Submission for OMB Review; Comment Request, 69307-69308 [2011-28912]

Download as PDF Federal Register / Vol. 76, No. 216 / Tuesday, November 8, 2011 / Notices requirements of the Sarbanes-Oxley Act of 2002 (Pub. L 107–204, 116 Stat. 745 (2002)) and to provide investors with information necessary to evaluate an interest in the fund. The Commission estimates that there are 2,520 funds, with a total of approximately 9,250 portfolios, that are governed by the rule. For purposes of this analysis, the burden associated with the requirements of rule 30b2–1 has been included in the collection of information requirements of rule 30e-1 and Form N–CSR, rather than the rule. The Commission has, however, requested a one hour burden for administrative purposes. The collection of information under rule 30b2–1 is mandatory. The information provided under rule 30b2– 1 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, 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 email 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: November 3, 2011. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2011–28910 Filed 11–7–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION mstockstill on DSK4VPTVN1PROD with NOTICES Submission for OMB Review; Comment Request Upon Written Request, Copy Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 34b–1, File No. 270–305, OMB Control No. 3235–0346. VerDate Mar<15>2010 16:29 Nov 07, 2011 Jkt 226001 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 a request for extension of the previously approved collection of information discussed below. Rule 34b–1 under the Investment Company Act (17 CFR 270.34b–1) governs sales material that accompanies or follows the delivery of a statutory prospectus (‘‘sales literature’’). Rule 34b–1 deems to be materially misleading any investment company (‘‘fund’’) sales literature required to be filed with the Securities and Exchange Commission (‘‘Commission’’) by Section 24(b) of the Investment Company Act (15 U.S.C. 80a–24(b)) that includes performance data, unless the sales literature also includes the appropriate uniformly computed data and the legend disclosure required in investment company advertisements by rule 482 under the Securities Act of 1933 (17 CFR 230.482). Requiring the inclusion of such standardized performance data in sales literature is designed to prevent misleading performance claims by funds and to enable investors to make meaningful comparisons among funds. The Commission estimates that on average 3,525 respondents file approximately 12,433 responses with the Commission that include the information required by rule 34b–1 each year. The burden from rule 34b–1 requires 2.41 hours per response. The total annual burden hours for rule 34b– 1 is 29,964 hours per year in the aggregate (12,443 responses × 2.41 hours per response). The collection of information under rule 34b–1 is mandatory. The information provided under rule 34b–1 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 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 email to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik- PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 69307 Simon, 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: November 3, 2011. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2011–28911 Filed 11–7–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copy Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 498, File No. 270–574, OMB Control No. 3235–0648. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995,1 the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Rule 498 under the Securities Act of 1933 (‘‘Securities Act’’) 2 permits open-end management investment companies (‘‘funds’’) to satisfy their prospectus delivery obligations under the Securities Act by sending or giving key information directly to investors in the form of a summary prospectus (‘‘Summary Prospectus’’) and providing the statutory prospectus on a Web site. Upon an investor’s request, funds are also required to send the statutory prospectus to the investor. In addition, under rule 498, a fund that relies on the rule to meet its statutory prospectus delivery obligations must make available, free of charge, the fund’s current Summary Prospectus, statutory prospectus, statement of additional information, and most recent annual and semi-annual reports to shareholders at the Web site address specified in the required Summary Prospectus legend. A Summary Prospectus that complies with rule 498 is deemed to be a prospectus that is authorized under Section 10(b) of the Securities Act 3 and Section 24(g) of the Investment Company Act of 1940.4 The purpose of rule 498 is to enable a fund to provide investors with a Summary Prospectus containing key information necessary to evaluate an investment in the fund. Unlike many other federal information 1 44 U.S.C. 3501 et seq. CFR 230.498. 3 15 U.S.C. 77j. A ‘‘prospectus,’’ as defined by the Securities Act, is any prospectus, notice, circular, advertisement, letter, or communication, written or by radio or television, which offers any security for sale or confirms the sale of any security, with certain exceptions. 15 U.S.C. 77b(a)(10). 4 15 U.S.C. 80a–24(g). 2 17 E:\FR\FM\08NON1.SGM 08NON1 mstockstill on DSK4VPTVN1PROD with NOTICES 69308 Federal Register / Vol. 76, No. 216 / Tuesday, November 8, 2011 / Notices collections, which are primarily for the use and benefit of the collecting agency, this information collection is primarily for the use and benefit of investors. The information filed with the Commission also permits the verification of compliance with securities law requirements and assures the public availability and dissemination of the information. The current approved annual internal hour burden for filing and updating Summary Prospectuses and posting the required disclosure documents on a Web site pursuant to rule 498 is 63,014 hours. Based on staff review of Summary Prospectuses filed with the Commission, the Commission now estimates that approximately 6,250 portfolios are using a Summary Prospectus. Therefore, the Commission estimates that the total annual internal burden for filing and updating Summary Prospectuses and posting the required disclosure documents to a Web site pursuant to rule 498 will therefore be approximately 9,375 hours, representing a decrease of 53,639 hours. The current approved total annual cost burden is $106,200,000 or approximately $15,200 per portfolio. Adjusting the total annual cost burden per portfolio for the effects of inflation, the Commission now estimates the total annual cost burden per portfolio to be $15,900, for a total annual cost burden of approximately $99,375,000. This represents a decrease in the total annual cost burden of approximately $6,825,000. Estimates of average burden hours 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 collection of information under rule is voluntary. The information provided under rule 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, 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 email 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 email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. November 3, 2011. Kevin M. O’Neill, Deputy Secretary. BILLING CODE 8011–01–P 16:29 Nov 07, 2011 Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a Closed Meeting on Thursday, November 10, 2011 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), (9)(B) and (10) and 17 CFR 200.402(a)(3), (5), (7), (9)(ii) and (10) permit consideration of the scheduled matters at the Closed Meeting. Commissioner Walter, as duty officer, voted to consider the items listed for the Closed Meeting in a closed session. The subject matter of the Closed Meeting scheduled for Thursday, November 10, 2011 will be: Institution and settlement of injunctive actions; institution and settlement of administrative proceedings; and other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Dated: November 3, 2011. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2011–28996 Filed 11–4–11; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65670; File No. SR–Phlx– 2011–144] Jkt 226001 ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 26, 2011, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to amend Exchange Rules 1017, Openings in Options, and 1082, Firm Quotations, to extend, through February 29, 2012, a pilot program (the ‘‘pilot’’) under which the Exchange’s rules describe the manner in which the PHLX XL® automated options trading system 3 disseminates quotations when (i) There is an opening imbalance in a particular series, and (ii) there is a Quote Exhaust (as described below) or a Market Exhaust (as described below) quote condition present in a particular series. The current pilot is scheduled to expire November 30, 2011. The text of the proposed rule change is available on the Exchange’s Web site at http://www.nasdaqtrader.com/micro. aspx?id=PHLXRulefilings, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. 1 15 Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Extension of a Pilot Program Concerning Disseminated Quotations November 2, 2011. [FR Doc. 2011–28912 Filed 11–7–11; 8:45 am] VerDate Mar<15>2010 SECURITIES AND EXCHANGE COMMISSION Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 This proposal refers to ‘‘PHLX XL’’ as the Exchange’s automated options trading system. In May 2009 the Exchange enhanced the system and adopted corresponding rules referring to the system as ‘‘Phlx XL II.’’ See Securities Exchange Act Release No. 59995 (May 28, 2009), 74 FR 26750 (June 3, 2009) (SR–Phlx–2009–32). The Exchange intends to submit a separate technical proposed rule change that would change all references to the system from ‘‘Phlx XL II’’ to ‘‘PHLX XL’’ for branding purposes. 2 17 E:\FR\FM\08NON1.SGM 08NON1

Agencies

[Federal Register Volume 76, Number 216 (Tuesday, November 8, 2011)]
[Notices]
[Pages 69307-69308]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-28912]


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

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copy Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 498, File No. 270-574, OMB Control No. 3235-0648.

    Notice is hereby given that pursuant to the Paperwork Reduction 
Act of 1995,\1\ the Securities and Exchange Commission (the 
``Commission'') has submitted to the Office of Management and Budget 
a request for extension of the previously approved collection of 
information discussed below.
---------------------------------------------------------------------------

    \1\ 44 U.S.C. 3501 et seq.
---------------------------------------------------------------------------

    Rule 498 under the Securities Act of 1933 (``Securities Act'') 
\2\ permits open-end management investment companies (``funds'') to 
satisfy their prospectus delivery obligations under the Securities 
Act by sending or giving key information directly to investors in 
the form of a summary prospectus (``Summary Prospectus'') and 
providing the statutory prospectus on a Web site. Upon an investor's 
request, funds are also required to send the statutory prospectus to 
the investor. In addition, under rule 498, a fund that relies on the 
rule to meet its statutory prospectus delivery obligations must make 
available, free of charge, the fund's current Summary Prospectus, 
statutory prospectus, statement of additional information, and most 
recent annual and semi-annual reports to shareholders at the Web 
site address specified in the required Summary Prospectus legend. A 
Summary Prospectus that complies with rule 498 is deemed to be a 
prospectus that is authorized under Section 10(b) of the Securities 
Act \3\ and Section 24(g) of the Investment Company Act of 1940.\4\
---------------------------------------------------------------------------

    \2\ 17 CFR 230.498.
    \3\ 15 U.S.C. 77j. A ``prospectus,'' as defined by the 
Securities Act, is any prospectus, notice, circular, advertisement, 
letter, or communication, written or by radio or television, which 
offers any security for sale or confirms the sale of any security, 
with certain exceptions. 15 U.S.C. 77b(a)(10).
    \4\ 15 U.S.C. 80a-24(g).
---------------------------------------------------------------------------

    The purpose of rule 498 is to enable a fund to provide investors 
with a Summary Prospectus containing key information necessary to 
evaluate an investment in the fund. Unlike many other federal 
information

[[Page 69308]]

collections, which are primarily for the use and benefit of the 
collecting agency, this information collection is primarily for the 
use and benefit of investors. The information filed with the 
Commission also permits the verification of compliance with 
securities law requirements and assures the public availability and 
dissemination of the information.
    The current approved annual internal hour burden for filing and 
updating Summary Prospectuses and posting the required disclosure 
documents on a Web site pursuant to rule 498 is 63,014 hours. Based 
on staff review of Summary Prospectuses filed with the Commission, 
the Commission now estimates that approximately 6,250 portfolios are 
using a Summary Prospectus. Therefore, the Commission estimates that 
the total annual internal burden for filing and updating Summary 
Prospectuses and posting the required disclosure documents to a Web 
site pursuant to rule 498 will therefore be approximately 9,375 
hours, representing a decrease of 53,639 hours.
    The current approved total annual cost burden is $106,200,000 or 
approximately $15,200 per portfolio. Adjusting the total annual cost 
burden per portfolio for the effects of inflation, the Commission 
now estimates the total annual cost burden per portfolio to be 
$15,900, for a total annual cost burden of approximately 
$99,375,000. This represents a decrease in the total annual cost 
burden of approximately $6,825,000.
    Estimates of average burden hours 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 collection of information under 
rule is voluntary. The information provided under rule 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, 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 email 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 email to: PRA_Mailbox@sec.gov. 
Comments must be submitted to OMB within 30 days of this notice.

    November 3, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-28912 Filed 11-7-11; 8:45 am]
BILLING CODE 8011-01-P