Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Notices 44451 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

enhance competition among market 

participants, to the benefit of investors 

and the marketplace. Similarly, the 

Exchange believes that the proposed 

initial and continued listing standards 

are designed to promote disclosure and 

transparency with respect to the use of 

Custom Baskets consistent with an 

issuer’s exemptive relief. Specifically, 

the Exchange believes that requiring as 

an initial listing condition that an issuer 

and any person acting on behalf of the 

series of Active Proxy Portfolio Shares 

comply with Regulation Fair Disclosure 

under the Securities Exchange Act of 

1934, including with respect to any 

Custom Basket, would further the full 

and fair disclosure objectives of 

Regulation Fair Disclosure to the benefit 

of the investing public and all market 

participants. Further, the Exchange 

believes that requiring as a continued 

listing condition that, with respect to 

each Custom Basket utilized by a series 

of Active Proxy Portfolio Shares, each 

business day, before the opening of 

trading in the Core Trading Session (as 

defined in Rule 7.34–E(a)), an 

investment company make publicly 

available on its website the composition 

of any Custom Basket transacted on the 

previous business day, except a Custom 

Basket that differs from the applicable 

Proxy Portfolio only with respect to 

cash, also furthers the goals of 

transparency and full and fair 

disclosure, to the benefit of investors 

and the public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes the proposed rule 

change, by permitting use of Custom 

Baskets consistent with an issuer’s 

exemptive relief, would introduce 

additional competition among various 

ETF products to the benefit of investors. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or up to 90 days (i) as the 

Commission may designate if it finds 

such longer period to be appropriate 

and publishes its reasons for so finding 

or (ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

NYSEArca–2021–64 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–NYSEArca–2021–64. 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 the Exchange. 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–NYSEArca–2021–64, and 

should be submitted on or before 

September 2, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–17173 Filed 8–11–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92597; File No. SR–CBOE– 

2021–044] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fees 

Schedule Relating to the Options 

Regulatory Fee 

August 6, 2021. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on August 2, 

2021, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to amend 

its Fees Schedule relating to the Options 

Regulatory Fee. The text of the proposed 

rule change is provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://www.cboe.com/ 

AboutCBOE/CBOELegal

RegulatoryHome.aspx), at the 

Exchange’s Office of the Secretary, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 


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44452 Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Notices 

3 The Exchange notes ORF also applies to 

customer-range transactions executed during Global 

Trading Hours. 

4 The Exchange endeavors to provide TPHs with 

such notice at least 30 calendar days prior to the 

effective date of the change. The Exchange notified 

TPHs of the proposed rate change for August 2, 

2021 on July 1, 2021. See Exchange Notice, 

C2021070103 ‘‘Cboe Options Exchanges Regulatory 

Fee Update Effective August 2, 2021.’’ 

5 See https://www.theocc.com/Newsroom/PressReleases/2021/04-05-OCC-March-2021-TotalVolume-Up-34-8-Percent and https://

www.theocc.com/Newsroom/Press-Releases/2021/ 

07-02-OCC-June-2021-Total-Volume-Up-25-6- 

Percent-f. 

6 Id. 

7 See data from OCC at: https://www.theocc.com/ 

Market-Data/Market-Data-Reports/Volume-andOpen-Interest/Volume-by-Account-Type. 

8 Id. 

9 Id. 

10 Consistent with Rule 2.2 (Regulatory Revenue), 

the Exchange notes that notwithstanding the excess 

ORF revenue collected to date, it has not used such 

revenue for nonregulatory purposes. 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to reduce the 

Options Regulatory Fee (‘‘ORF’’) from 

$0.0023 per contract to $0.0017 per 

contract, effective August 2, 2021, in 

order to help ensure that revenue 

collected from the ORF, in combination 

with other regulatory fees and fines, 

does not exceed the Exchange’s total 

regulatory costs. 

The ORF is assessed by Cboe Options 

to each Trading Permit Holder (‘‘TPH’’) 

for options transactions cleared by the 

TPH that are cleared by the Options 

Clearing Corporation (‘‘OCC’’) in the 

customer range, regardless of the 

exchange on which the transaction 

occurs.3 In other words, the Exchange 

imposes the ORF on all customer-range 

transactions cleared by a TPH, even if 

the transactions do not take place on the 

Exchange. The ORF is collected by OCC 

on behalf of the Exchange from the 

Clearing Trading Permit Holder 

(‘‘CTPH’’) or non-CTPH that ultimately 

clears the transaction. With respect to 

linkage transactions, Cboe Options 

reimburses its routing broker providing 

Routing Services pursuant to Cboe 

Options Rule 5.36 for options regulatory 

fees it incurs in connection with the 

Routing Services it provides. 

Revenue generated from ORF, when 

combined with all of the Exchange’s 

other regulatory fees and fines, is 

designed to recover a material portion of 

the regulatory costs to the Exchange of 

the supervision and regulation of TPH 

customer options business including 

performing routine surveillances, 

investigations, examinations, financial 

monitoring, and policy, rulemaking, 

interpretive, and enforcement activities. 

Regulatory costs include direct 

regulatory expenses and certain indirect 

expenses for work allocated in support 

of the regulatory function. The direct 

expenses include in-house and thirdparty service provider costs to support 

the day-to-day regulatory work such as 

surveillances, investigations and 

examinations. The indirect expenses 

include support from such areas as 

human resources, legal, compliance, 

information technology, facilities and 

accounting. These indirect expenses are 

estimated to be approximately 27% of 

Cboe Options’ total regulatory costs for 

2021. Thus, direct expenses are 

estimated to be approximately 73% of 

total regulatory costs for 2021. In 

addition, it is Cboe Options’ practice 

that revenue generated from ORF not 

exceed more than 75% of total annual 

regulatory costs. 

The Exchange monitors its regulatory 

costs and revenues at a minimum on a 

semi-annual basis. If the Exchange 

determines regulatory revenues exceed 

or are insufficient to cover a material 

portion of its regulatory costs in a given 

year, the Exchange will adjust the ORF 

by submitting a fee change filing to the 

Commission. The Exchange also notifies 

TPHs of adjustments to the ORF via an 

Exchange Notice.4 Based on the 

Exchange’s most recent semi-annual 

review, the Exchange is proposing to 

reduce the amount of ORF that will be 

collected by the Exchange from $0.0023 

per contract side to $0.0017 per contract 

side. The proposed decrease is based on 

the Exchange’s estimated projections for 

its regulatory costs, which have 

decreased, balanced with recent options 

volumes, which has increased. For 

example, total options contract volume 

in March 2021 was approximately 34% 

higher than the total options contract 

volume in March 2020 and the total 

options contract volume in June 2021 

was approximately 25% higher than the 

total options contract volume in June 

2020.5 In fact, March 2021 was the 

highest, and June 2021 was the second 

highest, options volume month in the 

history of U.S. equity options industry.6

Below is also industry data from OCC 

which illustrates the significant increase 

in volume from January 2021 through 

March 2021.7 Moreover, the options 

volume in the first quarter of 2021 was 

higher than the fourth quarter of 2020.8

Also April and May 2021 volumes 

remain significantly high as compared 

to 2020 options volume in general.9

Volume January 2021 February 2021 March 2021 April 2021 May 2021 

Total ....................................................... 838,339,790 823,412,827 898,653,388 711,388,828 718,368,993 

Customer ............................................... 784,399,878 782,113,450 837,247,059 667,208,963 659,913,862 

Total ADV .............................................. 44,123,146.84 43,337,517.20 39,071,886.40 33,875,658.50 35,918,449.70 

Customer ADV ....................................... 41,284,204.11 41,163,865.79 36,402,046.04 36,402,046.04 32,995,693.10 

These expectations are estimated, 

preliminary and may change. There can 

be no assurance that the Exchange’s 

final costs for 2021 will not differ 

materially from these expectations and 

prior practice, nor can the Exchange 

predict with certainty whether options 

volume will remain at the current level 

going forward. The Exchange notes 

however, that when combined with the 

Exchange’s other non-ORF regulatory 

fees and fines, the revenue being 

generated by ORF using the current rate 

results in revenue that is running in 

excess of the Exchange’s estimated 

regulatory costs for the year.10

Particularly, as discussed above, the 

options market has seen a substantial 

increase in volume over the first half of 

the year, up even from last year’s 

unprecedented spike in volatility and 

volume. This increase resulted in higher 

volume than was originally projected by 

the Exchange (thereby resulting in 

higher ORF revenue than projected). 

Moreover, in addition to projected 

reductions in regulatory expenses, the 

Exchange experienced further 

unanticipated reductions in costs, in 

connection with the continuing COVID– 


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Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Notices 44453 

11 The Exchange notes that in connection with 

proposed ORF rate changes, it provides the 

Commission confidential details regarding the 

Exchange’s projected regulatory revenue, including 

projected revenue from ORF, along with a breakout 

of its projected regulatory expenses, including both 

direct and indirect allocations. 

12 The Exchange notes that its regulatory 

responsibilities with respect to TPH compliance 

with options sales practice rules have largely been 

allocated to FINRA under a 17d–2 agreement. The 

ORF is not designed to cover the cost of that options 

sales practice regulation. 

1315 U.S.C. 78f(b). 

1415 U.S.C. 78f(b)(4). 

1515 U.S.C. 78f(b)(5). 

16 If the Exchange changes its method of funding 

regulation or if circumstances otherwise change in 

the future, the Exchange may decide to modify the 

ORF or assess a separate regulatory fee on TPH 

proprietary transactions if the Exchange deems it 

advisable. 

17 ISG is an industry organization formed in 1983 

to coordinate intermarket surveillance among the 

SROs by cooperatively sharing regulatory 

information pursuant to a written agreement 

between the parties. The goal of the ISG’s 

information sharing is to coordinate regulatory 

efforts to address potential intermarket trading 

abuses and manipulations. 

19 pandemic (e.g., continued reduction 

in travel expenses).11 Accordingly, 

because revenue generated by the 

current ORF rates, when combined with 

the Exchange’s other non-ORF 

regulatory fees and fines, is expected to 

exceed the Exchange’s regulatory costs 

for the year, the Exchange proposes to 

decrease its ORF rate. Particularly, the 

Exchange believes that by [sic] 

decreasing the ORF, as amended, when 

combined with all of the Exchange’s 

other regulatory fees and fines, would 

allow the Exchange to continue covering 

a material portion of its regulatory costs, 

while lessening the potential for 

generating excess revenue that may 

otherwise occur using the current rate.12

The Exchange will continue to 

monitor the amount of revenue 

collected from the ORF to ensure that it, 

in combination with its other regulatory 

fees and fines, does not exceed the 

Exchange’s total regulatory costs. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.13 Specifically, 

the Exchange believes the proposed rule 

change is consistent with Section 6(b)(4) 

of the Act14 which provides that 

Exchange rules may provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among its TPHs 

and other persons using its facilities. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 15 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange believes the proposed 

fee change is reasonable because 

customer transactions will be subject to 

a lower ORF fee than the current rate. 

Moreover, the proposed reduction is 

necessary in order to lessen the 

potential that the Exchange collects 

revenue in excess of its anticipated 

regulatory costs, in combination with 

other regulatory fees and fines, which is 

consistent with the Exchange’s 

practices. The Exchange had designed 

the ORF to generate revenues that 

would be less than or equal to 75% of 

the Exchange’s regulatory costs, which 

is consistent with the view of the 

Commission that regulatory fees be used 

for regulatory purposes and not to 

support the Exchange’s business 

operations. As discussed above, 

however, after its semi-annual review of 

its regulatory costs and regulatory 

revenues, which includes revenues from 

ORF and other regulatory fees and fines, 

the Exchange determined that absent a 

reduction in ORF, it would be collecting 

revenue in excess of 75% of its 

regulatory costs. Indeed, the Exchange 

notes that when taking into account the 

recent options volume, coupled with the 

projected reduction in regulatory costs, 

it estimates the ORF will generate 

revenues that would cover more than 

the approximated 75% of the 

Exchange’s projected regulatory costs. 

Moreover, when coupled with the 

Exchange’s other regulatory fees and 

revenues, the Exchange estimates ORF 

to generate over 100% of the Exchange’s 

projected regulatory costs. As such, the 

Exchange believes it’s reasonable and 

appropriate to decrease the ORF amount 

from $0.0023 to $0.0017 per contract 

side. 

The Exchange also believes the 

proposed fee change is equitable and 

not unfairly discriminatory in that it is 

charged to all TPHs on all their 

transactions that clear in the customer 

range at the OCC. The Exchange 

believes the ORF ensures fairness by 

assessing higher fees to those TPHs that 

require more Exchange regulatory 

services based on the amount of 

customer options business they 

conduct. Regulating customer trading 

activity is much more labor intensive 

and requires greater expenditure of 

human and technical resources than 

regulating non-customer trading 

activity, which tends to be more 

automated and less labor-intensive. For 

example, there are costs associated with 

main office and branch office 

examinations (e.g., staff and travel 

expenses), as well as investigations into 

customer complaints and the 

terminations of Registered persons. As a 

result, the costs associated with 

administering the customer component 

of the Exchange’s overall regulatory 

program are materially higher than the 

costs associated with administering the 

non-customer component (e.g., TPH 

proprietary transactions) of its 

regulatory program.16 Moreover, the 

Exchange notes that it has broad 

regulatory responsibilities with respect 

to its TPHs’ activities, irrespective of 

where their transactions take place. 

Many of the Exchange’s surveillance 

programs for customer trading activity 

may require the Exchange to look at 

activity across all markets, such as 

reviews related to position limit 

violations and manipulation. Indeed, 

the Exchange cannot effectively review 

for such conduct without looking at and 

evaluating activity irregardless of where 

it transpires. In addition to its own 

surveillance programs, the Exchange 

also works with other SROs and 

exchanges on intermarket surveillance 

related issues. Through its participation 

in the Intermarket Surveillance Group 

(‘‘ISG’’) 17 the Exchange shares 

information and coordinates inquiries 

and investigations with other exchanges 

designed to address potential 

intermarket manipulation and trading 

abuses. Accordingly, there is a strong 

nexus between the ORF and the 

Exchange’s regulatory activities with 

respect to its TPH’s customer trading 

activity. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. This 

proposal does not create an unnecessary 

or inappropriate intra-market burden on 

competition because the ORF applies to 

all customer activity, thereby raising 

regulatory revenue to offset regulatory 

expenses. It also supplements the 

regulatory revenue derived from noncustomer activity. The Exchange notes, 

however, the proposed change is not 

designed to address any competitive 

issues. Indeed, this proposal does not 

create an unnecessary or inappropriate 

inter-market burden on competition 

because it is a regulatory fee that 

supports regulation in furtherance of the 

purposes of the Act. The Exchange is 

obligated to ensure that the amount of 

regulatory revenue collected from the 


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44454 Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Notices 

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f). 20 17 CFR 200.30–3(a)(12). 

ORF, in combination with its other 

regulatory fees and fines, does not 

exceed regulatory costs. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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 18 and paragraph (f) of Rule 

19b–4 19 thereunder. 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 will institute proceedings 

to determine whether the proposed rule 

change 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 No. SR– 

CBOE–2021–044 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 No. 

SR–CBOE–2021–044. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. 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 No. 

SR–CBOE–2021–044, and should be 

submitted on or before September 2, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–17172 Filed 8–11–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–518, OMB Control No. 

3235–0576] 

Proposed Collection; 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: 

Regulation G 

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 

(‘‘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 G (17 CFR 244.100— 

244.102) under the Securities Exchange 

Act of 1934 (the ‘‘Exchange Act’’) (15 

U.S.C. 78a et seq.) requires publicly 

reporting companies that disclose or 

releases financial information in a 

manner that is calculated or presented 

other than in accordance with generally 

accepted accounting principles 

(‘‘GAAP’’) to provide a reconciliation of 

the non-GAAP financial information to 

the most directly comparable GAAP 

financial measure. Regulation G 

implemented the requirements of 

Section 401 of the Sarbanes-Oxley Act 

of 2002 (15 U.S.C. 7261). We estimate 

that approximately 14,000 public 

companies must comply with 

Regulation G approximately six times a 

year for a total of 84,000 responses 

annually. We estimated that it takes 

approximately 0.5 hours per response 

(84,000 × 0.5 hours) for a total reporting 

burden of 42,000 hours annually. 

Written comments are invited on: (a) 

Whether this proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by 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. 

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. 

Please direct your written comment to 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Cynthia 

Roscoe, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: August 6, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–17160 Filed 8–11–21; 8:45 am] 

BILLING CODE 8011–01–P 


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