Submission for OMB Review; Comment Request, 3130 [2022-01051]
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Federal Register / Vol. 87, No. 13 / Thursday, January 20, 2022 / Notices
or archived webcast by accessing a link
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There may be changes to this event
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U.S.C. 552(b).
Dated: Friday, January 14, 2022.
Candi R. Bing,
Federal Register Liaison Officer.
[FR Doc. 2022–01138 Filed 1–18–22; 11:15 am]
BILLING CODE 7533–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–218, OMB Control No.
3235–0242]
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
lotter on DSK11XQN23PROD with NOTICES1
Extension:
Rule 206(4)–3
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 a
request for approval of extension of the
previously approved collection of
information discussed below.
Rule 206(4)–3 (17 CFR 275.206(4)–3)
under the Investment Advisers Act of
1940, which is entitled ‘‘Cash Payments
for Client Solicitations,’’ provides
restrictions on cash payments for client
solicitations. The rule requires that an
adviser pay all solicitors’ fees pursuant
to a written agreement. When an adviser
will provide only impersonal advisory
services to the prospective client, the
rule imposes no disclosure
requirements. When the solicitor is
affiliated with the adviser and the
adviser will provide individualized
advisory services to the prospective
client, the solicitor must, at the time of
the solicitation or referral, indicate to
the prospective client that he is
affiliated with the adviser. When the
solicitor is not affiliated with the
adviser and the adviser will provide
individualized advisory services to the
prospective client, the solicitor must, at
VerDate Sep<11>2014
17:16 Jan 19, 2022
Jkt 256001
the time of the solicitation or referral,
provide the prospective client with a
copy of the adviser’s brochure and a
disclosure document containing
information specified in rule 206(4)–3.
Amendments to rule 206(4)–3, adopted
in 2010 in connection with rule 206(4)–
5, specify that solicitation activities
involving a government entity, as
defined in rule 206(4)–5, are subject to
the additional limitations of rule
206(4)–5. In December 2020, the
Commission adopted a single marketing
rule which merged certain existing
provisions of rule 206(4)–3 into
amendments to rule 206(4)–1. In light of
these 2020 amendments, the
Commission has rescinded rule 206(4)–
3, effective November 2, 2022.
Notwithstanding the rescission of rule
206(4)–3, the Office of Management and
Budget (the ‘‘OMB’’) has requested that
the Commission submit documents in
connection with the extension of rule
206(4)–3 for the period covering
February 28, 2022 to November 2, 2022,
the effective date of the discontinuance
of rule 206(4)–3.
To the extent that the OMB has
requested this collection of information,
the information rule 206(4)–3 requires is
necessary to inform advisory clients
about the nature of the solicitor’s
financial interest in the
recommendation so the prospective
clients may consider the solicitor’s
potential bias, and to protect clients
against solicitation activities being
carried out in a manner inconsistent
with the adviser’s fiduciary duty to
clients. Rule 206(4)–3 is applicable to
all Commission registered investment
advisers. The Commission believes that
approximately 3,829 of these advisers
have cash referral fee arrangements. The
rule requires approximately 7.04 burden
hours per year per adviser and results in
a total of approximately 26,956 total
burden hours (7.04 × 3,829) for all
advisers.
The disclosure requirements of rule
206(4)–3 do not require recordkeeping
or record retention. The collections of
information requirements under the
rules are mandatory. Information subject
to the disclosure requirements of rule
206(4)–3 is not submitted to the
Commission. The disclosures pursuant
to the rule are not kept confidential. 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 OMB control
number.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
Lindsay.M.Abate@omb.eop.gov; 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 send an email to: PRA_
Mailbox@sec.gov. 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.
Dated: January 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01051 Filed 1–19–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–641, OMB Control No.
3235–0685]
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: US Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rules 3a68–2 and 3a68–4(c)
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 (‘‘SEC’’) 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 the following rules: Rules
3a68–2 and 3a68–4(c) under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 3a68–2 creates a process for
interested persons to request a joint
interpretation by the SEC and the
Commodity Futures Trading
Commission (‘‘CFTC’’) (together with
the SEC, the ‘‘Commissions’’) regarding
whether a particular instrument (or
class of instruments) is a swap, a
security-based swap, or both (i.e., a
mixed swap). Under Rule 3a68–2, a
person provides to the Commissions a
copy of all material information
E:\FR\FM\20JAN1.SGM
20JAN1
]]>Agencies
[Federal Register Volume 87, Number 13 (Thursday, January 20, 2022)]
[Notices]
[Page 3130]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01051]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-218, OMB Control No. 3235-0242]
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)-3
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 a request for approval of extension of the previously
approved collection of information discussed below.
Rule 206(4)-3 (17 CFR 275.206(4)-3) under the Investment Advisers
Act of 1940, which is entitled ``Cash Payments for Client
Solicitations,'' provides restrictions on cash payments for client
solicitations. The rule requires that an adviser pay all solicitors'
fees pursuant to a written agreement. When an adviser will provide only
impersonal advisory services to the prospective client, the rule
imposes no disclosure requirements. When the solicitor is affiliated
with the adviser and the adviser will provide individualized advisory
services to the prospective client, the solicitor must, at the time of
the solicitation or referral, indicate to the prospective client that
he is affiliated with the adviser. When the solicitor is not affiliated
with the adviser and the adviser will provide individualized advisory
services to the prospective client, the solicitor must, at the time of
the solicitation or referral, provide the prospective client with a
copy of the adviser's brochure and a disclosure document containing
information specified in rule 206(4)-3. Amendments to rule 206(4)-3,
adopted in 2010 in connection with rule 206(4)-5, specify that
solicitation activities involving a government entity, as defined in
rule 206(4)-5, are subject to the additional limitations of rule
206(4)-5. In December 2020, the Commission adopted a single marketing
rule which merged certain existing provisions of rule 206(4)-3 into
amendments to rule 206(4)-1. In light of these 2020 amendments, the
Commission has rescinded rule 206(4)-3, effective November 2, 2022.
Notwithstanding the rescission of rule 206(4)-3, the Office of
Management and Budget (the ``OMB'') has requested that the Commission
submit documents in connection with the extension of rule 206(4)-3 for
the period covering February 28, 2022 to November 2, 2022, the
effective date of the discontinuance of rule 206(4)-3.
To the extent that the OMB has requested this collection of
information, the information rule 206(4)-3 requires is necessary to
inform advisory clients about the nature of the solicitor's financial
interest in the recommendation so the prospective clients may consider
the solicitor's potential bias, and to protect clients against
solicitation activities being carried out in a manner inconsistent with
the adviser's fiduciary duty to clients. Rule 206(4)-3 is applicable to
all Commission registered investment advisers. The Commission believes
that approximately 3,829 of these advisers have cash referral fee
arrangements. The rule requires approximately 7.04 burden hours per
year per adviser and results in a total of approximately 26,956 total
burden hours (7.04 x 3,829) for all advisers.
The disclosure requirements of rule 206(4)-3 do not require
recordkeeping or record retention. The collections of information
requirements under the rules are mandatory. Information subject to the
disclosure requirements of rule 206(4)-3 is not submitted to the
Commission. The disclosures pursuant to the rule are not kept
confidential. 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 OMB control number.
The public may view the background documentation for this
information collection at the following website, www.reginfo.gov.
Comments should be directed to: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503, or by sending an email to:
[email protected]; 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 send an email to:
[email protected]. 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.
Dated: January 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01051 Filed 1-19-22; 8:45 am]
BILLING CODE 8011-01-P
