Submission for OMB Review; Comment Request, 4883-4884 [2010-1847]

Download as PDF Federal Register / Vol. 75, No. 19 / Friday, January 29, 2010 / Notices Information regarding the 62nd AAFS Annual Meeting is available at the AAFS Web site: https://www.aafs.org. Note: Persons solely attending the SOFS public session do not need to register for the AAFS Annual Meeting to attend. There will be no admission charge for persons solely attending the public meeting. Seating is limited and will be on a first come, first served basis. For those who cannot attend but wish to provide written comments or questions, please do so by sending an email to the Subcommittee’s Executive Secretary, Robin Jones, at: Robin.W.Jones@usdoj.gov, no later than Friday, February 19, 2010. FOR FURTHER INFORMATION CONTACT: Additional information and links to the Subcommittee on Forensic Science can be obtained through the Office of Science and Technology Policy’s NSTC Web site at https://www.ostp.gov/cs/nstc or by calling 202–353–2436. Kenneth E. Melson, Co-Chair, Subcommittee on Forensic Science. [FR Doc. 2010–1813 Filed 1–28–10; 8:45 am] BILLING CODE 4410–FY–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. jlentini on DSKJ8SOYB1PROD with NOTICES Extension: Rule 19b–4(e) and Form 19b–4(e), OMB Control No. 3235–0504, SEC File No. 270–447. 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 requests for extension of the previously approved collections of information discussed below. The Code of Federal Regulation citation to this collection of information is 17 CFR 240.19b–4(e) under the Securities Exchange Act of 1934 (17 U.S.C 78a et seq.) (the ‘‘Act’’). Rule 19b–4(e) permits a selfregulatory organization (‘‘SRO’’) to immediately list and trade a new derivative securities product so long as such product is in compliance with the criteria of Rule 19b–4(e) under the Act. However, in order for the Commission to maintain an accurate record of all new derivative securities products traded through the facilities of SROs and to determine whether an SRO has properly availed itself of the permission VerDate Nov<24>2008 16:49 Jan 28, 2010 Jkt 220001 granted by Rule 19b–4(e), it is necessary that the SRO maintain, on-site, a copy of Form 19b–4(e) under the Act. Rule 19b–4(e) requires SROs to file a summary form, Form 19b–4(e), and thereby notify the Commission, within five business days after the commencement of trading a new derivative securities product. In addition, the Commission reviews SRO compliance with Rule 19b–4(e) through its routine inspections of the SROs. The collection of information is designed to allow the Commission to maintain an accurate record of all new derivative securities products traded through the facilities of SROs and to determine whether an SRO has properly availed itself of the permission granted by Rule 19b–4(e). The respondents to the collection of information are SROs (as defined by the Act), all of which are national securities exchanges. Twelve respondents file an average total of 3,180 responses per year, which corresponds to an estimated annual response burden of 3,180 hours. Compliance with Rule 19b–4(e) is mandatory. Information received in response to Rule 19b–4(e) shall not be kept confidential; the information collected is public information. 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 will have 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. Comments should be directed to Charles Boucher, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Dated: January 22, 2010. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–1846 Filed 1–28–10; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 4883 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 23c–3 and Form N–23c–3, SEC File No. 270–373, OMB Control No. 3235– 0422. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350 et. seq.), 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. Rule 23c–3 (17 CFR 270.23c–3) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) is entitled: ‘‘Repurchase of Securities of Closed-End Companies.’’ The rule permits certain closed-end investment companies (‘‘closed-end funds’’ or ‘‘funds’’) to offer to repurchase from shareholders a limited number of shares at net asset value. The rule includes several reporting and recordkeeping requirements. The fund must send shareholders a notification that contains specified information each time the fund makes a repurchase offer (on a quarterly, semi-annual, or annual basis, or for certain funds, on a discretionary basis not more often than every two years). The fund also must file copies of the shareholder notification with the Commission (electronically through the Commission’s Electronic Data Gathering, Analysis, and Retrieval System (‘‘EDGAR’’)) attached to Form N– 23c–3 (17 CFR 274.221), a filing that provides limited information about the fund and the type of offer the fund is making.1 The fund must describe in its annual report to shareholders the fund’s policy concerning repurchase offers and the results of any repurchase offers made during the reporting period. The fund’s board of directors must adopt written procedures designed to ensure that the fund’s investment portfolio is sufficiently liquid to meet its repurchase obligations and other obligations under the rule. The board periodically must review the composition of the fund’s portfolio and change the liquidity 1 Form N–23c–3 requires the fund to state its registration number, its full name and address, the date of the accompanying shareholder notification, and the type of offer being made (periodic, discretionary, or both). E:\FR\FM\29JAN1.SGM 29JAN1 4884 Federal Register / Vol. 75, No. 19 / Friday, January 29, 2010 / Notices jlentini on DSKJ8SOYB1PROD with NOTICES procedures as necessary. The fund also must file copies of advertisements and other sales literature with the Commission as if it were an open-end investment company subject to section 24 of the Investment Company Act (15 U.S.C. 80a–24) and the rules that implement section 24.2 The requirement that the fund send a notification to shareholders of each offer is intended to ensure that a fund provides material information to shareholders about the terms of each offer, which may differ from previous offers on such matters as the maximum amount of shares to be repurchased (the maximum repurchase amount may range from 5% to 25% of outstanding shares). The requirement that copies be sent to the Commission is intended to enable the Commission to monitor the fund’s compliance with the notification requirement. The requirement that the shareholder notification be attached to Form N–23c–3 is intended to ensure that the fund provides basic information necessary for the Commission to process the notification and to monitor the fund’s use of repurchase offers. The requirement that the fund describe its current policy on repurchase offers and the results of recent offers in the annual shareholder report is intended to provide shareholders current information about the fund’s repurchase policies and its recent experience. The requirement that the board approve and review written procedures designed to maintain portfolio liquidity is intended to ensure that the fund has enough cash or liquid securities to meet its repurchase obligations, and that written procedures are available for review by shareholders and examination by the Commission. The requirement that the fund file advertisements and sales literature as if it were an open-end investment company is intended to facilitate the review of these materials by the Commission or FINRA to prevent incomplete, inaccurate, or misleading disclosure about the special characteristics of a closed-end fund that makes periodic repurchase offers. Compliance with the collection of information requirements of the rule and form is mandatory only for those funds that rely on the rule in order to repurchase shares of the fund. The information provided to the 2 Rule 24b–3 under the Investment Company Act (17 CFR 270.24b–3), however, would generally exempt the fund from that requirement when the materials are filed instead with the Financial Industry Regulatory Authority (‘‘FINRA’’). These materials are virtually always submitted to FINRA, instead of the Commission, under FINRA procedures which apply to the underwriter of every fund. VerDate Nov<24>2008 18:51 Jan 28, 2010 Jkt 220001 Commission on Form N–23c–3 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 staff estimates that 31 funds make use of rule 23c–3 annually, including one fund that is relying upon rule 23c–3 for the first time. The Commission staff estimates that on average a fund spends 89 hours annually in complying with the requirements of the rule and Form N– 23c–3, with funds relying upon rule 23c–3 for the first time incurring an additional one-time burden of 28 hours. The Commission therefore estimates the total annual burden of the rule’s and form’s paperwork requirements to be 2787 hours. Please direct general comments regarding the above information to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or send an e-mail to Shagufta Ahmed at Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, Director/CIO, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: January 25, 2010. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–1847 Filed 1–28–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61398; File No. SR–Phlx– 2009–116] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, by NASDAQ OMX PHLX, Inc. Relating to Transaction Fees and Rebates for Options Overlying Standard and Poor’s Depositary Receipts (‘‘SPDRs’’) January 22, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 31, 2009, NASDAQ OMX PHLX, Inc. U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. Frm 00116 Fmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange’s Fee Schedule by adopting, for a two-month pilot period, per contract transaction fees for options overlying Standard and Poor’s Depositary Receipts/SPDRs (‘‘SPY’’).3 The fees would apply to: (i) Transaction sides that remove liquidity from the Exchange’s disseminated market, and (ii) Firm and broker-dealer quotes and orders that are included in the Exchange’s disseminated market. Additionally, the Exchange proposes to offer a transaction rebate to certain liquidity providers, as described more fully below. While changes to the Exchange’s fee schedule pursuant to this proposal are effective upon filing, the Exchange has designated this proposal to be operative for trades settling on or after January 4, 2010. The proposed changes to the fee schedule will be effective on a pilot basis, scheduled to expire March 2, 2010. The text of the proposed rule change is available on the Exchange’s Web site at https://nasdaqomxphlx.cchwallstreet. com/NASDAQOMXPHLX/Filings/, at the principal office of the Exchange, at the Commission’s Public Reference Room, and on the Commission’s Web site at https://www.sec.gov. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of 3 SPY options are based on the SPDR exchangetraded fund (‘‘ETF’’), which is designed to track the performance of the S&P 500 Index. 1 15 PO 00000 (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. On January 5, 2010, the Exchange filed Amendment No. 1 thereto. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. Sfmt 4703 E:\FR\FM\29JAN1.SGM 29JAN1

Agencies

[Federal Register Volume 75, Number 19 (Friday, January 29, 2010)]
[Notices]
[Pages 4883-4884]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-1847]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 23c-3 and Form N-23c-3, SEC File No. 270-373, OMB Control 
No. 3235-0422.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350 et. seq.), 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.
    Rule 23c-3 (17 CFR 270.23c-3) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) is entitled: ``Repurchase of Securities 
of Closed-End Companies.'' The rule permits certain closed-end 
investment companies (``closed-end funds'' or ``funds'') to offer to 
repurchase from shareholders a limited number of shares at net asset 
value. The rule includes several reporting and recordkeeping 
requirements. The fund must send shareholders a notification that 
contains specified information each time the fund makes a repurchase 
offer (on a quarterly, semi-annual, or annual basis, or for certain 
funds, on a discretionary basis not more often than every two years). 
The fund also must file copies of the shareholder notification with the 
Commission (electronically through the Commission's Electronic Data 
Gathering, Analysis, and Retrieval System (``EDGAR'')) attached to Form 
N-23c-3 (17 CFR 274.221), a filing that provides limited information 
about the fund and the type of offer the fund is making.\1\ The fund 
must describe in its annual report to shareholders the fund's policy 
concerning repurchase offers and the results of any repurchase offers 
made during the reporting period. The fund's board of directors must 
adopt written procedures designed to ensure that the fund's investment 
portfolio is sufficiently liquid to meet its repurchase obligations and 
other obligations under the rule. The board periodically must review 
the composition of the fund's portfolio and change the liquidity

[[Page 4884]]

procedures as necessary. The fund also must file copies of 
advertisements and other sales literature with the Commission as if it 
were an open-end investment company subject to section 24 of the 
Investment Company Act (15 U.S.C. 80a-24) and the rules that implement 
section 24.\2\
---------------------------------------------------------------------------

    \1\ Form N-23c-3 requires the fund to state its registration 
number, its full name and address, the date of the accompanying 
shareholder notification, and the type of offer being made 
(periodic, discretionary, or both).
    \2\ Rule 24b-3 under the Investment Company Act (17 CFR 270.24b-
3), however, would generally exempt the fund from that requirement 
when the materials are filed instead with the Financial Industry 
Regulatory Authority (``FINRA''). These materials are virtually 
always submitted to FINRA, instead of the Commission, under FINRA 
procedures which apply to the underwriter of every fund.
---------------------------------------------------------------------------

    The requirement that the fund send a notification to shareholders 
of each offer is intended to ensure that a fund provides material 
information to shareholders about the terms of each offer, which may 
differ from previous offers on such matters as the maximum amount of 
shares to be repurchased (the maximum repurchase amount may range from 
5% to 25% of outstanding shares). The requirement that copies be sent 
to the Commission is intended to enable the Commission to monitor the 
fund's compliance with the notification requirement. The requirement 
that the shareholder notification be attached to Form N-23c-3 is 
intended to ensure that the fund provides basic information necessary 
for the Commission to process the notification and to monitor the 
fund's use of repurchase offers. The requirement that the fund describe 
its current policy on repurchase offers and the results of recent 
offers in the annual shareholder report is intended to provide 
shareholders current information about the fund's repurchase policies 
and its recent experience. The requirement that the board approve and 
review written procedures designed to maintain portfolio liquidity is 
intended to ensure that the fund has enough cash or liquid securities 
to meet its repurchase obligations, and that written procedures are 
available for review by shareholders and examination by the Commission. 
The requirement that the fund file advertisements and sales literature 
as if it were an open-end investment company is intended to facilitate 
the review of these materials by the Commission or FINRA to prevent 
incomplete, inaccurate, or misleading disclosure about the special 
characteristics of a closed-end fund that makes periodic repurchase 
offers.
    Compliance with the collection of information requirements of the 
rule and form is mandatory only for those funds that rely on the rule 
in order to repurchase shares of the fund. The information provided to 
the Commission on Form N-23c-3 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 staff estimates that 31 funds make use of rule 23c-3 
annually, including one fund that is relying upon rule 23c-3 for the 
first time. The Commission staff estimates that on average a fund 
spends 89 hours annually in complying with the requirements of the rule 
and Form N-23c-3, with funds relying upon rule 23c-3 for the first time 
incurring an additional one-time burden of 28 hours. The Commission 
therefore estimates the total annual burden of the rule's and form's 
paperwork requirements to be 2787 hours.
    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Management and Budget, Room 10102, New Executive 
Office Building, Washington, DC 20503 or send an e-mail to Shagufta 
Ahmed at Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, 
Director/CIO, Securities and Exchange Commission, C/O Shirley 
Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-
mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: January 25, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-1847 Filed 1-28-10; 8:45 am]
BILLING CODE 8011-01-P
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