Proposed Collection; Comment Request, 2155-2156 [2011-448]
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Federal Register / Vol. 76, No. 8 / Wednesday, January 12, 2011 / Notices
Rule 482 contains certain
requirements regarding the disclosure
that funds are required to provide in
qualifying advertisements. These
requirements are intended to encourage
the provision to investors of information
that is balanced and informative,
particularly in the area of investment
performance. For example, a fund is
required to include disclosure advising
investors to consider the fund’s
investment objectives, risks, charges and
expenses, and highlighting the
availability of the fund’s prospectus. In
addition, rule 482 advertisements that
include performance data of open-end
funds or insurance company separate
accounts offering variable annuity
contracts are required to include certain
standardized performance information,
information about any sales loads or
other nonrecurring fees, and a legend
warning that past performance does not
guarantee future results. Such funds
including performance information in
rule 482 advertisements are also
required to make available to investors
month-end performance figures via
website disclosure or by a toll-free
telephone number, and to disclose the
availability of the month-end
performance data in the advertisement.
The rule also sets forth requirements
regarding the prominence of certain
disclosures, requirements regarding
advertisements that make tax
representations, requirements regarding
advertisements used prior to the
effectiveness of the fund’s registration
statement, requirements regarding the
timeliness of performance data, and
certain required disclosures by money
market funds.
Rule 482 advertisements must be filed
with the Commission or, in the
alternative, Financial Industry
Regulatory Authority (‘‘FINRA’’).3 This
information collection differs from
many other federal information
collections that are primarily for the use
and benefit of the collecting agency.
As discussed above, rule 482 contains
requirements that are intended to
encourage the provision to investors of
information that is balanced and
informative, particularly in the area of
investment performance. The
Commission is concerned that in the
absence of such provisions fund
investors may be misled by deceptive
rule 482 performance advertisements
and may rely on less-than-adequate
information when determining in which
3 See rule 24b–3 under the Investment Company
Act (17 CFR 270.24b–3), which provides that any
sales material, including rule 482 advertisements,
shall be deemed filed with the Commission for
purposes of Section 24(b) of the Investment
Company Act upon filing with FINRA.
VerDate Mar<15>2010
17:25 Jan 11, 2011
Jkt 223001
funds they should invest their money.
As a result, the Commission believes it
is beneficial for funds to provide
investors with balanced information in
fund advertisements in order to allow
investors to make better-informed
decisions.
The Commission estimates that
58,368 responses are filed annually
pursuant to rule 482 by 3,540
investment companies offering
approximately 16,225 portfolios, or
approximately 3.6 responses per
portfolio annually. Respondents consist
of all the investment companies that
take advantage of the safe harbor offered
by the rule for their advertisements. The
burden associated with rule 482 is
presently estimated to be 5.16 hours per
response. The hourly burden is
therefore approximately 301,179 hours
(58,368 responses × 5.16 hours per
response).
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 and forms.
Cost burden is the cost of services
purchased to comply with rule 482,
such as for the services of computer
programmers, outside counsel, financial
printers, and advertising agencies. The
Commission attributes no cost burden to
rule 482.
The provision of information under
rule 482 is necessary to obtain the
benefits of the safe harbor offered by the
rule. The information provided is 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.
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 Thomas Bayer, Chief Information
Officer, Securities and Exchange
Commission, C/O Remi Pavlik-Simon,
6432 General Green Way, Alexandria,
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
2155
VA 22312; or send an e-mail to:
PRA_Mailbox@sec.gov.
Dated: January 5, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–449 Filed 1–11–11; 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 Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Rule 206(4)–6; SEC File No. 270–513; OMB
Control No. 3235–0571.
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 collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
The title for the collection of
information is ‘‘Rule 206(4)–6’’ under
the Investment Advisers Act of 1940 (15
U.S.C. 80b–1 et seq.) (‘‘Advisers Act’’)
and the collection has been approved
under OMB Control No. 3235–0571. The
Commission adopted rule 206(4)–6 (17
CFR 275.206(4)–6), the proxy voting
rule, to address an investment adviser’s
fiduciary obligation to clients who have
given the adviser authority to vote their
securities. Under the rule, an
investment adviser that exercises voting
authority over client securities is
required to: (i) Adopt and implement
policies and procedures that are
reasonably designed to ensure that the
adviser votes securities in the best
interest of clients, including procedures
to address any material conflict that
may arise between the interest of the
adviser and the client; (ii) disclose to
clients how they may obtain
information on how the adviser has
voted with respect to their securities;
and (iii) describe to clients the adviser’s
proxy voting policies and procedures
and, on request, furnish a copy of the
policies and procedures to the
requesting client. The rule is designed
to assure that advisers that vote proxies
for their clients vote those proxies in
their clients’ best interest and provide
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mstockstill on DSKH9S0YB1PROD with NOTICES
2156
Federal Register / Vol. 76, No. 8 / Wednesday, January 12, 2011 / Notices
clients with information about how
their proxies were voted.
Rule 206(4)–6 contains ‘‘collection of
information’’ requirements within the
meaning of the Paperwork Reduction
Act. The respondents are investment
advisers registered with the Commission
that vote proxies with respect to clients’
securities. Advisory clients of these
investment advisers use the information
required by the rule to assess
investment advisers’ proxy voting
policies and procedures and to monitor
the advisers’ performance of their proxy
voting activities. The information also is
used by the Commission staff in its
examination and oversight program.
Without the information collected under
the rules, advisory clients would not
have information they need to assess the
adviser’s services and monitor the
adviser’s handling of their accounts, and
the Commission would be less efficient
and effective in its programs.
The estimated number of investment
advisers subject to the collection of
information requirements under the rule
is 10,207. It is estimated that each of
these advisers is required to spend on
average 10 hours annually documenting
its proxy voting procedures under the
requirements of the rule, for a total
burden of 102,070 hours. We further
estimate that on average, approximately
121 clients of each adviser would
request copies of the underlying policies
and procedures. We estimate that it
would take these advisers 0.1 hours per
client to deliver copies of the policies
and procedures, for a total burden of
123,505 hours. Accordingly, we
estimate that rule 206(4)–6 results in an
annual aggregate burden of collection
for SEC-registered investment advisers
of a total of 225,575 hours.
Written comments are invited on:
(a) Whether the collections of
information are 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 burdens of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burdens of the collections
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 Thomas Bayer, Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
6432 General Green Way, Alexandria,
VerDate Mar<15>2010
17:25 Jan 11, 2011
Jkt 223001
VA 22312; or send an e-mail to:
PRA_Mailbox@sec.gov.
Dated: January 5, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–448 Filed 1–11–11; 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 Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Rule 18f–1 and Form N–18f–1; SEC
File No. 270–187; OMB Control No.
3235–0211.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), the Securities
and Exchange Commission
(‘‘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 18f–1 (17 CFR 270.18f–1)
enables a registered open-end
management investment company
(‘‘fund’’) that may redeem its securities
in-kind, by making a one-time election,
to commit to make cash redemptions
pursuant to certain requirements
without violating section 18(f) of the
Investment Company Act of 1940 (15
U.S.C. 80a–18(f)). A fund relying on the
rule must file Form N–18F–1 (17 CFR
274.51) to notify the Commission of this
election. The Commission staff
estimates that approximately 52 funds
file Form N–18F–1 annually, and that
each response takes approximately one
hour. Based on these estimates, the total
annual burden hours associated with
the rule is estimated to be 52 hours.
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. 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.
Written comments are invited on: (a)
Whether the collection of information is
necessary for the proper performance of
the functions of the Commission,
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
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 Thomas Bayer, Chief Information
Officer, 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.
Dated: January 5, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–447 Filed 1–11–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63650; File No. SR–
NASDAQ–2011–001]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by The
NASDAQ Stock Market, LLC to
Establish a $5 Strike Price Program
January 6, 2011.
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 January
3, 2011, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I and II below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The NASDAQ Stock Market LLC
proposes to amend Chapter IV,
Securities Traded on NOM, Section 6,
Series of Open Contracts Open for
Trading, to allow the Exchange to list
1 15
2 17
E:\FR\FM\12JAN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
12JAN1
]]>Agencies
[Federal Register Volume 76, Number 8 (Wednesday, January 12, 2011)]
[Notices]
[Pages 2155-2156]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-448]
-----------------------------------------------------------------------
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.
Extension:
Rule 206(4)-6; SEC File No. 270-513; OMB Control No. 3235-0571.
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 collections of
information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget (``OMB'') for extension and approval.
The title for the collection of information is ``Rule 206(4)-6''
under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.)
(``Advisers Act'') and the collection has been approved under OMB
Control No. 3235-0571. The Commission adopted rule 206(4)-6 (17 CFR
275.206(4)-6), the proxy voting rule, to address an investment
adviser's fiduciary obligation to clients who have given the adviser
authority to vote their securities. Under the rule, an investment
adviser that exercises voting authority over client securities is
required to: (i) Adopt and implement policies and procedures that are
reasonably designed to ensure that the adviser votes securities in the
best interest of clients, including procedures to address any material
conflict that may arise between the interest of the adviser and the
client; (ii) disclose to clients how they may obtain information on how
the adviser has voted with respect to their securities; and (iii)
describe to clients the adviser's proxy voting policies and procedures
and, on request, furnish a copy of the policies and procedures to the
requesting client. The rule is designed to assure that advisers that
vote proxies for their clients vote those proxies in their clients'
best interest and provide
[[Page 2156]]
clients with information about how their proxies were voted.
Rule 206(4)-6 contains ``collection of information'' requirements
within the meaning of the Paperwork Reduction Act. The respondents are
investment advisers registered with the Commission that vote proxies
with respect to clients' securities. Advisory clients of these
investment advisers use the information required by the rule to assess
investment advisers' proxy voting policies and procedures and to
monitor the advisers' performance of their proxy voting activities. The
information also is used by the Commission staff in its examination and
oversight program. Without the information collected under the rules,
advisory clients would not have information they need to assess the
adviser's services and monitor the adviser's handling of their
accounts, and the Commission would be less efficient and effective in
its programs.
The estimated number of investment advisers subject to the
collection of information requirements under the rule is 10,207. It is
estimated that each of these advisers is required to spend on average
10 hours annually documenting its proxy voting procedures under the
requirements of the rule, for a total burden of 102,070 hours. We
further estimate that on average, approximately 121 clients of each
adviser would request copies of the underlying policies and procedures.
We estimate that it would take these advisers 0.1 hours per client to
deliver copies of the policies and procedures, for a total burden of
123,505 hours. Accordingly, we estimate that rule 206(4)-6 results in
an annual aggregate burden of collection for SEC-registered investment
advisers of a total of 225,575 hours.
Written comments are invited on: (a) Whether the collections of
information are 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 burdens
of the collections of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens of the collections 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 Thomas Bayer, Chief
Information Officer, 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.
Dated: January 5, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-448 Filed 1-11-11; 8:45 am]
BILLING CODE 8011-01-P
