Submission for OMB Review; Comment Request, 68729-68730 [2014-27190]
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Federal Register / Vol. 79, No. 222 / Tuesday, November 18, 2014 / Notices
Monday, December 8, 2014.
8:00 a.m. to 1:00 p.m.: Open.
Presentations by Awardee Institution,
faculty staff and students to Site Team
and NSF Staff; Discussions and question
and answer sessions.
1:00 p.m.—8:00 p.m.: Closed.
Draft report on education and
research activities.
Tuesday, December 9, 2014.
8:30 a.m.—noon: Open.
Response to presentations by Site
Team and NSF Staff Awardee
Institution faculty staff; Discussions and
question and answer sessions.
Noon to 3:00 p.m.: Closed.
Complete written site visit report with
preliminary recommendations.
Reason for Closing: The proposals
being reviewed include information of a
proprietary or confidential nature,
including technical information;
financial data, such as salaries; and
personal information concerning
individuals associated with the
proposals. These matters are exempt
under 5 U.S.C. 552b(c), (4) and (6) of the
Government in the Sunshine Act.
[FR Doc. 2014–27178 Filed 11–17–14; 8:45 am]
BILLING CODE 7555–01–P
NATIONAL SCIENCE FOUNDATION
tkelley on DSK3SPTVN1PROD with NOTICES
Business and Operations Advisory
Committee; Notice of Meeting
In accordance with Federal Advisory
Committee Act (Pub. L. 92–463, as
amended), the National Science
Foundation announces the following
meeting:
Name: Business and Operations
Advisory Committee (9556).
Date/Time: December 11, 2014; 1:00
p.m. to 5:30 p.m. (EST), December 12,
2014; 8:00 a.m. to 12:00 p.m. (EST).
Place: National Science Foundation,
4201 Wilson Boulevard, Arlington,
Virginia 22230; Stafford I, Room 1235.
Type of Meeting: Open.
Contact Person: Joan Miller, National
Science Foundation, 4201 Wilson
Boulevard, Arlington, VA 22230 (703)
292–8200.
Purpose of Meeting: To provide
advice concerning issues related to the
oversight, integrity, development and
enhancement of NSF’s business
operations.
Agenda:
December 11, 2014
Welcome/Introductions; BFA/OIRM
Updates; iTRAK Update; NSF
Relocation Update; Succession
17:27 Nov 17, 2014
Jkt 235001
December 12, 2014
Risk-Based Management; Prepare for
´
Discussion with Dr. Cordova;
´
Discussion with Dr. Cordova; Meeting
Wrap-Up.
Dated: November 13, 2014.
Suzanne Plimpton,
Acting, Committee Management Officer.
[FR Doc. 2014–27233 Filed 11–17–14; 8:45 am]
BILLING CODE 7555–01–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.
Extension:
Rule 13h–1 and Form 13H, SEC File No.
270–614, OMB Control No. 3235–0682.
Dated: November 12, 2014.
Suzanne Plimpton,
Acting, Committee Management Officer.
VerDate Sep<11>2014
Planning; Managing Change at NSF;
Strategic Review Process.
Notice is hereby given that pursuant to the
Paperwork Reduction Act of 1995 (44 U.S.C.
3501 et seq. ‘‘PRA’’), the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) has submitted to the Office of
Management and Budget (‘‘OMB’’) a request
for approval of extension of the existing
collection of information provided for in
Rule 13h–1 (17 CFR 240.13h–1) and Form
13H—registration of large traders 1 submitted
pursuant to Section 13(h) of the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.)
(‘‘Exchange Act’’).
Rule 13h–1 and Form 13H under Section
13(h) of the Exchange Act established a large
trader reporting framework.2 The framework
assists the Commission in identifying and
obtaining certain baseline information about
traders that conduct a substantial amount of
trading activity, as measured by volume or
market value, in the U.S. securities markets.
The identification, recordkeeping, and
reporting framework provides the
Commission with a mechanism to identify
large traders and their affiliates, accounts,
and transactions. Specifically, the rule
requires large traders to identify themselves
to the Commission and make certain
disclosures to the Commission on Form 13H.
Upon receipt of Form 13H, the Commission
1 Rule 13h–1(a)(1) defines ‘‘large trader’’ as any
person that directly or indirectly, including through
other persons controlled by such person, exercises
investment discretion over one or more accounts
and effects transactions for the purchase or sale of
any NMS security for or on behalf of such accounts,
by or through one or more registered broker-dealers,
in an aggregate amount equal to or greater than the
identifying activity level or voluntarily registers as
a large trader by filing electronically with the
Commission Form 13H.
2 See Securities Exchange Act Release No. 64976
(July 27, 2011), 76 FR 46959 (August 3, 2011).
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Fmt 4703
Sfmt 4703
68729
issues a unique identification number to the
large trader, which the large trader then
provides to its registered broker-dealers.
Certain registered broker-dealers are required
to maintain transaction records for each large
trader, and are required to report that
information to the Commission upon
request.3 In addition, certain registered
broker-dealers are required to adopt
procedures to monitor their customers for
activity that would trigger the identification
requirements of the rule.
The respondents to the collection of
information are large traders. Each new large
trader respondent files one response, which
takes approximately 20 hours to complete.
The average internal cost of compliance per
response is $5,177, calculated as follows: (3
hours of compliance manager time at $283
per hour) + (7 hours of legal time at $334 per
hour) + (10 hours of paralegal time at $199
per hour) = $5,177. Additionally, on average,
each large trader respondent (including new
respondents) files 2 responses per year,
which take approximately 6 hours to
complete. The average internal cost of
compliance per response is $1,632,
calculated as follows: (2 hours of compliance
manager time at $283 per hour) + (2 hours
of legal time at $334 per hour) + (2 hours of
paralegal time at $199 per hour) = $1,632.
Each registered broker-dealer’s monitoring
requirement takes approximately 15 hours
per year. The average internal cost of
compliance is $5,010, calculated as follows:
15 hours of legal time at $334 per hour =
$5,010. The Commission estimates that it
may send 100 requests specifically seeking
large trader data per year to each registered
broker-dealer subject to the rule, and it
would take each registered broker-dealer 2
hours to comply with each request
Accordingly, the annual reporting hour
burden for a broker-dealer is estimated to be
200 burden hours (100 requests × 2 burden
hours/request = 200 burden hours). The
average internal cost of compliance per
response is $398, calculated as follows: 2
hours of paralegal time at $199 per hour =
$398.
Compliance with Rule 13h–1 is mandatory.
The information collection under proposed
Rule 13h–1 is considered confidential subject
to the limited exceptions provided by the
Freedom of Information Act.4
An agency may not conduct or sponsor,
and a person is not required to respond to,
a collection of information under the PRA
unless it displays a currently valid OMB
control number.
The public may view 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
3 The Commission, pursuant to Rule 17a–25 (17
CFR 240.17a–25), currently collects transaction data
from registered broker-dealers through the
Electronic Blue Sheets (‘‘EBS’’) system to support
its regulatory and enforcement activities. The large
trader framework added two new fields, the time of
the trade and the identity of the trader, to the EBS
system.
4 See 5 U.S.C. 552 and 15 U.S.C. 78m(h)(7).
E:\FR\FM\18NON1.SGM
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68730
Federal Register / Vol. 79, No. 222 / Tuesday, November 18, 2014 / Notices
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) Pamela Dyson,
Acting Director/Chief Information Officer,
Securities and Exchange Commission, c/o
Remi Pavlik-Simon, 100 F Street NE.,
Washington, DC 20549, or by sending an
email to: PRA_Mailbox@sec.gov. Comments
must be submitted to OMB within 30 days of
this notice.
Dated: November 12, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–27190 Filed 11–17–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request Copies Available
From: U.S. Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
tkelley on DSK3SPTVN1PROD with NOTICES
Extension:
Rule 15c2–12,
SEC File No. 270–330, OMB Control No.
3235–0372.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 15c2–12—
Municipal Securities Disclosure (17 CFR
240.15c2–12) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (‘‘Exchange Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Paragraph (b) of Rule 15c2–12
requires underwriters of municipal
securities: (1) To obtain and review an
official statement ‘‘deemed final’’ by an
issuer of the securities, except for the
omission of specified information prior
to making a bid, purchase, offer, or sale
of municipal securities; (2) in noncompetitively bid offerings, to send,
upon request, a copy of the most recent
preliminary official statement (if one
exists) to potential customers; (3) to
contract with the issuer to receive,
within a specified time, sufficient
copies of the final official statement to
comply with Rule 15c2–12’s delivery
requirement and the rules of the
Municipal Securities Rulemaking Board
(‘‘MSRB’’); (4) to send, upon request, a
copy of the final official statement to
potential customers for a specified
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17:27 Nov 17, 2014
Jkt 235001
period of time; and (5) before
purchasing or selling municipal
securities in connection with an
offering, to reasonably determine that
the issuer or the obligated person has
undertaken, in a written agreement or
contract, for the benefit of holders of
such municipal securities, to provide
certain information on a continuing
basis to the MSRB in an electronic
format as prescribed by the MSRB. The
information to be provided consists of:
(1) Certain annual financial and
operating information and audited
financial statements (‘‘annual filings’’);
(2) notices of the occurrence of any of
14 specific events (‘‘event notices’’); and
(3) notices of the failure of an issuer or
obligated person to make a submission
required by a continuing disclosure
agreement (‘‘failure to file notices’’).
Rule 15c2–12 is intended to enhance
disclosure in the municipal securities
market, and thereby reduce fraud, by
establishing standards for obtaining,
reviewing and disseminating
information about municipal securities
by their underwriters.
Municipal offerings of less than $1
million are exempt from the rule, as are
offerings of municipal securities issued
in large denominations that are sold to
no more than 35 sophisticated investors
or have short-term maturities.
It is estimated that approximately
20,000 issuers, 250 broker-dealers and
the MSRB will spend a total of 115,248
hours per year complying with Rule
15c2–12. Based on data from the MSRB
through September 2014 and annualized
through December 2014, issuers will
submit approximately 62,596 annual
filings to the MSRB in 2014.
Commission staff estimates that an
issuer will require approximately 45
minutes to prepare and submit annual
filings to the MSRB. Therefore, the total
annual burden on issuers to prepare and
submit 62,596 annual filings to the
MSRB is estimated to be 46,947 hours.
Based on data from the MSRB through
September 2014 and annualized through
December 2014, issuers will submit
approximately 73,480 event notices to
the MSRB in 2014. Commission staff
estimates that an issuer will require
approximately 45 minutes to prepare
and submit event notices to the MSRB.
Therefore, the total annual burden on
issuers to prepare and submit 73,480
event notices to the MSRB is estimated
to be 55,110 hours. Based on data from
the MSRB through September 2014 and
annualized through December 2014,
issuers will submit approximately 7,063
failure to file notices to the MSRB in
2014. Commission staff estimates that
an issuer will require approximately 30
minutes to prepare and submit failure to
PO 00000
Frm 00071
Fmt 4703
Sfmt 9990
file notices to the MSRB. Therefore, the
total annual burden on issuers to
prepare and submit 7,063 failure to file
notices to the MSRB is estimated to be
3,531 hours. Commission staff estimates
that the total annual burden on brokerdealers to comply with Rule 15c2–12 is
300 hours. Finally, Commission staff
estimates that the MSRB will incur an
annual burden of 9,360 hours to collect,
index, store, retrieve and make available
the pertinent documents under Rule
15c2–12.
Based on data provided by the MSRB,
the Commission estimates that up to
65% of issuers may use designated
agents to submit some or all of their
continuing disclosure documents to the
MSRB. The Commission estimates that
the average total annual cost that may be
incurred by issuers that use the services
of a designated agent will be
$9,750,000.1
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates 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.
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 OMB
control number.
Please direct your written comments
to: Pamela Dyson, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549, or send an email to: PRA_
Mailbox@sec.gov.
Dated: November 12, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–27191 Filed 11–17–14; 8:45 am]
BILLING CODE 8011–01–P
1 20,000 (number of issuers) × .65 (percentage of
issuers that may use designated agents) × $750
(estimated average annual cost for issuer’s use of
designated agent) = $9,750,000.
E:\FR\FM\18NON1.SGM
18NON1
]]>Agencies
[Federal Register Volume 79, Number 222 (Tuesday, November 18, 2014)]
[Notices]
[Pages 68729-68730]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-27190]
=======================================================================
-----------------------------------------------------------------------
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 13h-1 and Form 13H, SEC File No. 270-614, OMB Control No.
3235-0682.
Notice is hereby given that pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq. ``PRA''), the Securities and
Exchange Commission (``SEC'' or ``Commission'') has submitted to the
Office of Management and Budget (``OMB'') a request for approval of
extension of the existing collection of information provided for in
Rule 13h-1 (17 CFR 240.13h-1) and Form 13H--registration of large
traders \1\ submitted pursuant to Section 13(h) of the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange Act'').
---------------------------------------------------------------------------
\1\ Rule 13h-1(a)(1) defines ``large trader'' as any person that
directly or indirectly, including through other persons controlled
by such person, exercises investment discretion over one or more
accounts and effects transactions for the purchase or sale of any
NMS security for or on behalf of such accounts, by or through one or
more registered broker-dealers, in an aggregate amount equal to or
greater than the identifying activity level or voluntarily registers
as a large trader by filing electronically with the Commission Form
13H.
---------------------------------------------------------------------------
Rule 13h-1 and Form 13H under Section 13(h) of the Exchange Act
established a large trader reporting framework.\2\ The framework
assists the Commission in identifying and obtaining certain baseline
information about traders that conduct a substantial amount of
trading activity, as measured by volume or market value, in the U.S.
securities markets.
---------------------------------------------------------------------------
\2\ See Securities Exchange Act Release No. 64976 (July 27,
2011), 76 FR 46959 (August 3, 2011).
---------------------------------------------------------------------------
The identification, recordkeeping, and reporting framework
provides the Commission with a mechanism to identify large traders
and their affiliates, accounts, and transactions. Specifically, the
rule requires large traders to identify themselves to the Commission
and make certain disclosures to the Commission on Form 13H. Upon
receipt of Form 13H, the Commission issues a unique identification
number to the large trader, which the large trader then provides to
its registered broker-dealers. Certain registered broker-dealers are
required to maintain transaction records for each large trader, and
are required to report that information to the Commission upon
request.\3\ In addition, certain registered broker-dealers are
required to adopt procedures to monitor their customers for activity
that would trigger the identification requirements of the rule.
---------------------------------------------------------------------------
\3\ The Commission, pursuant to Rule 17a-25 (17 CFR 240.17a-25),
currently collects transaction data from registered broker-dealers
through the Electronic Blue Sheets (``EBS'') system to support its
regulatory and enforcement activities. The large trader framework
added two new fields, the time of the trade and the identity of the
trader, to the EBS system.
---------------------------------------------------------------------------
The respondents to the collection of information are large
traders. Each new large trader respondent files one response, which
takes approximately 20 hours to complete. The average internal cost
of compliance per response is $5,177, calculated as follows: (3
hours of compliance manager time at $283 per hour) + (7 hours of
legal time at $334 per hour) + (10 hours of paralegal time at $199
per hour) = $5,177. Additionally, on average, each large trader
respondent (including new respondents) files 2 responses per year,
which take approximately 6 hours to complete. The average internal
cost of compliance per response is $1,632, calculated as follows: (2
hours of compliance manager time at $283 per hour) + (2 hours of
legal time at $334 per hour) + (2 hours of paralegal time at $199
per hour) = $1,632.
Each registered broker-dealer's monitoring requirement takes
approximately 15 hours per year. The average internal cost of
compliance is $5,010, calculated as follows: 15 hours of legal time
at $334 per hour = $5,010. The Commission estimates that it may send
100 requests specifically seeking large trader data per year to each
registered broker-dealer subject to the rule, and it would take each
registered broker-dealer 2 hours to comply with each request
Accordingly, the annual reporting hour burden for a broker-dealer is
estimated to be 200 burden hours (100 requests x 2 burden hours/
request = 200 burden hours). The average internal cost of compliance
per response is $398, calculated as follows: 2 hours of paralegal
time at $199 per hour = $398.
Compliance with Rule 13h-1 is mandatory. The information
collection under proposed Rule 13h-1 is considered confidential
subject to the limited exceptions provided by the Freedom of
Information Act.\4\
---------------------------------------------------------------------------
\4\ See 5 U.S.C. 552 and 15 U.S.C. 78m(h)(7).
---------------------------------------------------------------------------
An agency may not conduct or sponsor, and a person is not
required to respond to, a collection of information under the PRA
unless it displays a currently valid OMB control number.
The public may view 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
[[Page 68730]]
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) Pamela Dyson, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or by
sending an email to: PRA_Mailbox@sec.gov. Comments must be submitted
to OMB within 30 days of this notice.
Dated: November 12, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-27190 Filed 11-17-14; 8:45 am]
BILLING CODE 8011-01-P
