Submission for OMB Review; Comment Request, 60872-60873 [2014-23978]
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Federal Register / Vol. 79, No. 195 / Wednesday, October 8, 2014 / Notices
Group, Ltd. (Agreement).1 The Postal
Service seeks to include the portion of
the Agreement pertaining to returns
from the United States to the United
Kingdom within the larger grouping of
Inbound Competitive Multi-Service
Agreement with a Foreign Postal
Operators product. Id. at 1.
To support its Notice, the Postal
Service filed a copy of the Agreement,
a copy of the Governors’ Decision
authorizing the product, a certification
of compliance with 39 U.S.C. 3633(a),
and an application for non-public
treatment of certain materials. It also
filed supporting financial workpapers.
II. Notice of Commission Action
The Commission establishes Docket
No. CP2015–1 for consideration of
matters raised by the Notice.
The Commission invites comments on
whether the Postal Service’s filing is
consistent with 39 U.S.C. 3632, 3633, or
3642, 39 CFR part 3015, and 39 CFR
part 3020, subpart B. Comments are due
no later than October 9, 2014. The
public portions of the filing can be
accessed via the Commission’s Web site
(https://www.prc.gov).
The Commission appoints Lyudmila
Y. Bzhilyanskaya to serve as Public
Representative in this docket.
III. Ordering Paragraphs
It is ordered:
1. The Commission establishes Docket
No. CP2015–1 to consider matters raised
by the Postal Service’s Notice.
2. Pursuant to 39 U.S.C. 505,
Lyudmila Y. Bzhilyanskaya is appointed
to serve as officer of the Commission
(Public Representative) to represent the
interests of the general public.
3. Comments by interested persons in
this proceeding are due no later than
October 9, 2014.
4. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Ruth Ann Abrams,
Acting Secretary.
[FR Doc. 2014–23987 Filed 10–7–14; 8:45 am]
BILLING CODE 7710–FW–P
asabaliauskas on DSK5VPTVN1PROD with NOTICES
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
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.
OMB Control No. 3235–0216, SEC File No.
270–240.
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’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
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
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.
1 15
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.’’
2 Section
1 United States Postal Service Notice of Filing
Functionally Equivalent Agreement with Royal
Mail Group, Ltd., October 1, 2014 (Notice).
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17:27 Oct 07, 2014
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PO 00000
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Sfmt 4703
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
hour.7 The staff therefore estimates that
the aggregate annual cost of complying
with the paperwork requirements of the
rule is approximately $2,412,343 ((7,377
hours × $199 = $1,468,023) + (14,755
hours × $64 = $944,320)).
To comply with state law, many
investment companies already must
distinguish the different sources from
which a shareholder distribution is paid
and disclose that information to
shareholders. Thus, many investment
companies would be required to
distinguish the sources of shareholder
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.
7 Hourly rates are derived from SIFMA’s Office
Salaries in the Securities Industry 2013, modified
to account for an 1800-hour work-year and
multiplied by 2.93 to account for bonuses, firm size,
employee benefits and overhead.
E:\FR\FM\08OCN1.SGM
08OCN1
Federal Register / Vol. 79, No. 195 / Wednesday, October 8, 2014 / Notices
dividends whether or not the
Commission required them to do so
under rule 19a–1.
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. Compliance
with the collection of information
required by rule 19a–1 is mandatory for
management companies that make
statements to shareholders pursuant to
section 19(a) of the Act. 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 public may view the background
documentation for this information
collection at the following Web site,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) 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.
Comments must be submitted to OMB
within 30 days of this notice.
Dated: October 1, 2014.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014–23978 Filed 10–7–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Extension: Rule 6e–2 and Form N–6EI–1
OMB Control No. 3235–0177, SEC File No.
270–177
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
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
VerDate Sep<11>2014
17:27 Oct 07, 2014
Jkt 235001
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
provisions of section 8(a) of the Act if
the account files with the Commission
Form N–6EI–1 (17 CFR 274.301), 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 account 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.
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 public may view the background
documentation for this information
collection at the following Web site,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
60873
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) 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. Comments
must be submitted to OMB within 30
days of this notice.
Dated: October 1, 2014.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014–23977 Filed 10–7–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73290; File No. SR–CME–
2014–31]
Self-Regulatory Organizations;
Chicago Mercantile Exchange Inc.;
Notice of Designation of Longer Period
for Commission Action on Proposed
Rule Change, as Modified by
Amendment No. 2, Related to Clearing
of Certain iTraxx Europe Index
Untranched CDS Contracts on Indices
Administered by Markit
October 2, 2014.
On August 11, 2014, Chicago
Mercantile Exchange Inc. (‘‘CME’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change SR–CME–2014–31
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder.2
The proposed rule change was
published for comment in the Federal
Register on August 18, 2014.3 The
Commission has not received comments
on the proposed rule change. On
September 2, 2014, CME filed
Amendment No. 2 to the proposed rule
change.4 The Commission is publishing
this notice to designate a longer period
for Commission action on the proposed
rule change, as modified by Amendment
No. 2.
Section 19(b)(2) of the Act 5 provides
that within 45 days of the publication of
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 34–72833
(Aug. 13, 2014), 79 FR 48797 (Aug. 18, 2014) (SR–
CME–2014–31).
4 On August 18, 2014, CME filed Amendment No.
1 to the proposed rule change. CME withdrew
Amendment No. 1 on August 29, 2014. CME
subsequently filed Amendment No. 2 to the
proposed rule change. Amendment No. 2 is
currently pending Federal Register publication. See
Securities Exchange Act Release No. 34–73275 (Oct.
1, 2014), 79 FR ll (Oct. l, 2014) (SR–CME–
2014–31).
5 15 U.S.C. 78s(b)(2).
2 17
E:\FR\FM\08OCN1.SGM
08OCN1
]]>Agencies
[Federal Register Volume 79, Number 195 (Wednesday, October 8, 2014)]
[Notices]
[Pages 60872-60873]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-23978]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; 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.
OMB Control No. 3235-0216, SEC File No. 270-240.
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'') has submitted to the Office of
Management and Budget a request for extension of the previously
approved collection of information discussed below.
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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 80a.
---------------------------------------------------------------------------
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 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.
---------------------------------------------------------------------------
\2\ Section 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.''
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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 x 2 statements per year x 1
hour per statement = 22,132 burden hours.
---------------------------------------------------------------------------
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 hour.\7\ The staff therefore estimates that the aggregate annual
cost of complying with the paperwork requirements of the rule is
approximately $2,412,343 ((7,377 hours x $199 = $1,468,023) + (14,755
hours x $64 = $944,320)).
---------------------------------------------------------------------------
\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.
\7\ Hourly rates are derived from SIFMA's Office Salaries in the
Securities Industry 2013, modified to account for an 1800-hour work-
year and multiplied by 2.93 to account for bonuses, firm size,
employee benefits and overhead.
---------------------------------------------------------------------------
To comply with state law, many investment companies already must
distinguish the different sources from which a shareholder distribution
is paid and disclose that information to shareholders. Thus, many
investment companies would be required to distinguish the sources of
shareholder
[[Page 60873]]
dividends whether or not the Commission required them to do so under
rule 19a-1.
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. Compliance with the collection of information
required by rule 19a-1 is mandatory for management companies that make
statements to shareholders pursuant to section 19(a) of the Act. 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 public may view the background documentation for this
information collection at the following Web site, www.reginfo.gov.
Comments should be directed to: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503, or by sending an email to:
Shagufta_Ahmed@omb.eop.gov; and (ii) 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. Comments must be submitted to OMB within 30 days
of this notice.
Dated: October 1, 2014.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014-23978 Filed 10-7-14; 8:45 am]
BILLING CODE 8011-01-P
