Submission for OMB Review; Comment Request, 49803-49804 [2011-20417]

Download as PDF Federal Register / Vol. 76, No. 155 / Thursday, August 11, 2011 / Notices srobinson on DSK4SPTVN1PROD with NOTICES audit committee charter, occurs once, when the committee is established. The second, related to the fund’s maintenance and preservation of a copy of the charter in an easily accessible place, is an ongoing annual burden. The information collection requirement in rule 32a–4 enables the Commission to monitor the duties and responsibilities of an independent audit committee formed by a fund relying on the rule. Commission staff estimates that, on average, the board of directors takes 15 minutes to adopt the audit committee charter. Commission staff has estimated that with an average of 8 directors on the board,4 total director time to adopt the charter is 2 hours. Combined with an estimated 1 hour of paralegal time to prepare the charter for board review, the staff estimates a total one-time collection of information burden of 3 hours for each fund. Once a board adopts an audit committee charter, a fund generally maintains it in a file cabinet or as a computer file. Commission staff has estimated that there is no annual hourly burden associated with maintaining the charter in this form.5 Because virtually all funds extant have now adopted audit committee charters, the annual one-time collection of information burden associated with adopting audit committee charters is limited to the burden incurred by newly established funds. Commission staff estimates that fund sponsors establish approximately 117 new funds each year,6 and that all of these funds will adopt an audit committee charter in order to rely on rule 32a–4. Thus, Commission staff estimates that the annual one-time hour burden associated with adopting an audit committee charter under rule 32a–4 going forward will be approximately 351 hours.7 As noted above, all funds that rely on rule 32a–4 are subject to the ongoing collection of information requirement to preserve a copy of the charter in an 4 This estimate is based on staff discussions with a staff representative of an entity that surveys funds and calculates fund board statistics based on responses to its surveys. 5 No hour burden related to such maintenance of the charter was identified by the funds the Commission staff surveyed. Commission staff understands that many audit committee charters have been significantly revised after their adoption in response to the Sarbanes-Oxley Act (Pub. L. 107– 204, 116 Stat. 745) and other developments. However, the costs associated with these revisions are not attributable to the requirements of rule 32a–4. 6 This estimate is based on the number of Form N–8As filed from January 2010 through December 2010. 7 This estimate is based on the following calculation: (3.0 burden hours for establishing charter × 117 new funds = 351 burden hours). VerDate Mar<15>2010 17:46 Aug 10, 2011 Jkt 223001 easily accessible place. This ongoing requirement, which Commission staff has estimated has no hourly burden, applies to all funds that have adopted an audit committee charter and continue to maintain it. When funds adopt an audit committee charter in order to rely on rule 32a–4, they also may incur one-time costs related to hiring outside counsel to prepare the charter. Commission staff estimates that those costs average approximately $1500 per fund.8 Commission staff understands that virtually all funds now rely on rule 32a– 4 and have adopted audit committee charters, and thus estimates that the annual cost burden related to hiring outside legal counsel is limited to newly established funds. As noted above, Commission staff estimates that approximately 117 new funds each year will adopt an audit committee charter in order to rely on rule 32a–4. Thus, Commission staff estimates that the ongoing annual cost burden associated with rule 32a–4 in the future will be approximately $175,500.9 The estimates of average burden hours and costs are made solely for the purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even a representative survey or study of the costs of Commission rules and forms. The collections of information required by rule 32a–4 are necessary to obtain the benefits of the rule. The Commission is seeking OMB approval, because 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, https://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, D.C. 20503, or by sending 8 Costs may vary based on the individual needs of each fund. However, based on the staff’s conversations with outside counsel that prepare these charters, legal fees related to the preparation and adoption of an audit committee charter usually average $1500 or less. The Commission also understands that the ICI has prepared a model audit committee charter, which most legal professionals use when establishing audit committees, thereby reducing the costs associated with drafting a charter. 9 This estimate is based on the following calculations: ($1500 cost of adopting charter × 117 newly established funds = $175,500). PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 49803 an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 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. Dated: August 8, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–20419 Filed 8–10–11; 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 20549–2833. Extension: Rule 30b1–5; SEC File No. 270–520; OMB Control No. 3235–0577. 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. Rule 30b1–5 (17 CFR 270.30b1–5) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (the ‘‘Investment Company Act’’) requires registered management investment companies, other than small business investment companies registered on Form N–5 (17 CFR 239.24 and 274.5) (‘‘funds’’), to file a quarterly report via the Commission’s EDGAR system on Form N–Q (17 CFR 249.332 and 274.130), not more than sixty calendar days after the close of each first and third fiscal quarter, containing their complete portfolio holdings. The purpose of the collection of information required by rule 30b1–5 is to meet the disclosure requirements of the Investment Company Act and to provide investors with information necessary to evaluate an interest in the fund by improving the transparency of information about the fund’s portfolio holdings. The Commission estimates that there are 2,580 management investment companies, with a total of approximately 9,160 portfolios, that are E:\FR\FM\11AUN1.SGM 11AUN1 49804 Federal Register / Vol. 76, No. 155 / Thursday, August 11, 2011 / Notices governed by the rule. For purposes of this analysis, the burden associated with the requirements of rule 30b1–5 has been included in the collection of information requirements of Form N–Q, rather than the rule. The collection of information under rule 30b1–5 is mandatory. The information provided under rule 30b1– 5 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 OMB control number. The public may view the background documentation for this information collection at the following Web site, https://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 A. Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: August 8, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–20417 Filed 8–10–11; 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 DSK4SPTVN1PROD with NOTICES Extension: Rule 236; OMB Control No. 3235–0095; SEC File No. 270–118. 17:46 Aug 10, 2011 Jkt 223001 Dated: August 8, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–20416 Filed 8–10–11; 8:45 am] 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 this request for extension of the previously approved collection of information discussed below. Rule 236 (17 CFR 230.236) under the Securities Act of 1933 (‘‘Securities Act’’) VerDate Mar<15>2010 (15 U.S.C. 77a et seq.) requires issuers relying on an exemption from the Securities Act registration requirements for the public offering of fractional shares, scrip certificates or order forms, in connection with a stock dividend, stock split, reverse stock split, conversion, merger or similar transaction, to furnish to the Commission specified information at least 10 days prior to the offering. The information is needed to provide public notice that an issuer is relying on the exemption. Public companies are the likely respondents. The information is needed to establish qualification for reliance on the exemption. The information provided by Rule 236 is required to obtain or retain benefits. All information provided to the Commission is available to the public for review upon request. Approximately 10 respondents file the information required by Rule 236 at an estimated 1.5 hours per response for a total of 15 annual burden hours (1.5 hours per response × 10 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, https://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, Director/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. 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 PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 22d–1; SEC File No. 270–275; OMB Control No. 3235–0310. 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 requests for extension of the previously approved collection of information discussed below. Rule 22d–1 (17 CFR 270.22d–1) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a et seq.) provides registered investment companies that issue redeemable securities (‘‘funds’’) an exemption from section 22(d) of the Investment Company Act (15 U.S.C. 80a–22(d)) to the extent necessary to permit scheduled variations in or elimination of the sales load on fund securities for particular classes of investors or transactions, provided certain conditions are met. The rule imposes an annual burden per series of a fund of approximately 15 minutes, so that the total annual burden for the approximately 4,862 series of funds that might rely on the rule is estimated to be 1215.5 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. Responses will not be 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. The public may view the background documentation for this information collection at the following Web site, https://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, D.C. 20503, or by sending an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. E:\FR\FM\11AUN1.SGM 11AUN1

Agencies

[Federal Register Volume 76, Number 155 (Thursday, August 11, 2011)]
[Notices]
[Pages 49803-49804]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20417]


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

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 
20549-2833.

Extension:
    Rule 30b1-5; SEC File No. 270-520; OMB Control No. 3235-0577.

    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'') has submitted to the Office of 
Management and Budget (``OMB'') a request for extension of the 
previously approved collection of information discussed below.
    Rule 30b1-5 (17 CFR 270.30b1-5) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) (the ``Investment Company Act'') 
requires registered management investment companies, other than small 
business investment companies registered on Form N-5 (17 CFR 239.24 and 
274.5) (``funds''), to file a quarterly report via the Commission's 
EDGAR system on Form N-Q (17 CFR 249.332 and 274.130), not more than 
sixty calendar days after the close of each first and third fiscal 
quarter, containing their complete portfolio holdings. The purpose of 
the collection of information required by rule 30b1-5 is to meet the 
disclosure requirements of the Investment Company Act and to provide 
investors with information necessary to evaluate an interest in the 
fund by improving the transparency of information about the fund's 
portfolio holdings.
    The Commission estimates that there are 2,580 management investment 
companies, with a total of approximately 9,160 portfolios, that are

[[Page 49804]]

governed by the rule. For purposes of this analysis, the burden 
associated with the requirements of rule 30b1-5 has been included in 
the collection of information requirements of Form N-Q, rather than the 
rule.
    The collection of information under rule 30b1-5 is mandatory. The 
information provided under rule 30b1-5 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 OMB control number.
    The public may view the background documentation for this 
information collection at the following Web site, https://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 A. Bayer, 
Director/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.

    Dated: August 8, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-20417 Filed 8-10-11; 8:45 am]
BILLING CODE 8011-01-P
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