List of Rules To Be Reviewed Pursuant to the Regulatory Flexibility Act, 74057-74060 [2022-26133]

Download as PDF Federal Register / Vol. 87, No. 231 / Friday, December 2, 2022 / Proposed Rules records or other individually identifiable health information. In addition, your comment should not include any ‘‘trade secret or any commercial or financial information which . . . is privileged or confidential’’—as provided by Section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16 CFR 4.10(a)(2). Authority: 15 U.S.C. 46; 15 U.S.C. 57a; 5 U.S.C. 601 note. April J. Tabor, Secretary. [FR Doc. 2022–26254 Filed 12–1–22; 8:45 am] BILLING CODE 6750–01–P SECURITIES AND EXCHANGE COMMISSION 17 CFR Chapter II FOR FURTHER INFORMATION CONTACT: [Release Nos. 33–11136; 34–96386; IC– 34765; File No. S7–27–22] List of Rules To Be Reviewed Pursuant to the Regulatory Flexibility Act Securities and Exchange Commission. ACTION: Publication of list of rules scheduled for review. AGENCY: The Securities and Exchange Commission is publishing a list of rules to be reviewed pursuant to Section 610 of the Regulatory Flexibility Act. The list is published to provide the public with notice that these rules are scheduled for review by the agency and to invite public comment on whether the rules should be continued without change, or should be amended or rescinded to minimize any significant economic impact of the rules upon a substantial number of small entities. DATES: Comments should be submitted by January 3, 2023. ADDRESSES: Comments may be submitted by any of the following methods: SUMMARY: lotter on DSK11XQN23PROD with PROPOSALS1 Electronic Comments • Use the Commission’s internet comment form (https://www.sec.gov/ rules/submitcomments.html); or • Send an email to rule-comments@ sec.gov. Please include File Number S7– 27–22 on the subject line. Paper Comments • Send paper comments to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number S7–27–22. This file number should be included on the subject line if email is used. To help the VerDate Sep<11>2014 18:28 Dec 01, 2022 Jkt 259001 Commission process and review your comments more efficiently, please use only one method of submission. The Commission will post all comments on the Commission’s website (https:// www.sec.gov/rules/other.shtml). Comments are also 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 a.m. and 3 p.m. Operating conditions may limit access to the Commission’s Public Reference Room. 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. Sandra Sojka, General Attorney, Office of the General Counsel, 202–551–4928. SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (‘‘RFA’’), codified at 5 U.S.C. 601–612, requires an agency to review its rules that have a significant economic impact upon a substantial number of small entities within ten years of the publication of such rules as final rules. 5 U.S.C. 610(a). The purpose of the review is ‘‘to determine whether such rules should be continued without change, or should be amended or rescinded . . . to minimize any significant economic impact of the rules upon a substantial number of such small entities.’’ 5 U.S.C. 610(a). The RFA sets forth specific considerations that must be addressed in the review of each rule: • the continued need for the rule; • the nature of complaints or comments received concerning the rule from the public; • the complexity of the rule; • the extent to which the rule overlaps, duplicates or conflicts with other federal rules, and, to the extent feasible, with state and local governmental rules; and • the length of time since the rule has been evaluated or the degree to which technology, economic conditions, or other factors have changed in the area affected by the rule. 5 U.S.C. 610(b). The list below includes rules adopted in 2013 that may have a significant economic impact on a substantial number of small entities (but excludes rules that have been substantially changed since adoption, rules that are minor amendments to previously adopted rules, and rules that are ministerial, procedural, or technical in nature). Where the Commission has PO 00000 Frm 00035 Fmt 4702 Sfmt 4702 74057 previously made a determination of a rule’s impact on small businesses, the determination is noted on the list. The Commission particularly solicits public comment on whether the rules listed below affect small businesses in new or different ways than when they were first adopted. The rules and forms listed below are scheduled for review by staff of the Commission. Title: Removal of Certain References to Credit Ratings Under the Investment Company Act. Citation: 17 CFR 239, 17 CFR 270.5b3, and 17 CFR 274. Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 77z–2, 77z–3, 77sss, 78c, 78c(b), 78l, 78m, 78n, 78o(d), 78o–7, 78o–7 note, 78u–5, 78w(a), 78ll, 78mm, 80a–1 et seq., 80a–2(a), 80a–3, 80a–8, 80a–9, 80a–10, 80a–13, 80a–24, 80a–26, 80a– 29, 80a–30, 80a– 34(d), 80a–37, 80a–39; and Pub. L. 111–203, sec. 939A, 124 Stat. 1376 (2010). Description: The Commission adopted amendments to a rule and three forms under the Investment Company Act of 1940 (‘‘Investment Company Act’’) and the Securities Act of 1933 (‘‘Securities Act’’) in order to implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘‘DoddFrank Act’’). Specifically, rule 5b–3 under the Investment Company Act contained a reference to credit ratings in determining when an investment company (‘‘fund’’) may treat a repurchase agreement as an acquisition of securities collateralizing the repurchase agreement for certain purposes under the Investment Company Act. The amendments replaced this reference to credit ratings with an alternative standard designed to retain a similar degree of credit quality to that in prior rule 5b–3. The Commission also adopted amendments to Forms N–1A, N–2, and N–3 under the Investment Company Act and the Securities Act to eliminate the required use of NRSRO credit ratings when a fund chooses to depict its portfolio holdings by credit quality. Prior RFA Analysis: When the Commission adopted the amendments on December 27, 2013, it published a Final Regulatory Flexibility Analysis in the adopting release, Release No. 33– 9506, available at: https:// www.federalregister.gov/documents/ 2014/01/08/2013-31425/removal-ofcertain-references-to-credit-ratingsunder-the-investment-company-act. The Commission received no comments on its Initial Regulatory Flexibility Analysis published in the proposing release, Release No. 33–9193 (March 3, 2011), available at: https:// www.federalregister.gov/documents/ E:\FR\FM\02DEP1.SGM 02DEP1 lotter on DSK11XQN23PROD with PROPOSALS1 74058 Federal Register / Vol. 87, No. 231 / Friday, December 2, 2022 / Proposed Rules 2011/03/09/2011-5184/references-tocredit-ratings-in-certain-investmentcompany-act-rules-and-forms. * * * * * Title: Registration of Municipal Advisors. Citation: 17 CFR 200.19c, 17 CFR 200.19d, 17 CFR 200.30–3a, 17 CFR 200.30–18; 17 CFR 240.15Ba1–1, 17 CFR 240.15Ba1–2, 17 CFR 240.15Ba1–3, 17 CFR 240.15Ba1–4, 17 CFR 40.15Ba1–5, 17 CFR 240.15Ba1–6, 17 CFR 240.15Ba1–7, 17 CFR 240.15Ba1–8, 17 CFR 240.15Bc4–1; 17 CFR 249.1300, 17 CFR 249.1300T, 17 CFR 249.1310, 17 CFR 249.1320, 17 CFR 249.1330, and 17 CFR 249.1300T. Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77o, 77s, 77z–2, 77z–3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78a et seq., 78c, 78d, 78d–1, 78d–2, 78e, 78f, 78g, 78i, 78j, 78j–1, 78k, 78k–1, 78l, 78m, 78n, 78n–1, 78o, 78o–4, 78p, 78q, 78q– 1, 78s, 78u–5, 78w, 78x, 78ll, 78ll(d), 78mm, 80a–20, 80a–23, 80a–29, 80a–37, 80b–3, 80b–4, 80b–11, 7201 et seq., 7202, 7211 et seq., 12 U.S.C. 5221(e)(3), 12 U.S.C. 5461 et seq., and 18 U.S.C. 1350, unless as otherwise noted. Description: The Commission adopted new Rules 15Ba1–1 through 15Ba1–8, new Rule 15Bc4–1, and new Forms MA, MA–I, MA–W, and MA–NR under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) to implement provisions of Title IX of the Dodd-Frank Act that required the Commission to establish a registration regime for municipal advisors and impose certain record-keeping requirements on such advisors. The rules and forms are designed to give effect to provisions of Title IX of the Dodd-Frank Act that, among other things, required the Commission to establish a registration regime for municipal advisors and impose certain record-keeping requirements on such advisors. Prior RFA Analysis: When the Commission adopted the rules and forms on September 20, 2013, it published a Final Regulatory Flexibility Analysis in the adopting release, Release No. 34–70462, available at: https://www.federalregister.gov/ documents/2013/11/12/2013-23524/ registration-of-municipal-advisors. The Commission solicited comment on the Initial Regulatory Flexibility Analysis published in the proposing release, Release No. 34–63576 (Dec. 20, 2010), available at: https:// www.federalregister.gov/documents/ 2011/01/06/2010-32445/registration-ofmunicipal-advisors, and considered comments received at that time. * * * * * Title: Broker Dealer Reports. VerDate Sep<11>2014 18:28 Dec 01, 2022 Jkt 259001 Citation: 17 CFR 240.17a–5, 17 CFR 240.17a–11, and 17 CFR 249.639. Authority: 15 U.S.C. 78a et seq., 77c, 77d, 77g, 77j, 77s, 77z–2, 77z–3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78a et seq., 78c, 78c–3, 78c–5, 78d, 78e, 78f, 78g, 78i, 78j, 78j–1, 78k, 78k–1, 78l, 78m, 78n, 78n–1, 78o, 78o–4, 78o–10, 78p, 78q, 78q–1, 78s, 78u–5, 78w, 78x, 78ll, 78mm, 80a–20, 80a–23, 80a–29, 80a–37, 80b–3, 80b– 4, 80b–11, 7201 et seq., 8302, 7 U.S.C. 2(c)(2)(E), 12 U.S.C. 5221(e)(3), 12 U.S.C. 5461 et seq., 18 U.S.C. 1350; and Pub. L. 111–203, 939A, 124 Stat. 1376, (2010). Description: The Commission amended certain broker-dealer annual reporting, audit, and notification requirements under the Exchange Act. The amendments included a requirement that broker-dealer audits be conducted in accordance with standards of the Public Company Accounting Oversight Board (‘‘PCAOB’’) in light of explicit oversight authority provided to the PCAOB by the Dodd-Frank Act to oversee these audits. The amendments further required a broker-dealer that clears transactions or carries customer accounts to agree to allow representatives of the Commission or the broker-dealer’s designated examining authority (‘‘DEA’’) to review the documentation associated with certain reports of the broker-dealer’s independent public accountant and to allow the accountant to discuss the findings relating to the reports of the accountant with those representatives when requested in connection with a regulatory examination of the brokerdealer. Finally, the amendments required a broker-dealer to file a new form with its DEA that elicits information about the broker-dealer’s practices with respect to the custody of securities and funds of customers and non-customers. Prior RFA Analysis: When the Commission adopted the amendments and new form on July 30, 2013, it published a Final Regulatory Flexibility Analysis in the adopting release, Release No. 34–70073, available at: https://www.federalregister.gov/ documents/2013/08/21/2013-18738/ broker-dealer-reports. The Commission received no comments on the Initial Regulatory Flexibility Analysis included in the proposing release, Release No. 34–64676 (June 15, 2011), available at: https://www.federalregister.gov/ documents/2011/06/27/2011-15341/ broker-dealer-reports. * * * * * Title: Financial Responsibility Rules for Broker-Dealers. Citation: 17 CFR 240.15c3–1, 17 CFR 240.15c3–1a, 17 CFR 240.15c3–2, 17 PO 00000 Frm 00036 Fmt 4702 Sfmt 4702 CFR 240.15c3–3, 17 CFR 240.15c3–3a, 17 CFR 240.17a–3, 17 CFR 240.17a–4, and 17 CFR 240.17a–11. Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z–2, 77z–3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c–3, 78c–5, 78d, 78e, 78f, 78g, 78i, 78j, 78j–1, 78k, 78k–1, 78l, 78m, 78n, 78n–1, 78o, 78o– 4, 78o–10, 78p, 78q, 78q–1, 78s, 78u–5, 78w, 78x, 78ll, 78mm, 80a–20, 80a–23, 80a–29, 80a–37, 80b–3, 80b–4, 80b–11, 7201 et. seq., 8302, 7 U.S.C. 2(c)(2)(E), 12 U.S.C. 5221(e)(3), 18 U.S.C. 1350; and Pub. L. 111–203, 939A, 124 Stat. 1376, (2010). Description: The Commission adopted amendments to the net capital (Rule 15c3–1), customer protection (Rule 15c3–3), books and records (Rules 17a– 3 and 17a– 4), and notification rules for broker-dealers (Rule 17a–11) promulgated under the Exchange Act. The amendments were designed to address several areas of concern regarding the financial responsibility requirements for broker-dealers. The amendments also updated certain financial responsibility requirements and made certain technical amendments. Prior RFA Analysis: When the Commission adopted the amendments on July 30, 2013, it published a Final Regulatory Flexibility Analysis in the adopting release, Release No. 34–70072, available at: https:// www.federalregister.gov/documents/ 2013/08/21/2013-18734/financialresponsibility-rules-for-broker-dealers. The Commission solicited comment on the Initial Regulatory Flexibility Analysis included in the proposing release, Release No. 34–66910 (May 3, 2012), available at: https:// www.federalregister.gov/documents/ 2012/05/09/2012-11133/amendmentsto-financial-responsibility-rules-forbroker-dealers, and considered comments received at that time. * * * * * Title: Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings. Citation: 17 CFR 230.144A, 17 CFR 230.500(c), 17 CFR 230.501, 17 CFR 230.502, 17 CFR 230.506, 17 CFR 239.500, 17 CFR 242.101, 17 CFR 242.102, and 17 CFR 242.104. Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77d note, 77f, 77g, 77h, 77j, 77r, 77s, 77q(a), 77s(a), 77z–2, 77z–3, 77sss, 78b, 78c, 78d, 78g(c)(2), 78i(a), 78j, 78k–1(c), 78l, 78m, 78n, 78o, 78o– 7 note, 78o(b), 78o(c), 78o(d), 78o(g), 78q(a), 78q(b), 78q(h), 78t, 78u–5, 78w, 78w(a), 78dd-1, 78ll, 78ll(d), 78mm, 80a–2(a), 80a–3, 80a-8, 80a–9, 80a–10, E:\FR\FM\02DEP1.SGM 02DEP1 lotter on DSK11XQN23PROD with PROPOSALS1 Federal Register / Vol. 87, No. 231 / Friday, December 2, 2022 / Proposed Rules 80a–13, 80a–23, 80a–24, 80a–26, 80a– 28, 80a–29, 80–30, 80a–37; and Pub. L. 112–106, sec. 201(a), 126 Stat. 313 (2012). Description: The Commission adopted amendments to Rule 506 of Regulation D and Rule 144A under the Securities Act to implement Section 201(a) of the Jumpstart Our Business Startups Act. The amendment to Rule 506 permitted an issuer to engage in general solicitation or general advertising in offering and selling securities pursuant to Rule 506, provided that all purchasers of the securities are accredited investors and the issuer takes reasonable steps to verify that such purchasers are accredited investors. The amendment to Rule 506 also included a non-exclusive list of methods that issuers may use to satisfy the verification requirement for purchasers who are natural persons. The amendment to Rule 144A provided that securities may be offered pursuant to Rule 144A to persons other than qualified institutional buyers, provided that the securities are sold only to persons that the seller and any person acting on behalf of the seller reasonably believe are qualified institutional buyers. The Commission also revised Form D to require issuers to indicate whether they are relying on the provision that permits general solicitation or general advertising in a Rule 506 offering. Prior RFA Analysis: When the Commission adopted the amendments on July 10, 2013, it published a Final Regulatory Flexibility Analysis in the adopting release, Release No. 33–9415, available at: https:// www.federalregister.gov/documents/ 2013/07/24/2013-16883/eliminatingthe-prohibition-against-generalsolicitation-and-general-advertising-inrule-506-and. The Commission solicited comment on its Initial Regulatory Flexibility Analysis published in the proposing release, Release No. 33–9354 (August 29, 2012), available at: https:// www.federalregister.gov/documents/ 2012/09/05/2012-21681/eliminatingthe-prohibition-against-generalsolicitation-and-general-advertising-inrule-506-and, and considered comments received at that time. * * * * * Title: Disqualification of Felons and Other ‘‘Bad Actors’’ from Rule 506 Offerings Citation: 17 CFR 200.30–1, 17 CFR 230.145, 17 CFR. 147, 17 CFR 152, 17 CFR 155, 17 CFR 230.501, 17 CFR 230.506, and 17 CFR 239.500 Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77d note, 77f, 77g, 77h, 77j, VerDate Sep<11>2014 18:28 Dec 01, 2022 Jkt 259001 77o, 77r, 77s, 77z–2, 77z–3, 77sss, 78c, 78d, 78d–1, 78d–2, 78j, 78l, 78m, 78n, 78o, 78o(d), 78o–7 note, 78t, 78u-5, 78w, 78w(a), 78ll, 78ll(d), 78mm, 80a– 2(a), 80a–3, 80a–8, 80a–9, 80a–10, 80a– 13, 80a–24, 80a–26, 80a–28, 80a–29, 80a–30, 80a–37, 80b–11, 7202; and Pub. L. 112–106, 201(a), 126 Stat. 313 (2012). Description: The Commission adopted amendments to Rules 501 and 506 of Regulation D and to Form D to implement Section 926 of the DoddFrank Act. Section 926 required the Commission to adopt rules that disqualify securities offerings involving certain ‘‘felons and other ‘bad actors’ ’’ from reliance on Rule 506 of Regulation D. The rules are ‘‘substantially similar’’ to Rule 262 under the Securities Act, which contains the disqualification provisions of Regulation A under the Securities Act, and also cover matters enumerated in Section 926 of the DoddFrank Act (including certain state regulatory orders and bars). Prior RFA Analysis: When the Commission adopted the amendments on July 10, 2013, it published a Final Regulatory Flexibility Analysis in the adopting release, Release No. 33–9414, available at: https:// www.federalregister.gov/documents/ 2013/07/24/2013-16983/ disqualification-of-felons-and-otherbad-actors-from-rule-506-offerings. The Commission received no comments on its Initial Regulatory Flexibility Analysis published in the proposing release, Release No. 33–9211 (May 25, 2011), available at: https:// www.federalregister.gov/documents/ 2011/06/01/2011-13370/ disqualification-of-felons-and-otherbad-actors-from-rule-506-offerings. * * * * * Title: Identity Theft Red Flags Rules. Citation: 17 CFR 162.30, 17 CFR 162.31, 17 CFR 162.32, 17 CFR 248.201, and 17 CFR 248.202. Authority: Sec. 1088, Pub. L. 111–203, 124 Stat. 1376 (2010); 15 U.S.C. 78q, 78q–1, 78o–4, 78o–5, 78w, 78mm, 80a– 30, 80a–37, 80b–4, 80b–11, 1681m(e), 1681s(b), 1681s–3 and note, 1681w(a)(1), 6801–6809, and 6825; and Pub. L. 111–203, secs. 1088(a)(8), (a)(10), and sec. 1088(b), 124 Stat. 1376 (2010). Description: The Commission and the Commodity Futures Trading Commission (‘‘CFTC’’) (together, the ‘‘Commissions’’) jointly adopted rules and guidelines to require certain regulated entities to establish programs to address risks of identity theft. These rules and guidelines implemented provisions of the Dodd-Frank Act, which amended the Fair Credit PO 00000 Frm 00037 Fmt 4702 Sfmt 4702 74059 Reporting Act and directed the Commissions to adopt rules requiring entities that are subject to the Commissions’ respective enforcement authorities to address identity theft. First, the rules required financial institutions and creditors to develop and implement a written identity theft prevention program designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts. The rules included guidelines to assist entities in the formulation and maintenance of programs that would satisfy the requirements of the rules. Second, the rules established special requirements for any credit and debit card issuers that are subject to the Commissions’ respective enforcement authorities, to assess the validity of notifications of changes of address under certain circumstances. Prior RFA Analysis: When the Commissions adopted the new rules on April 10, 2013, the Commission published a Final Regulatory Flexibility Analysis in the adopting release, Release No. 34–69359, available at: https://www.federalregister.gov/ documents/2013/04/19/2013-08830/ identity-theft-red-flags-rules. The Commission received no comments on its Initial Regulatory Flexibility Analysis published in the proposing release, Release No. IC–29969 (Feb.27, 2012), available at: https:// www.federalregister.gov/documents/ 2012/03/06/2012-5157/identity-theftred-flags-rules. * * * * * Title: Lost Securityholders and Unresponsive Payees. Citation: 17 CFR 240.15b1–6 and 17 CFR 240.17Ad–17. Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z–2, 77z–3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78d, 78e, 78f, 78g, 78i, 78j, 78j–1, 78k, 78k–1, 78l, 78ll, 78m, 78mm, 78n, 78n–1, 78o, 78o– 4, 78p, 78q, 78q–1, 78s, 78u–5, 78w, 78x, 80a–20, 80a– 23, 80a–29, 80a–37, 80b–3, 80b–4, 80b–11, and 7201 et seq., 18 U.S.C. 1350, and 12 U.S.C. 5221(e)(3), unless otherwise noted. Description: The Commission adopted amendments to Rule 17Ad–17 to implement the requirements of Section 929W of the Dodd-Frank Act. Section 929W added to Section 17A of the Exchange Act subsection (g), ‘‘Due Diligence for the Delivery of Dividends, Interest, and Other Valuable Property Rights,’’ which directs the Commission to revise Exchange Act Rule 17Ad–17, ‘‘Transfer Agents’ Obligation to Search for Lost Securityholders’’ to: extend the requirements of Rule 17Ad–17 to search E:\FR\FM\02DEP1.SGM 02DEP1 74060 Federal Register / Vol. 87, No. 231 / Friday, December 2, 2022 / Proposed Rules for lost securityholders from only recordkeeping transfer agents to brokers and dealers as well; add a requirement that ‘‘paying agents’’ notify ‘‘unresponsive payees’’ that a paying agent has sent a securityholder a check that has not yet been negotiated; and add certain other provisions. The Commission also adopted conforming amendment to Rule 17Ad–7(i) and new Rule 15b1–6, a technical rule to help ensure that brokers and dealers have notice of their new obligations with respect to lost securityholders and unresponsive payees. Prior RFA Analysis: When the Commission adopted the rule amendments on January 16, 2013, it published a Final Regulatory Flexibility Analysis in the adopting release, Release No. 34–68668, available at: https://www.federalregister.gov/ documents/2013/01/23/2013-01269/ lost-securityholders-and-unresponsivepayees. The Commission solicited comment on the Initial Regulatory Flexibility Analysis included in the proposing release, Release No. 34–64099 (March 18, 2011), available at: https:// www.federalregister.gov/documents/ 2011/03/25/2011-6940/rule-17ad-17transfer-agents-brokers-and-dealersobligation-to-search-for-lostsecurityholders, and considered comments received at that time. * * * * * By the Commission. Dated: November 28, 2022 Vanessa A. Countryman, Secretary. [FR Doc. 2022–26133 Filed 12–1–22; 8:45 am] BILLING CODE 8011–01–P ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 52 [EPA–R08–OAR–2022–0857; FRL–10410– 01–R8] Air Plan Conditional Approval; Colorado; Revisions to Regulation Number 7 and RACT Requirements for 2008 8-Hour Ozone Standard for the Denver Metro/North Front Range Nonattainment Area Environmental Protection Agency (EPA). ACTION: Proposed rule. lotter on DSK11XQN23PROD with PROPOSALS1 AGENCY: The Environmental Protection Agency (EPA) is proposing conditional approval of portions of State Implementation Plan (SIP) revisions to Colorado Air Quality Control Commission (Commission or AQCC) SUMMARY: VerDate Sep<11>2014 18:28 Dec 01, 2022 Jkt 259001 Regulation Number 7 (Reg. 7), which address Colorado’s SIP obligation to require reasonably available control technology (RACT) for sources covered by the 2008 miscellaneous metal and plastic parts coatings (miscellaneous metal coatings) control techniques guidelines (CTG) and major source nitrogen oxides (NOX) for Moderate nonattainment areas under the 2008 ozone National Ambient Air Quality Standard (NAAQS). These revisions address all of the remaining pieces of the May 31, 2017 and May 10, 2019 submittals that we have not previously acted on. The EPA is taking this action pursuant to the Clean Air Act (CAA). DATES: Written comments must be received on or before January 3, 2023. ADDRESSES: Submit your comments, identified by Docket ID No. EPA–R08– OAR–2022–0857, to the Federal Rulemaking Portal: https:// www.regulations.gov. Follow the online instructions for submitting comments. Once submitted, comments cannot be edited or removed from www.regulations.gov. The EPA may publish any comment received to its public docket. Do not submit electronically any information you consider to be Confidential Business Information (CBI) or other information whose disclosure is restricted by statute. Multimedia submissions (audio, video, etc.) must be accompanied by a written comment. The written comment is considered the official comment and should include discussion of all points you wish to make. The EPA will generally not consider comments or comment contents located outside of the primary submission (i.e., on the web, cloud, or other file sharing system). For additional submission methods, the full EPA public comment policy, information about CBI or multimedia submissions, and general guidance on making effective comments, please visit https://www2.epa.gov/dockets/ commenting-epa-dockets. Docket: All documents in the docket are listed in the www.regulations.gov index. Although listed in the index, some information is not publicly available, e.g., CBI or other information whose disclosure is restricted by statute. Certain other material, such as copyrighted material, will be publicly available only in hard copy. Publicly available docket materials are available electronically in www.regulations.gov. To reduce the risk of COVID–19 transmission, for this action we do not plan to offer hard copy review of the docket. Please email or call the person listed in the FOR FURTHER INFORMATION CONTACT section if you need to make PO 00000 Frm 00038 Fmt 4702 Sfmt 4702 alternative arrangements for access to the docket. FOR FURTHER INFORMATION CONTACT: Abby Fulton, Air and Radiation Division, EPA, Region 8, Mailcode 8ARD–IO, 1595 Wynkoop Street, Denver, Colorado, 80202–1129, telephone number: (303) 312–6563, email address: fulton.abby@epa.gov. SUPPLEMENTARY INFORMATION: Throughout this document wherever ‘‘we,’’ ‘‘us,’’ or ‘‘our’’ is used, we mean the EPA. I. What action is the EPA proposing to take? As explained below, the EPA is proposing to conditionally approve into the SIP certain Reg. 7 rules as meeting the 2008 8-hour ozone NAAQS miscellaneous metal coatings CTG 1 and major source NOX RACT requirements for the Moderate Denver Metro/North Front Range (DMNFR) Area. The rules that are the subject of this action were not acted on in our July 3, 2018,2 February 24, 2021,3 November 5, 2021 4 rulemakings. This proposed conditional approval is based on the State’s commitment to make specified further revisions to these rules, and submit them for approval into the SIP, to address deficiencies identified in the State’s May 31, 2017 and May 10, 2019 submittals. Under section 110(k)(4) of the CAA, the EPA may conditionally approve a plan based on a commitment from a state to adopt specific enforceable measures by a date certain no later than one year from the date of approval. The conditionally approved provisions are a part of the SIP and thus are federally enforceable as of the effective date of the final conditional approval. If the EPA conditionally approves the identified Reg. 7 rules, the State must meet its commitment to submit the necessary SIP revisions to the EPA by June 30, 1 Control Techniques Guidelines for Miscellaneous Metal and Plastic Parts Coatings, EPA–453/R–08–003, September 2008, available at https://nepis.epa.gov/Exe/ZyPDF. cgi?Dockey=P1001JAL.txt. 2 Final Rule, Approval and Promulgation of State Implementation Plan Revisions; Colorado; Attainment Demonstration for the 2008 8-Hour Ozone Standard for the Denver Metro/North Front Range Nonattainment Area, and Approval of Related Revisions, 83 FR 31068, 31069–31072. 3 Final Rule, Approval and Promulgation of Implementation Plans; Colorado; Revisions to Regulation Number 7 and RACT Requirements for 2008 8-Hour Ozone Standard for the Denver Metro/ North Front Range Nonattainment Area, 86 FR 11125, 11126 –11127. 4 Final Rule, Approval and Promulgation of Implementation Plans; Colorado; Revisions to Regulation Number 7; Aerospace, Oil and Gas, and Other RACT Requirements for the 2008 8-Hour Ozone Standard for the Denver Metro/North Front Range Nonattainment Area, 86 FR 61071, 61072. 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Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 87, Number 231 (Friday, December 2, 2022)]
[Proposed Rules]
[Pages 74057-74060]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-26133]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Chapter II

[Release Nos. 33-11136; 34-96386; IC-34765; File No. S7-27-22]


List of Rules To Be Reviewed Pursuant to the Regulatory 
Flexibility Act

AGENCY: Securities and Exchange Commission.

ACTION: Publication of list of rules scheduled for review.

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SUMMARY: The Securities and Exchange Commission is publishing a list of 
rules to be reviewed pursuant to Section 610 of the Regulatory 
Flexibility Act. The list is published to provide the public with 
notice that these rules are scheduled for review by the agency and to 
invite public comment on whether the rules should be continued without 
change, or should be amended or rescinded to minimize any significant 
economic impact of the rules upon a substantial number of small 
entities.

DATES: Comments should be submitted by January 3, 2023.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/submitcomments.html); or
     Send an email to [email protected]. Please include 
File Number S7-27-22 on the subject line.

Paper Comments

     Send paper comments to Secretary, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549-1090.
    All submissions should refer to File Number S7-27-22. 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 of submission. The Commission will post all 
comments on the Commission's website (https://www.sec.gov/rules/other.shtml). Comments are also 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 
a.m. and 3 p.m. Operating conditions may limit access to the 
Commission's Public Reference Room. 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.

FOR FURTHER INFORMATION CONTACT: Sandra Sojka, General Attorney, Office 
of the General Counsel, 202-551-4928.

SUPPLEMENTARY INFORMATION: The Regulatory Flexibility Act (``RFA''), 
codified at 5 U.S.C. 601-612, requires an agency to review its rules 
that have a significant economic impact upon a substantial number of 
small entities within ten years of the publication of such rules as 
final rules. 5 U.S.C. 610(a). The purpose of the review is ``to 
determine whether such rules should be continued without change, or 
should be amended or rescinded . . . to minimize any significant 
economic impact of the rules upon a substantial number of such small 
entities.'' 5 U.S.C. 610(a). The RFA sets forth specific considerations 
that must be addressed in the review of each rule:
     the continued need for the rule;
     the nature of complaints or comments received concerning 
the rule from the public;
     the complexity of the rule;
     the extent to which the rule overlaps, duplicates or 
conflicts with other federal rules, and, to the extent feasible, with 
state and local governmental rules; and
     the length of time since the rule has been evaluated or 
the degree to which technology, economic conditions, or other factors 
have changed in the area affected by the rule. 5 U.S.C. 610(b).
    The list below includes rules adopted in 2013 that may have a 
significant economic impact on a substantial number of small entities 
(but excludes rules that have been substantially changed since 
adoption, rules that are minor amendments to previously adopted rules, 
and rules that are ministerial, procedural, or technical in nature). 
Where the Commission has previously made a determination of a rule's 
impact on small businesses, the determination is noted on the list.
    The Commission particularly solicits public comment on whether the 
rules listed below affect small businesses in new or different ways 
than when they were first adopted. The rules and forms listed below are 
scheduled for review by staff of the Commission.
    Title: Removal of Certain References to Credit Ratings Under the 
Investment Company Act.
    Citation: 17 CFR 239, 17 CFR 270.5b-3, and 17 CFR 274.
    Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 77z-2, 77z-3, 77sss, 
78c, 78c(b), 78l, 78m, 78n, 78o(d), 78o-7, 78o-7 note, 78u-5, 78w(a), 
78ll, 78mm, 80a-1 et seq., 80a-2(a), 80a-3, 80a-8, 80a-9, 80a-10, 80a-
13, 80a-24, 80a-26, 80a-29, 80a-30, 80a- 34(d), 80a-37, 80a-39; and 
Pub. L. 111-203, sec. 939A, 124 Stat. 1376 (2010).
    Description: The Commission adopted amendments to a rule and three 
forms under the Investment Company Act of 1940 (``Investment Company 
Act'') and the Securities Act of 1933 (``Securities Act'') in order to 
implement a provision of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``Dodd-Frank Act''). Specifically, rule 5b-3 under the 
Investment Company Act contained a reference to credit ratings in 
determining when an investment company (``fund'') may treat a 
repurchase agreement as an acquisition of securities collateralizing 
the repurchase agreement for certain purposes under the Investment 
Company Act. The amendments replaced this reference to credit ratings 
with an alternative standard designed to retain a similar degree of 
credit quality to that in prior rule 5b-3. The Commission also adopted 
amendments to Forms N-1A, N-2, and N-3 under the Investment Company Act 
and the Securities Act to eliminate the required use of NRSRO credit 
ratings when a fund chooses to depict its portfolio holdings by credit 
quality.
    Prior RFA Analysis: When the Commission adopted the amendments on 
December 27, 2013, it published a Final Regulatory Flexibility Analysis 
in the adopting release, Release No. 33-9506, available at: https://www.federalregister.gov/documents/2014/01/08/2013-31425/removal-of-certain-references-to-credit-ratings-under-the-investment-company-act. 
The Commission received no comments on its Initial Regulatory 
Flexibility Analysis published in the proposing release, Release No. 
33-9193 (March 3, 2011), available at: https://www.federalregister.gov/
documents/

[[Page 74058]]

2011/03/09/2011-5184/references-to-credit-ratings-in-certain-
investment-company-act-rules-and-forms.
* * * * *
    Title: Registration of Municipal Advisors.
    Citation: 17 CFR 200.19c, 17 CFR 200.19d, 17 CFR 200.30-3a, 17 CFR 
200.30-18; 17 CFR 240.15Ba1-1, 17 CFR 240.15Ba1-2, 17 CFR 240.15Ba1-3, 
17 CFR 240.15Ba1-4, 17 CFR 40.15Ba1-5, 17 CFR 240.15Ba1-6, 17 CFR 
240.15Ba1-7, 17 CFR 240.15Ba1-8, 17 CFR 240.15Bc4-1; 17 CFR 249.1300, 
17 CFR 249.1300T, 17 CFR 249.1310, 17 CFR 249.1320, 17 CFR 249.1330, 
and 17 CFR 249.1300T.
    Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77o, 77s, 77z-2, 77z-3, 
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78a et seq., 78c, 78d, 78d-1, 78d-2, 
78e, 78f, 78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 
78o-4, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 78ll(d), 78mm, 80a-
20, 80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, 7201 et seq., 7202, 
7211 et seq., 12 U.S.C. 5221(e)(3), 12 U.S.C. 5461 et seq., and 18 
U.S.C. 1350, unless as otherwise noted.
    Description: The Commission adopted new Rules 15Ba1-1 through 
15Ba1-8, new Rule 15Bc4-1, and new Forms MA, MA-I, MA-W, and MA-NR 
under the Securities Exchange Act of 1934 (``Exchange Act'') to 
implement provisions of Title IX of the Dodd-Frank Act that required 
the Commission to establish a registration regime for municipal 
advisors and impose certain record-keeping requirements on such 
advisors. The rules and forms are designed to give effect to provisions 
of Title IX of the Dodd-Frank Act that, among other things, required 
the Commission to establish a registration regime for municipal 
advisors and impose certain record-keeping requirements on such 
advisors.
    Prior RFA Analysis: When the Commission adopted the rules and forms 
on September 20, 2013, it published a Final Regulatory Flexibility 
Analysis in the adopting release, Release No. 34-70462, available at: 
https://www.federalregister.gov/documents/2013/11/12/2013-23524/registration-of-municipal-advisors. The Commission solicited comment on 
the Initial Regulatory Flexibility Analysis published in the proposing 
release, Release No. 34-63576 (Dec. 20, 2010), available at: https://www.federalregister.gov/documents/2011/01/06/2010-32445/registration-of-municipal-advisors, and considered comments received at that time.
* * * * *
    Title: Broker Dealer Reports.
    Citation: 17 CFR 240.17a-5, 17 CFR 240.17a-11, and 17 CFR 249.639.
    Authority: 15 U.S.C. 78a et seq., 77c, 77d, 77g, 77j, 77s, 77z-2, 
77z-3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78a et seq., 78c, 78c-3, 78c-
5, 78d, 78e, 78f, 78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-
1, 78o, 78o-4, 78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 
78mm, 80a-20, 80a-23, 80a-29, 80a-37, 80b-3, 80b- 4, 80b-11, 7201 et 
seq., 8302, 7 U.S.C. 2(c)(2)(E), 12 U.S.C. 5221(e)(3), 12 U.S.C. 5461 
et seq., 18 U.S.C. 1350; and Pub. L. 111-203, 939A, 124 Stat. 1376, 
(2010).
    Description: The Commission amended certain broker-dealer annual 
reporting, audit, and notification requirements under the Exchange Act. 
The amendments included a requirement that broker-dealer audits be 
conducted in accordance with standards of the Public Company Accounting 
Oversight Board (``PCAOB'') in light of explicit oversight authority 
provided to the PCAOB by the Dodd-Frank Act to oversee these audits. 
The amendments further required a broker-dealer that clears 
transactions or carries customer accounts to agree to allow 
representatives of the Commission or the broker-dealer's designated 
examining authority (``DEA'') to review the documentation associated 
with certain reports of the broker-dealer's independent public 
accountant and to allow the accountant to discuss the findings relating 
to the reports of the accountant with those representatives when 
requested in connection with a regulatory examination of the broker-
dealer. Finally, the amendments required a broker-dealer to file a new 
form with its DEA that elicits information about the broker-dealer's 
practices with respect to the custody of securities and funds of 
customers and non-customers.
    Prior RFA Analysis: When the Commission adopted the amendments and 
new form on July 30, 2013, it published a Final Regulatory Flexibility 
Analysis in the adopting release, Release No. 34-70073, available at: 
https://www.federalregister.gov/documents/2013/08/21/2013-18738/broker-dealer-reports. The Commission received no comments on the Initial 
Regulatory Flexibility Analysis included in the proposing release, 
Release No. 34-64676 (June 15, 2011), available at: https://www.federalregister.gov/documents/2011/06/27/2011-15341/broker-dealer-reports.
* * * * *
    Title: Financial Responsibility Rules for Broker-Dealers.
    Citation: 17 CFR 240.15c3-1, 17 CFR 240.15c3-1a, 17 CFR 240.15c3-2, 
17 CFR 240.15c3-3, 17 CFR 240.15c3-3a, 17 CFR 240.17a-3, 17 CFR 
240.17a-4, and 17 CFR 240.17a-11.
    Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee, 
77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f, 78g, 78i, 
78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4, 78o-10, 78p, 
78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20, 80a-23, 80a-29, 
80a-37, 80b-3, 80b-4, 80b-11, 7201 et. seq., 8302, 7 U.S.C. 2(c)(2)(E), 
12 U.S.C. 5221(e)(3), 18 U.S.C. 1350; and Pub. L. 111-203, 939A, 124 
Stat. 1376, (2010).
    Description: The Commission adopted amendments to the net capital 
(Rule 15c3-1), customer protection (Rule 15c3-3), books and records 
(Rules 17a-3 and 17a- 4), and notification rules for broker-dealers 
(Rule 17a-11) promulgated under the Exchange Act. The amendments were 
designed to address several areas of concern regarding the financial 
responsibility requirements for broker-dealers. The amendments also 
updated certain financial responsibility requirements and made certain 
technical amendments.
    Prior RFA Analysis: When the Commission adopted the amendments on 
July 30, 2013, it published a Final Regulatory Flexibility Analysis in 
the adopting release, Release No. 34-70072, available at: https://www.federalregister.gov/documents/2013/08/21/2013-18734/financial-responsibility-rules-for-broker-dealers. The Commission solicited 
comment on the Initial Regulatory Flexibility Analysis included in the 
proposing release, Release No. 34-66910 (May 3, 2012), available at: 
https://www.federalregister.gov/documents/2012/05/09/2012-11133/amendments-to-financial-responsibility-rules-for-broker-dealers, and 
considered comments received at that time.
* * * * *
    Title: Eliminating the Prohibition Against General Solicitation and 
General Advertising in Rule 506 and Rule 144A Offerings.
    Citation: 17 CFR 230.144A, 17 CFR 230.500(c), 17 CFR 230.501, 17 
CFR 230.502, 17 CFR 230.506, 17 CFR 239.500, 17 CFR 242.101, 17 CFR 
242.102, and 17 CFR 242.104.
    Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77d note, 77f, 77g, 
77h, 77j, 77r, 77s, 77q(a), 77s(a), 77z-2, 77z-3, 77sss, 78b, 78c, 78d, 
78g(c)(2), 78i(a), 78j, 78k-1(c), 78l, 78m, 78n, 78o, 78o-7 note, 
78o(b), 78o(c), 78o(d), 78o(g), 78q(a), 78q(b), 78q(h), 78t, 78u-5, 
78w, 78w(a), 78dd-1, 78ll, 78ll(d), 78mm, 80a-2(a), 80a-3, 80a-8, 80a-
9, 80a-10,

[[Page 74059]]

80a-13, 80a-23, 80a-24, 80a-26, 80a-28, 80a-29, 80-30, 80a-37; and Pub. 
L. 112-106, sec. 201(a), 126 Stat. 313 (2012).
    Description: The Commission adopted amendments to Rule 506 of 
Regulation D and Rule 144A under the Securities Act to implement 
Section 201(a) of the Jumpstart Our Business Startups Act. The 
amendment to Rule 506 permitted an issuer to engage in general 
solicitation or general advertising in offering and selling securities 
pursuant to Rule 506, provided that all purchasers of the securities 
are accredited investors and the issuer takes reasonable steps to 
verify that such purchasers are accredited investors. The amendment to 
Rule 506 also included a non-exclusive list of methods that issuers may 
use to satisfy the verification requirement for purchasers who are 
natural persons. The amendment to Rule 144A provided that securities 
may be offered pursuant to Rule 144A to persons other than qualified 
institutional buyers, provided that the securities are sold only to 
persons that the seller and any person acting on behalf of the seller 
reasonably believe are qualified institutional buyers. The Commission 
also revised Form D to require issuers to indicate whether they are 
relying on the provision that permits general solicitation or general 
advertising in a Rule 506 offering.
    Prior RFA Analysis: When the Commission adopted the amendments on 
July 10, 2013, it published a Final Regulatory Flexibility Analysis in 
the adopting release, Release No. 33-9415, available at: https://www.federalregister.gov/documents/2013/07/24/2013-16883/eliminating-the-prohibition-against-general-solicitation-and-general-advertising-in-rule-506-and. The Commission solicited comment on its Initial 
Regulatory Flexibility Analysis published in the proposing release, 
Release No. 33-9354 (August 29, 2012), available at: https://www.federalregister.gov/documents/2012/09/05/2012-21681/eliminating-the-prohibition-against-general-solicitation-and-general-advertising-in-rule-506-and, and considered comments received at that time.
* * * * *
    Title: Disqualification of Felons and Other ``Bad Actors'' from 
Rule 506 Offerings
    Citation: 17 CFR 200.30-1, 17 CFR 230.145, 17 CFR. 147, 17 CFR 152, 
17 CFR 155, 17 CFR 230.501, 17 CFR 230.506, and 17 CFR 239.500
    Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77d note, 77f, 77g, 
77h, 77j, 77o, 77r, 77s, 77z-2, 77z-3, 77sss, 78c, 78d, 78d-1, 78d-2, 
78j, 78l, 78m, 78n, 78o, 78o(d), 78o-7 note, 78t, 78u-5, 78w, 78w(a), 
78ll, 78ll(d), 78mm, 80a-2(a), 80a-3, 80a-8, 80a-9, 80a-10, 80a-13, 
80a-24, 80a-26, 80a-28, 80a-29, 80a-30, 80a-37, 80b-11, 7202; and Pub. 
L. 112-106, 201(a), 126 Stat. 313 (2012).
    Description: The Commission adopted amendments to Rules 501 and 506 
of Regulation D and to Form D to implement Section 926 of the Dodd-
Frank Act. Section 926 required the Commission to adopt rules that 
disqualify securities offerings involving certain ``felons and other 
`bad actors' '' from reliance on Rule 506 of Regulation D. The rules 
are ``substantially similar'' to Rule 262 under the Securities Act, 
which contains the disqualification provisions of Regulation A under 
the Securities Act, and also cover matters enumerated in Section 926 of 
the Dodd-Frank Act (including certain state regulatory orders and 
bars).
    Prior RFA Analysis: When the Commission adopted the amendments on 
July 10, 2013, it published a Final Regulatory Flexibility Analysis in 
the adopting release, Release No. 33-9414, available at: https://www.federalregister.gov/documents/2013/07/24/2013-16983/disqualification-of-felons-and-other-bad-actors-from-rule-506-offerings. The Commission received no comments on its Initial 
Regulatory Flexibility Analysis published in the proposing release, 
Release No. 33-9211 (May 25, 2011), available at: https://www.federalregister.gov/documents/2011/06/01/2011-13370/disqualification-of-felons-and-other-bad-actors-from-rule-506-offerings.
* * * * *
    Title: Identity Theft Red Flags Rules.
    Citation: 17 CFR 162.30, 17 CFR 162.31, 17 CFR 162.32, 17 CFR 
248.201, and 17 CFR 248.202.
    Authority: Sec. 1088, Pub. L. 111-203, 124 Stat. 1376 (2010); 15 
U.S.C. 78q, 78q-1, 78o-4, 78o-5, 78w, 78mm, 80a-30, 80a-37, 80b-4, 80b-
11, 1681m(e), 1681s(b), 1681s-3 and note, 1681w(a)(1), 6801-6809, and 
6825; and Pub. L. 111-203, secs. 1088(a)(8), (a)(10), and sec. 1088(b), 
124 Stat. 1376 (2010).
    Description: The Commission and the Commodity Futures Trading 
Commission (``CFTC'') (together, the ``Commissions'') jointly adopted 
rules and guidelines to require certain regulated entities to establish 
programs to address risks of identity theft. These rules and guidelines 
implemented provisions of the Dodd-Frank Act, which amended the Fair 
Credit Reporting Act and directed the Commissions to adopt rules 
requiring entities that are subject to the Commissions' respective 
enforcement authorities to address identity theft. First, the rules 
required financial institutions and creditors to develop and implement 
a written identity theft prevention program designed to detect, 
prevent, and mitigate identity theft in connection with certain 
existing accounts or the opening of new accounts. The rules included 
guidelines to assist entities in the formulation and maintenance of 
programs that would satisfy the requirements of the rules. Second, the 
rules established special requirements for any credit and debit card 
issuers that are subject to the Commissions' respective enforcement 
authorities, to assess the validity of notifications of changes of 
address under certain circumstances.
    Prior RFA Analysis: When the Commissions adopted the new rules on 
April 10, 2013, the Commission published a Final Regulatory Flexibility 
Analysis in the adopting release, Release No. 34-69359, available at: 
https://www.federalregister.gov/documents/2013/04/19/2013-08830/identity-theft-red-flags-rules. The Commission received no comments on 
its Initial Regulatory Flexibility Analysis published in the proposing 
release, Release No. IC-29969 (Feb.27, 2012), available at: https://www.federalregister.gov/documents/2012/03/06/2012-5157/identity-theft-red-flags-rules.
* * * * *
    Title: Lost Securityholders and Unresponsive Payees.
    Citation: 17 CFR 240.15b1-6 and 17 CFR 240.17Ad-17.
    Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee, 
77ggg, 77nnn, 77sss, 77ttt, 78c, 78d, 78e, 78f, 78g, 78i, 78j, 78j-1, 
78k, 78k-1, 78l, 78ll, 78m, 78mm, 78n, 78n-1, 78o, 78o-4, 78p, 78q, 
78q-1, 78s, 78u-5, 78w, 78x, 80a-20, 80a- 23, 80a-29, 80a-37, 80b-3, 
80b-4, 80b-11, and 7201 et seq., 18 U.S.C. 1350, and 12 U.S.C. 
5221(e)(3), unless otherwise noted.
    Description: The Commission adopted amendments to Rule 17Ad-17 to 
implement the requirements of Section 929W of the Dodd-Frank Act. 
Section 929W added to Section 17A of the Exchange Act subsection (g), 
``Due Diligence for the Delivery of Dividends, Interest, and Other 
Valuable Property Rights,'' which directs the Commission to revise 
Exchange Act Rule 17Ad-17, ``Transfer Agents' Obligation to Search for 
Lost Securityholders'' to: extend the requirements of Rule 17Ad-17 to 
search

[[Page 74060]]

for lost securityholders from only recordkeeping transfer agents to 
brokers and dealers as well; add a requirement that ``paying agents'' 
notify ``unresponsive payees'' that a paying agent has sent a 
securityholder a check that has not yet been negotiated; and add 
certain other provisions. The Commission also adopted conforming 
amendment to Rule 17Ad-7(i) and new Rule 15b1-6, a technical rule to 
help ensure that brokers and dealers have notice of their new 
obligations with respect to lost securityholders and unresponsive 
payees.
    Prior RFA Analysis: When the Commission adopted the rule amendments 
on January 16, 2013, it published a Final Regulatory Flexibility 
Analysis in the adopting release, Release No. 34-68668, available at: 
https://www.federalregister.gov/documents/2013/01/23/2013-01269/lost-securityholders-and-unresponsive-payees. The Commission solicited 
comment on the Initial Regulatory Flexibility Analysis included in the 
proposing release, Release No. 34-64099 (March 18, 2011), available at: 
https://www.federalregister.gov/documents/2011/03/25/2011-6940/rule-17ad-17-transfer-agents-brokers-and-dealers-obligation-to-search-for-lost-securityholders, and considered comments received at that time.
* * * * *

    By the Commission.

    Dated: November 28, 2022
Vanessa A. Countryman,
Secretary.
[FR Doc. 2022-26133 Filed 12-1-22; 8:45 am]
BILLING CODE 8011-01-P

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