Proposed Collection; Comment Request, 8303-8304 [2012-3337]
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Federal Register / Vol. 77, No. 30 / Tuesday, February 14, 2012 / Notices
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 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.
Rule 35d–1 (17 CFR 270.35d–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) defines as
‘‘materially deceptive and misleading’’
for purposes of Section 35(d), among
other things, a name suggesting that a
registered investment company or series
thereof (a ‘‘fund’’) focuses its
investments in a particular type of
investment or investments, in
investments in a particular industry or
group of industries, or in investments in
a particular country or geographic
region, unless, among other things, the
fund adopts a certain investment policy.
Rule 35d–1 further requires either that
the investment policy is fundamental or
that the fund has adopted a policy to
provide its shareholders with at least 60
days prior notice of any change in the
investment policy (‘‘notice to
shareholders’’). The rule’s notice to
shareholders provision is intended to
ensure that when shareholders purchase
shares in a fund based, at least in part,
on its name, and with the expectation
that it will follow the investment policy
suggested by that name, they will have
sufficient time to decide whether to
redeem their shares in the event that the
fund decides to pursue a different
investment policy.
The Commission estimates that there
are approximately 8,800 open-end and
closed-end funds that have names that
are covered by the rule. The
Commission estimates that of these
8,800 funds, approximately 29 will
provide prior notice to shareholders
pursuant to a policy adopted in
accordance with this rule per year. The
Commission estimates that the annual
burden associated with the notice to
shareholders requirement of the rule is
20 hours per response, for an annual
total of 580 hours per year.
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
representative survey or study of the
costs of Commission rules and forms.
The collection of information under rule
35d–1 is mandatory. The information
provided under rule 35d–1 will not be
kept confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to, a collection of
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21:57 Feb 13, 2012
Jkt 226001
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
Pavlik-Simon, 6432 General Green Way,
Alexandria, VA 22312; or send an email
to: PRA_Mailbox@sec.gov.
Dated: February 8, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–3338 Filed 2–13–12; 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 17g–1; SEC File No. 270–208; OMB
Control No. 3235–0213.
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.
Rule 17g–1 (17 CFR 270.17g–1) under
the Investment Company Act of 1940
(the ‘‘Act’’) (15 U.S.C. 80a–17(g))
governs the fidelity bonding of officers
and employees of registered
management investment companies
(‘‘funds’’) and their advisers. Rule 17g–
1 requires, in part, the following:
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Fmt 4703
Sfmt 4703
8303
Independent Directors’ Approval
The form and amount of the fidelity
bond must be approved by a majority of
the fund’s independent directors at least
once annually, and the amount of any
premium paid by the fund for any ‘‘joint
insured bond,’’ covering multiple funds
or certain affiliates, must be approved
by a majority of the fund’s independent
directors.
Terms and Provisions of the Bond
The amount of the bond may not be
less than the minimum amounts of
coverage set forth in a schedule based
on the fund’s gross assets; the bond
must provide that it shall not be
cancelled, terminated, or modified
except upon 60-days written notice to
the affected party and to the
Commission; in the case of a joint
insured bond, 60-days written notice
must also be given to each fund covered
by the bond; a joint insured bond must
provide that the fidelity insurance
company will provide all funds covered
by the bond with a copy of the
agreement, a copy of any claim on the
bond, and notification of the terms of
the settlement of any claim prior to
execution of that settlement; and a fund
that is insured by a joint bond must
enter into an agreement with all other
parties insured by the joint bond
regarding recovery under the bond.
Filings With the Commission
Upon the execution of a fidelity bond
or any amendment thereto, a fund must
file with the Commission within 10
days a copy of the executed bond or any
amendment to the bond, the
independent directors’ resolution
approving the bond, and a statement as
to the period for which premiums have
been paid on the bond. In the case of a
joint insured bond, a fund must also file
(i) a statement showing the amount the
fund would have been required to
maintain under the rule if it were
insured under a single insured bond and
(ii) the agreement between the fund and
all other insured parties regarding
recovery under the bond. A fund must
also notify the Commission in writing
within five days of any claim or
settlement on a claim under the fidelity
bond.
Notices to Directors
A fund must notify by registered mail
each member of its board of directors of
(i) any cancellation, termination, or
modification of the fidelity bond at least
45 days prior to the effective date, and
(ii) the filing or settlement of any claim
under the fidelity bond when
notification is filed with the
Commission.
E:\FR\FM\14FEN1.SGM
14FEN1
mstockstill on DSK4VPTVN1PROD with NOTICES
8304
Federal Register / Vol. 77, No. 30 / Tuesday, February 14, 2012 / Notices
Rule 17g–1’s independent directors’
annual review requirements, fidelity
bond content requirements, joint bond
agreement requirement and the required
notices to directors seek to ensure the
safety of fund assets against losses due
to the conduct of persons who may
obtain access to those assets. These
requirements also seek to facilitate
oversight of a fund’s fidelity bond. The
rule’s required filings with the
Commission are designed to assist the
Commission in monitoring funds’
compliance with the fidelity bond
requirements.
Based on conversations with
representatives in the fund industry, the
Commission staff estimates that for each
of the estimated 3479 active funds,1 the
average annual paperwork burden
associated with rule 17g–1’s
requirements is two hours, one hour
each for a compliance attorney and the
board of directors as a whole. The time
spent by compliance attorney includes
time spent filing reports with the
Commission for any fidelity losses (if
any) as well as paperwork associated
with any notices to directors, and
managing any updates to the bond and
the joint agreement (if one exists). The
time spent by the board of directors as
a whole includes any time spent
initially establishing the bond, as well
as time spent on annual updates and
approvals. The Commission staff
therefore estimates the total ongoing
paperwork burden hours per year for all
funds required by rule 17g–1 to be 6958
hours (3479 funds × 2 hours = 6958
hours).
These estimates of average burden
hours are made solely for the purposes
of the Paperwork Reduction Act. These
estimates are not derived from a
comprehensive or even a representative
survey or study of Commission rules.
The collection of information required
by rule 17g–1 is mandatory and 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.
Written comments are requested 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 burden of the collection of
information; (c) ways to enhance the
quality, utility and clarity of the
1 Based on statistics compiled by Commission
staff, we estimate that there are approximately 3479
funds that must comply with the collections of
information under rule 17g–1 and have made a
filing within the last 12 months.
VerDate Mar<15>2010
21:57 Feb 13, 2012
Jkt 226001
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.
February 8, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–3337 Filed 2–13–12; 8:45 am]
BILLING CODE 8011–01–P
added, deleted or postponed, please
contact: The Office of the Secretary at
(202) 551–5400.
Dated: February 9, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–3478 Filed 2–10–12; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66348; File No. SR–CBOE–
2011–122]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Approving
Proposed Rule Change, as Modified by
Amendment No. 1, Related to Trading
of FLEX Options
SECURITIES AND EXCHANGE
COMMISSION
February 7, 2012.
Sunshine Act Meeting Notice
On December 12, 2011, the Chicago
Board Options Exchange, Incorporated
(‘‘Exchange’’ or ‘‘CBOE’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’),1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend rules pertaining to the electronic
trading of Flexible Exchange Options
(‘‘FLEX Options’’) and to eliminate
certain European-Capped style
settlement and currency provisions with
the FLEX rules that pertain to both
electronic and open outcry trading. The
proposed rule change was published for
comment in the Federal Register on
December 29, 2011.3 On February 7,
2012, the Exchange filed an Amendment
No. 1 to the proposed rule change.4 The
Commission received one comment
letter regarding the proposal.5 This
order approves the proposed rule
change, as modified by Amendment No.
1.
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, February 16, 2012 at 2:00
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 Aguilar, 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,
February 16, 2012 will be:
Formal order of investigation;
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
PO 00000
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Fmt 4703
Sfmt 4703
I. Introduction
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 66035
(December 22, 2011), 76 FR 82017 (‘‘Notice’’).
4 Amendment No. 1 amended the proposed rule
change to provide an implementation plan of the
proposed rule changes. The Exchange intends to
begin implementation by no later than March 30,
2012, with the specific implementation schedule to
be announced via Regulatory Circular. Since
Amendment No. 1 does not alter the substance of
the proposal, it is not subject to notice and
comment.
5 See letter from Todd Weingart, Spot On
Brokerage Services, Division of Trading Block,
William O’Keefe, Spot On Brokerage Services,
Division of Trading Block, and Steve Stepanek, The
SJS Group, Inc., to Elizabeth M. Murphy, Secretary,
Commission, dated January 20, 2012.
2 17
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]]>Agencies
[Federal Register Volume 77, Number 30 (Tuesday, February 14, 2012)]
[Notices]
[Pages 8303-8304]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-3337]
-----------------------------------------------------------------------
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 17g-1; SEC File No. 270-208; OMB Control No. 3235-0213.
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.
Rule 17g-1 (17 CFR 270.17g-1) under the Investment Company Act of
1940 (the ``Act'') (15 U.S.C. 80a-17(g)) governs the fidelity bonding
of officers and employees of registered management investment companies
(``funds'') and their advisers. Rule 17g-1 requires, in part, the
following:
Independent Directors' Approval
The form and amount of the fidelity bond must be approved by a
majority of the fund's independent directors at least once annually,
and the amount of any premium paid by the fund for any ``joint insured
bond,'' covering multiple funds or certain affiliates, must be approved
by a majority of the fund's independent directors.
Terms and Provisions of the Bond
The amount of the bond may not be less than the minimum amounts of
coverage set forth in a schedule based on the fund's gross assets; the
bond must provide that it shall not be cancelled, terminated, or
modified except upon 60-days written notice to the affected party and
to the Commission; in the case of a joint insured bond, 60-days written
notice must also be given to each fund covered by the bond; a joint
insured bond must provide that the fidelity insurance company will
provide all funds covered by the bond with a copy of the agreement, a
copy of any claim on the bond, and notification of the terms of the
settlement of any claim prior to execution of that settlement; and a
fund that is insured by a joint bond must enter into an agreement with
all other parties insured by the joint bond regarding recovery under
the bond.
Filings With the Commission
Upon the execution of a fidelity bond or any amendment thereto, a
fund must file with the Commission within 10 days a copy of the
executed bond or any amendment to the bond, the independent directors'
resolution approving the bond, and a statement as to the period for
which premiums have been paid on the bond. In the case of a joint
insured bond, a fund must also file (i) a statement showing the amount
the fund would have been required to maintain under the rule if it were
insured under a single insured bond and (ii) the agreement between the
fund and all other insured parties regarding recovery under the bond. A
fund must also notify the Commission in writing within five days of any
claim or settlement on a claim under the fidelity bond.
Notices to Directors
A fund must notify by registered mail each member of its board of
directors of (i) any cancellation, termination, or modification of the
fidelity bond at least 45 days prior to the effective date, and (ii)
the filing or settlement of any claim under the fidelity bond when
notification is filed with the Commission.
[[Page 8304]]
Rule 17g-1's independent directors' annual review requirements,
fidelity bond content requirements, joint bond agreement requirement
and the required notices to directors seek to ensure the safety of fund
assets against losses due to the conduct of persons who may obtain
access to those assets. These requirements also seek to facilitate
oversight of a fund's fidelity bond. The rule's required filings with
the Commission are designed to assist the Commission in monitoring
funds' compliance with the fidelity bond requirements.
Based on conversations with representatives in the fund industry,
the Commission staff estimates that for each of the estimated 3479
active funds,\1\ the average annual paperwork burden associated with
rule 17g-1's requirements is two hours, one hour each for a compliance
attorney and the board of directors as a whole. The time spent by
compliance attorney includes time spent filing reports with the
Commission for any fidelity losses (if any) as well as paperwork
associated with any notices to directors, and managing any updates to
the bond and the joint agreement (if one exists). The time spent by the
board of directors as a whole includes any time spent initially
establishing the bond, as well as time spent on annual updates and
approvals. The Commission staff therefore estimates the total ongoing
paperwork burden hours per year for all funds required by rule 17g-1 to
be 6958 hours (3479 funds x 2 hours = 6958 hours).
---------------------------------------------------------------------------
\1\ Based on statistics compiled by Commission staff, we
estimate that there are approximately 3479 funds that must comply
with the collections of information under rule 17g-1 and have made a
filing within the last 12 months.
---------------------------------------------------------------------------
These estimates of average burden hours are made solely for the
purposes of the Paperwork Reduction Act. These estimates are not
derived from a comprehensive or even a representative survey or study
of Commission rules. The collection of information required by rule
17g-1 is mandatory and 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.
Written comments are requested 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 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
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an
email to: PRA_Mailbox@sec.gov.
February 8, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-3337 Filed 2-13-12; 8:45 am]
BILLING CODE 8011-01-P
