48780 Federal Register / Vol. 86, No. 166 / Tuesday, August 31, 2021 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 92344 

(July 7, 2021), 86 FR 36841. 

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

5 Id. 

100 F Street NE, Washington, DC 

20549–2736. 

Extension: Rule 206(3)–2 

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. 

Rule 206(3)–2, (17 CFR 275.206(3)–2) 

which is entitled ‘‘Agency Cross 

Transactions for Advisory Clients,’’ 

permits investment advisers to comply 

with section 206(3) of the Investment 

Advisers Act of 1940 (the ‘‘Act’’) (15 

U.S.C. 80b–6(3)) by obtaining a client’s 

blanket consent to enter into agency 

cross transactions (i.e., a transaction in 

which an adviser acts as a broker to both 

the advisory client and the opposite 

party to the transaction), provided that 

certain disclosures are made to the 

client. Rule 206(3)–2 applies to all 

registered investment advisers. In 

relying on the rule, investment advisers 

must provide certain disclosures to their 

clients. Advisory clients can use the 

disclosures to monitor agency cross 

transactions that affect their advisory 

account. The Commission also uses the 

information required by Rule 206(3)–2 

in connection with its investment 

adviser inspection program to ensure 

that advisers are in compliance with the 

rule. Without the information collected 

under the rule, advisory clients would 

not have information necessary for 

monitoring their adviser’s handling of 

their accounts and the Commission 

would be less efficient and effective in 

its inspection program. 

The information requirements of the 

rule consist of the following: (1) Prior to 

obtaining the client’s consent 

appropriate disclosure must be made to 

the client as to the practice of, and the 

conflicts of interest involved in, agency 

cross transactions; (2) at or before the 

completion of any such transaction the 

client must be furnished with a written 

confirmation containing specified 

information and offering to furnish 

upon request certain additional 

information; and (3) at least annually, 

the client must be furnished with a 

written statement or summary as to the 

total number of transactions during the 

period covered by the consent and the 

total amount of commissions received 

by the adviser or its affiliated brokerdealer attributable to such transactions. 

The Commission estimates that 

approximately 378 respondents use the 

rule annually, necessitating about 50 

responses per respondent each year, for 

a total of 18,900 responses. Each 

response requires an estimated 0.5 

hours, for a total of 9,450 hours. The 

estimated average burden hours are 

made solely for the purposes of the 

Paperwork Reduction Act and are not 

derived from a comprehensive or 

representative survey or study of the 

cost of Commission rules and forms. 

This collection of information is 

found at (17 CFR 275.206(3)–2) and is 

necessary in order for the investment 

adviser to obtain the benefits of Rule 

206(3)-2. The collection of information 

requirements under the rule is 

mandatory. Information subject to the 

disclosure requirements of Rule 206(3)– 

2 does not require submission to the 

Commission; and, accordingly, the 

disclosure pursuant to the rule is not 

kept confidential. Commissionregistered investment advisers are 

required to maintain and preserve 

certain information required under Rule 

206(3)–2 for five (5) years. The longterm retention of these records is 

necessary for the Commission’s 

inspection program to ascertain 

compliance with the Advisers Act. 

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. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information shall have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden of the proposed collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information to be 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 sixty 60 days of this 

publication. 

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. 2021–18696 Filed 8–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92751; File No. SR– 

NASDAQ–2021–054] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on Proposed Rule 

Change To Modify Listing Rule IM– 

5101–2 To Permit an Acquisition 

Company To Contribute a Portion of Its 

Deposit Account to Another Entity in a 

Spin-off or Similar Corporate 

Transaction 

August 25, 2021. 

On June 24, 2021, The Nasdaq Stock 

Market LLC (‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

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

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

modify Listing Rule IM–5101–2 to 

permit an acquisition company to 

contribute a portion of the amount held 

in its deposit account to a deposit 

account of a new acquisition company 

in a spin-off or similar corporate 

transaction. The proposed rule change 

was published for comment in the 

Federal Register on July 13, 2021.3

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is August 27, 

2021. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. The 

Commission finds it appropriate to 

designate a longer period within which 

to take action on the proposed rule 

change so that it has sufficient time to 

consider the proposed rule change. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,5 the Commission 

designates October 11, 2021 as the date 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 166 / Tuesday, August 31, 2021 / Notices 48781 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 92341 

(June 25, 2021), 86 FR 36799 (July 13, 2021) (File 

No. SR–FICC–2021–004) (‘‘Notice of Filing’’). 

4Specifically, the Commission received a 

comment letter on a proposed rule change filed by 

FICC’s affiliate, the Depository Trust Company 

(‘‘DTC’’), regarding parallel changes to DTC’s Rules. 

See Securities Exchange Act Release No. 92342 

(June 25, 2021), 86 FR 36833 (July 13, 2021) (File 

No. SR–DTC–2021–011). The comment letter is 

available on the Commission’s website at https://

www.sec.gov/comments/sr-dtc-2021-011/ 

srdtc2021011.htm. Because the comment addresses 

issues that also appear in this Proposed Rule 

Change, the Commission will consider it in 

connection with FICC’s proposal as well. 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

1 $72/hour figure for a Compliance Clerk is based 

on the Commission’s estimates concerning the 

allocation of burden hours and the relevant wage 

rates from the Commission’s consultations with 

industry representatives and on salary information 

for the securities industry compiled by the 

Securities Industry and Financial Markets 

Association’s Office Salaries in the Securities 

Industry 2013. The estimated wage figures are 

modified by Commission staff to account for an 

1800-hour work-year and multiplied by 2.93 to 

account for bonuses, firm size, employee benefits, 

overhead, and adjusted to account for the effects of 

inflation. See Securities Industry and Financial 

Markets Association, Report on Management & 

Professional Earnings in the Securities Industry 

2013. 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rulechange 

(File No. SR–NASDAQ–2021–054). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2021–18673 Filed 8–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92749; File No. SR–FICC– 

2021–004] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Designation of Longer Period for 

Commission Action on Proposed Rule 

Change Relating to Confidential 

Information, Market Disruption Events, 

Systems Disconnect, and Other 

Changes 

August 25, 2021. 

I. Introduction 

On June 25, 2021, Fixed Income 

Clearing Corporation (‘‘FICC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–FICC–2021–004 (the 

‘‘Proposed Rule Change’’) pursuant to 

Section 19(b)(1) of the Securities 

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

19b–4 thereunder 2 to amend FICC’s 

rules relating to confidentiality 

requirements, market disruption events, 

systems disconnect, and other changes. 

The Proposed Rule Change was 

published for comment in the Federal 

Register on July 13, 2021,3 and the 

Commission received a comment, which 

addresses issues that also appear in this 

Proposed Rule Change.4

Section 19(b)(2) of the Act 5 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for the 

Proposed Rule Change is effectively 

Friday, August 27, 2021. 

The Commission is extending the 45- 

day review period for Commission 

action on the Proposed Rule Change. In 

order to provide the Commission with 

sufficient time to consider the Proposed 

Rule Change, the Commission finds that 

it is appropriate to designate a longer 

period within which to take action on 

the Proposed Rule Change. 

Accordingly, pursuant to Section 

19(b)(2) of the Act 6 and for the reasons 

stated above, the Commission 

designates Friday, October 8, 2021, as 

the date by which the Commission shall 

either approve, disapprove, or institute 

proceedings to determine whether to 

disapprove the Proposed Rule Change 

(File No. SR–FICC–2021–004). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2021–18671 Filed 8–30–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–269; OMB Control No. 

3235–0276] 

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 6c–7 

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. 

Rule 6c–7 (17 CFR 270.6c–7) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a-1 et seq.) (‘‘1940 Act’’) 

provides exemption from certain 

provisions of Sections 22(e) and 27 of 

the 1940 Act for registered separate 

accounts offering variable annuity 

contracts to certain employees of Texas 

institutions of higher education 

participating in the Texas Optional 

Retirement Program. There are 

approximately 142 registrants governed 

by Rule 6c–7. The burden of compliance 

with Rule 6c–7, in connection with the 

registrants obtaining from a purchaser, 

prior to or at the time of purchase, a 

signed document acknowledging the 

restrictions on redeem ability imposed 

by Texas law, is estimated to be 

approximately 3 minutes of professional 

time per response for each of 

approximately 6,500 purchasers 

annually (at an estimated $72 per 

hour),1 for a total annual burden of 325 

hours (at a total annual cost of $23,400). 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act, and is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules or forms. The 

Commission does not include in the 

estimate of average burden hours the 

time preparing registration statements 

and sales literature disclosure regarding 

the restrictions on redeem ability 

imposed by Texas law. The estimate of 

burden hours for completing the 

relevant registration statements are 

reported on the separate PRA 

submissions for those statements. (See 

the separate PRA submissions for Form 

N–3 (17 CFR 274.11b) and Form N–4 (17 

CFR 274.11c).) 

The Commission requests written 

comments on: (a) Whether the 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 


khammond on DSKJM1Z7X2PROD with NOTICES