Submission for OMB Review; Comment Request, 68104-68105 [2020-23748]

Download as PDF 68104 Federal Register / Vol. 85, No. 208 / Tuesday, October 27, 2020 / Notices approved collection of information discussed below. Rule 425 (17 CFR 230.425) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) requires the filing of certain prospectuses and communications under Rule 135 (17 CFR 230.135) and Rule 165 (17 CFR 230.165) in connection with business combination transactions. The purpose of the rule is to permit more oral and written communications with shareholders about tender offers, mergers and other business combination transactions on a more-timely basis, so long as the written communications are filed on the date of first use. The information provided under Rule 425 is made available to the public upon request. Also, the information provided under Rule 425 is mandatory. Approximately 7,160 issuers file communications under Rule 425 at an estimated 0.25 hours per response for a total of 1,790 annual burden hours (0.25 hours per response × 7,160 responses). 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 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: October 22, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–23752 Filed 10–26–20; 8:45 am] BILLING CODE 8011–01–P jbell on DSKJLSW7X2PROD with NOTICES SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–094, OMB Control No. 3235–0085] Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, VerDate Sep<11>2014 18:26 Oct 26, 2020 Jkt 253001 100 F Street NE, Washington, DC 20549–2736 Extension: Rule 17a–11 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 17a–11, Notification Provisions for Brokers and Dealers (17 CFR 240.17a– 11), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). In response to an operational crisis in the securities industry between 1967 and 1970, the Commission adopted Rule 17a–11 under the Exchange Act on July 11, 1971. Rule 17a–11 requires brokerdealers that are experiencing financial or operational difficulties to provide notice to the Commission, the brokerdealer’s designated examining authority (‘‘DEA’’), and the Commodity Futures Trading Commission (‘‘CFTC’’) if the broker-dealer is registered with the CFTC as a futures commission merchant. Rule 17a–11 is an integral part of the Commission’s financial responsibility program which enables the Commission, a broker-dealer’s DEA, and the CFTC to increase surveillance of a broker-dealer experiencing difficulties and to obtain any additional information necessary to gauge the broker-dealer’s financial or operational condition. Rule 17a–11 also requires over-thecounter (‘‘OTC’’) derivatives dealers and broker-dealers that are permitted to compute net capital pursuant to Appendix E to Exchange Act Rule 15c3– 1 to notify the Commission when their tentative net capital drops below certain levels. To ensure the provision of these types of notices to the Commission, Rule 17a– 11 requires every national securities exchange or national securities association to notify the Commission when it learns that a member brokerdealer has failed to send a notice or transmit a report required under the Rule. Compliance with the Rule is mandatory. The Commission will generally not publish or make available to any person notices or reports received pursuant to Rule 17a–11. The Commission believes that information obtained under Rule 17a–11 relates to a condition report prepared for the use of the Commission, other federal governmental authorities, and securities PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 industry self-regulatory organizations responsible for the regulation or supervision of financial institutions. The Commission expects to receive 343 notices from broker-dealers whose capital declines below certain specified levels or who are otherwise experiencing financial or operational problems and eleven notices each year from national securities exchange or national securities association notifying it that a member broker-dealer has failed to send the Commission a notice or transmit a report required under the Rule. The Commission expects that it will take approximately one hour to prepare and transmit each notice. Therefore, the Commission estimates the total annual reporting burden arising from this section of the rule will be approximately 354 hours.1 Rule 17a–11 also requires brokerdealers engaged in securities lending or repurchase activities to either: (1) File a notice with the Commission and their DEA whenever the total money payable against all securities loaned, subject to a reverse repurchase agreement or the contract value of all securities borrowed or subject to a repurchase agreement, exceeds 2,500% of tentative net capital; or, alternatively, (2) report monthly their securities lending and repurchase activities to their DEA in a form acceptable to their DEA. The Commission estimates that, annually, six broker-dealers will submit the monthly stock loan/borrow report. The Commission estimates each firm will spend, on average, approximately one hour per month (or twelve hours per year) of employee resources to prepare and send the report or to prepare the information for the FOCUS report (as required by the firm’s DEA, if applicable). Therefore, the Commission estimates the total annual reporting burden arising from this section of the rule will be approximately 72 hours.2 Therefore, the total annual reporting burden associated with Rule 17a–11 is approximately 426 hours.3 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. 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 1 343 hours + 11 hours = 354 hours. broker-dealers × 12 hours per year = 72 hours. 3 343 hours + 11 hours + 72 hours = 426 hours. 26 E:\FR\FM\27OCN1.SGM 27OCN1 Federal Register / Vol. 85, No. 208 / Tuesday, October 27, 2020 / Notices recommendations for the proposed information collection should be sent within 30 days of publication of this notice to (i) MBX.OMB.OIRA.SEC_desk_ officer@omb.eop.gov 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: October 22, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–23748 Filed 10–26–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–654, OMB Control No. 3235–0704] 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 jbell on DSKJLSW7X2PROD with NOTICES Extension: Rule 506(e) of Regulation D Felons and Other Bad Actors Disclosure Statement 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 the following request for an extension of the previously approved collection of information discussed below. Regulation 506(e) of Regulation D (17 CFR 230.506(e)) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) requires the issuer to furnish to each purchaser, a reasonable time prior to sale, a description in writing of any matters that would have triggered disqualification under Rule 506(d)(1) of Regulation D, but occurred before September 23, 2013. The disclosure required by Rule 506(e) is not filed with the Commission, but serves as an important investor protection tool to inform investors of an issuer’s and its covered persons, involvement in past ‘‘bad actor’’ disqualifying events such as pre-existing criminal convictions, court injunctions, disciplinary proceedings, and other sanctions enumerated in Rule 506(d). Without the mandatory written statement requirements set forth in Rule 506(e), purchasers may have the impression that all bad actors are disqualified from participation in Rule 506 offerings. VerDate Sep<11>2014 18:26 Oct 26, 2020 Jkt 253001 We estimate there are 19,908 respondents that will conduct a onehour factual inquiry to determine whether the issuer and its covered persons have had pre-existing disqualifying events before September 23, 2013. Of those 19,908 respondents, we estimate that 220 respondents with disqualifying events will spend ten hours to prepare a disclosure statement describing the matters that would have triggered disqualification under 506(d)(1) of Regulation D, except that these disqualifying events occurred before September 23, 2013, the effective date of the Rule 506 amendments. An estimated 2,200 burden hours are attributed to the 220 respondents with disqualifying events in addition to the 19,908 burden hours associated with the one-hour factual inquiry. In sum, the total annual increase in paperwork burden for all affected respondents to comply with the Rule 506(e) disclosure statement is estimated to be approximately 22,108 hours of company personnel time. 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 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: October 22, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–23747 Filed 10–26–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. IC–34071; File No. 812–15172] Goldman Sachs (Malaysia) Sdn. Bhd., et al.; Notice of Application and Temporary Order October 22, 2020. Securities and Exchange Commission (‘‘Commission’’) AGENCY: PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 68105 Temporary order and notice of application for a permanent order under section 9(c) of the Investment Company Act of 1940 (‘‘Act’’). ACTION: Applicants have received a temporary order (‘‘Temporary Order’’) exempting them from section 9(a) of the Act, with respect to a guilty plea entered on October 22, 2020 (‘‘Guilty Plea’’), by Goldman Sachs (Malaysia) Sdn. Bhd. (the ‘‘Pleading Entity’’ or ‘‘GS Malaysia’’) in the United States District Court for the Eastern District of New York (the ‘‘District Court’’) in connection with a plea agreement (‘‘Plea Agreement’’) between the Pleading Entity and the United States Department of Justice (‘‘DOJ’’), until the Commission takes final action on an application for a permanent order (the ‘‘Permanent Order,’’ and with the Temporary Order, the ‘‘Orders’’). Applicants also have applied for a Permanent Order. Applicants: GS Malaysia, Goldman Sachs & Co. LLC (‘‘GS&Co.’’), Goldman Sachs Asset Management, L.P. (‘‘GSAM’’), Goldman Sachs Asset Management International (‘‘GSAMI’’) and GS Investment Strategies, LLC (‘‘GSIS’’ and collectively, the ‘‘Applicants’’). FILING DATE: The application was filed on October 22, 2020. 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 November 16, 2020 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: David A. Markowitz, The Goldman Sachs Group, Inc., david.markowitz@ gs.com. FOR FURTHER INFORMATION CONTACT: Kieran G. Brown, Senior Counsel, at (202) 551–6773 or David J. Marcinkus, Branch Chief, at (202) 551–6821 SUMMARY OF APPLICATION: E:\FR\FM\27OCN1.SGM 27OCN1

Agencies

[Federal Register Volume 85, Number 208 (Tuesday, October 27, 2020)]
[Notices]
[Pages 68104-68105]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23748]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-094, OMB Control No. 3235-0085]


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 17a-11

    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'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rule 17a-
11, Notification Provisions for Brokers and Dealers (17 CFR 240.17a-
11), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
(``Exchange Act'').
    In response to an operational crisis in the securities industry 
between 1967 and 1970, the Commission adopted Rule 17a-11 under the 
Exchange Act on July 11, 1971. Rule 17a-11 requires broker-dealers that 
are experiencing financial or operational difficulties to provide 
notice to the Commission, the broker-dealer's designated examining 
authority (``DEA''), and the Commodity Futures Trading Commission 
(``CFTC'') if the broker-dealer is registered with the CFTC as a 
futures commission merchant. Rule 17a-11 is an integral part of the 
Commission's financial responsibility program which enables the 
Commission, a broker-dealer's DEA, and the CFTC to increase 
surveillance of a broker-dealer experiencing difficulties and to obtain 
any additional information necessary to gauge the broker-dealer's 
financial or operational condition.
    Rule 17a-11 also requires over-the-counter (``OTC'') derivatives 
dealers and broker-dealers that are permitted to compute net capital 
pursuant to Appendix E to Exchange Act Rule 15c3-1 to notify the 
Commission when their tentative net capital drops below certain levels.
    To ensure the provision of these types of notices to the 
Commission, Rule 17a-11 requires every national securities exchange or 
national securities association to notify the Commission when it learns 
that a member broker-dealer has failed to send a notice or transmit a 
report required under the Rule.
    Compliance with the Rule is mandatory. The Commission will 
generally not publish or make available to any person notices or 
reports received pursuant to Rule 17a-11. The Commission believes that 
information obtained under Rule 17a-11 relates to a condition report 
prepared for the use of the Commission, other federal governmental 
authorities, and securities industry self-regulatory organizations 
responsible for the regulation or supervision of financial 
institutions.
    The Commission expects to receive 343 notices from broker-dealers 
whose capital declines below certain specified levels or who are 
otherwise experiencing financial or operational problems and eleven 
notices each year from national securities exchange or national 
securities association notifying it that a member broker-dealer has 
failed to send the Commission a notice or transmit a report required 
under the Rule. The Commission expects that it will take approximately 
one hour to prepare and transmit each notice. Therefore, the Commission 
estimates the total annual reporting burden arising from this section 
of the rule will be approximately 354 hours.\1\
---------------------------------------------------------------------------

    \1\ 343 hours + 11 hours = 354 hours.
---------------------------------------------------------------------------

    Rule 17a-11 also requires broker-dealers engaged in securities 
lending or repurchase activities to either: (1) File a notice with the 
Commission and their DEA whenever the total money payable against all 
securities loaned, subject to a reverse repurchase agreement or the 
contract value of all securities borrowed or subject to a repurchase 
agreement, exceeds 2,500% of tentative net capital; or, alternatively, 
(2) report monthly their securities lending and repurchase activities 
to their DEA in a form acceptable to their DEA.
    The Commission estimates that, annually, six broker-dealers will 
submit the monthly stock loan/borrow report. The Commission estimates 
each firm will spend, on average, approximately one hour per month (or 
twelve hours per year) of employee resources to prepare and send the 
report or to prepare the information for the FOCUS report (as required 
by the firm's DEA, if applicable). Therefore, the Commission estimates 
the total annual reporting burden arising from this section of the rule 
will be approximately 72 hours.\2\
---------------------------------------------------------------------------

    \2\ 6 broker-dealers x 12 hours per year = 72 hours.
---------------------------------------------------------------------------

    Therefore, the total annual reporting burden associated with Rule 
17a-11 is approximately 426 hours.\3\
---------------------------------------------------------------------------

    \3\ 343 hours + 11 hours + 72 hours = 426 hours.
---------------------------------------------------------------------------

    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.
    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

[[Page 68105]]

recommendations for the proposed information collection should be sent 
within 30 days of publication of this notice to (i) 
[email protected] 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: October 22, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-23748 Filed 10-26-20; 8:45 am]
BILLING CODE 8011-01-P
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