Proposed Collection; Comment Request, 54819-54820 [2011-22578]
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Federal Register / Vol. 76, No. 171 / Friday, September 2, 2011 / Notices
Form N–54C would be approximately
$3,200.
The collection of information under
Form N–54C is mandatory. The
information provided by the form 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.
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, 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.
Dated: August 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–22580 Filed 9–1–11; 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.
erowe on DSK5CLS3C1PROD with NOTICES
Extension:
Form N–17f–1, SEC File No. 270–316,
OMB Control No. 3235–0359.
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’’) 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.
VerDate Mar<15>2010
15:37 Sep 01, 2011
Jkt 223001
Form N–17f–1 (17 CFR 274.219) is
entitled ‘‘Certificate of Accounting of
Securities and Similar Investments of a
Management Investment Company in
the Custody of Members of National
Securities Exchanges.’’ The form serves
as a cover sheet to the accountant’s
certificate that is required to be filed
periodically with the Commission
pursuant to rule 17f–1 (17 CFR 270.17f–
1) under the Act, entitled ‘‘Custody of
Securities with Members of National
Securities Exchanges,’’ which sets forth
the conditions under which a fund may
place its assets in the custody of a
member of a national securities
exchange. Rule 17f–1 requires, among
other things, that an independent public
accountant verify the fund’s assets at the
end of every annual and semi-annual
fiscal period, and at least one other time
during the fiscal year as chosen by the
independent accountant. Requiring an
independent accountant to examine the
fund’s assets in the custody of a member
of a national securities exchange assists
Commission staff in its inspection
program and helps to ensure that the
fund assets are subject to proper
auditing procedures. The accountant’s
certificate stating that it has made an
examination, and describing the nature
and the extent of the examination, must
be attached to Form N–17f–1 and filed
with the Commission promptly after
each examination. The form facilitates
the filing of the accountant’s certificates,
and increases the accessibility of the
certificates to both Commission staff
and interested investors. Commission
staff estimates that on an annual basis
it takes: (i) 1 hour of clerical time to
prepare and file Form N–17f–1; and (ii)
0.5 hour for the fund’s chief compliance
officer to review Form N–17f–1 prior to
filing with the Commission, for a total
of 1.5 hours. Each fund is required to
make 3 filings annually, for a total
annual burden per fund of
approximately 4.5 hours.1 Commission
staff estimates that an average of 5 funds
currently file Form N–17f–1 with the
Commission 3 times each year, for a
total of 15 responses annually.2 The
total annual hour burden for Form N–
17f–1 is therefore estimated to be
approximately 22.5 hours.3
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
1 This estimate is based on the following
calculation: (1.5 hours × 3 responses annually = 4.5
hours).
2 This estimate is based on a review of Form N–
17f–1 filings made with the Commission over the
last three years.
3 This estimate is based on the following
calculations: (4.5 hours × 5 funds = 22.5 total
hours).
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54819
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules. Compliance
with the collections of information
required by Form N–17f–1 is mandatory
for funds that place their assets in the
custody of a national securities
exchange member. 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 Commission requests written
comments on: (a) Whether the
collections of information are necessary
for the proper performance of the
functions of the Commission, including
whether the information has practical
utility; (b) the accuracy of the
Commission’s estimate of the burdens 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, 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.
Dated: August 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–22579 Filed 9–1–11; 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:
Form 24F–2; SEC File No. 270–399; OMB
Control No. 3235–0456.
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’’) is soliciting comments
on the collection of information
summarized below. The Commission
E:\FR\FM\02SEN1.SGM
02SEN1
erowe on DSK5CLS3C1PROD with NOTICES
54820
Federal Register / Vol. 76, No. 171 / Friday, September 2, 2011 / Notices
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 24f–2 (17 CFR 270.24f–2) under
the Investment Company Act of 1940
(15 U.S.C. 80a) requires any open-end
management companies (‘‘mutual
funds’’), unit investment trusts (‘‘UITs’’)
or face-amount certificate companies
(collectively, ‘‘funds’’) deemed to have
registered an indefinite amount of
securities to file, not later than 90 days
after the end of any fiscal year in which
it has publicly offered such securities,
Form 24F–2 (17 CFR 274.24) with the
Commission. Form 24F–2 is the annual
notice of securities sold by funds that
accompanies the payment of registration
fees with respect to the securities sold
during the fiscal year.
The Commission estimates that 6120
funds file Form 24F–2 on the required
annual basis. The average annual
burden per respondent for Form 24F–2
is estimated to be two hours. The total
annual burden for all respondents to
Form 24F–2 is estimated to be 12,240
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 of the
costs of Commission rules.
Compliance with the collection of
information required by Form 24F–2 is
mandatory. The Form 24F–2 filing that
must be made to the Commission is
available to the public. 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 Commission requests written
comments on: (a) Whether the collection
of information is necessary for the
proper performance of the functions of
the Commission, including whether the
information has practical utility; (b) the
accuracy of the Commission’s estimate
of the burdens 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, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
VerDate Mar<15>2010
15:37 Sep 01, 2011
Jkt 223001
Alexandria, VA 22312; or send an
e-mail to: PRA_Mailbox@sec.gov.
Dated: August 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–22578 Filed 9–1–11; 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 18f–3, SEC File No. 270–385, OMB
Control No. 3235–0441.
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’’) 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 for extension
and approval.
Section 18(f)(1) 1 of the Investment
Company Act of 1940 2 (the ‘‘Investment
Company Act’’ or ‘‘Act’’) prohibits
registered open-end management
investment companies (‘‘funds’’) from
issuing any senior security. Rule 18f–3
under the Act 3 exempts from section
18(f)(1) a fund that issues multiple
classes of shares representing interests
in the same portfolio of securities (a
‘‘multiple class fund’’) if the fund
satisfies the conditions of the rule. In
general, each class must differ in its
arrangement for shareholder services or
distribution or both, and must pay the
related expenses of that different
arrangement.
The rule includes one requirement for
the collection of information. A
multiple class fund must prepare, and
fund directors must approve, a written
plan setting forth the separate
arrangement and expense allocation of
each class, and any related conversion
features or exchange privileges (‘‘rule
18f–3 plan’’).4 Approval of the plan
must occur before the fund issues any
shares of multiple classes and whenever
the fund materially amends the plan. In
approving the plan, a majority of the
1 15
U.S.C. 80a–18(f)(1).
U.S.C. 80a.
3 17 CFR 270.18f–3.
4 Rule 18f–3(d).
2 15
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fund board, including a majority of the
fund’s independent directors, must
determine that the plan is in the best
interests of each class and the fund as
a whole.
The requirement that the fund prepare
and directors approve a written rule
18f–3 plan is intended to ensure that the
fund compiles information relevant to
the fairness of the separate arrangement
and expense allocation for each class,
and that directors review and approve
the information. Without a blueprint
that highlights material differences
among classes, directors might not
perceive potential conflicts of interests
when they determine whether the plan
is in the best interests of each class and
the fund. In addition, the plan may be
useful to Commission staff in reviewing
the fund’s compliance with the rule.
There are approximately 5655
multiple class funds offered by 1020
registrants.5 Based on a review of
typical rule 18f–3 plans, the
Commission’s staff estimates that the
1020 registrants together make an
average of 510 responses each year to
prepare and approve a written rule 18f–
3 plan, requiring approximately 8 hours
per response and a total of 4080 burden
hours per year in the aggregate.6 The
staff estimates that preparation of the
rule 18f–3 plan may require 5 hours of
the services of an attorney employed by
the fund, at a cost of approximately
$354 per hour for professional time,7
and approval of the plan may require 3
hours of the services of the board of
directors, at a cost of approximately
$4000 per hour.8 The staff therefore
estimates that the aggregate annual cost
of complying with the paperwork
requirements of the rule is
approximately $7,022,700 ((5 hours ×
5 This estimate is based on data from Form N–
SAR, the semi-annual report that funds file with the
Commission. In previous years, the staff estimated
that each multiple class fund prepared and
approved a rule 18f–3 plan. However, the staff has
revised this estimate to reflect its belief that most
registrants prepare and approve a single rule 18f–
3 plan for all series funds offered by the registrants.
6 The estimate reflects the assumption that each
registrant prepares and approves a rule 18f–3 plan
every two years when issuing a new fund or new
class or amending a plan (or that 510 of all 1020
registrants prepare and approve a plan each year).
The estimate assumes that the time required to
prepare a plan is 5 hours per plan (or 2550 hours
for 510 registrants annually), and the time required
to approve a plan is an additional 3 hours per plan
(or 1530 hours for 510 registrants annually).
7 This hourly rate estimate is derived from annual
salaries reported in: Securities Industry and
Financial Markets Association, Management and
Professional Earnings in the Securities Industry
(2010), modified by Commission staff to account for
an 1800-hour work year and multiplied by 5.35 to
account for bonuses, firm size, employee benefits
and overhead.
8 This hourly rate estimate is derived from fund
representatives.
E:\FR\FM\02SEN1.SGM
02SEN1
]]>Agencies
[Federal Register Volume 76, Number 171 (Friday, September 2, 2011)]
[Notices]
[Pages 54819-54820]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-22578]
-----------------------------------------------------------------------
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:
Form 24F-2; SEC File No. 270-399; OMB Control No. 3235-0456.
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'') is soliciting comments on the collection of
information summarized below. The Commission
[[Page 54820]]
plans to submit this existing collection of information to the Office
of Management and Budget for extension and approval.
Rule 24f-2 (17 CFR 270.24f-2) under the Investment Company Act of
1940 (15 U.S.C. 80a) requires any open-end management companies
(``mutual funds''), unit investment trusts (``UITs'') or face-amount
certificate companies (collectively, ``funds'') deemed to have
registered an indefinite amount of securities to file, not later than
90 days after the end of any fiscal year in which it has publicly
offered such securities, Form 24F-2 (17 CFR 274.24) with the
Commission. Form 24F-2 is the annual notice of securities sold by funds
that accompanies the payment of registration fees with respect to the
securities sold during the fiscal year.
The Commission estimates that 6120 funds file Form 24F-2 on the
required annual basis. The average annual burden per respondent for
Form 24F-2 is estimated to be two hours. The total annual burden for
all respondents to Form 24F-2 is estimated to be 12,240 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 of the costs of
Commission rules.
Compliance with the collection of information required by Form 24F-
2 is mandatory. The Form 24F-2 filing that must be made to the
Commission is available to the public. 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 Commission requests written comments on: (a) Whether the
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information has
practical utility; (b) the accuracy of the Commission's estimate of the
burdens 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, 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.
Dated: August 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-22578 Filed 9-1-11; 8:45 am]
BILLING CODE 8011-01-P
