Submission for OMB Review; Comment Request, 41635 [2020-14753]

Download as PDF Federal Register / Vol. 85, No. 133 / Friday, July 10, 2020 / Notices Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2020–54. 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 (https://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–NYSE–2020–54 and should be submitted on or before July 31, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–14869 Filed 7–9–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION jbell on DSKJLSW7X2PROD with NOTICES Submission for OMB Review; 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 206(4)–6, SEC File No. 270– 513, OMB Control No. 3235–0571 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 13 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 18:28 Jul 09, 2020 Jkt 250001 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. The title for the collection of information is ‘‘Rule 206(4)–6’’ under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) (‘‘Advisers Act’’) and the collection has been approved under OMB Control No. 3235–0571. The Commission adopted rule 206(4)–6 (17 CFR 275.206(4)–6), the proxy voting rule, to address an investment adviser’s fiduciary obligation to clients who have given the adviser authority to vote their securities. Under the rule, an investment adviser that exercises voting authority over client securities is required to: (i) Adopt and implement policies and procedures that are reasonably designed to ensure that the adviser votes securities in the best interest of clients, including procedures to address any material conflict that may arise between the interest of the adviser and the client; (ii) disclose to clients how they may obtain information on how the adviser has voted with respect to their securities; and (iii) describe to clients the adviser’s proxy voting policies and procedures and, on request, furnish a copy of the policies and procedures to the requesting client. The rule is designed to assure that advisers that vote proxies for their clients vote those proxies in their clients’ best interest and provide clients with information about how their proxies were voted. Rule 206(4)–6 contains ‘‘collection of information’’ requirements within the meaning of the Paperwork Reduction 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. The collection is mandatory and responses to the disclosure requirement are not kept confidential. The respondents are investment advisers registered with the Commission that vote proxies with respect to clients’ securities. Advisory clients of these investment advisers use the information required by the rule to assess investment advisers’ proxy voting policies and procedures and to monitor the advisers’ performance of their proxy voting activities. The information required by Advisers Act rule 204–2, a recordkeeping rule, also is used by the Commission staff in its examination and oversight program. Without the information collected under the rules, advisory clients would not have PO 00000 Frm 00121 Fmt 4703 Sfmt 9990 41635 information they need to assess the adviser’s services and monitor the adviser’s handling of their accounts, and the Commission would be less efficient and effective in its programs. The estimated number of investment advisers subject to the collection of information requirements under the rule is 12,265. It is estimated that each of these advisers is required to spend on average 10 hours annually documenting its proxy voting procedures under the requirements of the rule, for a total burden of 122,650 hours. We further estimate that on average, approximately 279 clients of each adviser would request copies of the underlying policies and procedures. We estimate that it would take these advisers 0.1 hours per client to deliver copies of the policies and procedures, for a total burden of 342,194 hours. Accordingly, we estimate that rule 206(4)-6 results in an annual aggregate burden of collection for SEC-registered investment advisers of a total of 464,844 hours. Records related to an adviser’s proxy voting policies and procedures and proxy voting history are separately required under the Advisers Act recordkeeping rule 204–2 (17 CFR 275.204–2). The standard retention period required for books and records under rule 204–2 is five years, in an easily accessible place, the first two years in an appropriate office of the investment adviser. OMB has previously approved the collection with this retention period. The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to (i) www.reginfo.gov/ public/do/PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@ sec.gov. Dated: July 2, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–14753 Filed 7–9–20; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\10JYN1.SGM 10JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 85, Number 133 (Friday, July 10, 2020)]
[Notices]
[Page 41635]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14753]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; 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 206(4)-6, SEC File No. 270-513, OMB Control No. 
3235-0571

    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'') has submitted to the Office of Management and Budget 
(``OMB'') a request for extension of the previously approved collection 
of information discussed below.
    The title for the collection of information is ``Rule 206(4)-6'' 
under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.) 
(``Advisers Act'') and the collection has been approved under OMB 
Control No. 3235-0571. The Commission adopted rule 206(4)-6 (17 CFR 
275.206(4)-6), the proxy voting rule, to address an investment 
adviser's fiduciary obligation to clients who have given the adviser 
authority to vote their securities. Under the rule, an investment 
adviser that exercises voting authority over client securities is 
required to: (i) Adopt and implement policies and procedures that are 
reasonably designed to ensure that the adviser votes securities in the 
best interest of clients, including procedures to address any material 
conflict that may arise between the interest of the adviser and the 
client; (ii) disclose to clients how they may obtain information on how 
the adviser has voted with respect to their securities; and (iii) 
describe to clients the adviser's proxy voting policies and procedures 
and, on request, furnish a copy of the policies and procedures to the 
requesting client. The rule is designed to assure that advisers that 
vote proxies for their clients vote those proxies in their clients' 
best interest and provide clients with information about how their 
proxies were voted.
    Rule 206(4)-6 contains ``collection of information'' requirements 
within the meaning of the Paperwork Reduction 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. The collection is mandatory and responses to the disclosure 
requirement are not kept confidential.
    The respondents are investment advisers registered with the 
Commission that vote proxies with respect to clients' securities. 
Advisory clients of these investment advisers use the information 
required by the rule to assess investment advisers' proxy voting 
policies and procedures and to monitor the advisers' performance of 
their proxy voting activities. The information required by Advisers Act 
rule 204-2, a recordkeeping rule, also is used by the Commission staff 
in its examination and oversight program. Without the information 
collected under the rules, advisory clients would not have information 
they need to assess the adviser's services and monitor the adviser's 
handling of their accounts, and the Commission would be less efficient 
and effective in its programs.
    The estimated number of investment advisers subject to the 
collection of information requirements under the rule is 12,265. It is 
estimated that each of these advisers is required to spend on average 
10 hours annually documenting its proxy voting procedures under the 
requirements of the rule, for a total burden of 122,650 hours. We 
further estimate that on average, approximately 279 clients of each 
adviser would request copies of the underlying policies and procedures. 
We estimate that it would take these advisers 0.1 hours per client to 
deliver copies of the policies and procedures, for a total burden of 
342,194 hours. Accordingly, we estimate that rule 206(4)-6 results in 
an annual aggregate burden of collection for SEC-registered investment 
advisers of a total of 464,844 hours.
    Records related to an adviser's proxy voting policies and 
procedures and proxy voting history are separately required under the 
Advisers Act recordkeeping rule 204-2 (17 CFR 275.204-2). The standard 
retention period required for books and records under rule 204-2 is 
five years, in an easily accessible place, the first two years in an 
appropriate office of the investment adviser. OMB has previously 
approved the collection with this retention period. The public may view 
background documentation for this information collection at the 
following website: www.reginfo.gov. Find this particular information 
collection by selecting ``Currently under 30-day Review--Open for 
Public Comments'' or by using the search function. Written comments and 
recommendations for the proposed information collection should be sent 
within 30 days of publication of this notice to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F 
Street NE, Washington, DC 20549, or by sending an email to: 
[email protected].

    Dated: July 2, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-14753 Filed 7-9-20; 8:45 am]
BILLING CODE 8011-01-P

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