Proposed Collection; Comment Request, 3671-3672 [2015-01078]

Download as PDF Federal Register / Vol. 80, No. 15 / Friday, January 23, 2015 / Notices tkelley on DSK3SPTVN1PROD with NOTICES 22(e) of the Act. The staff estimates the burden as follows: Establish written procedures and guidelines designed to ensure that the unregistered money market funds comply with sections 17(a), (d), (e), and 22(e) of the Act: 1 response 15.5 hours of director, legal, and support staff time Cost: $6,328 39 Accordingly, the staff estimates that 10 unregistered money market funds will comply with this collection of information requirement and engage in 10 annual responses under rule 12d1– 1,40 the aggregate annual burden hours associated with these responses is 155,41 and the aggregate annual cost to funds is $62,380.42 Commission staff also estimates that unregistered money market funds will incur costs to preserve records, as required under rule 2a–7. These costs will vary significantly for individual funds, depending on the amount of assets under fund management and whether the fund preserves its records in a storage facility in hard copy or has developed and maintains a computer system to create and preserve compliance records. In the rule 2a–7 submissions, Commission staff estimated that the amount an individual money market fund may spend ranges from $100 per year to $300,000. We have no reason to believe the range is different for unregistered money market funds. Based on Form PF data as of May 7, 2014, private liquidity funds have $257 billion in regulatory assets under management.43 The Commission does not have specific information about the proportion of assets held in small, medium-sized, or large unregistered money market funds. Because private liquidity funds are often used as cash management vehicles, the staff estimates that each private liquidity fund is a ‘‘large’’ fund (i.e., more than $1 billion in assets under management). Based on a cost of $0.0000009 per dollar of assets under management (for large funds),44 39 This estimate is based on the following calculation: (0.5 hours × $4,500 per hour for board time) + (7.2 hours × $378 per hour for an attorney) + (7.8 hours × $174 per hour for support staff) = $6,328 per response. 40 The estimate is based on the following calculations: (10 funds × 1 response) = 10 responses. 41 This estimate is based on the following calculations: (10 funds × 15.5 hours) = 155 hours. 42 This estimate is based on the following calculations: (10 funds × $6,238) = $62,380. 43 See supra note 12. 44 The recordkeeping cost estimates are $0.0051295 per dollar of assets under management for small funds, and $0.0005041 per dollar of assets under management for medium-sized funds. The VerDate Sep<11>2014 18:05 Jan 22, 2015 Jkt 235001 the staff estimates compliance with rule 2–7 for these unregistered money market funds totals $231,300 annually.45 Consistent with estimates made in the rule 2a–7 submissions, Commission staff estimates that unregistered money market funds also incur capital costs to create computer programs for maintaining and preserving compliance records for rule 2a–7 of $0.0000132 per dollar of assets under management. Based on the assets under management figures described above, staff estimates annual capital costs for all unregistered money market funds of $3.39 million.46 Commission staff further estimates that, even absent the requirements of rule 2a– 7, money market funds would spend at least half of the amounts described above for record preservation ($115,650) and for capital costs ($1.7 million). Commission staff concludes that the aggregate annual costs of compliance with the rule are $115,650 for record preservation and $1.7 million for capital costs. The collections of information required for unregistered money market funds by rule 12d1–1 are necessary in order for acquiring funds to be able to obtain the benefits described above. Notices to the Commission 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. 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 will have practical utility; (b) the accuracy of the agency’s estimate of the burden 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 Pamela Dyson, Acting Director/Chief Information Officer, Securities and Exchange Commission, C/O Remi cost estimates are the same as those used in the most recently approved rule 2a–7 submission. 45 This estimate is based on the following calculation: ($257 billion × $0.0000009) = $231,300 billion for small funds. 46 This estimate is based on the following calculation: ($257 billion × 0.0000132) = $3.39 million. PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 3671 Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send an email to: PRA_Mailbox@sec.gov. Dated: January 16, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–01076 Filed 1–22–15; 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 206(3)–2; SEC File No. 270–216, OMB Control No. 3235–0243. 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 206(3)–2, (17 CFR 275.206(3)–2) which is entitled ‘‘Agency Cross Transactions for Advisory Clients,’’ permits investment advisers to comply with section 206(3) of the Investment Advisers Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80b–6(3)) by obtaining a client’s blanket consent to enter into agency cross transactions (i.e., a transaction in which an adviser acts as a broker to both the advisory client and the opposite party to the transaction), provided that certain disclosures are made to the client. Rule 206(3)–2 applies to all registered investment advisers. In relying on the rule, investment advisers must provide certain disclosures to their clients. Advisory clients can use the disclosures to monitor agency cross transactions that affect their advisory account. The Commission also uses the information required by Rule 206(3)–2 in connection with its investment adviser inspection program to ensure that advisers are in compliance with the rule. Without the information collected under the rule, advisory clients would not have information necessary for monitoring their adviser’s handling of their accounts and the Commission would be less efficient and effective in its inspection program. E:\FR\FM\23JAN1.SGM 23JAN1 tkelley on DSK3SPTVN1PROD with NOTICES 3672 Federal Register / Vol. 80, No. 15 / Friday, January 23, 2015 / Notices The information requirements of the rule consist of the following: (1) Prior to obtaining the client’s consent appropriate disclosure must be made to the client as to the practice of, and the conflicts of interest involved in, agency cross transactions; (2) at or before the completion of any such transaction the client must be furnished with a written confirmation containing specified information and offering to furnish upon request certain additional information; and (3) at least annually, the client must be furnished with a written statement or summary as to the total number of transactions during the period covered by the consent and the total amount of commissions received by the adviser or its affiliated brokerdealer attributable to such transactions. The Commission estimates that approximately 464 respondents use the rule annually, necessitating about 32 responses per respondent each year, for a total of 14,848 responses. Each response requires an estimated 0.5 hours, for a total of 7,424 hours. The estimated average burden hours are made solely for the purposes of the Paperwork Reduction Act and are not derived from a comprehensive or representative survey or study of the cost of Commission rules and forms. This collection of information is found at (17 CFR 275.206(3)–2) and is necessary in order for the investment adviser to obtain the benefits of Rule 206(3)–2. The collection of information requirements under the rule is mandatory. Information subject to the disclosure requirements of Rule 206(3)– 2 does not require submission to the Commission; and, accordingly, the disclosure pursuant to the rule is not kept confidential. Commissionregistered investment advisers are required to maintain and preserve certain information required under Rule 206(3)–2 for five (5) years. The longterm retention of these records is necessary for the Commission’s inspection program to ascertain compliance with the Advisers 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. 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) VerDate Sep<11>2014 18:05 Jan 22, 2015 Jkt 235001 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 sixty 60 days of this publication. Please direct your written comments to Pamela Dyson, Acting Director/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: January 16, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–01078 Filed 1–22–15; 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 11a–2; SEC File No. 270–267, OMB Control No. 3235–0272. 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 11a–2 (17 CFR 270.11a–2) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) permits certain registered insurance company separate accounts, subject to certain conditions, to make exchange offers without prior approval by the Commission of the terms of those offers. Rule 11a–2 requires disclosure, in certain registration statements filed pursuant to the Securities Act of 1933 (15 U.S.C. 77a et seq.) of any administrative fee or sales load imposed in connection with an exchange offer. There are currently 652 registrants governed by Rule 11a–2. The Commission includes the estimated burden of complying with the information collection required by Rule 11a–2 in the total number of burden PO 00000 Frm 00126 Fmt 4703 Sfmt 9990 hours estimated for completing the relevant registration statements and reports the burden of Rule 11a–2 in the separate Paperwork Reduction Act (‘‘PRA’’) submissions for those registration statements (see the separate PRA submissions for Form N–3 (17 CFR 274.11b), Form N–4 (17 CFR 274.11c) and Form N–6 (17 CFR 274.11d). The Commission is requesting a burden of one hour for Rule 11a–2 for administrative purposes. The estimate of average burden hours is made solely for the purposes of the PRA, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules or forms. With regard to Rule 11a–2, the Commission includes the estimate of burden hours in the total number of burden hours estimated for completing the relevant registration statements and reported on the separate PRA submissions for those statements (see the separate PRA submissions for Form N–3, Form N–4 and Form N–6). The information collection requirements imposed by Rule 11a–2 are mandatory. Responses to the collection of information will not be kept confidential. Written comments are invited on: (a) Whether the collection of information is necessary for the 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 burden 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 Pamela Dyson, Acting Director/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: January 16, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–01075 Filed 1–22–15; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\23JAN1.SGM 23JAN1

Agencies

[Federal Register Volume 80, Number 15 (Friday, January 23, 2015)]
[Notices]
[Pages 3671-3672]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-01078]


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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 206(3)-2; SEC File No. 270-216, OMB Control No. 3235-0243.

    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 206(3)-2, (17 CFR 275.206(3)-2) which is entitled ``Agency 
Cross Transactions for Advisory Clients,'' permits investment advisers 
to comply with section 206(3) of the Investment Advisers Act of 1940 
(the ``Act'') (15 U.S.C. 80b-6(3)) by obtaining a client's blanket 
consent to enter into agency cross transactions (i.e., a transaction in 
which an adviser acts as a broker to both the advisory client and the 
opposite party to the transaction), provided that certain disclosures 
are made to the client. Rule 206(3)-2 applies to all registered 
investment advisers. In relying on the rule, investment advisers must 
provide certain disclosures to their clients. Advisory clients can use 
the disclosures to monitor agency cross transactions that affect their 
advisory account. The Commission also uses the information required by 
Rule 206(3)-2 in connection with its investment adviser inspection 
program to ensure that advisers are in compliance with the rule. 
Without the information collected under the rule, advisory clients 
would not have information necessary for monitoring their adviser's 
handling of their accounts and the Commission would be less efficient 
and effective in its inspection program.

[[Page 3672]]

    The information requirements of the rule consist of the following: 
(1) Prior to obtaining the client's consent appropriate disclosure must 
be made to the client as to the practice of, and the conflicts of 
interest involved in, agency cross transactions; (2) at or before the 
completion of any such transaction the client must be furnished with a 
written confirmation containing specified information and offering to 
furnish upon request certain additional information; and (3) at least 
annually, the client must be furnished with a written statement or 
summary as to the total number of transactions during the period 
covered by the consent and the total amount of commissions received by 
the adviser or its affiliated broker-dealer attributable to such 
transactions.
    The Commission estimates that approximately 464 respondents use the 
rule annually, necessitating about 32 responses per respondent each 
year, for a total of 14,848 responses. Each response requires an 
estimated 0.5 hours, for a total of 7,424 hours. The estimated average 
burden hours are made solely for the purposes of the Paperwork 
Reduction Act and are not derived from a comprehensive or 
representative survey or study of the cost of Commission rules and 
forms.
    This collection of information is found at (17 CFR 275.206(3)-2) 
and is necessary in order for the investment adviser to obtain the 
benefits of Rule 206(3)-2. The collection of information requirements 
under the rule is mandatory. Information subject to the disclosure 
requirements of Rule 206(3)-2 does not require submission to the 
Commission; and, accordingly, the disclosure pursuant to the rule is 
not kept confidential. Commission-registered investment advisers are 
required to maintain and preserve certain information required under 
Rule 206(3)-2 for five (5) years. The long-term retention of these 
records is necessary for the Commission's inspection program to 
ascertain compliance with the Advisers 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.
    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 sixty 60 days of this publication.
    Please direct your written comments to Pamela Dyson, Acting 
Director/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: January 16, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-01078 Filed 1-22-15; 8:45 am]
BILLING CODE 8011-01-P
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