Proposed Collection; Comment Request; Extension: Rule 206(4)-6, 18192-18193 [2023-06173]

Download as PDF 18192 Federal Register / Vol. 88, No. 58 / Monday, March 27, 2023 / Notices Form No. Annual responses Time (minutes) Burden (hours) G–45 ............................................................................................................................................ 50 10 8 4. Title and purpose of information collection: Repayment of Debt; OMB 3220–0169. When the Railroad Retirement Board (RRB) determines that an overpayment of Railroad Retirement Act or Railroad Unemployment Insurance Act benefits has occurred, it initiates prompt action to notify the annuitant of the overpayment and to recover the money owed the RRB. To effect payment of a debt by credit card, the RRB utilizes Form G–421F, Repayment by Credit Card. The RRB’s procedures pertaining to benefit overpayment determinations and the recovery of such benefits are prescribed in 20 CFR 255 and 340. One form is completed by each respondent. Completion is voluntary. Previous Requests for Comments: The RRB has already published the initial 60-day notice (84 FR 4225 on January 24, 2023) required by 44 U.S.C. 3506(c)(2). That request elicited no comments. Information Collection Request (ICR) Title: Repayment of Debt. OMB Control Number: 3220–0169. Form(s) submitted: G–421F. Type of request: Extension without change of a currently approved collection. Affected public: Individuals or Households. Annual responses Form No. Time (minutes) Burden (hours) Form G–421F (RRA) activity ....................................................................................................... Form G–421F (RUIA) activity ...................................................................................................... 360 175 5 5 30 15 Total ...................................................................................................................................... 535 ........................ 45 Additional Information or Comments: Copies of the forms and supporting documents can be obtained from Kennisha Tucker at (312) 469–2591 or Kennisha.Tucker@rrb.gov. Comments regarding the information collection should be addressed to Brian Foster, Railroad Retirement Board, 844 North Rush Street, Chicago, Illinois 60611–1275 or Brian.Foster@rrb.gov and to the OMB Desk Officer for the RRB, Fax: 202–395–6974, Email address: OIRA_Submission@omb.eop.gov. Brian Foster, Clearance Officer. [FR Doc. 2023–06253 Filed 3–24–23; 8:45 am] BILLING CODE 7905–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–513, OMB Control No. 3235–0571] Proposed Collection; Comment Request; Extension: Rule 206(4)–6 ddrumheller on DSK120RN23PROD with NOTICES1 Abstract: When the RRB determines that an overpayment of benefits under the Railroad Retirement Act or Railroad Unemployment Insurance Act has occurred, it initiates action to notify the claimant of the overpayment and to recover the amount owed. The collection obtains information needed to allow for repayment by the claimant by credit card, in addition to the customary form of payment by check or money order. Changes proposed: The RRB proposes no changes to Form G–421F. The burden estimate for the ICR is as follows: Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) the Securities VerDate Sep<11>2014 19:19 Mar 24, 2023 Jkt 259001 and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collections of information summarized below. The Commission plans to submit these existing collections of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. The title for the collection of information is ‘‘Rule 206(4)–6’’ under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) (‘‘Advisers Act’’) and the collection has been approved under OMB Control No. 3235–0571. The Commission adopted rule 206(4)–6 (17 CFR 275.206(4)–6), the proxy voting rule, to address an investment adviser’s fiduciary obligation to clients who have given the adviser authority to vote their securities. Under the rule, an investment adviser that exercises voting authority over client securities is required to: (i) adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes client securities in the best interest of clients, including procedures to address any material conflict that may arise between the interests of the adviser and the client; (ii) disclose to clients how they may obtain information from the adviser on how the adviser has voted with respect to their securities; and (iii) describe to clients the adviser’s proxy voting policies and PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 procedures and, on request, furnish a copy of the policies and procedures to the requesting client. The rule is designed to assure that advisers that vote proxies for their clients vote those proxies in their clients’ best interest and provide clients with information about how their proxies were voted. Rule 206(4)–6 contains ‘‘collection of information’’ requirements within the meaning of the Paperwork Reduction Act. The respondents are investment advisers registered with the Commission that vote proxies with respect to clients’ securities. Advisory clients of these investment advisers use the information required by the rule to assess investment advisers’ proxy voting policies and procedures and to monitor the advisers’ performance of their proxy voting activities. The information required by Adviser’s Act rule 204–2, a recordkeeping rule, also is used by the Commission staff in its examination and oversight program. Without the information collected under the rules, advisory clients would not have information they need to assess the adviser’s services and monitor the adviser’s handling of their accounts, and the Commission would be less efficient and effective in its programs. The estimated number of investment advisers subject to the collection of information requirements under the rule E:\FR\FM\27MRN1.SGM 27MRN1 Federal Register / Vol. 88, No. 58 / Monday, March 27, 2023 / Notices is 14,003. It is estimated that each of these advisers is required to spend on average 10 hours annually documenting its proxy voting procedures under the requirements of the rule, for a total burden of 140,030 hours. We further estimate that on average, approximately 350 clients of each adviser would request copies of the underlying policies and procedures. We estimate that it would take these advisers 0.1 hours per client to deliver copies of the policies and procedures, for a total burden of 491,050 hours. Accordingly, we estimate that rule 206(4)–6 results in an annual aggregate burden of collection for SEC-registered investment advisers of a total of 630,135 hours. Written comments are invited on: (a) whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimate of the burden of 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 by May 26, 2023. 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. Please direct your written comments to: David Bottom, Acting Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to: PRA_ Mailbox@sec.gov. Dated: March 21, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–06173 Filed 3–24–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–97176; File No. SR– CboeBYX–2023–005] Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Sponsored Participant Rules 11.3(a) and 11.3(b)(2) March 21, 2023. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’), 1 and Rule 19b–4 thereunder, 2 notice is hereby given that on March 9, 2023, Cboe BYX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BYX’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ‘‘non-controversial’’ proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder.4 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Cboe BYX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BYX’’) proposes to amend Exchange Rule 11.3(a)–(b) to: (1) define the term ‘‘Sponsored Access’’; and (2) to codify that the agreement required by and between the Sponsoring Member and Sponsored Participant must include a provision that any Sponsored Access relationship must follow the requirements of SEC Rule 15c3–5, the Market Access Rule (‘‘MAR’’).5 The text of the proposed rule change is provided in Exhibit 5.6 The text of the proposed rule change is also available on the Exchange’s website (https://markets.cboe.com/us/ equities/regulation/rule_filings/byx/), at the Exchange’s Office of the Secretary, and at the Commission’s Public Reference Room. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 5 17 CFR 240.15c3–5—Risk management controls for brokers or dealers with market access. 6 The Exchange proposes to implement the proposed changes to Rule 11.3(a)–(b)(1)–(3) on a date that will be announced via Cboe Trade Desk, notifying both existing and prospective Sponsoring Members and Sponsored Participants, of the new rule language and required contractual provisions. ddrumheller on DSK120RN23PROD with NOTICES1 2 17 VerDate Sep<11>2014 19:19 Mar 24, 2023 Jkt 259001 PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 18193 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend Exchange Rule 11.3(a)–(b) to: (1) define the term ‘‘Sponsored Access’’; and (2) to codify that the agreement required by and between the Sponsoring Member and Sponsored Participant must include a provision that any Sponsored Access relationship must follow the requirements of the MAR. Sponsored Access Definition Per current Exchange rules a ‘‘Sponsored Participant’’ 7 may be a Member 8 or non-Member of the Exchange whose direct electronic access to the Exchange is authorized by a Sponsoring Member 9 pursuant to the requirements set forth in Exchange Rule 11.3(b)(1)–(3), ‘‘Sponsored Participants’’. The Exchange proposes to amend Rule 11.3(a) to include the following definition, ‘‘Sponsored Access 7 The term ‘‘Sponsored Participant’’ shall mean a person which has entered into a sponsorship arrangement with a Sponsoring Member pursuant to Rule 11.3. See Exchange Rule 1.5(x), definition of ‘‘Sponsored Participant’’. 8 The term ‘‘Member’’ shall mean any registered broker or dealer that has been admitted to membership in the Exchange. A Member will have the status of a ‘‘member’’ of the Exchange as that term is defined in Section 3(a)(3) of the Act. Membership may be granted to a sole proprietor, partnership, corporation, limited liability company or other organization which is a registered broker or dealer pursuant to Section 15 of the Act, and which has been approved by the Exchange. See Exchange Rule 1.5(n), definition of ‘‘Member’’. 9 The term ‘‘Sponsoring Member’’ shall mean a broker-dealer that has been issued a membership by the Exchange who has been designated by a Sponsored Participant to execute, clear and settle transactions from the System. The Sponsoring Member shall be either (i) a clearing firm with membership in a clearing agency registered with the Commission that maintains facilities through which transactions may be cleared or (ii) a correspondent firm with a clearing arrangement with any such clearing firm. See Exchange Rule 1.5(y), definition of ‘‘Sponsoring Member’’. E:\FR\FM\27MRN1.SGM 27MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 88, Number 58 (Monday, March 27, 2023)]
[Notices]
[Pages 18192-18193]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-06173]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-513, OMB Control No. 3235-0571]


Proposed Collection; Comment Request; Extension: Rule 206(4)-6

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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 
(the ``Commission'') is soliciting comments on the collections of 
information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    The title for the collection of information is ``Rule 206(4)-6'' 
under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.) 
(``Advisers Act'') and the collection has been approved under OMB 
Control No. 3235-0571. The Commission adopted rule 206(4)-6 (17 CFR 
275.206(4)-6), the proxy voting rule, to address an investment 
adviser's fiduciary obligation to clients who have given the adviser 
authority to vote their securities. Under the rule, an investment 
adviser that exercises voting authority over client securities is 
required to: (i) adopt and implement written policies and procedures 
that are reasonably designed to ensure that the adviser votes client 
securities in the best interest of clients, including procedures to 
address any material conflict that may arise between the interests of 
the adviser and the client; (ii) disclose to clients how they may 
obtain information from the adviser on how the adviser has voted with 
respect to their securities; and (iii) describe to clients the 
adviser's proxy voting policies and procedures and, on request, furnish 
a copy of the policies and procedures to the requesting client. The 
rule is designed to assure that advisers that vote proxies for their 
clients vote those proxies in their clients' best interest and provide 
clients with information about how their proxies were voted.
    Rule 206(4)-6 contains ``collection of information'' requirements 
within the meaning of the Paperwork Reduction Act. The respondents are 
investment advisers registered with the Commission that vote proxies 
with respect to clients' securities. Advisory clients of these 
investment advisers use the information required by the rule to assess 
investment advisers' proxy voting policies and procedures and to 
monitor the advisers' performance of their proxy voting activities. The 
information required by Adviser's Act rule 204-2, a recordkeeping rule, 
also is used by the Commission staff in its examination and oversight 
program. Without the information collected under the rules, advisory 
clients would not have information they need to assess the adviser's 
services and monitor the adviser's handling of their accounts, and the 
Commission would be less efficient and effective in its programs.
    The estimated number of investment advisers subject to the 
collection of information requirements under the rule

[[Page 18193]]

is 14,003. It is estimated that each of these advisers is required to 
spend on average 10 hours annually documenting its proxy voting 
procedures under the requirements of the rule, for a total burden of 
140,030 hours. We further estimate that on average, approximately 350 
clients of each adviser would request copies of the underlying policies 
and procedures. We estimate that it would take these advisers 0.1 hours 
per client to deliver copies of the policies and procedures, for a 
total burden of 491,050 hours. Accordingly, we estimate that rule 
206(4)-6 results in an annual aggregate burden of collection for SEC-
registered investment advisers of a total of 630,135 hours.
    Written comments are invited on: (a) whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimate of the burden of 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 by May 26, 2023.
    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.
    Please direct your written comments to: David Bottom, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an 
email to: [email protected].

    Dated: March 21, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-06173 Filed 3-24-23; 8:45 am]
BILLING CODE 8011-01-P

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