Submission for OMB Review; Comment Request, 21414-21415 [2011-9187]

Download as PDF 21414 Federal Register / Vol. 76, No. 73 / Friday, April 15, 2011 / Notices Previous Requests for Comments: The RRB has already published the initial 60-day notice (75 FR 79056 on December 17, 2010) required by 44 U.S.C. 3506(c)(2). That request elicited no comments. Information Collection Request (ICR) Title: Representative Payee Parental Custody Monitoring. OMB Control Number: 3220–0176. Form(s) submitted: G–99D. Type of request: Extension without change of a currently approved collection. Affected public: Individuals or households. Abstract: Under Section 12(a) of the Railroad Retirement Act, the RRB is authorized to select, make payments to, and conduct transactions with an annuitant’s relative or some other person willing to act on behalf of the annuitant as a representative payee. The collection obtains information needed to verify the parent-for-child payee still retains custody of the child. Changes proposed: The RRB proposes no changes to Form G–99D. The Burden Estimate for the ICR Is as Follows Estimated Completion Time for Form(s): Completion time for Form G–99D is estimated at 5 minutes. Estimated annual number of respondents: 1,030. Total annual responses: 1,030. Total annual reporting hours: 86. Additional Information or Comments: Copies of the forms and supporting documents can be obtained from Charles Mierzwa, the RRB Clearance Officer, at (312) 751–3363 or Charles.Mierzwa@RRB.GOV. Comments regarding the information collection should be addressed to Patricia Henaghan, Railroad Retirement Board, 844 North Rush Street, Chicago, Illinois 60611–2092 or Patricia.Henaghan@RRB.GOV and to the OMB Desk Officer for the RRB, Fax: 202–395–6974, E-mail address: OIRA_Submission@omb.eop.gov. Charles Mierzwa, Clearance Officer. [FR Doc. 2011–9157 Filed 4–14–11; 8:45 am] srobinson on DSKHWCL6B1PROD with NOTICES BILLING CODE 7905–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange VerDate Mar<15>2010 16:58 Apr 14, 2011 Jkt 223001 Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 101, SEC File No. 270–408, OMB Control No. 3235–0464. 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 approval of extension of the existing collection of information provided for in the following rule: Rule 101 of Regulation M (17 CFR 242.101). Rule 101 prohibits distribution participants from purchasing activities at specified times during a distribution of securities. Persons otherwise covered by these rules may seek to use several applicable exceptions such as a calculation of the average daily trading volume of the securities in distribution, the maintenance of policies regarding information barriers between their affiliates, and the maintenance a written policy regarding general compliance with Regulation M for de minimus transactions. There are approximately 1588 respondents per year that require an aggregate total of 31,309 hours to comply with this rule. Each respondent makes an estimated 1 annual response. Each response takes approximately 20 hours to complete. Thus, the total compliance burden per year is 31,309 burden hours. The total estimated internal labor compliance cost for the respondents is approximately $1,783,673.73, resulting in a cost of compliance for the respondent per response of approximately $1123.22 (i.e., $1,783,673.73/1588 responses). 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 public may view the background documentation for this information collection at the following Web site, http://www.reginfo.gov. Comments should be directed to (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 6432 General Green Way, Alexandria, PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: April 11, 2011. Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–9186 Filed 4–14–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 103; SEC File No. 270–410; OMB Control No. 3235–0466. 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 approval of extension of the existing collection of information provided for in the following rule: Rule 103 of Regulation M (17 CFR 242.103). Rule 103 permits passive marketmaking in Nasdaq securities during a distribution. A distribution participant that seeks use of this exception would be required to disclose to third parties its intention to engage in passive market making. There are approximately 298 respondents per year that require an aggregate total of 298 hours to comply with this rule. Each respondent makes an estimated 1 response annually. Each response takes approximately 1 hour to complete. Thus, the total hourly burden per year is 298 hours. The total estimated internal labor cost for the respondents is approximately $19,966.00, resulting in an estimated internal labor cost per response of approximately $67.00 (i.e., $19,966.00/ 298 responses). 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. Background documentation for this information collection may be viewed at the following link, http://www.reginfo.gov. Comments should be directed to (i) Desk Officer for the Securities and Exchange Commission, Office of E:\FR\FM\15APN1.SGM 15APN1 Federal Register / Vol. 76, No. 73 / Friday, April 15, 2011 / Notices Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) 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. Comments must be submitted within 30 days of this notice. April 11, 2011. Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–9187 Filed 4–14–11; 8:45 am] BILLING CODE 8011–01–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 17d–1; SEC File No. 270–505; OMB Control No. 3235–0562. 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. Section 17(d) (15 U.S.C. 80a–17(d)) of the Investment Company Act of 1940 (15 U.S.C. 80a et seq.) (the ‘‘Act’’) prohibits first- and second-tier affiliates of a fund, the fund’s principal underwriters, and affiliated persons of the fund’s principal underwriters, acting as principal, to effect any transaction in which the fund or a company controlled by the fund is a joint or a joint and several participant in contravention of the Commission’s rules. Rule 17d–1 (17 CFR 270.17d–1) prohibits an affiliated person of or principal underwriter for any fund (a ‘‘first-tier affiliate’’), or any affiliated person of such person or underwriter (a ‘‘second-tier affiliate’’), acting as principal, from participating in or effecting any transaction in connection with a joint enterprise or other joint arrangement in which the fund is a participant, unless prior to entering into the enterprise or arrangement ‘‘an application regarding VerDate Mar<15>2010 16:58 Apr 14, 2011 Jkt 223001 [the transaction] has been filed with the Commission and has been granted by an order.’’ In reviewing the proposed affiliated transaction, the rule provides that the Commission will consider whether the proposal is (i) consistent with the provisions, policies, and purposes of the Act, and (ii) on a basis different from or less advantageous than that of other participants in determining whether to grant an exemptive application for a proposed joint enterprise, joint arrangement, or profitsharing plan. Rule 17d–1 also contains a number of exceptions to the requirement that a fund must obtain Commission approval prior to entering into joint transactions or arrangements with affiliates. For example, funds do not have to obtain Commission approval for certain employee compensation plans, certain tax-deferred employee benefit plans, certain transactions involving small business investment companies, the receipt of securities or cash by certain affiliates pursuant to a plan of reorganization, certain arrangements regarding liability insurance policies and transactions with ‘‘portfolio affiliates’’ (companies that are affiliated with the fund solely as a result of the fund (or an affiliated fund) controlling them or owning more than five percent of their voting securities) so long as certain other affiliated persons of the fund (e.g., the fund’s adviser, persons controlling the fund, and persons under common control with the fund) are not parties to the transaction and do not have a ‘‘financial interest’’ in a party to the transaction. The rule excludes from the definition of ‘‘financial interest’’ any interest that the fund’s board of directors (including a majority of the directors who are not interested persons of the fund) finds to be not material, as long as the board records the basis for its finding in their meeting minutes. Thus, the rule contains two filing and recordkeeping requirements that constitute collections of information. First, rule 17d–1 requires funds that wish to engage in a joint transaction or arrangement with affiliates to meet the procedural requirements for obtaining exemptive relief from the rule’s prohibition on joint transactions or arrangements involving first- or secondtier affiliates. Second, rule 17d–1 permits a portfolio affiliate to enter into a joint transaction or arrangement with the fund if a prohibited participant has a financial interest that the fund’s board determines is not material and records the basis for this finding in their meeting minutes. These requirements of rule 17d–1 are designed to prevent fund insiders from managing funds for their PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 21415 own benefit, rather than for the benefit of the funds’ shareholders. Based on an analysis of past filings, Commission staff estimates that 8 funds file applications under section 17(d) and rule 17d–1 per year. The staff understands that funds that file an application generally obtain assistance from outside counsel to prepare the application. The cost burden of using outside counsel is discussed below. Based on a limited survey of persons in the mutual fund industry, the Commission staff estimates that each applicant will spend an average of 154 hours to comply with the Commission’s applications process. The Commission staff therefore estimates the annual burden hours per year for all funds under rule 17d–1’s application process to be 1,232 hours at a cost of $445,328.1 The Commission, therefore, requests authorization to increase the inventory of total burden hours per year for all funds under rule 17d–1 from the current authorized burden of 616 hours to 1,232 hours. The increase is due to an increase in the number of funds that filed applications for exemptions under rule 17d–1. As noted above, the Commission staff understands that funds that file an application under rule 17d–1 generally use outside counsel to assist in preparing the application.2 The staff estimates that, on average, funds spend an additional $93,131 for outside legal services in connection with seeking Commission approval of affiliated joint transactions. Thus, the staff estimates that the total annual cost burden imposed by the exemptive application requirements of rule 17d–1 is $745,048.3 Based on staff discussions with fund representatives, we estimate that funds currently do not rely on the exemption from the term ‘‘financial interest’’ with respect to any interest that the fund’s 1 The Commission staff estimates that a senior executive, such as the fund’s chief compliance officer, will spend an average of 62 hours and a mid-level compliance attorney will spend an average of 92 hours to comply with this collection of information: 62 hours + 92 hours = 154 hours. 8 funds × 154 burden hours = 1,232 burden hours. The Commission staff estimate that the chief compliance officer is paid $423 per hour and the compliance attorney is paid $320 per hour. ($423 per hour × 62 hours) + ($320 per hour × 92 hours) = $55,666 per fund. $55,666 × 8 funds = $445,328. The $423 and $320 per hour figures are based on salary information compiled by SIFMA’s Management & Professional Earnings in the Securities Industry, 2010. The Commission staff has modified SIFMA’s information to account for an 1800-hour work year and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. 2 This understanding is based on conversations with representatives from the fund industry. 3 The estimate is based on the following calculation: $93,131 × 8 funds = $745,048. E:\FR\FM\15APN1.SGM 15APN1

Agencies

[Federal Register Volume 76, Number 73 (Friday, April 15, 2011)]
[Notices]
[Pages 21414-21415]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-9187]


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

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

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

Extension:
    Rule 103; SEC File No. 270-410; OMB Control No. 3235-0466.

    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 approval of extension of the 
existing collection of information provided for in the following rule: 
Rule 103 of Regulation M (17 CFR 242.103).
    Rule 103 permits passive market-making in Nasdaq securities during 
a distribution. A distribution participant that seeks use of this 
exception would be required to disclose to third parties its intention 
to engage in passive market making.
    There are approximately 298 respondents per year that require an 
aggregate total of 298 hours to comply with this rule. Each respondent 
makes an estimated 1 response annually. Each response takes 
approximately 1 hour to complete. Thus, the total hourly burden per 
year is 298 hours. The total estimated internal labor cost for the 
respondents is approximately $19,966.00, resulting in an estimated 
internal labor cost per response of approximately $67.00 (i.e., 
$19,966.00/298 responses).
    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. Background documentation for this 
information collection may be viewed at the following link, http://www.reginfo.gov.
    Comments should be directed to (i) Desk Officer for the Securities 
and Exchange Commission, Office of

[[Page 21415]]

Information and Regulatory Affairs, Office of Management and Budget, 
Room 10102, New Executive Office Building, Washington, DC 20503 or by 
sending an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) 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. Comments must be submitted 
within 30 days of this notice.

    April 11, 2011.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-9187 Filed 4-14-11; 8:45 am]
BILLING CODE 8011-01-P