Submission for OMB Review; Comment Request, 59750-59751 [2010-24186]

Download as PDF 59750 Federal Register / Vol. 75, No. 187 / Tuesday, September 28, 2010 / Notices mail at angela.bolduc@nrc.gov. Determinations on requests for reasonable accommodation will be made on a case-by-case basis. * * * * * This notice is distributed electronically to subscribers. If you no longer wish to receive it, or would like to be added to the distribution, please contact the Office of the Secretary, Washington, DC 20555 (301–415–1969), or send an e-mail to darlene.wright@nrc.gov. Dated: September 23, 2010. Rochelle C. Bavol, Policy Coordinator, Office of the Secretary. BILLING CODE 7590–01–P POSTAL REGULATORY COMMISSION Sunshine Act Meetings Wednesday, October 6, 2010 at 11 a.m. PLACE: Commission hearing room, 901 New York Avenue, NW., Suite 200, Washington, DC 20268–0001. STATUS: Most items on the agenda will be considered in a session open to public observation. Several items will be considered in a session closed to public observation. The open session will be audiocast. MATTERS TO BE CONSIDERED: PORTIONS OPEN TO THE PUBLIC: 1. Review of postal-related congressional activity. 2. Report on international activities. 3. Review of active cases. 4. Report on recent activites of the Joint Periodicals Task Force and status of the report to the Congress pursuant to secton 708 of the PAEA. 5. Report on the October 1 budgetary meeting at OMB. 6. Report on vacancies and positions recently filled. PORTIONS CLOSED TO THE PUBLIC: TIME AND DATE: 7. Discussion of pending litigation. 8. Discussion of confidential personnel issues. 9. Discussion of contracts involving confidential commercial information. srobinson on DSKHWCL6B1PROD with NOTICES BILLING CODE 7710–FW–S SMALL BUSINESS ADMINISTRATION [Disaster Declaration #12258 and #12259] Iowa Disaster Number IA–00026 U.S. Small Business Administration. ACTION: Amendment 5. AGENCY: This is an amendment of the Presidential declaration of a major disaster for Public Assistance Only for the State of Iowa (FEMA–1930–DR), dated 07/29/2010. Incident: Severe Storms, Flooding, and Tornadoes. Incident Period: 06/01/2010 through 08/31/2010. Effective Date: 09/17/2010. Physical Loan Application Deadline Date: 09/27/2010. Economic Injury (EIDL) Loan Application Deadline Date: 04/29/2011. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for Private Non-Profit organizations in the State of Iowa, dated 07/29/2010, is hereby amended to include the following areas as adversely affected by the disaster. Primary Counties: Pocahontas All other information in the original declaration remains unchanged. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) [FR Doc. 2010–23996 Filed 9–27–10; 8:45 am] BILLING CODE 8025–01–M General Counsel, Postal Regulatory Commission, at 202-789-6820 or stephen.sharfman@prc.gov (for questions concerning the agenda) and Shoshana M. Grove at 202-789-6842 or shoshana.grove@prc.gov (for questions concerning audiocasting or matters related to public observation). Jkt 220001 [FR Doc. 2010–24396 Filed 9–24–10; 4:15 pm] James E. Rivera, Associate Administrator for Disaster Assistance. CONTACT PERSON FOR FURTHER INFORMATION: Stephen L. Sharfman, 15:22 Sep 27, 2010 Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. SUMMARY: [FR Doc. 2010–24391 Filed 9–24–10; 4:15 pm] VerDate Mar<15>2010 Dated: September 24, 2010. Shoshana M. Grove, Secretary. SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 Extension: Rule 203–3, Form ADV–H; SEC File No. 270–481; OMB Control No. 3235–0538. 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 (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. The title for the collection of information is ‘‘Rule 203–3 and Form ADV–H under the Investment Advisers Act of 1940.’’ Rule 203–3 (17 CFR 275.203–3) under the Investment Advisers Act of 1940 (15 U.S.C. 80b) establishes procedures for an investment adviser to obtain a hardship exemption from the electronic filing requirements of the Investment Advisers Act. Rule 203–3 requires every person requesting a hardship exemption to file Form ADV–H (17 CFR 279.3) with the Commission. The purpose of this collection of information is to permit advisers to obtain a hardship exemption, on a continuing or temporary basis, to not complete an electronic filing. The temporary hardship exemption permits advisers to make late filings due to unforeseen computer or software problems, while the continuing hardship exemption permits advisers to submit all required electronic filings on hard copy for data entry by the operator of the IARD. The respondents to the collection of information are all investment advisers that are registered with the Commission. The Commission has estimated that compliance with the requirement to complete Form ADV–H imposes a total burden of approximately 1 hour for an adviser. Based on our experience with hardship filings, we estimate that we will receive 11 Form ADV–H filings annually. Based on the 60 minute per respondent estimate, the Commission estimates a total annual burden of 11 hours for this collection of information. Rule 203–3 and Form ADV–H do not require recordkeeping or records retention. The collection of information requirements under the rule and form are mandatory. The information collected pursuant to the rule and Form ADV–H consists of filings with the Commission. These filings are not 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. E:\FR\FM\28SEN1.SGM 28SEN1 Federal Register / Vol. 75, No. 187 / Tuesday, September 28, 2010 / Notices 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) Jeff Heslop, Acting Director/CIO, Securities and Exchange Commission, C/O Remi Pavlik-Simon, 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. September 20, 2010. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–24186 Filed 9–27–10; 8:45 am] BILLING CODE 8010–01–P 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. srobinson on DSKHWCL6B1PROD with NOTICES Extension: Rule 17e–1; SEC File No. 270–224; OMB Control No. 3235–0217. 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 (‘‘OMB’’) a request for extension of the previously approved collection of information described below. Rule 17e–1 (17 CFR 270.17e–1) under the Investment Company Act of 1940 (15 U.S.C. 80a) (the ‘‘Act’’) is entitled ‘‘Brokerage Transactions on a Securities Exchange.’’ The rule governs the remuneration that a broker affiliated with a registered investment company (‘‘fund’’) may receive in connection with securities transactions by the fund. The rule requires a fund’s board of directors to establish, and review as necessary, procedures reasonably designed to provide that the remuneration to an affiliated broker is a fair amount compared to that received by other brokers in connection with transactions in similar securities during a comparable period of time. Each quarter, the board must determine that all transactions with affiliated brokers during the preceding quarter complied VerDate Mar<15>2010 15:22 Sep 27, 2010 Jkt 220001 with the procedures established under the rule. Rule 17e–1 also requires the fund to (i) maintain permanently a written copy of the procedures adopted by the board for complying with the requirements of the rule; and (ii) maintain for a period of six years a written record of each transaction subject to the rule, setting forth: the amount and source of the commission, fee or other remuneration received; the identity of the broker; the terms of the transaction; and the materials used to determine that the transactions were effected in compliance with the procedures adopted by the board. The Commission’s examination staff uses these records to evaluate transactions between funds and their affiliated brokers for compliance with the rule. Based on an analysis of fund filings, the staff estimates that approximately 252 fund portfolios enter into subadvisory agreements each year.1 Based on discussions with industry representatives, the staff estimates that it will require approximately 3 attorney hours to draft and execute additional clauses in new subadvisory contracts in order for funds and subadvisers to be able to rely on the exemptions in rule 17e–1. Because these additional clauses are identical to the clauses that a fund would need to insert in their subadvisory contracts to rely on rules 12d3–1, 10f–3, 17a–10, and because we believe that funds that use one such rule generally use all of these rules, we apportion this 3 hour time burden equally to all four rules. Therefore, we estimate that the burden allocated to rule 17e–1 for this contract change would be 0.75 hours.2 Assuming that all 252 funds that enter into new subadvisory contracts each year make the modification to their contract required by the rule, we estimate that the rule’s contract modification requirement will result in 189 burden hours annually, with an associated cost of approximately $59,724.3 1 Based on information in Commission filings, we estimate that 42.5 percent of funds are advised by subadvisers. 2 This estimate is based on the following calculation (3 hours ÷ 4 rules = .75 hours). 3 These estimates are based on the following calculations: (0.75 hours × 252 portfolios = 189 burden hours); ($316 per hour × 189 hours = $59,724 total cost). The Commission staff’s estimates concerning the wage rates for attorney time are based on salary information for the securities industry compiled by the Securities Industry Association. The $316 per hour figure for an attorney is from the SIFMA Report on Management & Professional Earnings in the Securities Industry 2009, modified to account for an 1800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 59751 Based on an analysis of fund filings, the staff estimates that approximately 1935 funds use at least one affiliated broker. Based on conversations with fund representatives, the staff estimates that rule 17e–1’s exemption would free approximately 40 percent of transactions that occur under rule 17e–1 from the rule’s recordkeeping and review requirements. This would leave approximately 1161 funds (1935 funds x .6 = 1161) still subject to the rule’s recordkeeping and review requirements. The staff estimates that each of these funds spends approximately 59 hours per year (40 hours by accounting staff, 15 hours by an attorney, and 4 director hours) at a cost of approximately $25,500 per year to comply with rule 17e–1’s requirements that (i) the fund retain records of transactions entered into pursuant to the rule, and (ii) the fund’s directors review those transactions quarterly.4 We estimate, therefore, that the total yearly hourly burden for all funds relying on this exemption is 68,499 hours,5 with yearly costs of approximately $29,605,500.6 Therefore, the estimated annual aggregate burden hour associated with rule 17e–1 is 68,688,7 and the estimated annual aggregate cost associated with it is $29,665,224.8 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. 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. These collection of information requirements are mandatory. Responses will not be kept confidential. 4 This estimate is based on the following calculations: (40 hours accounting staff × $119 per hour = $4760) (15 hours by an attorney × $316 per hour = $4740); (4 hours by directors × $4000 = $16,000) ($4760 + $4740 + $16,000 = $25,500 total cost). The Commission staff’s estimates concerning the wage rate for professional time are based on salary information for the securities industry compiled by the Securities Industry Association, except for the estimate of $4000 per hour for a board of directors. The $316 per hour estimate for an attorney and the $119 per hour estimate for accountant time is from the SIFMA Report on Management & Professional Earnings in the Securities Industry 2009, modified to account for an 1800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. 5 This estimate is based on the following calculation: (1161 funds × 59 hours = 68,499). 6 This estimate is based on the following calculation: ($25,500 × 1161 funds = $29,605,500). 7 This estimate is based on the following calculation: (189 hours + 68,499 hours = 68,688 total hours). 8 This estimate is based on the following calculation: ($59,724 + $29,605,500 = $29,665,224). E:\FR\FM\28SEN1.SGM 28SEN1

Agencies

[Federal Register Volume 75, Number 187 (Tuesday, September 28, 2010)]
[Notices]
[Pages 59750-59751]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-24186]


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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 203-3, Form ADV-H; SEC File No. 270-481; OMB Control No. 
3235-0538.

    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 (``OMB'') a request for extension of the previously approved 
collection of information discussed below.
    The title for the collection of information is ``Rule 203-3 and 
Form ADV-H under the Investment Advisers Act of 1940.'' Rule 203-3 (17 
CFR 275.203-3) under the Investment Advisers Act of 1940 (15 U.S.C. 
80b) establishes procedures for an investment adviser to obtain a 
hardship exemption from the electronic filing requirements of the 
Investment Advisers Act. Rule 203-3 requires every person requesting a 
hardship exemption to file Form ADV-H (17 CFR 279.3) with the 
Commission. The purpose of this collection of information is to permit 
advisers to obtain a hardship exemption, on a continuing or temporary 
basis, to not complete an electronic filing. The temporary hardship 
exemption permits advisers to make late filings due to unforeseen 
computer or software problems, while the continuing hardship exemption 
permits advisers to submit all required electronic filings on hard copy 
for data entry by the operator of the IARD.
    The respondents to the collection of information are all investment 
advisers that are registered with the Commission. The Commission has 
estimated that compliance with the requirement to complete Form ADV-H 
imposes a total burden of approximately 1 hour for an adviser. Based on 
our experience with hardship filings, we estimate that we will receive 
11 Form ADV-H filings annually. Based on the 60 minute per respondent 
estimate, the Commission estimates a total annual burden of 11 hours 
for this collection of information.
    Rule 203-3 and Form ADV-H do not require recordkeeping or records 
retention. The collection of information requirements under the rule 
and form are mandatory. The information collected pursuant to the rule 
and Form ADV-H consists of filings with the Commission. These filings 
are not 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.

[[Page 59751]]

    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) Jeff Heslop, Acting 
Director/CIO, Securities and Exchange Commission, C/O Remi Pavlik-
Simon, 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.

     September 20, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-24186 Filed 9-27-10; 8:45 am]
BILLING CODE 8010-01-P
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