28922 Federal Register / Vol. 86, No. 102 / Friday, May 28, 2021 / Notices 

10See Securities Exchange Act Release No. 90495 

(Nov. 24, 2020), 85 FR 77304 (Dec. 1, 2020) (SR– 

NYSE–2020–95) (‘‘Notice’’). 

11 15 U.S.C. 78s(b)(2). 

12 17 CFR 200.30–3(a)(57). 

1Applicants request relief with respect to any 

existing or future series of the Trust and any other 

registered open-end management investment 

company or series thereof that: (a) Is advised by 

Simplify or any entity controlling, controlled by or 

under common control with Simplify or its 

successors (each, also an ‘‘Advisor’’); (b) uses the 

manager of managers structure described in the 

application; and (c) complies with the terms and 

conditions of the application (any such series, a 

‘‘Fund’’). For purposes of the requested order, 

‘‘successor’’ is limited to any entity that results 

from a reorganization into another jurisdiction or a 

change in the type of business organization. 

2Any future Subsidiary Advisory Agreement will 

be approved by the Board, including a majority of 

the trustees who are not ‘‘interested persons’’ (as 

defined in section 2(a)(19) of the Act) of the Fund 

or the Advisor, and the Fund’s shareholders. 

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 notice and 

comment in the Federal Register on 

December 1, 2020.10 May 30, 2021 is 

180 days from that date, and July 29, 

2021, is 240 days from that date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change, 

as modified by Amendment No. 1, so 

that it has sufficient time to consider the 

proposed rule change, as modified by 

Amendment No.1. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,11 designates July 29, 

2021, as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–NYSE–2020–95) as 

modified by Amendment No. 1. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–11289 Filed 5–27–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34274; 812–15154] 

Simplify Exchange Traded Funds and 

Simplify Asset Management Inc. 

May 24, 2021. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (‘‘Act’’) for an exemption from 

section 15(a) of the Act and rule 18f–2 

under the Act, as well as from certain 

disclosure requirements in rule 20a–1 

under the Act, Item 19(a)(3) of Form N– 

1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 

22(c)(8) and 22(c)(9) of Schedule 14A 

under the Securities Exchange Act of 

1934, and Sections 6–07(2)(a), (b), and 

(c) of Regulation S–X (‘‘Disclosure 

Requirements’’). The requested 

exemption would permit an investment 

adviser to hire and replace certain subadvisers without shareholder approval 

and grant relief from the Disclosure 

Requirements as they relate to fees paid 

to the sub-advisers. 

APPLICANTS: Simplify Exchange Traded 

Funds (the ‘‘Trust’’), a Delaware 

statutory trust registered under the Act 

as an open-end management investment 

company with multiple series, and 

Simplify Asset Management Inc., a New 

York corporation registered as an 

investment adviser under the 

Investment Advisers Act of 1940 

(‘‘Simplify’’ or the ‘‘Advisor,’’ and, 

collectively with the Trust, the 

‘‘Applicants’’). 

FILING DATES: The application was filed 

on August 18, 2020, and amended on 

February 24, 2021. 

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 by emailing the 

Commission’s Secretary at SecretarysOffice@sec.gov and serving applicants 

with a copy of the request by email. 

Hearing requests should be received by 

the Commission by 5:30 p.m. on June 

18, 2021, and should be accompanied 

by proof of service on the 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 SecretarysOffice@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

c/o JoAnn M. Strasser, Thompson Hine 

LLP, by email: JoAnn.Strasser@

thompsonhine.com. 

FOR FURTHER INFORMATION CONTACT: 

Christine Y. Greenlees, Senior Counsel, 

at (202) 551–6879, or Lisa Reid Ragen, 

Branch Chief, at (202) 551–6825 

(Division of Investment Management, 

Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained via the Commission’s 

website by searching for the file 

number, or an applicant using the 

Company name box, at http://

www.sec.gov/search/search.htm or by 

calling (202) 551–8090. 

Summary of the Application 

1. The Advisor serves as the 

investment adviser to the Funds (as 

defined below) pursuant to investment 

advisory agreements with the Funds 

(the ‘‘Advisory Agreements’’).1 The 

Advisor will provide the Funds with 

continuous and comprehensive 

investment management services subject 

to the supervision of, and policies 

established by, each Fund’s board of 

trustees (‘‘Board’’). The Advisory 

Agreements permit the Advisor, subject 

to the approval of the Board, to delegate 

to one or more sub-advisers (each, a 

‘‘Subadvisor’’ and collectively, the 

‘‘Subadvisors’’) the responsibility to 

provide the day-to-day portfolio 

investment management of each Fund 

(either directly or through such Fund’s 

direct wholly-owned subsidiary), 

subject to the supervision and direction 

of the Advisor. The primary 

responsibility for managing the Funds 

will remain vested in the Advisor. The 

Advisor will hire, evaluate, allocate 

assets to and oversee the Subadvisors, 

including determining whether a 

Subadvisor should be terminated, at all 

times subject to the authority of the 

Board. 

2. Each Fund may pursue its 

investment strategies by investing 

through a direct wholly-owned 

subsidiary (each such subsidiary, a 

‘‘Subsidiary’’). Any future Subsidiary 

will enter into an investment advisory 

agreement with the respective Advisor 

(the ‘‘Subsidiary Advisory 

Agreements’’).2 In all cases, an Advisor 

will be the entity providing general 

management services to each Fund, 

including overall supervisory 

responsibility for the general 

management and investment of the 

Fund’s assets (either directly or through 

such Fund’s Subsidiary, if any), and, 

subject to review and approval of the 

Board, will: (a) Set such Fund’s 

(including, if any, its Subsidiary’s) 

overall investment strategies; (b) 

evaluate, select and recommend 

Subadvisors to manage all or a portion 

of the Fund’s assets (directly or through 

the Fund’s Subsidiary, if any); (c) 

Federal Register / Vol. 86, No. 102 / Friday, May 28, 2021 / Notices 28923 

3The requested relief will not extend to any subadviser who is an affiliated person, as defined in 

section 2(a)(3) of the Act, of a Fund or an Advisor 

other than by reason of serving as a sub-adviser to 

one or more Funds (or any Subsidiary) (‘‘Excluded 

Subadvisors’’). 

allocate and, when appropriate, 

reallocate the Fund’s assets among one 

or more Subadvisors (including by 

allocating and reallocating assets 

between and among the Fund and, if 

any, its Subsidiary); (d) monitor and 

evaluate the performance of 

Subadvisors; and (e) implement 

procedures reasonably designed to 

ensure that the Subadvisors comply 

with the investment objective, policies 

and restrictions of the Fund and the 

Subsidiary, if any. 

3. Applicants request an order 

exempting Applicants from section 

15(a) of the Act and rule 18f–2 

thereunder to permit the Trust, on 

behalf of a Fund, and/or its Advisor, 

subject to the approval of the Board, to 

enter into and materially amend 

investment subadvisory agreements 

with Subadvisors (‘‘Subadvisory 

Agreements’’) without obtaining 

shareholder approval.3 Applicants also 

seek an exemption from the Disclosure 

Requirements to permit a Fund to 

disclose (as both a dollar amount and a 

percentage of the Fund’s net assets): (a) 

The aggregate fees paid to the Advisor 

and any Excluded Subadvisor; and (b) 

the aggregate fees paid to Subadvisors 

other than Excluded Subadvisors 

(collectively, ‘‘Aggregate Fee 

Disclosure’’). For any Fund that 

employs an Excluded Subadvisor, the 

Fund will provide separate disclosure of 

any fees paid to the Excluded 

Subadvisor. 

4. Applicants agree that any order 

granting the requested relief will be 

subject to the terms and conditions 

stated in the application. Such terms 

and conditions provide for, among other 

safeguards, appropriate disclosure to 

Fund shareholders and notification 

about sub-advisory changes and 

enhanced Board oversight to protect the 

interests of the Funds’ shareholders. 

5. Section 6(c) of the Act provides that 

the Commission may exempt any 

person, security, or transaction or any 

class or classes of persons, securities, or 

transactions from any provisions of the 

Act, or any rule thereunder, if such 

relief is necessary or appropriate in the 

public interest and consistent with the 

protection of investors and purposes 

fairly intended by the policy and 

provisions of the Act. Applicants 

believe that the requested relief meets 

this standard because, as further 

explained in the application, the 

Advisory Agreements will remain 

subject to shareholder approval, while 

the role of the Subadvisors is 

substantially similar to that of 

individual portfolio managers, so that 

requiring shareholder approval of 

Subadvisory Agreements would impose 

unnecessary delays and expenses on the 

Funds. Applicants believe that the 

requested relief from the Disclosure 

Requirements meets this standard 

because it will improve the Advisor’s 

ability to negotiate fees paid to the 

Subadvisors that are more advantageous 

for the Funds. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–11292 Filed 5–27–21; 8:45 am] 

BILLING CODE 8011–01–P 

SELECTIVE SERVICE SYSTEM 

Form Submitted to the Office of 

Management and Budget for Extension 

of Clearance 

AGENCY: Selective Service System. 

ACTION: Notice. 

The following form has been 

submitted to the Office of Management 

and Budget (OMB) for extension of 

clearance without change in compliance 

with the Paperwork Reduction Act (44 

U.S.C. Chapter 35): 

SSS Form 1 

Title: The Selective Service System 

Registration Form. 

Purpose: Is used to register men and 

establish a data base for use in 

identifying manpower to the military 

services during a national emergency. 

Respondents: All 18-year-old males 

who are United States citizens and those 

male immigrants residing in the United 

States at the time of their 18th birthday 

are required to register with the 

Selective Service System. 

Frequency: Registration with the 

Selective Service System is a one-time 

occurrence. 

Burden: A burden of two minutes or 

less on the individual respondent. 

Copies of the above identified form 

can be obtained upon written request to 

the Selective Service System, 

Operations Directorate, 1515 Wilson 

Boulevard, Arlington, Virginia 22209– 

2425. 

Written comments and 

recommendations for the proposed 

extension of clearance with change of 

the form should be sent within 60 days 

of the publication of this notice to the 

Selective Service System, Operations 

Directorate, 1515 Wilson Boulevard, 

Arlington, Virginia 22209–2425. 

A copy of the comments should be 

sent to the Office of Information and 

Regulatory Affairs, Attention: Desk 

Officer, Selective Service System, Office 

of Management and Budget, New 

Executive Office Building, Room 3235, 

Washington, DC 20503. 

Thomas T. Devine, 

Deputy Associate Director for Operations. 

[FR Doc. 2021–11322 Filed 5–27–21; 8:45 am] 

BILLING CODE 8015–01–P 

DEPARTMENT OF STATE 

[Public Notice 11431] 

30-Day Notice of Proposed Information 

Collection: Foreign Service Officer 

Test Registration Form 

ACTION: Notice of request for public 

comment and submission to OMB of 

proposed collection of information. 

SUMMARY: The Department of State has 

submitted the information collection 

described below to the Office of 

Management and Budget (OMB) for 

approval. In accordance with the 

Paperwork Reduction Act of 1995 we 

are requesting comments on this 

collection from all interested 

individuals and organizations. The 

purpose of this Notice is to allow 30 

days for public comment. 

DATES: Submit comments up to June 28, 

2021. 

ADDRESSES: Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication 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. 

FOR FURTHER INFORMATION CONTACT: 

Direct requests for additional 

information regarding the collection 

listed in this notice, including requests 

for copies of the proposed collection 

instrument and supporting documents 

to Board of Examiners for the Foreign 

Service, Department of State SA–1, H– 

518. 2401 E Street NW, Washington, DC 

20522. 

SUPPLEMENTARY INFORMATION: 

• Title of Information Collection: 

Registration for the Foreign Service 

Officer Test. 

• OMB Control Number: 1405–0008. 

• Type of Request: Extension of a 

Currently Approved Collection. 

• Originating Office: Bureau of 

Human Resources, Board of Examiners.