Proposed Collection; Comment Request: Extension: “Investor Form”, 21728-21729 [2023-07496]

Download as PDF 21728 Federal Register / Vol. 88, No. 69 / Tuesday, April 11, 2023 / Notices association meetings, conferences, and other forums. Julia B. Wise, Director, Procurement Management and Policy Division, NASA—Headquarters, Office of Procurement. [FR Doc. 2023–07489 Filed 4–10–23; 8:45 am] [FR Doc. 2023–07618 Filed 4–7–23; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION BILLING CODE 7510–13–P [SEC File No. 270–485, OMB Control No. 3235–0547] SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings Proposed Collection; Comment Request: Extension: ‘‘Investor Form’’ 2:00 p.m. on Thursday, April 13, 2023. PLACE: The meeting will be held via remote means and/or at the Commission’s headquarters, 100 F Street NE, Washington, DC 20549. STATUS: This meeting will be closed to the public. MATTERS TO BE CONSIDERED: Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain staff members who have an interest in the matters also may be present. In the event that the time, date, or location of this meeting changes, an announcement of the change, along with the new time, date, and/or place of the meeting will be posted on the Commission’s website at https:// www.sec.gov. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) and (10) and 17 CFR 200.402(a)(3), (a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and (a)(10), permit consideration of the scheduled matters at the closed meeting. The subject matter of the closed meeting will consist of the following topics: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; Resolution of litigation claims; and Other matters relating to examinations and enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting agenda items that may consist of adjudicatory, examination, litigation, or regulatory matters. CONTACT PERSON FOR MORE INFORMATION: For further information; please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. Authority: 5 U.S.C. 552b. 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 pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) that 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 (‘‘OMB’’) for extension and approval. Each year the Commission receives several thousand contacts from investors who have complaints or questions on a wide range of investment-related issues. To make it easier for the public to contact the agency electronically, the Commission’s Office of Investor Education and Advocacy (‘‘OIEA’’) created an electronic form (the Investor Form) that provides drop down options to choose from in order to categorize the investor’s complaint or question, and may also provide the investor with automated information about their issue. The Investor Form asks investors to provide information concerning, among other things, their names, how they can be reached, the names of the individuals or entities involved, the nature of their complaint or tip, what documents they can provide, and what, if any, actions they have taken. Use of the Investor Form is voluntary. Absent the forms, the public still has several ways to contact the agency, including telephone, facsimile, letters, and email. Investors can access the Investor Form through the consolidated Investor Complaint and Question web page. OIEA receives approximately 30,000 contacts each year through the Investor Form. Investors who choose not to use the Investor Form receive the same level of service as those who do. The dual purpose of the form is to make it easier for the public to contact the agency with TIME AND DATE: lotter on DSK11XQN23PROD with NOTICES1 Dated: April 6, 2023. J. Matthew DeLesDernier, Deputy Secretary. VerDate Sep<11>2014 17:45 Apr 10, 2023 Jkt 259001 PO 00000 Frm 00127 Fmt 4703 Sfmt 4703 complaints, questions, tips, or other feedback and to further streamline the workflow of Commission staff that record, process, and respond to investor contacts. The Commission uses the information that investors supply on the Investor Form to review and process the contact (which may, in turn, involve responding to questions, processing complaints, or, as appropriate, initiating enforcement investigations), to maintain a record of contacts, to track the volume of investor complaints, and to analyze trends. Use of the Investor Form is voluntary. The Investor Form asks investors to provide information concerning, among other things, their names, how they can be reached, the names of the individuals or entities involved, the nature of their complaint or tip, what documents they can provide, and what, if any, actions they have taken. The staff of the Commission estimates that the total reporting burden for using the Investor Form is 7,500 hours. The calculation of this estimate depends on the number of investors who use the forms each year and the estimated time it takes to complete the forms: 30,000 respondents × 15 minutes = 7,500 burden hours. The Commission may not conduct or sponsor a collection of information unless it displays a currently valid control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid OMB control number. 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 will have practical utility; (b) the accuracy of the agency’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 in writing within 60 days of this publication. Please direct your written comments to David Bottom, Chief Information Officer, Securities and Exchange Commission, c/o John R. Pezullo, 100 F St. NE, Washington, DC 20549; or send an email to: PRA_Mailbox@sec.gov. E:\FR\FM\11APN1.SGM 11APN1 Federal Register / Vol. 88, No. 69 / Tuesday, April 11, 2023 / Notices Dated: April 5, 2023. Sherry R. Haywood, Assistant Secretary. Amendment No. 1 to the original proposed rule change (‘‘Amendment No. 1’’). The text of Amendment No. 1 is available on the MSRB’s website.8 The Commission is publishing this notice to solicit comments on Amendment No. 1 from interested persons. [FR Doc. 2023–07496 Filed 4–10–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–97255; File No. SR–MSRB– 2023–01] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing of Amendment No. 1 to Proposed Rule Change Consisting of Amendments to MSRB Rule G–40, on Advertising by Municipal Advisors, and MSRB Rule G–8, on Books and Records April 5, 2023. I. Introduction On January 31, 2023, the Municipal Securities Rulemaking Board (‘‘MSRB’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’ or ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule (the ‘‘original proposed rule change’’) consisting of amendments to MSRB Rule G–40 on advertising by municipal advisors (‘‘Rule G–40’’), and MSRB Rule G–8 on books and records (‘‘Rule G– 8’’).3 The original proposed rule change was published for comment in the Federal Register on February 14, 2023.4 The Commission received two comment letters on the original proposed rule change.5 On March 21, 2023, the MSRB granted an extension of time for the Commission to act on the filing until May 15, 2023.6 On April 4, 2023, the MSRB responded to the comments 7 and filed 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See MSRB filing of original proposed rule change, available at https://msrb.org/sites/default/ files/2023-01/MSRB-2023-01.pdf. 4 Release No. 34–96840 (Feb. 8, 2023), 88 FR 9580 (Feb. 14, 2023) (‘‘Notice’’). The comment period closed on March 7, 2023. 5 See Letter to Secretary, Commission, from Leslie M. Norwood, Managing Director and Associate General Counsel, Securities Industry and Financial Markets Association, dated March 7, 2023 (‘‘SIFMA Letter’’); Letter to Secretary, Commission, from Susan Gaffney, Executive Director, National Association of Municipal Advisors, dated March 7, 2023 (‘‘NAMA Letter’’). 6 See ‘‘Extension of Time on File No. SR–MSRB– 2023–01 to May 15, 2023,’’ available at https:// msrb.org/sites/default/files/2023-03/MSRB-202301%20eot.pdf. 7 See Letter from Saliha Olgun, Interim Chief Regulatory Officer, MSRB, to Secretary, lotter on DSK11XQN23PROD with NOTICES1 2 17 VerDate Sep<11>2014 17:45 Apr 10, 2023 Jkt 259001 II. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Amendment As described further below, the MSRB filed Amendment No. 1 to respond to comments on the original proposed rule change, relating to: (1) the definition of ‘‘testimonial;’’ (2) non-client testimonials; (3) solicitor municipal advisors; (4) social media guidance; and (5) other clarifications to rule text and design.9 A. Definition of Testimonial The MSRB noted that a commenter suggested that the term ‘‘testimonial’’ be defined within the rule language itself.10 The MSRB responded, stating it would provide a definition of a ‘‘testimonial’’ in Rule G–40 to avoid confusion with the term ‘‘testimonial’’ as used in Rule 206–4(1) 11 under the Investment Advisers Act of 1940 (‘‘Advisers Act’’).12 Specifically, the MSRB defined ‘‘testimonial’’ in amended Rule G– 40(a)(iv)(G)(1) as ‘‘a statement of a person’s or entity’s experience concerning the municipal advisor or concerning the municipal advisory services rendered by the municipal advisor.’’ 13 Furthermore, the MSRB also removed language from the original proposed rule change referring to the ‘‘advice, analysis, report, or other services rendered by the municipal advisor.’’ 14 The MSRB concluded that replacing this language with ‘‘municipal advisory services’’ in the definition of ‘‘testimonial’’ (and elsewhere in the original proposed rule change’s rule text) provided greater clarity.15 The MSRB also made conforming numbering changes to the original proposed rule change’s Rule G–40 revisions to accommodate the addition of the Commission, dated April 4, 2023, available at https://msrb.org/sites/default/files/2023-04/MSRB2023-01%20Comment%20Letter.pdf. 8 Amendment No. 1 is available at https:// msrb.org/sites/default/files/2023-04/MSRB-202301%20A-1.pdf. 9 The MSRB stated that Amendment No. 1 does not alter or impact the analysis in the original proposed rule change’s burden on competition or the statutory basis sections. See Amendment No. 1. 10 NAMA Letter at 1–2; see also Amendment No. 1. 11 17 CFR 275.206(4)–1(b)(1). 12 See Amendment No. 1; 15 U.S.C. 80b–1–80b– 2. 13 See Amendment No. 1. 14 See id. 15 See id. PO 00000 Frm 00128 Fmt 4703 Sfmt 4703 21729 definition of ‘‘testimonial’’ to amended Rule G–40(a)(iv)(G)(1).16 The MSRB stated that the revised rule text in amended Rule G–40(a)(iv)(G)(2) provides that, if a municipal advisor’s advertisement meets certain conditions, then a municipal advisor may, directly or indirectly, publish, circulate or distribute an advertisement which refers, directly or indirectly, to a testimonial.17 The MSRB posited that this definition addresses a comment requesting that Rule G–40 include a definition of the term ‘‘testimonial,’’ but also a comment’s suggestion that the rule ‘‘include affirmative language that testimonials may be used if certain requirements are met.’’ 18 The MSRB also deleted a redundant phrase later in this subsection; specifically, amended Rule G–40(a)(iv)(G)(2)(b)(iv)(‘‘the paid testimonial must include’’).19 B. Non-Client Testimonials The MSRB noted that both commenters suggested that it would promote further harmonization with MSRB Rule G–21 (‘‘Rule G–21’’), on advertising by brokers, dealers, and municipal securities dealers, if municipal advisors were able to use testimonials by third parties.20 The MSRB stated that it will amend the original proposed rule change to permit municipal advisors to use testimonials from a third party, whether a person or entity, subject to the conditions set forth in proposed Amendment No. 1.21 The MSRB reasoned that, for example, analogous to Rule 206–4(1) 22 under the Advisers Act,23 an advertisement of a municipal advisor that includes a testimonial would need to include a disclosure indicating whether the testimonial is from a current client or from someone who is not a current client.24 The MSRB wrote that it agreed with the Commission’s belief that this type of disclosure would provide important context for weighing the relevance of the testimonial.25 C. Solicitor Municipal Advisors The MSRB stated that both commenters found the proposal to 16 The MSRB also added a cross-reference to the new definition of ‘‘testimonial’’ in the original proposed rule change’s Rule G–8. See id. 17 See id. 18 NAMA Letter at 4; see also id. 19 See Amendment No. 1. 20 See id.; NAMA Letter and SIFMA Letter. 21 See Amendment No. 1. 22 17 CFR 275.206(4)–1(b)(1). 23 15 U.S.C. 80b–1–80b–2. 24 See Amendment No. 1. 25 See id.; see also Release No. IA–5653 (Dec. 22, 2020) (File No. S7–21–19), 86 FR 13024 (Mar. 5, 2021) (‘‘IA Marketing Rule Adopting Release’’) at 13048. E:\FR\FM\11APN1.SGM 11APN1

Agencies

[Federal Register Volume 88, Number 69 (Tuesday, April 11, 2023)]
[Notices]
[Pages 21728-21729]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-07496]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-485, OMB Control No. 3235-0547]


Proposed Collection; Comment Request: Extension: ``Investor 
Form''

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 pursuant to the Paperwork Reduction Act of 
1995 (44 U.S.C. 3501 et seq.) that 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 (``OMB'') for extension and approval.
    Each year the Commission receives several thousand contacts from 
investors who have complaints or questions on a wide range of 
investment-related issues. To make it easier for the public to contact 
the agency electronically, the Commission's Office of Investor 
Education and Advocacy (``OIEA'') created an electronic form (the 
Investor Form) that provides drop down options to choose from in order 
to categorize the investor's complaint or question, and may also 
provide the investor with automated information about their issue. The 
Investor Form asks investors to provide information concerning, among 
other things, their names, how they can be reached, the names of the 
individuals or entities involved, the nature of their complaint or tip, 
what documents they can provide, and what, if any, actions they have 
taken. Use of the Investor Form is voluntary. Absent the forms, the 
public still has several ways to contact the agency, including 
telephone, facsimile, letters, and email. Investors can access the 
Investor Form through the consolidated Investor Complaint and Question 
web page.
    OIEA receives approximately 30,000 contacts each year through the 
Investor Form. Investors who choose not to use the Investor Form 
receive the same level of service as those who do. The dual purpose of 
the form is to make it easier for the public to contact the agency with 
complaints, questions, tips, or other feedback and to further 
streamline the workflow of Commission staff that record, process, and 
respond to investor contacts.
    The Commission uses the information that investors supply on the 
Investor Form to review and process the contact (which may, in turn, 
involve responding to questions, processing complaints, or, as 
appropriate, initiating enforcement investigations), to maintain a 
record of contacts, to track the volume of investor complaints, and to 
analyze trends. Use of the Investor Form is voluntary. The Investor 
Form asks investors to provide information concerning, among other 
things, their names, how they can be reached, the names of the 
individuals or entities involved, the nature of their complaint or tip, 
what documents they can provide, and what, if any, actions they have 
taken.
    The staff of the Commission estimates that the total reporting 
burden for using the Investor Form is 7,500 hours. The calculation of 
this estimate depends on the number of investors who use the forms each 
year and the estimated time it takes to complete the forms: 30,000 
respondents x 15 minutes = 7,500 burden hours.
    The Commission may not conduct or sponsor a collection of 
information unless it displays a currently valid control number. No 
person shall be subject to any penalty for failing to comply with a 
collection of information subject to the PRA that does not display a 
valid OMB control number.
    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 will 
have practical utility; (b) the accuracy of the agency'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 in writing within 60 
days of this publication.
    Please direct your written comments to David Bottom, Chief 
Information Officer, Securities and Exchange Commission, c/o John R. 
Pezullo, 100 F St. NE, Washington, DC 20549; or send an email to: 
[email protected].


[[Page 21729]]


    Dated: April 5, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-07496 Filed 4-10-23; 8:45 am]
BILLING CODE 8011-01-P
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