Federal Register / Vol. 86, No. 166 / Tuesday, August 31, 2021 / Notices 48785 

31 15 U.S.C. 78s(b)(3)(A)(iii). 

32 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

33 17 CFR 240.19b–4(f)(6). 

34 17 CFR 240.19b–4(f)(6)(iii). 

35For purposes only of accelerating the operative 

date of this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 36 17 CFR 200.30–3(a)(12). 

19(b)(3)(A)(iii) of the Act 31 and Rule 

19b–4(f)(6)(iii) thereunder.32

A proposed rule change filed under 

Rule 19b–4(f)(6) 33 normally does not 

become operative for 30 days after the 

date of the filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),34 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

upon filing. The Exchange states that it 

does not believe that the proposal raises 

any new or novel issues not previously 

considered by the Commission in that 

the provisions at issue have been 

approved by the Commission and in 

effect at other exchanges for a 

considerable period. In addition, the 

Exchange has represented that it 

anticipates that its first dual listings will 

take effect by the end of August 2021 

and that the proposed rule change will 

be helpful for the companies that plan 

to list on this timeline. The Commission 

believes that waiver of the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest because the proposed rule 

change does not raise any new or novel 

issues and is consistent with adopted 

rules on other exchanges. Accordingly, 

the Commission hereby waives the 30- 

day operative delay and designates the 

proposal operative upon filing.35

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 

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 Number SR– 

LTSE–2021–04 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–LTSE–2021–04. 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 

Number SR–LTSE–2021–04 and should 

be submitted on or before September 21, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2021–18674 Filed 8–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–480; OMB Control No. 

3235–0537] 

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 S–P 

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 privacy notice and 

opt out notice provisions of Regulation 

S–P—Privacy of Consumer Financial 

Information (17 CFR part 248, subpart 

A) under the Securities Exchange Act of 

1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et 

seq.). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

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

The privacy notice and opt out notice 

provisions of Regulation S–P (the 

‘‘Rule’’) implement the privacy notice 

and opt out notice requirements of Title 

V of the Gramm-Leach-Bliley Act 

(‘‘GLBA’’), which include the 

requirement that at the time of 

establishing a customer relationship 

with a consumer and not less than 

annually during the continuation of 

such relationship, a financial institution 

shall provide a clear and conspicuous 

disclosure to such consumer of such 

financial institution’s policies and 

practices with respect to disclosing 

nonpublic personal information to 

affiliates and nonaffiliated third parties 

(‘‘privacy notice’’). Title V of the GLBA 

also provides that, unless an exception 

applies, a financial institution may not 

disclose nonpublic personal information 

of a consumer to a nonaffiliated third 

party unless the financial institution 

clearly and conspicuously discloses to 

the consumer that such information may 

be disclosed to such third party; the 


khammond on DSKJM1Z7X2PROD with NOTICES
48786 Federal Register / Vol. 86, No. 166 / Tuesday, August 31, 2021 / Notices 

1The number of closed-end funds that undertake 

repurchases annually under rule 23c–1 is based on 

information provided in response to Item C.7.i of 

Form N–CEN from January 1, 2020 through 

December 31, 2020. 

consumer is given the opportunity, 

before the time that such information is 

initially disclosed, to direct that such 

information not be disclosed to such 

third party; and the consumer is given 

an explanation of how the consumer can 

exercise that nondisclosure option (‘‘opt 

out notice’’). The Rule applies to brokerdealers, investment advisers registered 

with the Commission, and investment 

companies (‘‘covered entities’’). 

Commission staff estimates that, as of 

June 30, 2021 the Rule’s information 

collection burden applies to 

approximately 21,875 covered entities 

(approximately 3,560 broker-dealers, 

14,381 investment advisers registered 

with the Commission, and 3,934 

investment companies). In view of (a) 

the minimal recordkeeping burden 

imposed by the Rule (since the Rule has 

no recordkeeping requirement and 

records relating to customer 

communications already must be made 

and retained pursuant to other SEC 

rules); (b) the summary fashion in 

which information must be provided to 

customers in the privacy and opt out 

notices required by the Rule (the model 

privacy form adopted by the SEC and 

the other agencies in 2009, designed to 

serve as both a privacy notice and an 

opt out notice, is only two pages); (c) the 

availability to covered entities of the 

model privacy form and online model 

privacy form builder; and (d) the 

experience of covered entities’ staff with 

the notices, SEC staff estimates that 

covered entities will each spend an 

average of approximately 12 hours per 

year complying with the Rule, for a total 

of approximately 262,500 annual 

burden-hours (12 × 21,875 = 262,500). 

SEC staff understands that the vast 

majority of covered entities deliver their 

privacy and opt out notices with other 

communications such as account 

opening documents and account 

statements. Because the other 

communications are already delivered 

to consumers, adding a brief privacy 

and opt out notice should not result in 

added costs for processing or for postage 

and materials. Also, privacy and opt out 

notices may be delivered electronically 

to consumers who have agreed to 

electronic communications, which 

further reduces the costs of delivery. 

Because SEC staff assumes that most 

paper copies of privacy and opt out 

notices are combined with other 

required mailings, the burden-hour 

estimates above are based on resources 

required to integrate the privacy and opt 

notices into another mailing, rather than 

on the resources required to create and 

send a separate mailing. SEC staff 

estimates that, of the estimated 12 

annual burden-hours incurred, 

approximately 8 hours would be spent 

by administrative assistants at an hourly 

rate of $83, and approximately 4 hours 

would be spent by internal counsel at an 

hourly rate of $428, for a total annual 

internal cost of compliance of $2,376 for 

each of the covered entities (8 × $83 = 

$664; 4 × $428 = $1,712; $664 + $1,712 

= $2,376). Hourly cost of compliance 

estimates for administrative assistant 

time are derived from the Securities 

Industry and Financial Markets 

Association’s Office Salaries in the 

Securities Industry 2013, modified by 

SEC staff to account for an 1,800-hour 

work-year and multiplied by 2.93 to 

account for bonuses, firm size, 

employee benefits and overhead. Hourly 

cost of compliance estimates for internal 

counsel time are derived from the 

Securities Industry and Financial 

Markets Association’s Management & 

Professional Earnings in the Securities 

Industry 2013, modified by SEC staff to 

account for an 1,800-hour work-year 

and multiplied by 5.35 to account for 

bonuses, firm size, employee benefits, 

and overhead. Accordingly, SEC staff 

estimates that the total annual internal 

cost of compliance for the estimated 

total hour burden for the approximately 

21,875 covered entities subject to the 

Rule is approximately $51,975,000 

($2,376 × 21,875 = $51,975,000). 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

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 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

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 25, 2021. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2021–18699 Filed 8–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–253; OMB Control No. 

3235–026] 

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: 

Rule 23c–1 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350l–3520), 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. 

Rule 23c–1(a) under the Investment 

Company Act (17 CFR 270.23c–1(a)) 

permits a closed-end fund to repurchase 

its securities for cash if, in addition to 

the other requirements set forth in the 

rule, the following conditions are met: 

(i) Payment of the purchase price is 

accompanied or preceded by a written 

confirmation of the purchase (‘‘written 

confirmation’’); (ii) the asset coverage 

per unit of the security to be purchased 

is disclosed to the seller or his agent 

(‘‘asset coverage disclosure’’); and (iii) if 

the security is a stock, the fund has, 

within the preceding six months, 

informed stockholders of its intention to 

purchase stock (‘‘six month notice’’). 

Commission staff estimates that 56 

closed-end funds undertake a total of 

224 repurchases annually under rule 

23c–1.1 Staff estimates further that, with 

respect to each repurchase, each fund 

spends 2.5 hours to comply with the 

rule’s written confirmation, asset 

coverage disclosure and six month 

notice requirements. Thus, Commission 

staff estimates the total annual 

respondent reporting burden is 560 


khammond on DSKJM1Z7X2PROD with NOTICES