Submission for OMB Review; Comment Request, 4063-4064 [2012-1588]

Download as PDF Federal Register / Vol. 77, No. 17 / Thursday, January 26, 2012 / Notices 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, 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: January 20, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–1589 Filed 1–25–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. mstockstill on DSK4VPTVN1PROD with NOTICES Extension: Rule 12d2–1, OMB Control No. 3235–0081, SEC File No. 270–98. 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 (‘‘Commission’’) has submitted to the Office of Management and Budget a requests for extension of the previously approved collections of information for the following rule: Rule 12d2–1 (17 CFR 240.12d2–1). On February 12, 1935, the Commission adopted Rule 12d2–1,1 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Act’’), which sets forth the conditions and procedures under which a security may be suspended from trading under Section 12(d) of the Act.2 Rule 12d2–1 provides the procedures by which a 1 See Securities Exchange Act Release No. 98 (February 12, 1935). 2 See Securities Exchange Act Release No. 7011 (February 5, 1963), 28 FR 1506 (February 16, 1963). VerDate Mar<15>2010 17:14 Jan 25, 2012 Jkt 226001 national securities exchange may suspend from trading a security that is listed and registered on the exchange. Under Rule 12d2–1, an exchange is permitted to suspend from trading a listed security in accordance with its rules, and must promptly notify the Commission of any such suspension, along with the effective date and the reasons for the suspension. Any such suspension may be continued until such time as the Commission may determine that the suspension is designed to evade the provisions of Section 12(d) of the Act and Rule 12d2–2 thereunder.3 During the continuance of such suspension under Rule 12d2–1, the exchange is required to notify the Commission promptly of any change in the reasons for the suspension. Upon the restoration to trading of any security suspended under Rule 12d2–1, the exchange must notify the Commission promptly of the effective date of such restoration. The trading suspension notices serve a number of purposes. First, they inform the Commission that an exchange has suspended from trading a listed security or reintroduced trading in a previously suspended security. They also provide the Commission with information necessary for it to determine that the suspension has been accomplished in accordance with the rules of the exchange, and to verify that the exchange has not evaded the requirements of Section 12(d) of the Act and Rule 12d2–2 thereunder by improperly employing a trading suspension. Without Rule 12d2–1, the Commission would be unable to fully implement these statutory responsibilities. There are 15 national securities exchanges that are subject to Rule 12d2– 1. The burden of complying with Rule 12d2–1 is not evenly distributed among the exchanges, however, since there are many more securities listed on the New York Stock Exchange, Inc., the NASDAQ Stock Exchange, and the American Stock Exchange LLC than on the other exchanges.4 However, for purposes of this filing, the Commission staff has assumed that the number of responses is evenly divided among the exchanges. There are approximately 1,500 responses under Rule 12d2–1 for the purpose of suspension of trading from the national securities exchanges each year, and the resultant aggregate 3 Rule 12d2–2 prescribes the circumstances under which a security may be delisted from an exchange and withdrawn from registration under Section 12(b) of the Act, and provides the procedures for taking such action. 4 In fact, some exchanges do not file any trading suspension reports in a given year. PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 4063 annual reporting hour burden would be, assuming on average one-half reporting hour per response, 750 annual burden hours for all exchanges. The related costs associated with these burden hours are $145,125. The collection of information obligations imposed by Rule 12d2–1 are mandatory. The response will be available to the public and will not be kept confidential. The Commission may not conduct or sponsor a collection of information unless it displays a currently valid control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid Office of Management and Budget (OMB) control number. Background documentation for this information collection may be viewed at the following link: 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 within 30 days of this notice. Dated: January 20, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–1617 Filed 1–25–12; 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 Advocacy, Washington, DC 20549–0213 Extension: Rule 17f–2, SEC File No. 270–233, OMB Control No. 3235–0223 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. E:\FR\FM\26JAN1.SGM 26JAN1 mstockstill on DSK4VPTVN1PROD with NOTICES 4064 Federal Register / Vol. 77, No. 17 / Thursday, January 26, 2012 / Notices Rule 17f–2 (17 CFR 270.17f–2) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a–1) is entitled: ‘‘Custody of Investments by Registered Management Investment Company.’’ Rule 17f–2 establishes safeguards for arrangements in which a registered management investment company (‘‘fund’’) is deemed to maintain custody of its own assets, such as when the fund maintains its assets in a facility that provides safekeeping but not custodial services. The rule includes several recordkeeping or reporting requirements. The fund’s directors must prepare a resolution designating not more than five fund officers or responsible employees who may have access to the fund’s assets. The designated access persons (two or more of whom must act jointly when handling fund assets) must prepare a written notation providing certain information about each deposit or withdrawal of fund assets, and must transmit the notation to another officer or director designated by the directors. Independent public accountants must verify the fund’s assets at least three times a year and two of the examinations must be unscheduled. The requirement that directors designate access persons is intended to ensure that directors evaluate the trustworthiness of insiders who handle fund assets. The requirements that access persons act jointly in handling fund assets, prepare a written notation of each transaction, and transmit the notation to another designated person are intended to reduce the risk of misappropriation of fund assets by access persons, and to ensure that adequate records are prepared, reviewed by a responsible third person, and available for examination by the Commission’s examination staff. The requirement that auditors verify fund assets without notice twice each year is intended to provide an additional deterrent to the misappropriation of fund assets and to detect any irregularities. The Commission staff estimates that each fund makes 974 responses and spends an average of 252 hours annually in complying with the rule’s requirements.1 Commission staff estimates that on an annual basis it takes: (i) 0.5 hours of fund accounting personnel at a total cost of $82.50 to 1 The 971 responses are: 1 (one) response to draft and adopt the resolution and 973 notations. Estimates of the number of hours are based on conversations with individuals in the mutual fund industry. The actual number of hours may vary significantly depending on individual fund assets. VerDate Mar<15>2010 17:14 Jan 25, 2012 Jkt 226001 draft director resolutions; 2 (ii) 0.5 hours of the fund’s board of directors at a total cost of $2,000 to adopt the resolution; (iii) 244 hours for the fund’s accounting personnel at a total cost of $60,388 to prepare written notations of transactions; 3 and (iv) 7 hours for the fund’s accounting personnel at a total cost of $1,155 to assist the independent public accountants when they perform verifications of fund assets.4 Approximately 243 funds rely upon rule 17f–2 annually.5 Thus, the total annual hour burden for rule 17f–2 is estimated to be 61,236 hours.6 Based on the total costs per fund listed above, the total cost of the Rule 17f–2’s collection of information requirements is estimated to be $15.5 million.7 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 rule 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, 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, 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 2 This estimate is based on the following calculation: 0.5 (burden hours per fund) × $165 (fund senior accountant’s hourly rate) = $82.50. 3 Respondents estimated that each fund makes 974 responses on an annual basis and spent a total of 0.25 hours per response. The fund personnel involved are Fund Payable Manager ($157 hourly rate), Fund Operations Manager ($331 hourly rate) and Fund Accounting Manager ($257 hourly rate). The weighted hourly rate of these personnel is $248. The estimated cost of preparing notations is based on the following calculation: 974 × 0.25 × $248 = $60,388. 4 This estimate is based on the following calculation: 7 × $165 (fund senior accountant hourly rate) = $1,155. 5 Based on a review of Form N–17f–2 filings for calendar years 2008–2010, each year approximately 243 funds file Form N–17f–2 with the Commission. 6 This estimate is based on the following calculation: 243 (funds) × 252 (total annual hourly burden per fund) = 61,236 hours for rule. The annual burden for rule 17f–2 does not include time spent preparing Form N–17f–2. The burden for Form N–17f–2 is included in a separate collection of information. 7 This estimate is based on the following calculation: $63,625.50 (total annual cost per fund) × 243 funds = $15,460,997. PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 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: January 20, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–1588 Filed 1–25–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213 Extension: Rule 9b–1, OMB Control No. 3235–0480, SEC File No. 270–429 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 (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the existing collection of information provided for in the following rule: Rule 9b–1 (17 CFR 240.9b–1) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 9b–1 (17 CFR 240.9b–1) sets forth the categories of information required to be disclosed in an options disclosure document (‘‘ODD’’) and requires the options markets to file an ODD with the Commission 60 days prior to the date it is distributed to investors. In addition, Rule 9b–1 provides that the ODD must be amended if the information in the document becomes materially inaccurate or incomplete and that amendments must be filed with the Commission 30 days prior to the distribution to customers. Finally, Rule 9b–1 requires a broker-dealer to furnish to each customer an ODD and any amendments, prior to accepting an order to purchase or sell an option on behalf of that customer. There are 9 options markets that must comply with Rule 9b–1. These respondents work together to prepare a single ODD covering options traded on each market, as well as amendments to E:\FR\FM\26JAN1.SGM 26JAN1

Agencies

[Federal Register Volume 77, Number 17 (Thursday, January 26, 2012)]
[Notices]
[Pages 4063-4064]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1588]


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

SECURITIES AND EXCHANGE COMMISSION


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:
    Rule 17f-2, SEC File No. 270-233, OMB Control No. 3235-0223

    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.

[[Page 4064]]

    Rule 17f-2 (17 CFR 270.17f-2) under the Investment Company Act of 
1940 (the ``Act'') (15 U.S.C. 80a-1) is entitled: ``Custody of 
Investments by Registered Management Investment Company.'' Rule 17f-2 
establishes safeguards for arrangements in which a registered 
management investment company (``fund'') is deemed to maintain custody 
of its own assets, such as when the fund maintains its assets in a 
facility that provides safekeeping but not custodial services. The rule 
includes several recordkeeping or reporting requirements. The fund's 
directors must prepare a resolution designating not more than five fund 
officers or responsible employees who may have access to the fund's 
assets. The designated access persons (two or more of whom must act 
jointly when handling fund assets) must prepare a written notation 
providing certain information about each deposit or withdrawal of fund 
assets, and must transmit the notation to another officer or director 
designated by the directors. Independent public accountants must verify 
the fund's assets at least three times a year and two of the 
examinations must be unscheduled.
    The requirement that directors designate access persons is intended 
to ensure that directors evaluate the trustworthiness of insiders who 
handle fund assets. The requirements that access persons act jointly in 
handling fund assets, prepare a written notation of each transaction, 
and transmit the notation to another designated person are intended to 
reduce the risk of misappropriation of fund assets by access persons, 
and to ensure that adequate records are prepared, reviewed by a 
responsible third person, and available for examination by the 
Commission's examination staff. The requirement that auditors verify 
fund assets without notice twice each year is intended to provide an 
additional deterrent to the misappropriation of fund assets and to 
detect any irregularities.
    The Commission staff estimates that each fund makes 974 responses 
and spends an average of 252 hours annually in complying with the 
rule's requirements.\1\ Commission staff estimates that on an annual 
basis it takes: (i) 0.5 hours of fund accounting personnel at a total 
cost of $82.50 to draft director resolutions; \2\ (ii) 0.5 hours of the 
fund's board of directors at a total cost of $2,000 to adopt the 
resolution; (iii) 244 hours for the fund's accounting personnel at a 
total cost of $60,388 to prepare written notations of transactions; \3\ 
and (iv) 7 hours for the fund's accounting personnel at a total cost of 
$1,155 to assist the independent public accountants when they perform 
verifications of fund assets.\4\ Approximately 243 funds rely upon rule 
17f-2 annually.\5\ Thus, the total annual hour burden for rule 17f-2 is 
estimated to be 61,236 hours.\6\ Based on the total costs per fund 
listed above, the total cost of the Rule 17f-2's collection of 
information requirements is estimated to be $15.5 million.\7\
---------------------------------------------------------------------------

    \1\ The 971 responses are: 1 (one) response to draft and adopt 
the resolution and 973 notations. Estimates of the number of hours 
are based on conversations with individuals in the mutual fund 
industry. The actual number of hours may vary significantly 
depending on individual fund assets.
    \2\ This estimate is based on the following calculation: 0.5 
(burden hours per fund) x $165 (fund senior accountant's hourly 
rate) = $82.50.
    \3\ Respondents estimated that each fund makes 974 responses on 
an annual basis and spent a total of 0.25 hours per response. The 
fund personnel involved are Fund Payable Manager ($157 hourly rate), 
Fund Operations Manager ($331 hourly rate) and Fund Accounting 
Manager ($257 hourly rate). The weighted hourly rate of these 
personnel is $248. The estimated cost of preparing notations is 
based on the following calculation: 974 x 0.25 x $248 = $60,388.
    \4\ This estimate is based on the following calculation: 7 x 
$165 (fund senior accountant hourly rate) = $1,155.
    \5\ Based on a review of Form N-17f-2 filings for calendar years 
2008-2010, each year approximately 243 funds file Form N-17f-2 with 
the Commission.
    \6\ This estimate is based on the following calculation: 243 
(funds) x 252 (total annual hourly burden per fund) = 61,236 hours 
for rule. The annual burden for rule 17f-2 does not include time 
spent preparing Form N-17f-2. The burden for Form N-17f-2 is 
included in a separate collection of information.
    \7\ This estimate is based on the following calculation: 
$63,625.50 (total annual cost per fund) x 243 funds = $15,460,997.
---------------------------------------------------------------------------

    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 rule 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, 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, 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: January 20, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-1588 Filed 1-25-12; 8:45 am]
BILLING CODE 8011-01-P
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