Comment Period

29059

Proposed Rules

Federal Register
Vol. 87, No. 92
Thursday, May 12, 2022

This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.

SECURITIES AND EXCHANGE
COMMISSION
17 CFR 210, 229, 232, 239, and 249
[Release Nos. 33–11061; 34–94867; File No.
S7–10–22]
RIN 3235–AM87

The Enhancement and Standardization
of Climate-Related Disclosures for
Investors
Securities and Exchange
Commission.
ACTION: Proposed rule; extension of
comment period.
AGENCY:

The Securities and Exchange
Commission (‘‘Commission’’) is
extending the comment period for a
release proposing amendments to its
rules under the Securities Act of 1933
(‘‘Securities Act’’) and Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
that would require registrants to provide
certain climate-related information in
their registration statements and annual
reports. The comment period for the
release was originally scheduled to
close on May 20, 2022. The new
comment period will end on June 17,
2022. This action will allow interested
persons additional time to analyze the
issues and prepare their comments,
which would benefit the Commission in
its consideration of final rules.
DATES: The comment period for the
proposed rule published April 11, 2022
(87 FR 21334) is extended. Comments
should be received on or before June 17,
2022.
ADDRESSES: Comments may be
submitted by any of the following
methods:

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SUMMARY:

Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/submitcomments.htm).
• Send an email to rule-comments@
sec.gov. Please include File Number S7–
10–22 on the subject line.

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Paper Comments
• Send paper comments to Vanessa
A. Countryman, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
All submissions should refer to File
Number S7–10–22. 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/proposed.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.
Studies, memoranda, or other
substantive items may be added by the
Commission or staff to the comment file
during this rulemaking. A notification of
the inclusion in the comment file of any
such materials will be made available
on our website. To ensure direct
electronic receipt of such notifications,
sign up through the ‘‘Stay Connected’’
option at www.sec.gov to receive
notifications by email.
FOR FURTHER INFORMATION CONTACT:
Elliot Staffin, Special Counsel, Office of
Rulemaking, at (202) 551–3430, in the
Division of Corporation Finance; or
Anita H. Chan, Professional Accounting
Fellow or Shehzad K. Niazi, Deputy
Chief Counsel, in the Office of the Chief
Accountant, at (202) 551–5300, U.S.
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549.
SUPPLEMENTARY INFORMATION: The
Commission has requested comment on
a release proposing amendments to its
rules under the Securities Act and
Exchange Act that would require
registrants to provide certain climaterelated information in their registration
statements and annual reports. The
proposed rules would require

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information about a registrant’s climaterelated risks that are reasonably likely to
have a material impact on its business,
results of operations, or financial
condition. The required information
about climate-related risks would also
include disclosure of a registrant’s
greenhouse gas emissions, which have
become a commonly used metric to
assess a registrant’s exposure to such
risks. In addition, under the proposed
rules, certain climate-related financial
metrics would be required in a
registrant’s audited financial statements.
The comment period for the release
was originally scheduled to close on
May 20, 2022. The Commission believes
that providing the public additional
time to consider and comment on the
matters addressed in the release would
benefit the Commission in its
consideration of final rules. Therefore,
the Commission is extending the
comment period for Release Nos. 33–
11042; 34–94478, ‘‘The Enhancement
and Standardization of Climate-Related
Disclosures for Investors,’’ until June 17,
2022.
By the Commission.
Dated: May 9, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10194 Filed 5–11–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
17 CFR Parts 232, 240, 242, 249, and
275
[Release Nos. 34–94868; IA–6018; File Nos.
S7–02–22; S7–03–22]
RIN 3235–AN07; 3235–AM45

Reopening of Comment Periods for
‘‘Private Fund Advisers;
Documentation of Registered
Investment Adviser Compliance
Reviews’’ and ‘‘Amendments
Regarding the Definition of ‘Exchange’
and Alternative Trading Systems
(ATSs) That Trade U.S. Treasury and
Agency Securities, National Market
System (NMS) Stocks, and Other
Securities’’
Securities and Exchange
Commission.
ACTION: Proposed rules; reopening of
comment periods.
AGENCY:

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29060

Federal Register / Vol. 87, No. 92 / Thursday, May 12, 2022 / Proposed Rules

The Securities and Exchange
Commission (‘‘Commission’’) is
reopening the comment period for a
release proposing new rules and
amendments to an existing rule under
the Investment Advisers Act of 1940
(‘‘Advisers Act’’) that would affect
private fund advisers and proposing
amendments to the Advisers Act
compliance rule, which would affect all
registered investment advisers
(‘‘Advisers Act Proposing Release’’). The
Commission is also reopening the
comment period for a release proposing
amendments to its rules under the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) that would amend a
rule under the Exchange Act, which
defines certain terms used in the
statutory definition of ‘‘exchange’’
under the Exchange Act, re-propose
amendments to Regulation ATS for
ATSs that trade government securities
as defined under the Exchange Act or
repurchase and reverse repurchase
agreements on government securities
(‘‘Government Securities ATSs’’), repropose amendments to Regulation SCI
to apply to ATSs that meet certain
volume thresholds in U.S. Treasury
Securities or in a debt security issued or
guaranteed by a U.S. executive agency
or government-sponsored enterprise
(‘‘Agency Securities’’), amend the fair
access rule for ATSs, and amend Form
ATS–N, Form ATS–R, and Form ATS
(‘‘Exchange Act Proposing Release’’).
These actions will allow interested
persons additional time to analyze the
issues and prepare their comments,
which would benefit the Commission in
its consideration of final rules.
DATES: The comment periods for the
proposed rules published in the Federal
Register on March 24, 2022, at 87 FR
16886, and March 18, 2022, at 87 FR
15496 are reopened. Comments should
be received on or before June 13, 2022.
ADDRESSES: Comments may be
submitted by any of the following
methods:
SUMMARY:

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Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/submitcomments.htm).
• Send an email to rule-comments@
sec.gov. Please include File Number S7–
03–22 for the Advisers Act Proposing
Release and File Number S7–02–22 for
the Exchange Act Proposing Release on
the subject line.
Paper Comments
• Send paper comments to Vanessa
A. Countryman, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.

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All submissions should refer to the file
number for the specific action being
commented upon. 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/proposed.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.
Studies, memoranda, or other
substantive items may be added by the
Commission or staff to the comment file
during this rulemaking. A notification of
the inclusion in the comment file of any
such materials will be made available
on our website. To ensure direct
electronic receipt of such notifications,
sign up through the ‘‘Stay Connected’’
option at www.sec.gov to receive
notifications by email.
FOR FURTHER INFORMATION CONTACT: For
questions about File Number S7–03–22
(Advisers Act Proposing Release),
contact Robert Holowka, AttorneyAdviser; Thomas Strumpf, Senior
Counsel; Melissa Roverts Harke, Senior
Special Counsel; Christine
Schleppegrell, Acting Branch Chief;
Michael C. Neus, Private Funds
Attorney Fellow, Investment Adviser
Regulation Office; or Marc Mehrespand,
Branch Chief, Chief Counsel’s Office, at
(202) 551–6787 or IArules@sec.gov,
Division of Investment Management,
Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–8549.
For questions about File Number S7–
02–22 (Exchange Act Proposing
Release), contact, for Regulation ATS:
Tyler Raimo, Assistant Director, at (202)
551–6227; Matthew Cursio, Special
Counsel, at (202) 551–5748; David
Garcia, Special Counsel, at (202) 551–
5681; Megan Mitchell, Special Counsel,
at (202) 551–4887; Amir Katz, Special
Counsel, at (202) 551–7653; and Joanne
Kim, Attorney Advisor, at (202) 551–
4393; and for Regulation SCI: David Liu,
Special Counsel, at (312) 353–6265 and

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Sara Hawkins, Special Counsel, at (202)
551–5523, Office of Market Supervision,
Division of Trading and Markets,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549.
SUPPLEMENTARY INFORMATION:

I. Private Fund Advisers;
Documentation of Registered
Investment Adviser Compliance
Reviews
The Commission has requested
comment on the Advisers Act Proposing
Release,1 which proposes new rules and
amendments to existing rules under the
Advisers Act. The proposed rules would
require registered investment advisers to
private funds to provide transparency to
their investors regarding the full cost of
investing in private funds and the
performance of such private funds. The
proposed rules also would require a
registered private fund adviser to obtain
an annual financial statement audit of
each private fund it advises and, in
connection with an adviser-led
secondary transaction, a fairness
opinion from an independent opinion
provider. In addition, the proposed
rules would prohibit all private fund
advisers, including those that are not
registered with the Commission, from
engaging in certain sales practices,
conflicts of interest, and compensation
schemes that are contrary to the public
interest and the protection of investors.
All private fund advisers would also be
prohibited from providing preferential
treatment to certain investors in a
private fund, unless the adviser
discloses such treatment to other
current and prospective investors. The
proposed rules include corresponding
amendments to the Advisers Act books
and records rule to facilitate compliance
with these proposed new rules and
assist our examination staff. Finally, the
proposed rules would amend the
Advisers Act compliance rule, which
would affect all registered investment
advisers, to better enable our staff to
conduct examinations. The original
comment period for the Advisers Act
Proposing Release ended on April 25,
2022.
II. Amendments Regarding the
Definition of ‘Exchange’ and
Alternative Trading Systems (ATSs)
That Trade U.S. Treasury and Agency
Securities, National Market System
(NMS) Stocks, and Other Securities
The Commission has requested
comment on the Exchange Act
1 See Advisers Act Release No. 5955 (February 9,
2022), 87 FR 16886 (March 24, 2022).

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Federal Register / Vol. 87, No. 92 / Thursday, May 12, 2022 / Proposed Rules

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Proposing Release,2 which proposes
amendments to its rules under the
Exchange Act that would amend 17 CFR
240.3b–16 under the Exchange Act,
which defines certain terms used in the
statutory definition of ‘‘exchange’’
under Section 3(a)(1) of the Exchange
Act to include systems that offer the use
of non-firm trading interest and
communication protocols to bring
together buyers and sellers of securities.
In addition, the Exchange Act Proposing
Release is re-proposing amendments to
the Commission’s regulations under the
Exchange Act that were initially
proposed in September 2020 for ATSs to
take into consideration systems that
may fall within the definition of
exchange because of the proposed
amendments in the Exchange Act
Proposing Release and operate as an
ATS. In the Exchange Act Proposing
Release, the Commission is also reproposing, with certain revisions,
amendments to its regulations for
Government Securities ATSs. In the
Exchange Act Proposing Release, the
Commission is proposing to amend
Form ATS–N for NMS Stock ATSs,
which would require existing NMS
Stock ATSs to amend their existing
disclosures. In addition, in the
Exchange Act Proposing Release the
Commission is proposing to amend the
fair access rule for ATSs. The
Commission is also proposing to require
electronic filing of and to modernize
Form ATS–R and Form ATS, which
would require existing Form ATS filers
to amend their existing disclosures.
Further, in the Exchange Act Proposing
Release the Commission is re-proposing
amendments to its regulations regarding
systems compliance and integrity to
apply to ATSs that meet certain volume
thresholds in U.S. Treasury Securities or
in Agency Securities. The original
comment period for the Exchange Act
Proposing Release ended on April 18,
2022.
III. Reopening of Comment Periods
The Commission believes that
providing the public additional time to
consider and comment on the matters
addressed in the Advisers Act Proposing
Release and the Exchange Act Proposing
Release would benefit the Commission
in its consideration of final rules.
Therefore, the Commission is reopening
the comment periods for Release No.
IA–5955 ‘‘Private Fund Advisers;
Documentation of Registered Investment
Adviser Compliance Reviews’’ and
Release No. 34–94062 ‘‘Amendments
Regarding the Definition of ‘Exchange’
2 See Securities Exchange Act Release No. 94062
(January 26, 2022), 87 FR 15496 (March 18, 2022).

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and Alternative Trading Systems (ATSs)
That Trade U.S. Treasury and Agency
Securities, National Market System
(NMS) Stocks, and Other Securities’’
until June 13, 2022.
By the Commission.
Dated: May 9, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10195 Filed 5–11–22; 8:45 am]
BILLING CODE 8011–01–P

DEPARTMENT OF AGRICULTURE
Forest Service
36 CFR Part 242
DEPARTMENT OF THE INTERIOR
Fish and Wildlife Service
50 CFR Part 100
[Docket No. FWS–R7–SM–2018–0013;
FF07J00000 FXFR13350700640 223]
RIN 1018–BC96

Subsistence Management Regulations
for Public Lands in Alaska—
Applicability and Scope; Tongass
National Forest Submerged Lands
Forest Service, Agriculture;
Fish and Wildlife Service, Interior.
ACTION: Proposed rule.
AGENCY:

To comply with a court order,
the Federal Subsistence Board (Board)
must initiate regulatory proceedings to
identify those submerged lands within
the Tongass National Forest that did not
pass to the State of Alaska at statehood
and, therefore, remain Federal public
lands subject to Federal subsistence
provisions. This proposed rule would
add to the list of submerged parcels in
the Federal subsistence regulations that
have been identified through agency
review. The purpose of this proposed
rule is to complete regulatory
proceedings addressing submerged
public lands within the Tongass
National Forest, as directed by the
Court, and will result in increased
subsistence harvest opportunities for
rural Alaskans.
DATES:
Public meeting: The Federal
Subsistence Board will discuss and
evaluate proposed regulatory changes
during a public meeting in Anchorage,
AK, on April 12 through 15, 2022. A
teleconference will substitute for an inperson meeting if public health or safety
restrictions are in effect. To determine
whether the meeting will be held via
SUMMARY:

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29061

teleconference or in-person, visit the
Board’s website at https://www.doi.gov/
subsistence/board. See SUPPLEMENTARY
INFORMATION for specific information on
this public meeting.
Public comments: Comments on this
proposed rule must be received or
postmarked by August 10, 2022.
ADDRESSES:
Public meeting: Specific information
about this meeting and the final agenda
can be found on the Federal Subsistence
Management Program website at:
https://www.doi.gov/subsistence/board.
See SUPPLEMENTARY INFORMATION for
Public Review Process regarding this
public meeting and proposed
rulemaking.
Public comments: You may submit
comments by one of the following
methods:
• Electronically: Go to the Federal
eRulemaking Portal: https://
www.regulations.gov. In the Search box,
enter the docket number or RIN for this
rulemaking (presented above in the
document headings). For best results, do
not copy and paste either number;
instead, type the docket number or RIN
into the Search box using hyphens.
Then, click on the Search button. On the
resulting page, in the Search panel on
the left side of the screen, under the
Document Type heading, check the
Proposed Rule box to locate this
document. You may submit a comment
by clicking on ‘‘Comment.’’
• By hard copy: Submit by U.S. mail
or hand delivery: Public Comments
Processing, Attn: FWS–R7–SM–2018–
0013; U.S. Fish and Wildlife Service;
5275 Leesburg Pike, MS: PRB (JAO/3W);
Falls Church VA 22041–3803.
We will not accept comments by
email, faxes, or telephone. We will post
all comments on https://
www.regulations.gov. This generally
means that we will post any personal
information you provide us (see the
Public Review Process section below for
more information).
FOR FURTHER INFORMATION CONTACT:
Chair, Federal Subsistence Board, c/o
U.S. Fish and Wildlife Service,
Attention: Sue Detwiler, Office of
Subsistence Management; (907) 786–
3888 or subsistence@fws.gov. For
questions specific to National Forest
System lands, contact Gregory Risdahl,
Regional Subsistence Program Leader,
USDA, Forest Service, Alaska Region;
(907) 302–7354 or gregory.risdahl@
usda.gov.
SUPPLEMENTARY INFORMATION:

Background
Under title VIII of the Alaska National
Interest Lands Conservation Act

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