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Federal Register / Vol. 86, No. 37 / Friday, February 26, 2021 / Rules and Regulations
Howey test but are not registered with the Commission are excluded from SIPAs definition of securitiesand thus the protections afforded to securities customers under SIPA may not apply; b describe the risks of fraud, manipulation, theft, and loss associated with digital asset securities; c describe the risks relating to valuation, price volatility, and liquidity associated with digital asset securities; and d describe, at a high level that would not compromise any security protocols, the processes, software and hardware systems, and any other formats or systems utilized by the broker-dealer to create, store, or use the broker-dealers private keys and protect them from loss, theft, or unauthorized or accidental use; 22 and 9. The broker-dealer enters into a written agreement with each customer that sets forth the terms and conditions with respect to receiving, purchasing, holding, safekeeping, selling, transferring, exchanging, custodying, liquidating and otherwise transacting in digital asset securities on behalf of the customer.23
V. Request for Comment
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22 The broker-dealer will need to retain these written disclosures in accordance with the brokerdealer record retention rule. See 17 CFR 240.17a 4b4.
23 The broker-dealer will need to retain these written agreements in accordance with the brokerdealer record retention rule. See 17 CFR 240.17a 4b7.

16:49 Feb 25, 2021

By the Commission.
Dated: December 23, 2020.
Vanessa A. Countryman, Secretary.
FR Doc. 202028847 Filed 22521; 8:45 am BILLING CODE 801101P

The Commission is seeking comment on the specific questions below. When responding to the request for comment, please explain your reasoning.
1. What are industry best practices with respect to protecting against theft, loss, and unauthorized or accidental use of private keys necessary for accessing and transferring digital asset securities?
What are industry best practices for generating, safekeeping, and using private keys? Please identify the sources of such best practices.
2. What are industry best practices to address events that could affect a broker-dealers custody of digital asset securities such as a hard fork, airdrop, or 51% attack? Please identify the sources of such best practices.
3. What are the processes, software and hardware systems, or other formats or systems that are currently available to broker-dealers to create, store, or use private keys and protect them from loss, theft, or unauthorized or accidental use?
4. What are accepted practices or model language with respect to disclosing the risks of digital asset securities and the use of private keys?

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Have these practices or the model language been utilized with customers?
5. Should the Commission expand this position in the future to include other businesses such as traditional securities and/or non-security digital assets? Should this position be expanded to include the use of nonsecurity digital assets as a means of payment for digital asset securities, such as by incorporating a de minimis threshold for non-security digital assets?
6. What differences are there in the clearance and settlement of traditional securities and digital assets that could lead to higher or lower clearance and settlement risks for digital assets as compared to traditional securities?
7. What specific benefits and/or risks are implicated in a broker-dealer operating a digital asset alternative trading system that the Commission should consider for any future measures it may take?

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DEPARTMENT OF LABOR
Office of the Secretary 29 CFR Part 10
Wage and Hour Division 29 CFR Parts 516, 531, 578, 579, and 580
RIN 1235AA21

Tip Regulations Under the Fair Labor Standards Act FLSA: Delay of Effective Date Wage and Hour Division, Department of Labor.
ACTION: Final rule; delay of effective date.
AGENCY:

Consistent with the Presidential directive as expressed in the memorandum of January 20, 2021
from the Assistant to the President and Chief of Staff, entitled Regulatory Freeze Pending Review, this action finalizes the Department of Labors the Department proposal to delay until April 30, 2021, the effective date of the rule titled Tip Regulations Under the Fair Labor Standards Act FLSA, published in the Federal Register on December 30, 2020, to allow the Department to review issues of law,
SUMMARY:

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policy, and fact raised by the rule before it takes effect.
DATES: As of February 26, 2021, the effective date of the regulation titled Tip Regulations Under the Fair Labor Standards Act FLSA, published in the Federal Register on December 30, 2020
85 FR 86756, is delayed until April 30, 2021.
FOR FURTHER INFORMATION CONTACT:
Amy DeBisschop, Division of Regulations, Legislation, and Interpretation, Wage and Hour Division, U.S. Department of Labor, Room S
3502, 200 Constitution Avenue NW, Washington, DC 20210; telephone: 202
6930406 this is not a toll-free number. Copies of this final rule may be obtained in alternative formats Large Print, Braille, Audio Tape or Disc, upon request, by calling 202 6930675 this is not a toll-free number. TTY/TDD
callers may dial toll-free 1877889
5627 to obtain information or request materials in alternative formats.
Questions of interpretation or enforcement of the agencys existing regulations may be directed to the nearest Wage and Hour Division WHD district office. Locate the nearest office by calling the WHDs tollfree help line at 866 4USWAGE 866
4879243 between 8 a.m. and 5 p.m. in your local time zone, or log onto WHDs website at https www.dol.gov/
agencies/whd/contact/local-offices for a nationwide listing of WHD district and area offices.
SUPPLEMENTARY INFORMATION:
I. Background In the Consolidated Appropriations Act of 2018 CAA, Congress amended section 3m of the Fair Labor Standards Act FLSA or Act to prohibit employers from keeping tips received by their employees, regardless of whether the employers take a tip credit under section 3m. On December 30, 2020, the Department published Tip Regulations Under the Fair Labor Standards Act FLSA the Tip Rule in the Federal Register to address these amendments. See 85 FR 86756. The Tip Rule would also codify the Wage and Hour Divisions WHD guidance regarding the tip credits application to tipped employees who perform tipped and non-tipped duties. See id. The effective date of the Tip Rule was March 1, 2021. See id.
In a memorandum dated January 20, 2021 titled Regulatory Freeze Pending Review, published in the Federal Register on January 28, 2021 86 FR
7424 Regulatory Freeze Memorandum, the Assistant to the President and Chief of Staff, on behalf
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