Submission for OMB Review; Comment Request, 77029-77030 [2011-31607]
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Federal Register / Vol. 76, No. 237 / Friday, December 9, 2011 / Notices
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 procedural schedule listed
below is hereby adopted.
2. Pursuant to 39 U.S.C. 505, Derrick
Dennis is designated officer of the
Commission (Public Representative) to
represent the interests of the general
public.
3. The Secretary shall arrange for
publication of this notice and order and
77029
Procedural Schedule in the Federal
Register.
By the Commission.
Shoshana M. Grove,
Secretary.
PROCEDURAL SCHEDULE
November
December
December
December
December
16, 2011 ..................................
1, 2011 ....................................
1, 2011 ....................................
27, 2011 ..................................
21, 2011 ..................................
January 10, 2012 ......................................
January 25, 2012 ......................................
February 1, 2012 ......................................
March 8, 2012 ...........................................
Filing of Appeal.
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 Petitioners’ 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)).
[FR Doc. 2011–31612 Filed 12–8–11; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
srobinson on DSK4SPTVN1PROD with NOTICES
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education Advocacy, Washington, DC
20549–0213.
Extension:
Form N–17f–2, SEC File No. 270–317,
OMB Control No. 3235–0360.
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.
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
VerDate Mar<15>2010
18:35 Dec 08, 2011
Jkt 226001
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
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
Complying with the collections of
information required by Form N–17f–2
is mandatory for those funds that
maintain custody of their own assets.
Responses will not be kept confidential.
An agency may not conduct or sponsor,
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.
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
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
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.
Dated: December 5, 2011.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–31608 Filed 12–8–11; 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.
Extension: Rule 19a–1; SEC File No. 270–
240; OMB Control No. 3235–0216.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
E:\FR\FM\09DEN1.SGM
09DEN1
srobinson on DSK4SPTVN1PROD with NOTICES
77030
Federal Register / Vol. 76, No. 237 / Friday, December 9, 2011 / Notices
(44 U.S.C. 3501–3520), 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.
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
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
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.’’
3 This estimate is based on statistics compiled by
Commission staff as of May 31, 2011. The number
2 Section
VerDate Mar<15>2010
18:35 Dec 08, 2011
Jkt 226001
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
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
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 1800-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 1800-hour work-year and
multiplied by 2.93 to account for bonuses, firm size,
employee benefits and overhead.
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
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
email 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.
Dated: December 5, 2011.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–31607 Filed 12–8–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65893; File No. SR–
NYSEAmex–2011–92]
Self-Regulatory Organizations; NYSE
Amex LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Specifying in Its Rules an
Existing Policy Related to the
Application of NYSE Amex Options
Rule 935NY
December 5, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on
November 23, 2011, NYSE Amex LLC
(the ‘‘Exchange’’ or ‘‘NYSE Amex’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 The Commission is
publishing this notice to solicit
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
E:\FR\FM\09DEN1.SGM
09DEN1
]]>Agencies
[Federal Register Volume 76, Number 237 (Friday, December 9, 2011)]
[Notices]
[Pages 77029-77030]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-31607]
-----------------------------------------------------------------------
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.
Extension: Rule 19a-1; SEC File No. 270-240; OMB Control No. 3235-
0216.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995
[[Page 77030]]
(44 U.S.C. 3501-3520), 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.
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 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 1800-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 1800-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.
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 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.
Dated: December 5, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-31607 Filed 12-8-11; 8:45 am]
BILLING CODE 8011-01-P
