Submission for OMB Review; Comment Request, 61369-61370 [2021-24140]
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Federal Register / Vol. 86, No. 212 / Friday, November 5, 2021 / Notices
assumptions, data inputs, parameters,
and methodologies employed to
measure risk;
(B) The internal risk model must be
subject to an annual model review by a
model group that is independent of the
business function;
(C) The internal risk model must be
subject to at least quarterly backtesting
by counterparty or account; and
(D) The BD/FCM must provide
written notice to the Commission or
Commission staff prior to implementing
any material change to its internal risk
model.
(2) Minimum Risk Management
System Standards. (A) The BD/FCM
must maintain risk management system
standards to measure and manage risk
exposure arising from counterparties’
CDS portfolios that are independent of
any central counterparty margin
methodology;
(B) The BD/FCM must have an
internal credit risk rating model that
assesses the credit risk of each
individual counterparty;
(C) The BD/FCM’s monitoring of
credit risk must include the prudent
setting of an exposure limit for each
individual counterparty and the
exposure limit must be reviewed if the
counterparty’s credit risk profile
changes and at least quarterly;
(D) The BD/FCM must have the ability
to limit or reduce the exposure to a
counterparty through the collection of
additional margin;
(E) The BD/FCM must have
documented procedures to value
positions conservatively in view of
current market prices and the amount
that might be realized upon liquidation;
and
(F) The BD/FCM must have welldefined procedures and systems in
place for the daily collection and
payment of initial and variation margin.
(3) Monthly Reporting. The BD/FCM
must report to the Commission and
FINRA staffs on a monthly basis within
5 business days after month end or as
otherwise requested details of its top 25
counterparties’ portfolios as measured
by net credit exposure as well as the top
25 counterparties’ portfolios as
measured by gross notional amount.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–24170 Filed 11–4–21; 8:45 am]
BILLING CODE 8011–01–P
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Jkt 256001
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–480, OMB Control No.
3235–0537]
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:
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’’) 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
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 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
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’’).
PO 00000
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61369
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
approximately $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
E:\FR\FM\05NON1.SGM
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61370
Federal Register / Vol. 86, No. 212 / Friday, November 5, 2021 / Notices
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).
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
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 John R. Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: PRA_Mailbox@sec.gov.
Dated: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–24140 Filed 11–4–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
jspears on DSK121TN23PROD with NOTICES1
[SEC File No. 270–475, OMB Control No.
3235–0536]
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:
VerDate Sep<11>2014
21:40 Nov 04, 2021
Jkt 256001
Regulation FD
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’’) 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.
Regulation FD (17 CFR 243.100 et
seq.)—Other Disclosure Materials
requires public disclosure of material
information from issuers of publicly
traded securities so that investors have
current information upon which to base
investment decisions. The purpose of
the regulation is to require: (1) An issuer
that intentionally discloses material
information, to do so through public
disclosure, not selective disclosure; and
(2) to make prompt public disclosure of
material information that was
unintentionally selectively disclosed.
We estimate that approximately 13,000
issuers make Regulation FD disclosures
approximately five times a year for a
total of 58,000 submissions annually,
not including an estimated 7,000 issuers
who file Form 8–K to comply with
Regulation FD. We estimate that it takes
5 hours per response (58,000 responses
× 5 hours) for a total burden of 290,000
hours annually. In addition, we estimate
that 25% of the 5 hours per response
(1.25 hours) is prepared by the filer for
an annual reporting burden of 72,500
hours (1.25 hours per response × 58,000
responses).
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 has practical utility; (b) the
accuracy of the agency’s estimate of the
burden imposed by the 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
unless it displays a currently valid
control number.
Please direct your written comment to
David Bottom, Director/Chief
Information Officer, Securities and
PO 00000
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Fmt 4703
Sfmt 4703
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–24130 Filed 11–4–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–377, OMB Control No.
3235–0425]
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:
Form TH
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’’) 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.
Form TH (17 CFR 239.65, 17 CFR
249.447, 269.10 and 17 CFR 274.404)
under the Securities Act of 1933 (15
U.S.C. 77a et seq.), the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.), the Trust Indenture Act of 1939
(15 U.S.C. 77aaa et seq.) and the
Investment Company Act of 1940 (15
U.S.C. 80a–1 et seq.) is used by
registrants to notify the Commission
that an electronic filer is relying on the
temporary hardship exemption for the
filing of a document in paper form that
would otherwise be required to be filed
electronically as required by Rule 201(a)
of Regulation S–T. Form TH must be
filed every time an electronic filer
experiences unanticipated technical
difficulties preventing the timely
preparation and submission of a
required electronic filing.
Approximately 5 registrants file Form
TH and it takes an estimated 0.33 hours
per response for a total annual burden
of 2 hours (0.33 hours per response × 5
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.
E:\FR\FM\05NON1.SGM
05NON1
]]>Agencies
[Federal Register Volume 86, Number 212 (Friday, November 5, 2021)]
[Notices]
[Pages 61369-61370]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-24140]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-480, OMB Control No. 3235-0537]
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:
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'') 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 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 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 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 broker-dealers, 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 x 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 approximately $2,376 for
each of the covered entities (8 x $83 = $664; 4 x $428 = $1,712; $664 +
$1,712 = $2,376). Hourly cost of compliance estimates for
[[Page 61370]]
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 x
21,875 = $51,975,000).
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 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 John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by
sending an email to: [email protected].
Dated: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-24140 Filed 11-4-21; 8:45 am]
BILLING CODE 8011-01-P
