Submission for OMB Review; Comment Request, 49802-49803 [2011-20419]

Download as PDF 49802 Federal Register / Vol. 76, No. 155 / Thursday, August 11, 2011 / Notices using the Internet (Filing Online) pursuant to Commission rules 9(a) and 10(a) at the Commission’s Web site, https://www.prc.gov, unless a waiver is obtained. See 39 CFR 3001.9(a) and 3001.10(a). Instructions for obtaining an account to file documents online may be found on the Commission’s Web site or by contacting the Commission’s docket section at prc-dockets@prc.gov or via telephone at 202–789–6846. The Commission reserves the right to redact personal information which may infringe on an individual’s privacy rights from documents filed in this proceeding. Intervention. Persons, other than Petitioner and respondent, wishing to be heard in this matter are directed to file a notice of intervention. See 39 CFR 3001.111(b). Notices of intervention in this case are to be filed on or before August 30, 2011. A notice of intervention shall be filed using the Internet (Filing Online) at the Commission’s Web site unless a waiver is obtained for hardcopy filing. See 39 CFR 3001.9(a) and 3001.10(a). Further procedures. By statute, the Commission is required to issue its decision within 120 days from the date it receives the appeal. See 39 U.S.C. 404(d)(5). A procedural schedule has been developed to accommodate this statutory deadline. In the interest of expedition, in light of the 120-day decision schedule, the Commission may request the Postal Service or other participants to submit information or memoranda of law on any appropriate issue. As required by the Commission rules, if any motions are filed, responses are due 7 days after any such motion is filed. See 39 CFR 3001.21. It is ordered: 1. The Postal Service shall file the applicable administrative record regarding this appeal no later than August 18, 2011. 2. Any responsive pleading by the Postal Service to this notice is due no later than August 18, 2011. 3. The procedural schedule listed below is hereby adopted. 4. Pursuant to 39 U.S.C. 505, Emmett Rand Costich is designated officer of the Commission (Public Representative) to represent the interests of the general public. 5. The Secretary shall arrange for publication of this notice and order in the Federal Register. By the Commission. Ruth Ann Abrams, Acting Secretary. PROCEDURAL SCHEDULE August 18, 2011 .............................. August 18, 2011 .............................. August 30, 2011 .............................. September 7, 2011 ......................... September 27, 2011 ....................... October 12, 2011 ............................ October 19, 2011 ............................ November 23, 2011 ........................ Deadline for the Postal Service to file the applicable administrative record in this appeal. Deadline for the Postal Service to file any responsive pleading. Deadline for notices to intervene (see 39 CFR 3001.111(b)). Deadline for Petitioner’s Form 61 or initial brief in support of petition (see 39 CFR 3001.115(a) and (b)). Deadline for answering brief in support of the Postal Service (see 39 CFR 3001.115(c)). Deadline for reply briefs in response to answering briefs (see 39 CFR 3001.115(d)). Deadline for motions by any party requesting oral argument; the Commission will schedule oral argument only when it is a necessary addition to the written filings (see 39 CFR 3001.116). Expiration of the Commission’s 120-day decisional schedule (see 39 U.S.C. 404(d)(5)). BILLING CODE 7710–FW–P meeting should be addressed to the Secretary of the Board, Julie S. Moore, at (202) 268–4800. POSTAL SERVICE Julie S. Moore, Secretary. [FR Doc. 2011–20420 Filed 8–10–11; 8:45 am] [FR Doc. 2011–20612 Filed 8–9–11; 4:15 pm] srobinson on DSK4SPTVN1PROD with NOTICES Board of Governors; Sunshine Act Meeting BILLING CODE 7710–12–P Board Votes To Close July 25, 2011, Meeting. By telephone vote on July 25, 2011, a majority of the members of the Board of Governors of the United States Postal Service met and voted unanimously to close to public observation its meeting held in Washington, DC, via teleconference. The Board determined that no earlier public notice was possible. ITEMS CONSIDERED: 1. Strategic Issues. 2. Financial Matters. 3. Pricing. 4. Personnel Matters and Compensation Issues. GENERAL COUNSEL CERTIFICATION: The General Counsel of the United States Postal Service has certified that the meeting was properly closed under the Government in the Sunshine Act. CONTACT PERSON FOR MORE INFORMATION: Requests for information about the VerDate Mar<15>2010 15:59 Aug 10, 2011 Jkt 223001 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 20549–0004. Extension: Rule 32a–4; SEC File No. 270–473; OMB Control No. 3235–0530. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget requests for extension of the previously approved collections of information discussed below. PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 Section 32(a)(2) of the Investment Company Act (15 U.S.C. 80a–31(a)(2)) requires that shareholders of a registered investment management or face-amount certificate company (collectively, ‘‘funds’’) ratify or reject the selection of the fund’s independent public accountant. Rule 32a–4 (17 CFR 270.32a–4) exempts funds from this requirement if (i) The fund’s board of directors establishes an audit committee composed solely of independent directors with responsibility for overseeing the fund’s accounting and auditing processes,1 (ii) the fund’s board of directors adopts an audit committee charter setting forth the committee’s structure, duties, powers and methods of operation, or sets forth such provisions in the fund’s charter or bylaws,2 and (iii) the fund maintains a copy of such an audit committee charter, and any modifications to the charter, permanently in an easily accessible place.3 Each fund that chooses to rely on rule 32a–4 incurs two collection of information burdens. The first, related to the board of directors’ adoption of the 1 Rule 32a–4(a). 32a–4(b). 3 Rule 32a–4(c). 2 Rule E:\FR\FM\11AUN1.SGM 11AUN1 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

Agencies

[Federal Register Volume 76, Number 155 (Thursday, August 11, 2011)]
[Notices]
[Pages 49802-49803]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20419]


=======================================================================
-----------------------------------------------------------------------

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 
20549-0004.

Extension:
    Rule 32a-4; SEC File No. 270-473; OMB Control No. 3235-0530.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget requests for extension of the previously approved 
collections of information discussed below.
    Section 32(a)(2) of the Investment Company Act (15 U.S.C. 80a-
31(a)(2)) requires that shareholders of a registered investment 
management or face-amount certificate company (collectively, ``funds'') 
ratify or reject the selection of the fund's independent public 
accountant. Rule 32a-4 (17 CFR 270.32a-4) exempts funds from this 
requirement if (i) The fund's board of directors establishes an audit 
committee composed solely of independent directors with responsibility 
for overseeing the fund's accounting and auditing processes,\1\ (ii) 
the fund's board of directors adopts an audit committee charter setting 
forth the committee's structure, duties, powers and methods of 
operation, or sets forth such provisions in the fund's charter or 
bylaws,\2\ and (iii) the fund maintains a copy of such an audit 
committee charter, and any modifications to the charter, permanently in 
an easily accessible place.\3\
---------------------------------------------------------------------------

    \1\ Rule 32a-4(a).
    \2\ Rule 32a-4(b).
    \3\ Rule 32a-4(c).
---------------------------------------------------------------------------

    Each fund that chooses to rely on rule 32a-4 incurs two collection 
of information burdens. The first, related to the board of directors' 
adoption of the

[[Page 49803]]

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\
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    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\
---------------------------------------------------------------------------

    \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 x 117 new funds = 351 burden 
hours).
---------------------------------------------------------------------------

    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 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.
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    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\
---------------------------------------------------------------------------

    \9\ This estimate is based on the following calculations: ($1500 
cost of adopting charter x 117 newly established funds = $175,500).
---------------------------------------------------------------------------

    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 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.

    Dated: August 8, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-20419 Filed 8-10-11; 8:45 am]
BILLING CODE 8011-01-P
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