Proposed Collection; Comment Request, 15004 [2011-6367]

Download as PDF 15004 Federal Register / Vol. 76, No. 53 / Friday, March 18, 2011 / Notices SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Emcdonald on DSK2BSOYB1PROD with NOTICES Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Revision and Extension: Rule 203A–2(f); SEC File No. 270– 501; OMB Control No. 3235–0559. 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 (‘‘Commission’’) is soliciting comments on the collections 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 203A–2(f),1 which is entitled ‘‘Internet Investment Advisers,’’ exempts from the prohibition on Commission registration an Internet investment adviser who provides investment advice to all of its clients exclusively through computer software-based models or applications, termed under the rule as ‘‘interactive websites.’’ These advisers generally would not meet the statutory thresholds currently set out in section 203A of the Advisers Act 2 or the thresholds set out in section 203A as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘‘Dodd-Frank Act’’) beginning on July 21, 20113—they do not manage $25 million or more in assets and do not advise registered investment companies,4 or they manage between $25 million and $100 million in assets, do not advise registered investment companies or business development companies, and are required to be registered as investment advisers with the states in which they maintain their principal offices and places of business and are subject to examination as an adviser by such states.5 Eligibility under 1 17 CFR 275.203A–2(f). Included in rule 203A– 2(f) is a limited exception to the interactive website requirement which allows these advisers to provide investment advice to no more than 14 clients through other means on an annual basis. 17 CFR 275.203A–2(f)(1)(i). The rule also precludes advisers in a control relationship with the SECregistered Internet adviser from registering with the Commission under the common control exemption provided by rule 203A–2(c) (17 CFR 275.203A– 2(c)). 17 CFR 275.203A–2(f)(1)(iii). 2 15 U.S.C. 80b–3a(a). 3 Public Law 111–203, 124 Stat. 1376 (2010). 4 15 U.S.C. 80b–3a(a). 5 See section 410 of the Dodd-Frank Act. A midsized adviser managing between $25 million and VerDate Mar<15>2010 18:30 Mar 17, 2011 Jkt 223001 rule 203A–2(f) is conditioned on an adviser maintaining in an easily accessible place, for a period of not less than five years from the filing of Form ADV relying on the rule,6 a record demonstrating that the adviser’s advisory business has been conducted through an interactive website in accordance with the rule.7 This record maintenance requirement is a ‘‘collection of information’’ for PRA purposes. The Commission believes that approximately 58 advisers are registered with the Commission under rule 203– 2A(f), which involves a recordkeeping requirement manifesting in approximately four burden hours per year per adviser and results in an estimated 232 of total burden hours (4 × 58) for all advisers. This collection of information is mandatory, as it is used by Commission staff in its examination and oversight program in order to determine continued Commission registration eligibility for advisers registered under this rule. Responses generally are kept confidential pursuant to section 210(b) of the Advisers Act.8 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, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov. $100 million also will be permitted to register with the Commission if it would be required to register with 15 or more states. These amendments are effective on July 21, 2011. 6 The five-year record retention period is a similar recordkeeping retention period as imposed on all advisers under rule 204–2 of the Adviser Act. See rule 204–2 (17 CFR 275.204–2). 7 17 CFR 275.203A–2(f)(1)(ii). 8 15 U.S.C. 80b–10(b). PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 Dated: March 15, 2011. Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–6367 Filed 3–17–11; 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 19b–1; SEC File No. 270–312; OMB Control No. 3235–0354. 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 (‘‘OMB’’) for extension and approval. Section 19(b) of the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a–19(b)) authorizes the Commission to regulate registered investment company (‘‘fund’’) distributions of long-term capital gains made more frequently than once every twelve months. Rule 19b–1 under the Act 1 prohibits funds from distributing long-term capital gains more than once every twelve months unless certain conditions are met. Rule 19b–1(c)(17 CFR 270.19b–1(c)) permits unit investment trusts (‘‘UITs’’) engaged exclusively in the business of investing in certain eligible fixed-income securities to distribute long-term capital gains more than once every twelve months, if: (i) The capital gains distribution falls within one of several categories specified in the rule 2 and (ii) the distribution is accompanied by a report to the unit holder that clearly describes the distribution as a capital gains distribution (the ‘‘notice requirement’’).3 Rule 19b–1(e) (17 CFR 270.19b–1(e)) permits a fund to apply to 1 17 CFR 270.19b–1. CFR 270.19b–1(c)(1). 3 The notice requirement in rule 19b–1(c)(2) (17 CFR 270.19b–1(c)(2)) supplements the notice requirement of section 19(a) [15 U.S.C. 80a–19(a)] and rule 19a–1 [17 CFR 270.19a–1], which requires any distribution in the nature of a dividend payment made by a fund to its investors to be accompanied by a notice disclosing the source of the distribution. 2 17 E:\FR\FM\18MRN1.SGM 18MRN1

Agencies

[Federal Register Volume 76, Number 53 (Friday, March 18, 2011)]
[Notices]
[Page 15004]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-6367]



[[Page 15004]]

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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.

Revision and Extension:
    Rule 203A-2(f); SEC File No. 270-501; OMB Control No. 3235-0559.

    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 (``Commission'') is soliciting comments on the 
collections 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 203A-2(f),\1\ which is entitled ``Internet Investment 
Advisers,'' exempts from the prohibition on Commission registration an 
Internet investment adviser who provides investment advice to all of 
its clients exclusively through computer software-based models or 
applications, termed under the rule as ``interactive websites.'' These 
advisers generally would not meet the statutory thresholds currently 
set out in section 203A of the Advisers Act \2\ or the thresholds set 
out in section 203A as amended by the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (``Dodd-Frank Act'') beginning on July 21, 
2011\3\--they do not manage $25 million or more in assets and do not 
advise registered investment companies,\4\ or they manage between $25 
million and $100 million in assets, do not advise registered investment 
companies or business development companies, and are required to be 
registered as investment advisers with the states in which they 
maintain their principal offices and places of business and are subject 
to examination as an adviser by such states.\5\ Eligibility under rule 
203A-2(f) is conditioned on an adviser maintaining in an easily 
accessible place, for a period of not less than five years from the 
filing of Form ADV relying on the rule,\6\ a record demonstrating that 
the adviser's advisory business has been conducted through an 
interactive website in accordance with the rule.\7\
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    \1\ 17 CFR 275.203A-2(f). Included in rule 203A-2(f) is a 
limited exception to the interactive website requirement which 
allows these advisers to provide investment advice to no more than 
14 clients through other means on an annual basis. 17 CFR 275.203A-
2(f)(1)(i). The rule also precludes advisers in a control 
relationship with the SEC-registered Internet adviser from 
registering with the Commission under the common control exemption 
provided by rule 203A-2(c) (17 CFR 275.203A-2(c)). 17 CFR 275.203A-
2(f)(1)(iii).
    \2\ 15 U.S.C. 80b-3a(a).
    \3\ Public Law 111-203, 124 Stat. 1376 (2010).
    \4\ 15 U.S.C. 80b-3a(a).
    \5\ See section 410 of the Dodd-Frank Act. A mid-sized adviser 
managing between $25 million and $100 million also will be permitted 
to register with the Commission if it would be required to register 
with 15 or more states. These amendments are effective on July 21, 
2011.
    \6\ The five-year record retention period is a similar 
recordkeeping retention period as imposed on all advisers under rule 
204-2 of the Adviser Act. See rule 204-2 (17 CFR 275.204-2).
    \7\ 17 CFR 275.203A-2(f)(1)(ii).
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    This record maintenance requirement is a ``collection of 
information'' for PRA purposes. The Commission believes that 
approximately 58 advisers are registered with the Commission under rule 
203-2A(f), which involves a recordkeeping requirement manifesting in 
approximately four burden hours per year per adviser and results in an 
estimated 232 of total burden hours (4 x 58) for all advisers.
    This collection of information is mandatory, as it is used by 
Commission staff in its examination and oversight program in order to 
determine continued Commission registration eligibility for advisers 
registered under this rule. Responses generally are kept confidential 
pursuant to section 210(b) of the Advisers Act.\8\ 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.
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    \8\ 15 U.S.C. 80b-10(b).
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    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: March 15, 2011.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-6367 Filed 3-17-11; 8:45 am]
BILLING CODE 8011-01-P