Submission for OMB Review; Comment Request, 27673-27674 [2011-11627]

Download as PDF Federal Register / Vol. 76, No. 92 / Thursday, May 12, 2011 / Notices maintained in a separate file, or in a separately retrievable format, for a period of three years, the first two years in an easily accessible place, consistent with the requirements of Exchange Act Rule 17a–4(f) (17 CFR 240.17a–4(f)). There are approximately 745 respondents per year that require an aggregate total of 3,725 hours to comply with this rule. Each respondent makes an estimated 1 annual response. Each response takes approximately 5 hours to complete. Thus, the total compliance burden per year is 3,725 burden hours. The total compliance cost for the respondents is approximately $212,213.25, resulting in a cost of compliance for the respondent per response of approximately $284.85 (i.e., $212,213.25/745 responses). The Commission may not conduct or sponsor a collection of information unless it displays a currently valid control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid Office of Management and Budget (OMB) 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 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 to OMB within 30 days of this notice. May 8, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–11625 Filed 5–11–11; 8:45 am] BILLING CODE 8011–01–P wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 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 19b–7 and Form 19b–7; OMB VerDate Mar<15>2010 14:49 May 11, 2011 Jkt 223001 Control No. 3235–0553; SEC File No. 270–495. 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 Rule 19b–7 (17 CFR 240.19b–7) and Form 19b–7— Filings with respect to proposed rule changes submitted pursuant to Section 19b(7) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Exchange Act provides a framework for self-regulation under which various entities involved in the securities business, including national securities exchanges and national securities associations (collectively, selfregulatory organizations or ‘‘SROs’’), have primary responsibility for regulating their members or participants. The role of the Commission in this framework is primarily one of oversight: The Exchange Act charges the Commission with supervising the SROs and assuring that each complies with and advances the policies of the Exchange Act. The Exchange Act was amended by the Commodity Futures Modernization Act of 2000 (‘‘CFMA’’). Prior to the CFMA, federal law did not allow the trading of futures on individual stocks or on narrow-based stock indexes (collectively, ‘‘security futures products’’). The CFMA removed this restriction and provides that trading in security futures products would be regulated jointly by the Commission and the Commodity Futures Trading Commission (‘‘CFTC’’). The Exchange Act requires all SROs to submit to the SEC any proposals to amend, add, or delete any of their rules. Certain entities (Security Futures Product Exchanges) would be national securities exchanges only because they trade security futures products. Similarly, certain entities (Limited Purpose National Securities Associations) would be national securities associations only because their members trade security futures products. The Exchange Act, as amended by the CFMA, established a procedure for Security Futures Product Exchanges and Limited Purpose National Securities Associations to provide notice of proposed rule changes relating to certain matters.1 Rule 19b–7 1 These matters are higher margin levels, fraud or manipulation, recordkeeping, reporting, listing standards, or decimal pricing for security futures PO 00000 Frm 00041 Fmt 4703 Sfmt 4703 27673 and Form 19b–7 implemented this procedure. Effective April 28, 2008, the SEC amended Rule 19b–7 and Form 19b–7 to require that Form 19b–7 be submitted electronically.2 The collection of information is designed to provide the Commission with the information necessary to determine, as required by the Act, whether the proposed rule change is consistent with the Act and the rules thereunder. The information is used to determine if the proposed rule change should remain in affect or abrogated. The respondents to the collection of information are SROs. Five respondents file an average total of 12 responses per year. Each response takes approximately 13.25 hours to complete, which corresponds to an estimated annual response burden of 159 (12 responses × 13.25 hours) hours.3 Compliance with Rule 19b–7 is mandatory. Information received in response to Rule 19b–7 shall not be kept confidential; the information collected is public information. 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, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. products; sales practices for security futures products for persons who effect transactions in security futures products; or rules effectuating the obligation of Security Futures Product Exchanges and Limited Purpose National Securities Associations to enforce the securities laws. See 15 U.S.C. 78s(b)(7)(A). 2 See Securities Exchange Act Release No. 57526 (March 19, 2008), 73 FR 16179 (March 27, 2008). 3 The average cost per response is $4,465.50 (13.25 hours multiplied by a weighted average hourly rate of $337.02). The resultant total related cost of compliance for these respondents is $53,586 per year (12 responses × $4,465.50 per response). E:\FR\FM\12MYN1.SGM 12MYN1 27674 Federal Register / Vol. 76, No. 92 / Thursday, May 12, 2011 / Notices May 8, 2011. Elizabeth M. Murphy, Secretary. Chief, at (202) 551–6874 (Division of Investment Management, Office of Investment Company Regulation). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission’s Web site by searching for the file number, or an applicant using the Company name box, at http:// www.sec.gov/search/search.htm or by calling (202) 551–8090. [FR Doc. 2011–11627 Filed 5–11–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29665; 812–13772] wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 PennantPark Investment Corporation, et al.; Notice of Application Applicants’ Representations 1. The Company, a Maryland corporation, is an externally managed, May 6, 2011. non-diversified, closed-end AGENCY: Securities and Exchange management investment company that Commission (‘‘Commission’’). has elected to be regulated as a business ACTION: Notice of an application for an development company (‘‘BDC’’) under order under section 6(c) of the the Act.1 The Company’s investment Investment Company Act of 1940 (the objectives are to generate both current ‘‘Act’’) for an exemption from sections income and capital appreciation in the 18(a) and 61(a) of the Act. form of mezzanine debt, senior secured loans and equity investments through APPLICANTS: PennantPark Investment debt and equity investments primarily Corporation (the ‘‘Company’’), in U.S. middle market private PennantPark SBIC GP, LLC (the companies. The Investment Adviser, a ‘‘General Partner’’), PennantPark SBIC Delaware limited liability company, is LP (‘‘PennantPark SBIC’’) and the external investment adviser to the PennantPark Investment Advisers, LLC Company. The Investment Adviser is (the ‘‘Investment Adviser’’) registered under the Investment SUMMARY OF THE APPLICATION: The Advisers Act of 1940. Company requests an order to permit it 2. PennantPark SBIC, a Delaware to adhere to a modified asset coverage limited liability company, is a small requirement. business investment company (‘‘SBIC’’) DATES: Filing Dates: The application was licensed by the Small Business filed on May 12, 2010 and amended on Administration (‘‘SBA’’) to operate September 7, 2010, February 18, 2011, under the Small Investment Act of 1958 and May 2, 2011. (‘‘SBIA’’). PennantPark SBIC is excluded HEARING OR NOTIFICATION OF HEARING: An from the definition of investment company by section 3(c)(7) of the Act. order granting the application will be The Company directly owns 99% of issued unless the Commission orders a hearing. Interested persons may request PennantPark SBIC in the form of limited partnership interests. The General a hearing by writing to the Partner, which is a wholly-owned Commission’s Secretary and serving subsidiary of the Company, owns 1% of applicants with a copy of the request, PennantPark SBIC in the form of a personally or by mail. Hearing requests general partnership interest. The should be received by the Commission Company is the sole member of the by 5:30 p.m. on May 31, 2011 and General Partner. should be accompanied by proof of service on the Applicants, in the form Applicants’ Legal Analysis of an affidavit or, for lawyers, a 1. The Company requests an certificate of service. Hearing requests exemption pursuant to section 6(c) of should state the nature of the writer’s the Act from the provisions of sections interest, the reason for the request, and 18(a) and 61(a) of the Act to permit it the issues contested. Persons who wish to adhere to a modified asset coverage to be notified of a hearing may request requirement with respect to any direct notification by writing to the or indirect wholly owned subsidiary of Commission’s Secretary. the Company that is licensed by the ADDRESSES: Secretary, U.S. Securities SBA to operate under the SBIA as a and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 1 Section 2(a)(48) defines a BDC to be any closed1090. Applicants, 590 Madison Avenue, end investment company that operates for the 15th Floor, New York, New York 10022. purpose of making investments in securities described in section 55(a)(1) through 55(a)(3) of the FOR FURTHER INFORMATION CONTACT: Act and makes available significant managerial Laura J. Riegel, Senior Counsel, at (202) assistance with respect to the issuers of such 551–6873, or Dalia Osman Blass, Branch securities. VerDate Mar<15>2010 14:49 May 11, 2011 Jkt 223001 PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 SBIC and relies on Section 3(c)(7) for an exemption from the definition of ‘‘investment company’’ under the 1940 Act (each, a ‘‘SBIC Subsidiary’’).2 Applicants state that companies operating under the SBIA, such as the SBIC Subsidiary, will be subject to the SBA’s substantial regulation of permissible leverage in its capital structure. 2. Section 18(a) of the Act prohibits a registered closed-end investment company from issuing any class of senior security or selling any such security of which it is the issuer unless the company complies with the asset coverage requirements set forth in that section. Section 61(a) of the Act makes section 18 applicable to BDCs, with certain modifications. Section 18(k) exempts an investment company operating as an SBIC from the asset coverage requirements for senior securities representing indebtedness that are contained in section 18(a)(1)(A) and (B). 3. Applicants state that the Company may be required to comply with the asset coverage requirements of section 18(a) (as modified by section 61(a)) on a consolidated basis because the Company may be deemed to be an indirect issuer of any class of senior security issued by PennantPark SBIC or another SBIC Subsidiary. Applicants state that applying section 18(a) (as modified by section 61(a)) on a consolidated basis generally would require that the Company treat as its own all assets and any liabilities held directly either by itself, by PennantPark SBIC, or by another SBIC Subsidiary. Accordingly, the Company requests an order under section 6(c) of the Act exempting the Company from the provisions of section 18(a) (as modified by section 61(a)), such that senior securities issued by each SBIC Subsidiary that would be excluded from the SBIC Subsidiary’s asset coverage ratio by section 18(k) if it were itself a BDC would also be excluded from the Company’s consolidated asset coverage ratio. 4. Section 6(c) of the Act, in relevant part, permits the Commission to exempt any transaction or class of transactions from any provision of the Act if and to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act. Applicants state 2 All existing entities that currently intend to rely on the order are named as applicants. Any other existing or future entity that may rely on the order in the future will comply with the terms and condition of the order. E:\FR\FM\12MYN1.SGM 12MYN1

Agencies

[Federal Register Volume 76, Number 92 (Thursday, May 12, 2011)]
[Notices]
[Pages 27673-27674]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-11627]


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

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 19b-7 and Form 19b-7; OMB Control No. 3235-0553; SEC 
File No. 270-495.

    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 Rule 19b-7 (17 CFR 
240.19b-7) and Form 19b-7--Filings with respect to proposed rule 
changes submitted pursuant to Section 19b(7) under the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange Act'').
    The Exchange Act provides a framework for self-regulation under 
which various entities involved in the securities business, including 
national securities exchanges and national securities associations 
(collectively, self-regulatory organizations or ``SROs''), have primary 
responsibility for regulating their members or participants. The role 
of the Commission in this framework is primarily one of oversight: The 
Exchange Act charges the Commission with supervising the SROs and 
assuring that each complies with and advances the policies of the 
Exchange Act.
    The Exchange Act was amended by the Commodity Futures Modernization 
Act of 2000 (``CFMA''). Prior to the CFMA, federal law did not allow 
the trading of futures on individual stocks or on narrow-based stock 
indexes (collectively, ``security futures products''). The CFMA removed 
this restriction and provides that trading in security futures products 
would be regulated jointly by the Commission and the Commodity Futures 
Trading Commission (``CFTC'').
    The Exchange Act requires all SROs to submit to the SEC any 
proposals to amend, add, or delete any of their rules. Certain entities 
(Security Futures Product Exchanges) would be national securities 
exchanges only because they trade security futures products. Similarly, 
certain entities (Limited Purpose National Securities Associations) 
would be national securities associations only because their members 
trade security futures products. The Exchange Act, as amended by the 
CFMA, established a procedure for Security Futures Product Exchanges 
and Limited Purpose National Securities Associations to provide notice 
of proposed rule changes relating to certain matters.\1\ Rule 19b-7 and 
Form 19b-7 implemented this procedure. Effective April 28, 2008, the 
SEC amended Rule 19b-7 and Form 19b-7 to require that Form 19b-7 be 
submitted electronically.\2\
---------------------------------------------------------------------------

    \1\ These matters are higher margin levels, fraud or 
manipulation, recordkeeping, reporting, listing standards, or 
decimal pricing for security futures products; sales practices for 
security futures products for persons who effect transactions in 
security futures products; or rules effectuating the obligation of 
Security Futures Product Exchanges and Limited Purpose National 
Securities Associations to enforce the securities laws. See 15 
U.S.C. 78s(b)(7)(A).
    \2\ See Securities Exchange Act Release No. 57526 (March 19, 
2008), 73 FR 16179 (March 27, 2008).
---------------------------------------------------------------------------

    The collection of information is designed to provide the Commission 
with the information necessary to determine, as required by the Act, 
whether the proposed rule change is consistent with the Act and the 
rules thereunder. The information is used to determine if the proposed 
rule change should remain in affect or abrogated.
    The respondents to the collection of information are SROs. Five 
respondents file an average total of 12 responses per year. Each 
response takes approximately 13.25 hours to complete, which corresponds 
to an estimated annual response burden of 159 (12 responses x 13.25 
hours) hours.\3\
---------------------------------------------------------------------------

    \3\ The average cost per response is $4,465.50 (13.25 hours 
multiplied by a weighted average hourly rate of $337.02). The 
resultant total related cost of compliance for these respondents is 
$53,586 per year (12 responses x $4,465.50 per response).
---------------------------------------------------------------------------

    Compliance with Rule 19b-7 is mandatory. Information received in 
response to Rule 19b-7 shall not be kept confidential; the information 
collected is public information.
    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, VA 22312 or send an 
e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 
days of this notice.


[[Page 27674]]


    May 8, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-11627 Filed 5-11-11; 8:45 am]
BILLING CODE 8011-01-P