Rule 19a-1 Extension; Proposed Collection; Comment Request, 61762-61763 [2011-25676]
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61762
Federal Register / Vol. 76, No. 193 / Wednesday, October 5, 2011 / Notices
system, categories of records in the
system, purposes, retention and
disposal, and system manager(s) and
address.
CATEGORIES OF INDIVIDUALS COVERED BY THE
SYSTEM:
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I. Background
Over the past 5 years, the Postal
Service has continued to experience a
decline in mail volume and has had to
reduce costs due to the decline. The
Postal Service is seeking to optimize its
retail network by reducing its traditional
footprint of retail offices and expanding
access locations to grocery or drug
stores, office supply stores, retail chains,
and self-service kiosks. By working with
third-party retailers, the Postal Service
is creating easier, more convenient
access to its products and services when
and where its customers want them.
II. Rationale for Changes to USPS
Privacy Act Systems of Records
The Postal Service is modifying one
system of records: USPS 880.000, Post
Office and Retail Services. Pursuant to
5 U.S.C. 552a(e)(11), interested persons
are invited to submit written data,
views, or arguments on this proposal. A
report of the proposed modification has
been sent to Congress and to the Office
of Management and Budget for their
evaluation. The Postal Service does not
expect this amended notice to have any
adverse effect on individual privacy
rights. The Postal Service proposes
amending the system as shown below:
USPS 880.000
SYSTEM NAME:
Post Office and Retail Services.
mstockstill on DSK4VPTVN1PROD with NOTICES
SYSTEM LOCATION:
[CHANGE TO READ]
USPS Headquarters, Consumer
Advocate; Integrated Business Solutions
Services Centers; Material Distribution
Center; Accounting Service Centers; and
USPS facilities, including Post Offices
(New Jersey, as an exception, does not
store passport information in Post
Offices), and contractor locations.
Jkt 226001
[CHANGE TO READ]
1. Customer information: Name,
customer ID(s), customer Personal
Identification Numbers (PINs), company
name, phone number, mail and e-mail
address, record of payment, passport
applications and a description of
passport services rendered, Post Office
box and caller service numbers.
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III. Description of Changes to System of
Records
19:11 Oct 04, 2011
CATEGORIES OF RECORDS IN THE SYSTEM:
PURPOSE(S):
In the ever changing world,
consumers want more options for
obtaining secure and convenient
delivery of their packages. The Postal
Service will be providing secure
alternate delivery to its customers in the
future and is making these proposed
changes to reflect those demands. Also,
system owners are being updated due to
changes in international claims
processing.
VerDate Mar<15>2010
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[INSERT NEW TEXT]
5. Customers requesting delivery of
mail to alternate locations.
SECURITIES AND EXCHANGE
COMMISSION
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[CHANGE TO READ]
2. To ensure accurate and secure mail
delivery.
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RETENTION AND DISPOSAL:
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[CHANGE TO READ]
3. Domestic and international Extra
Services records are retained 2 years.
Records relating to Post Office boxes,
caller services, and alternate delivery
are retained up to 3 years after the
customer relationship ends.
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6. Records related to inquiries and
claims are retained 3 years from final
action on the claim.
SYSTEM MANAGER(S) AND ADDRESS:
[CHANGE TO READ]
President, Mailing and Shipping
Services, United States Postal Service,
475 L’Enfant Plaza, SW., Washington,
DC 20260.
Vice President, Delivery and Post
Office Operations, United States Postal
Service, 475 L’Enfant Plaza, SW.,
Washington, DC 20260.
Vice President, Controller, United
States Postal Service, 475 L’Enfant
Plaza, SW., Washington, DC 20260.
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Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2011–25735 Filed 10–4–11; 8:45 am]
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Fmt 4703
Rule 19a–1 Extension; Proposed
Collection; Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
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 19(a) (15 U.S.C. 80a–19(a)) of
the Investment Company Act of 1940
(the ‘‘Act’’) 1 makes it unlawful for any
registered investment company to pay
any dividend or similar distribution
from any source other than the
company’s net income, unless the
payment is accompanied by a written
statement to the company’s
shareholders which adequately
discloses the sources of the payment.
Section 19(a) authorizes the
Commission to prescribe the form of
such statement by rule.
Rule 19a–1 (17 CFR 270.19a–1) under
the Act, entitled ‘‘Written Statement to
Accompany Dividend Payments by
Management Companies,’’ sets forth
specific requirements for the
information that must be included in
statements made pursuant to section
19(a) by or on behalf of management
companies.2 The rule requires that the
statement indicate what portions of
distribution payments are made from
net income, net profits from the sale of
a security or other property (‘‘capital
gains’’) and paid-in capital. When any
part of the payment is made from capital
gains, rule 19a–1 also requires that the
statement disclose certain other
information relating to the appreciation
or depreciation of portfolio securities. If
an estimated portion is subsequently
determined to be significantly
inaccurate, a correction must be made
on a statement made pursuant to section
19(a) or in the first report to
1 15
U.S.C. 80a.
4(3) of the Act (15 U.S. C. 80a-4(3))
defines ‘‘management company’’ as ‘‘any
investment company other than a face amount
certificate company or a unit investment trust.’’
2 Section
BILLING CODE 7710–12–P
PO 00000
[SEC File No. 270–240; OMB Control No.
3235–0216]
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Federal Register / Vol. 76, No. 193 / Wednesday, October 5, 2011 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
shareholders following the discovery of
the inaccuracy.
The purpose of rule 19a–1 is to afford
fund shareholders adequate disclosure
of the sources from which distribution
payments are made. The rule is
intended to prevent shareholders from
confusing income dividends with
distributions made from capital sources.
Absent rule 19a–1, shareholders might
receive a false impression of fund gains.
Based on a review of filings made
with the Commission, the staff estimates
that approximately 9200 series of
registered investment companies that
are management companies may be
subject to rule 19a-1 each year,3 and that
each portfolio on average mails two
statements per year to meet the
requirements of the rule.4 The staff
further estimates that the time needed to
make the determinations required by the
rule and to prepare the statement
required under the rule is
approximately 1 hour per statement.
The total annual burden for all
portfolios therefore is estimated to be
approximately 18,400 burden hours.
The staff estimates that approximately
one-third of the total annual burden
(6,133 hours) would be incurred by a
paralegal with an average hourly wage
rate of approximately $168 per hour,5
and approximately two-thirds of the
annual burden (12,267 hours) would be
incurred by a compliance clerk with an
average hourly wage rate of $67 per
hour.6 The staff therefore estimates that
the aggregate annual cost of complying
with the paperwork requirements of the
rule is approximately $1,852,233 ((6,133
hours × $168) + (12,267 hours × $67)).
To comply with state law, many
investment companies already must
distinguish the different sources from
which a shareholder distribution is paid
3 This estimate is based on statistics compiled by
Commission staff as of May 31, 2011. The number
of management investment company portfolios that
make distributions for which compliance with rule
19a-1 is required depends on a wide range of factors
and can vary greatly across years. Therefore, the
calculation of estimated burden hours is based on
the total number of management investment
company portfolios, each of which may be subject
to rule 19a–1.
4 A few portfolios make monthly distributions
from sources other than net income, so the rule
requires them to send out a statement 12 times a
year. Other portfolios never make such
distributions.
5 Hourly rates are derived from the Securities
Industry and Financial Markets Association
(‘‘SIFMA’’), Management and Professional Earnings
in the Securities Industry 2010, modified to account
for an 1,800-hour work-year and multiplied by 5.35
to account for bonuses, firm size, employee
benefits, and overhead.
6 Hourly rates are derived from SIFMA’s Office
Salaries in the Securities Industry 2010, modified
to account for an 1,800-hour work-year and
multiplied by 2.93 to account for bonuses, firm size,
employee benefits and overhead.
VerDate Mar<15>2010
19:11 Oct 04, 2011
Jkt 226001
and disclose that information to
shareholders. Thus, many investment
companies would be required to
distinguish the sources of shareholder
dividends whether or not the
Commission required them to do so
under rule 19a–1.
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 rule 19a-1 is mandatory for
management companies that make
statements to shareholders pursuant to
section 19(a) of the Act. 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.
Written comments are invited 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 collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burdens of the collections
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 email to: PRA_Mailbox@sec.gov.
Dated: September 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–25676 Filed 10–4–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–317; OMB Control No.
3235–0360]
Extension: Form N–17f–2; Proposed
Collection; Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
PO 00000
Frm 00100
Fmt 4703
Sfmt 4703
61763
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 (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.
Form N–17f–2 (17 CFR 274.220)
under the Investment Company Act is
entitled ‘‘Certificate of Accounting of
Securities and Similar Investments in
the Custody of Management Investment
Companies.’’ Form N–17f–2 is the cover
sheet for the accountant examination
certificates filed under rule 17f–2 (17
CFR 270.17f–2) by registered
management investment companies
(funds’’) maintaining custody of
securities or other investments. Form
N–17f–2 facilitates the filing of the
accountant’s examination certificates
prepared under rule 17f–2. The use of
the form allows the certificates to be
filed electronically, and increases the
accessibility of the examination
certificates to both the Commission’s
examination staff and interested
investors by ensuring that the
certificates are filed under the proper
Commission file number and the correct
name of a fund.
Commission staff estimates that on an
annual basis it takes: (i) on average 1.25
hours of fund accounting personnel at a
total cost of $206.25 to prepare each
Form N–17f–2; 1 and (ii) .75 hours of
clerical time at a total cost of $49.50 to
file the Form N–17f–2 with the
Commission.2 Approximately 243 funds
currently file Form N–17f–2 with the
Commission. Commission staff
estimates that on average each fund files
Form N–17f–2 four times annually for a
total annual hourly burden per fund of
approximately 8 hours at a total cost of
$1,023.00 The total annual hour burden
for Form N–17f–2 is therefore estimated
to be approximately 1944 hours. Based
on the total annual costs per fund listed
above, the total cost of Form N–17f–2’s
collection of information requirements
is estimated to be approximately
$248,589.3
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: 1.25 × $165 (fund senior accountant’s
hourly rate) = $206.25.
2 This estimate is based on the following
calculation: .75 × $66 (secretary hourly rate) =
$48.75.
3 This estimate is based on the following
calculation: 243 funds × $1,023.00 (total annual cost
per fund) = $248,589.
E:\FR\FM\05OCN1.SGM
05OCN1
]]>Agencies
[Federal Register Volume 76, Number 193 (Wednesday, October 5, 2011)]
[Notices]
[Pages 61762-61763]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-25676]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-240; OMB Control No. 3235-0216]
Rule 19a-1 Extension; Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
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 19(a) (15 U.S.C. 80a-19(a)) of the Investment Company Act
of 1940 (the ``Act'') \1\ makes it unlawful for any registered
investment company to pay any dividend or similar distribution from any
source other than the company's net income, unless the payment is
accompanied by a written statement to the company's shareholders which
adequately discloses the sources of the payment. Section 19(a)
authorizes the Commission to prescribe the form of such statement by
rule.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 80a.
---------------------------------------------------------------------------
Rule 19a-1 (17 CFR 270.19a-1) under the Act, entitled ``Written
Statement to Accompany Dividend Payments by Management Companies,''
sets forth specific requirements for the information that must be
included in statements made pursuant to section 19(a) by or on behalf
of management companies.\2\ The rule requires that the statement
indicate what portions of distribution payments are made from net
income, net profits from the sale of a security or other property
(``capital gains'') and paid-in capital. When any part of the payment
is made from capital gains, rule 19a-1 also requires that the statement
disclose certain other information relating to the appreciation or
depreciation of portfolio securities. If an estimated portion is
subsequently determined to be significantly inaccurate, a correction
must be made on a statement made pursuant to section 19(a) or in the
first report to
[[Page 61763]]
shareholders following the discovery of the inaccuracy.
---------------------------------------------------------------------------
\2\ Section 4(3) of the Act (15 U.S. C. 80a-4(3)) defines
``management company'' as ``any investment company other than a face
amount certificate company or a unit investment trust.''
---------------------------------------------------------------------------
The purpose of rule 19a-1 is to afford fund shareholders adequate
disclosure of the sources from which distribution payments are made.
The rule is intended to prevent shareholders from confusing income
dividends with distributions made from capital sources. Absent rule
19a-1, shareholders might receive a false impression of fund gains.
Based on a review of filings made with the Commission, the staff
estimates that approximately 9200 series of registered investment
companies that are management companies may be subject to rule 19a-1
each year,\3\ and that each portfolio on average mails two statements
per year to meet the requirements of the rule.\4\ The staff further
estimates that the time needed to make the determinations required by
the rule and to prepare the statement required under the rule is
approximately 1 hour per statement. The total annual burden for all
portfolios therefore is estimated to be approximately 18,400 burden
hours.
---------------------------------------------------------------------------
\3\ This estimate is based on statistics compiled by Commission
staff as of May 31, 2011. The number of management investment
company portfolios that make distributions for which compliance with
rule 19a-1 is required depends on a wide range of factors and can
vary greatly across years. Therefore, the calculation of estimated
burden hours is based on the total number of management investment
company portfolios, each of which may be subject to rule 19a-1.
\4\ A few portfolios make monthly distributions from sources
other than net income, so the rule requires them to send out a
statement 12 times a year. Other portfolios never make such
distributions.
---------------------------------------------------------------------------
The staff estimates that approximately one-third of the total
annual burden (6,133 hours) would be incurred by a paralegal with an
average hourly wage rate of approximately $168 per hour,\5\ and
approximately two-thirds of the annual burden (12,267 hours) would be
incurred by a compliance clerk with an average hourly wage rate of $67
per hour.\6\ The staff therefore estimates that the aggregate annual
cost of complying with the paperwork requirements of the rule is
approximately $1,852,233 ((6,133 hours x $168) + (12,267 hours x $67)).
---------------------------------------------------------------------------
\5\ Hourly rates are derived from the Securities Industry and
Financial Markets Association (``SIFMA''), Management and
Professional Earnings in the Securities Industry 2010, modified to
account for an 1,800-hour work-year and multiplied by 5.35 to
account for bonuses, firm size, employee benefits, and overhead.
\6\ Hourly rates are derived from SIFMA's Office Salaries in the
Securities Industry 2010, modified to account for an 1,800-hour
work-year and multiplied by 2.93 to account for bonuses, firm size,
employee benefits and overhead.
---------------------------------------------------------------------------
To comply with state law, many investment companies already must
distinguish the different sources from which a shareholder distribution
is paid and disclose that information to shareholders. Thus, many
investment companies would be required to distinguish the sources of
shareholder dividends whether or not the Commission required them to do
so under rule 19a-1.
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 rule 19a-1 is mandatory for management companies that make
statements to shareholders pursuant to section 19(a) of the Act. 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.
Written comments are invited 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 collections of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens of the collections 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: September 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-25676 Filed 10-4-11; 8:45 am]
BILLING CODE 8011-01-P
