standard to a 

2-to-5 day standard and was the subject 

of a Commission advisory opinion 

issued September 29, 2021.3 With 

regard to the improved standards for 

Retail Ground and Parcel Select Ground, 

the Postal Service submits that 

‘‘customers would benefit from a lowcost, medium-speed, shipping service 

for packages in excess of one pound.’’ 

Notice at 3. The Postal Service also 

notes that the parcel market has seen 

significant recent growth and is 

expected to continue to grow. Id. 

The Postal Service must file its formal 

request for an advisory opinion with the 

Commission at least 90 days before 

implementing any of the proposed 

changes. 39 CFR 3020.112.4 This formal 

request must certify that the Postal 

Service has made good faith efforts to 

address the concerns raised at the prefiling conference and meet other content 

requirements. 39 CFR 3020.113. After 

the Postal Service files the formal 

request for an advisory opinion, the 

Commission will set forth a procedural 

schedule and provide additional 

information in a notice and order that 

will be published in the Federal 

Register. 39 CFR 3020.110. Before 

issuing its advisory opinion, the 

Commission must provide an 

opportunity for a formal, on-the-record 

hearing pursuant to 5 U.S.C. 556 and 

557. 39 U.S.C. 3661(c). The procedural 

rules in 39 CFR part 3020 apply to 

Docket No. N2021–2. 

Pursuant to 39 U.S.C. 3661(c) and 39 

CFR 3020.111(d), the Commission 

appoints Joseph K. Press to represent 

the interests of the general public 

(Public Representative) in this 

proceeding. Pursuant to 39 CFR 

3020.111(d), the Secretary shall arrange 

for publication of this order in the 

Federal Register. 

It is ordered: 

1. The Commission establishes Docket 

No. N2022–1 to consider the Postal 

Service’s proposed changes to the 

service standards for Retail Ground and 

Parcel Select Ground. 

2. The Postal Service shall conduct a 

virtual pre-filing conference regarding 

its proposal on March 15, 2022, from 

1:00 p.m. to 3:00 p.m. EDT. 

3. Pursuant to 39 U.S.C. 3661(c) and 

39 CFR 3020.111(d), Joseph K. Press is 

appointed to serve as an officer of the 

Commission (Public Representative) to 

represent the interests of the general 

public in this proceeding. 

4. Pursuant to 39 CFR 3020.111(d), 

the Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2022–05241 Filed 3–11–22; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

TIME AND DATE: Notice is hereby given, 

pursuant to the provisions of the 

Government in the Sunshine Act, Public 

Law 94–409, the Securities and Exhange 

Commission will hold an Open Meeting 

on Monday, March 21, 2022 at 11:00 

a.m. 

PLACE: The meeting will be webcast on 

the Commission’s website at 

www.sec.gov. 

STATUS: This meeting will begin at 11:00 

a.m. (ET) and will be open to the public 

via webcast on the Commission’s 

website at www.sec.gov. 

MATTERS TO BE CONSIDERED: 

1. The Commission will consider 

whether to propose amendments that 

would enhance and standardize 

registrants’ climate-related disclosures 

for investors. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed, please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

(Authority: 5 U.S.C. 552b.) 

Dated: March 10, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–05405 Filed 3–10–22; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34530; File No. 812–15277] 

Alpha Alternative Assets Fund and 

Alpha Growth Management LLC 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application for an order 

pursuant to section 6(c) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) for an exemption from sections 

18(a)(2), 18(c), and 18(i) of the Act, 

pursuant to sections 6(c) and 23(c) of 

the Act for certain exemptions from rule 

23c–3 under the Act, and pursuant to 

section 17(d) of the Act and rule 17d– 

1 thereunder. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

registered closed-end management 

investment companies to issue multiple 

classes of common shares of beneficial 

interest with varying sales loads and 

asset-based service and/or distribution 

fees and to impose early withdrawal 

charges. 

APPLICANTS: Alpha Alternative Assets 

Fund and Alpha Growth Management 

LLC. 

FILING DATES: The application was filed 

on October 21, 2021, and amended on 

December 22, 2021 and February 3, 

2022. 

HEARING OR NOTIFICATION OF HEARING: 

An order granting the requested relief 

will be issued unless the Commission 

orders a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on, April 4, 2022, and 

should be accompanied by proof of 

service on applicants, in the form of an 

affidavit or, for lawyers, a certificate of 

service. Pursuant to rule 0–5 under the 

Act, hearing requests should state the 

nature of the writer’s interest, any facts 

bearing upon the desirability of a 

hearing on the matter, the reason for the 

request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary at 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 49 / Monday, March 14, 2022 / Notices 14305 

1 This estimate is based on the following 

calculation: 2 hours × $455 (hourly rate for internal 

counsel) = $910. See infra note 2 (discussing the 

methodology for estimating the hourly rate for 

internal counsel). 

2 SEC staff estimates that, of the 29 hours 

incurred to develop and obtain board approval of 

a Program and train the financial institution’s or 

creditor’s staff, 10 hours will be spent by internal 

counsel at an hourly rate of $455, 17 hours will be 

spent by administrative assistants at an hourly rate 

of $89, and 2 hours will be spent by the board of 

directors as a whole at an hourly rate of $4,770. 

Thus, the estimated $15,603 in additional costs is 

based on the following calculation: (10 hours × 

$455 = $4,550) + (17 hours × $89 = $1,513) + (2 

hours × $4,770 = $9,540) = $15,603. 

The cost estimate for internal counsel is derived 

from SIFMA’s Management & Professional Earnings 

in the Securities Industry 2013, modified to account 

for an 1800-hour work-year and multiplied by 5.35 

to account for bonuses, entity size, employee 

benefits, and overhead, and adjusted for inflation. 

The cost estimated for administrative assistants is 

derived from SIFMA’s Office Salaries in the 

Securities Industry 2013, modified to account for an 

1800-hour work-year and multiplied by 2.93 to 

account for bonuses, entity size, employee benefits 

and overhead, and adjusted for inflation. The cost 

estimate for the board of directors is derived from 

estimates made by SEC staff regarding typical board 

size and compensation that is based on information 

received from fund representatives and publicly 

available sources, and adjusted for inflation. 

3 Based on a review of new registrations typically 

filed with the SEC each year, SEC staff estimates 

that approximately 1,277 investment advisers, 109 

broker dealers, 34 investment companies, and 2 

ESCs typically apply for registration with the SEC 

or otherwise are newly formed each year, for a total 

of 1,422 entities that could be financial institutions 

or creditors. Of these, staff estimates that all of the 

investment companies, ESCs, and broker-dealers are 

likely to qualify as financial institutions or 

creditors, and 33% of investment advisers (or 426) 

are likely to qualify. See Identity Theft Red Flags, 

Investment Company Act Release No. 30456 (Apr. 

10, 2013) (‘‘Adopting Release’’) at n.190 (discussing 

the staff’s analysis supporting its estimate that 33% 

of investment advisers are likely to qualify as 

financial institutions or creditors). We therefore 

estimate that a total of 571 total financial 

institutions or creditors will bear the initial onetime burden of assessing covered accounts under 

Regulation S–ID. 

4 These estimates are based on the following 

calculations: 571 entities × 2 hours = 1,142 hours; 

571 entities × $910 = $519,610. 

5 In the Proposing Release, the SEC requested 

comment on the estimate that approximately 90% 

of all financial institutions and creditors maintain 

covered accounts; the SEC received no comments 

on this estimate. 

JoAnn M. Strasser, JoAnn.Strasser@

ThompsonHine.com. 

FOR FURTHER INFORMATION CONTACT: 

Steven I. Amchan, Senior Counsel, or 

Lisa Reid Ragen, Branch Chief, at (202) 

551–6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ second amended and 

restated application, dated February 3, 

2022, which may be obtained via the 

Commission’s website by searching for 

the file number at the top of this 

document, or for an Applicant using the 

Company name search field, on the 

SEC’s EDGAR system. The SEC’s 

EDGAR system may be searched at, at 

http://www.sec.gov/edgar/searchedgar/ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Dated: March 9, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05345 Filed 3–11–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–644, OMB Control No. 

3235–0692] 

Proposed Collection; Comment 

Request; Extension: Regulation S–ID 

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 for extension 

and approval. 

Regulation S–ID (17 CFR 248), 

including the information collection 

requirements thereunder, is designed to 

better protect investors from the risks of 

identity theft. Under Regulation S–ID, 

SEC-regulated entities are required to 

develop and implement reasonable 

policies and procedures to identify, 

detect, and respond to relevant red flags 

(the ‘‘Identity Theft Red Flags Rules’’) 

and, in the case of entities that issue 

credit or debit cards, to assess the 

validity of, and communicate with 

cardholders regarding, address changes. 

Section 248.201 of Regulation S–ID 

includes the following information 

collection requirements for each SECregulated entity that qualifies as a 

‘‘financial institution’’ or ‘‘creditor’’ 

under Regulation S–ID and that offers or 

maintains covered accounts: (i) Creation 

and periodic updating of an identity 

theft prevention program (‘‘Program’’) 

that is approved by the board of 

directors, an appropriate committee 

thereof, or a designated senior 

management employee; (ii) periodic 

staff reporting to the board of directors 

on compliance with the Identity Theft 

Red Flags Rules and related guidelines; 

and (iii) training of staff to implement 

the Program. Section 248.202 of 

Regulation S–ID includes the following 

information collection requirements for 

each SEC-regulated entity that is a credit 

or debit card issuer: (i) Establishment of 

policies and procedures that assess the 

validity of a change of address 

notification if a request for an additional 

or replacement card on the account 

follows soon after the address change; 

and (ii) notification of a cardholder, 

before issuance of an additional or 

replacement card, at the previous 

address or through some other 

previously agreed-upon form of 

communication, or alternatively, 

assessment of the validity of the address 

change request through the entity’s 

established policies and procedures. 

SEC staff estimates of the hour 

burdens associated with section 248.201 

under Regulation S–ID include the onetime burden of complying with this 

section for newly-formed SEC-regulated 

entities, as well as the ongoing costs of 

compliance for all SEC-regulated 

entities. 

All newly-formed financial 

institutions and creditors would be 

required to conduct an initial 

assessment of covered accounts, which 

SEC staff estimates would entail a onetime burden of 2 hours. Staff estimates 

that this burden would result in a cost 

of $910 to each newly-formed financial 

institution or creditor.1 To the extent a 

financial institution or creditor offers or 

maintains covered accounts, SEC staff 

estimates that the financial institution 

or creditor would also incur a one-time 

burden of 25 hours to develop and 

obtain board approval of a Program, and 

a one-time burden of 4 hours to train the 

financial institution’s or creditor’s staff, 

for a total of 29 additional burden hours. 

Staff estimates that these burdens would 

result in additional costs of $15,603 for 

each financial institution or creditor 

that offers or maintains covered 

accounts.2

SEC staff estimates that approximately 

571 SEC-regulated financial institutions 

and creditors are newly formed each 

year.3 Each of these 571 entities will 

need to conduct an initial assessment of 

covered accounts, for a total of 1,142 

hours at a total cost of $519,610.4 Of 

these 571 entities, staff estimates that 

approximately 90% (or 514) maintain 

covered accounts.5 Accordingly, staff 

estimates that the additional initial 

burden for SEC-regulated entities that 

are likely to qualify as financial 

institutions or creditors and maintain 

covered accounts is 14,906 hours at an 


jspears on DSK121TN23PROD with NOTICES1