Proposed Collection; Comment Request, 44068-44069 [2014-17776]
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44068
Federal Register / Vol. 79, No. 145 / Tuesday, July 29, 2014 / Notices
corporate and philanthropic investment
for critical national priorities, such as
energy innovation?
In a number of areas, overall
investment may be too low to sustain
our global leadership in innovation or to
confront critical challenges to our
national wellbeing. For example, overall
investment in clean energy innovation
remains significantly below the level
that economists and climate experts
conclude are required to facilitate the
transition to a low-carbon economy.
Other national priorities may suffer
from similar underinvestment, such as
in learning technologies or in smart
infrastructure technologies. Responsible
for the majority of U.S. research and
development (R&D) funding, private
entities will be essential to achieving
the overall levels of investment required
to meet such challenges.
Respondents are also free to provide
additional information they think is
relevant to the goal of promoting
innovation in the United States, and
feedback on the framework and
components of the 2011 Strategy for
American Innovation.
Cristin A. Dorgelo,
Chief of Staff, Office of Science and
Technology Policy.
John M. Galloway,
Chief of Staff, National Economic Council.
[FR Doc. 2014–17761 Filed 7–28–14; 8:45 am]
BILLING CODE 3270–F4–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
rmajette on DSK2TPTVN1PROD with NOTICES
Extension:
Form N–17f-2.
SEC File No. 270–317, OMB Control No.
3235–0360.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l et seq.), the Securities
and Exchange Commission (the
‘‘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 for extension
and approval.
Form N–17f-2 (17 CFR 274.220) under
the Investment Company Act is entitled
‘‘Certificate of Accounting of Securities
and Similar Investments in the Custody
VerDate Mar<15>2010
15:02 Jul 28, 2014
Jkt 232001
of Management Investment Companies.’’
Form N–17f-2 is the cover sheet for the
accountant examination certificates
filed under Rule 17f-2 (17 CFR 270.17f2) by registered management investment
companies (‘‘funds’’) maintaining
custody of securities or other
investments. Form N–17f-2 facilitates
the filing of the accountant’s
examination certificates prepared under
Rule 17f-2. The use of the form allows
the certificates to be filed electronically,
and increases the accessibility of the
examination certificates to both the
Commission’s examination staff and
interested investors by ensuring that the
certificates are filed under the proper
Commission file number and the correct
name of a fund.
Commission staff estimates that it
takes: (i) On average 1.25 hours of fund
accounting personnel at a total cost of
$247.5 to prepare each Form N–17f-2; 1
and (ii) .75 hours of clerical time at a
total cost of $55.50 to file the Form N–
17f-2 with the Commission.2
Approximately 188 funds currently file
Form N–17f-2 with the Commission.
Commission staff estimates that on
average each fund files Form N–17f-2
four times annually for a total annual
hourly burden per fund of
approximately 8 hours at a total cost of
$1,212.00. The total annual hour burden
for Form N–17f-2 is therefore estimated
to be approximately 1504 hours. Based
on the total annual costs per fund listed
above, the total cost of Form N–17f-2’s
collection of information requirements
is estimated to be approximately
$227,856.3
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
Complying with the collections of
information required by Form N–17f-2
is mandatory for those funds that
maintain custody of their own assets.
Responses will not be kept confidential.
An agency may not conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
displays a currently valid control
number.
The Commission requests written
comments on: (a) Whether the collection
of information is necessary for the
1 This estimate is based on the following
calculation: 1.25 × $198 (fund senior accountant’s
hourly rate) = $247.5.
2 This estimate is based on the following
calculation: .75 × $74 (secretary hourly rate) =
$55.50.
3 This estimate is based on the following
calculation: 188 funds × $1,212.00 (total annual cost
per fund) = $227,856.
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proper performance of the functions of
the Commission, including whether the
information has practical utility; (b) the
accuracy of the Commission’s estimate
of the burdens 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 Thomas Bayer, Chief Information
Officer, Securities and Exchange
Commission, C/O Remi Pavlik-Simon,
100 F Street NE., Washington, DC
20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: July 23, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–17778 Filed 7–28–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Extension:
Rule 6e–2 and Form N–6EI–1.
SEC File No. 270–177, OMB Control No.
3235–0177.
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 collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 6e–2 (17 CFR 270.6e–2) under
the Investment Company Act of 1940
(‘‘Act’’) (15 U.S.C. 80a) is an exemptive
rule that provides separate accounts
formed by life insurance companies to
fund certain variable life insurance
products, exemptions from certain
provisions of the Act, subject to
conditions set forth in the rule. The rule
sets forth several information collection
requirements.
Rule 6e–2 provides a separate account
with an exemption from the registration
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29JYN1
rmajette on DSK2TPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 145 / Tuesday, July 29, 2014 / Notices
provisions of section 8(a) of the Act if
the account files with the Commission
Form N–6EI–1, a notification of claim of
exemption.
The rule also exempts a separate
account from a number of other sections
of the Act, provided that the separate
account makes certain disclosure in its
registration statements (in the case of
those separate accounts that elect to
register), reports to contractholders,
proxy solicitations, and submissions to
state regulatory authorities, as
prescribed by the rule.
Paragraph (b)(9) of Rule 6e–2 provides
an exemption from the requirements of
section 17(f) of the Act and imposes a
reporting burden and certain other
conditions. Section 17(f) requires that
every registered management company
meet various custody requirements for
its securities and similar investments.
The exemption provided in paragraph
(b)(9) applies only to management
accounts that offer life insurance
contracts.
Since 2008, there have been no filings
under paragraph (b)(9) of Rule 6e–2 by
management accounts. Therefore, since
2008, there has been no cost or burden
to the industry regarding the
information collection requirements of
paragraph (b)(9) of Rule 6e–2. In
addition, there have been no filings of
Form N–6EI–1 by separate accounts
since 2008. Therefore, there has been no
cost or burden to the industry since that
time. The Commission requests
authorization to maintain an inventory
of one burden hour for administrative
purposes.
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 shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information to be 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 Thomas Bayer, Chief Information
Officer, Securities and Exchange
Commission, C/O Remi Pavlik-Simon,
100 F Street NE., Washington, DC
20549; or send an email to: PRA_
Mailbox@sec.gov.
VerDate Mar<15>2010
15:02 Jul 28, 2014
Jkt 232001
Dated: July 23, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–17776 Filed 7–28–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Extension:
Rule 19a–1.
SEC File No. 270–240, OMB Control No.
3235–0216.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission (the
‘‘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 for extension
and approval.
Section 19(a) (15 U.S.C. 80a–19(a)) of
the Investment Company Act of 1940
(the ‘‘Act’’) 1 makes it unlawful for any
registered investment company to pay
any dividend or similar distribution
from any source other than the
company’s net income, unless the
payment is accompanied by a written
statement to the company’s
shareholders which adequately
discloses the sources of the payment.
Section 19(a) authorizes the
Commission to prescribe the form of
such statement by rule.
Rule 19a–1 (17 CFR 270.19a–1) under
the Act, entitled ‘‘Written Statement to
Accompany Dividend Payments by
Management Companies,’’ sets forth
specific requirements for the
information that must be included in
statements made pursuant to section
19(a) by or on behalf of management
companies.2 The rule requires that the
statement indicate what portions of
distribution payments are made from
net income, net profits from the sale of
a security or other property (‘‘capital
gains’’) and paid-in capital. When any
part of the payment is made from capital
gains, Rule 19a–1 also requires that the
statement disclose certain other
U.S.C. 80a.
4(3) of the Act (15 U.S. C. 80a–4(3))
defines ‘‘management company’’ as ‘‘any
investment company other than a face amount
certificate company or a unit investment trust.’’
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1 15
2 Section
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44069
information relating to the appreciation
or depreciation of portfolio securities. If
an estimated portion is subsequently
determined to be significantly
inaccurate, a correction must be made
on a statement made pursuant to section
19(a) or in the first report to
shareholders following the discovery of
the inaccuracy.
The purpose of Rule 19a–1 is to afford
fund shareholders adequate disclosure
of the sources from which distribution
payments are made. The rule is
intended to prevent shareholders from
confusing income dividends with
distributions made from capital sources.
Absent Rule 19a–1, shareholders might
receive a false impression of fund gains.
Based on a review of filings made
with the Commission, the staff estimates
that approximately 11,066 series of
registered investment companies that
are management companies may be
subject to Rule 19a–1 each year,3 and
that each portfolio on average mails two
statements per year to meet the
requirements of the rule.4 The staff
further estimates that the time needed to
make the determinations required by the
rule and to prepare the statement
required under the rule is
approximately 1 hour per statement.
The total annual burden for all
portfolios therefore is estimated to be
approximately 22,132 burden hours.5
The staff estimates that approximately
one-third of the total annual burden
(7,377 hours) would be incurred by a
paralegal with an average hourly wage
rate of approximately $199 per hour,6
and approximately two-thirds of the
annual burden (14,755 hours) would be
incurred by a compliance clerk with an
average hourly wage rate of $64 per
3 This estimate is based on statistics compiled by
Commission staff as of May 31, 2014. The number
of management investment company portfolios that
make distributions for which compliance with Rule
19a–1 is required depends on a wide range of
factors and can vary greatly across years. Therefore,
the calculation of estimated burden hours is based
on the total number of management investment
company portfolios, each of which may be subject
to Rule 19a–1.
4 A few portfolios make monthly distributions
from sources other than net income, so the rule
requires them to send out a statement 12 times a
year. Other portfolios never make such
distributions.
5 This estimate is based on the following
calculation: 11,066 management investment
company portfolios × 2 statements per year × 1 hour
per statement = 22,132 burden hours.
6 Hourly rates are derived from the Securities
Industry and Financial Markets Association
(‘‘SIFMA’’), Management and Professional Earnings
in the Securities Industry 2013, modified to account
for an 1800-hour work-year and multiplied by 5.35
to account for bonuses, firm size, employee
benefits, and overhead.
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29JYN1
]]>Agencies
[Federal Register Volume 79, Number 145 (Tuesday, July 29, 2014)]
[Notices]
[Pages 44068-44069]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-17776]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736.
Extension:
Rule 6e-2 and Form N-6EI-1.
SEC File No. 270-177, OMB Control No. 3235-0177.
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
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget for extension and approval.
Rule 6e-2 (17 CFR 270.6e-2) under the Investment Company Act of
1940 (``Act'') (15 U.S.C. 80a) is an exemptive rule that provides
separate accounts formed by life insurance companies to fund certain
variable life insurance products, exemptions from certain provisions of
the Act, subject to conditions set forth in the rule. The rule sets
forth several information collection requirements.
Rule 6e-2 provides a separate account with an exemption from the
registration
[[Page 44069]]
provisions of section 8(a) of the Act if the account files with the
Commission Form N-6EI-1, a notification of claim of exemption.
The rule also exempts a separate account from a number of other
sections of the Act, provided that the separate account makes certain
disclosure in its registration statements (in the case of those
separate accounts that elect to register), reports to contractholders,
proxy solicitations, and submissions to state regulatory authorities,
as prescribed by the rule.
Paragraph (b)(9) of Rule 6e-2 provides an exemption from the
requirements of section 17(f) of the Act and imposes a reporting burden
and certain other conditions. Section 17(f) requires that every
registered management company meet various custody requirements for its
securities and similar investments. The exemption provided in paragraph
(b)(9) applies only to management accounts that offer life insurance
contracts.
Since 2008, there have been no filings under paragraph (b)(9) of
Rule 6e-2 by management accounts. Therefore, since 2008, there has been
no cost or burden to the industry regarding the information collection
requirements of paragraph (b)(9) of Rule 6e-2. In addition, there have
been no filings of Form N-6EI-1 by separate accounts since 2008.
Therefore, there has been no cost or burden to the industry since that
time. The Commission requests authorization to maintain an inventory of
one burden hour for administrative purposes.
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 shall
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the proposed collection of information; (c) ways to
enhance the quality, utility, and clarity of the information to be
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 Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: July 23, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-17776 Filed 7-28-14; 8:45 am]
BILLING CODE 8011-01-P
