Submission for OMB Review; Comment Request, 19037-19038 [2012-7521]

Download as PDF Federal Register / Vol. 77, No. 61 / Thursday, March 29, 2012 / Notices 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. mstockstill on DSK4VPTVN1PROD with NOTICES Extension: Rule 206(3)–2, SEC File No. 270–216, OMB Control No. 3235–0243. 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 206(3)–2, (17 CFR 275.206(3)–2) which is entitled ‘‘Agency Cross Transactions for Advisory Clients,’’ permits investment advisers to comply with section 206(3) of the Investment Advisers Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80b–6(3)) by obtaining a client’s blanket consent to enter into agency cross transactions (i.e., a transaction in which an adviser acts as a broker to both the advisory client and the opposite party to the transaction), provided that certain disclosures are made to the client. Rule 206(3)–2 applies to all registered investment advisers. In relying on the rule, investment advisers must provide certain disclosures to their clients. Advisory clients can use the disclosures to monitor agency cross transactions that affect their advisory account. The Commission also uses the information required by Rule 206(3)–2 in connection with its investment adviser inspection program to ensure that advisers are in compliance with the rule. Without the information collected under the rule, advisory clients would not have information necessary for monitoring their adviser’s handling of their accounts and the Commission would be less efficient and effective in its inspection program. The information requirements of the rule consist of the following: (1) Prior to obtaining the client’s consent appropriate disclosure must be made to the client as to the practice of, and the conflicts of interest involved in, agency cross transactions; (2) at or before the completion of any such transaction the client must be furnished with a written confirmation containing specified information and offering to furnish upon request certain additional VerDate Mar<15>2010 17:14 Mar 28, 2012 Jkt 226001 information; and (3) at least annually, the client must be furnished with a written statement or summary as to the total number of transactions during the period covered by the consent and the total amount of commissions received by the adviser or its affiliated brokerdealer attributable to such transactions. The Commission estimates that approximately 550 respondents use the rule annually, necessitating about 32 responses per respondent each year, for a total of 17,600 responses. Each response requires an estimated 0.5 hours, for a total of 8,800 hours. The estimated average burden hours are made solely for the purposes of the Paperwork Reduction Act and are not derived from a comprehensive or representative survey or study of the cost of Commission rules and forms. This collection of information is found at (17 CFR 275.206(3)–2) and is necessary in order for the investment adviser to obtain the benefits of Rule 206(3)–2. The collection of information requirements under the rule is mandatory. Information subject to the disclosure requirements of Rule 206(3)– 2 does not require submission to the Commission; and, accordingly, the disclosure pursuant to the rule is not kept confidential. Commissionregistered investment advisers are required to maintain and preserve certain information required under Rule 206(3)–2 for five (5) years. The longterm retention of these records is necessary for the Commission’s inspection program to ascertain compliance with the Advisers 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 proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be 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 sixty 60 days of this publication. Please direct your written comments to Thomas Bayer, Director/Chief Information Officer, Securities and PO 00000 Frm 00041 Fmt 4703 Sfmt 4703 19037 Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov. Dated: March 23, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–7522 Filed 3–28–12; 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 and Advocacy, Washington, DC 20549. Extension: Rule 17Ac2–2 and Form TA–2, SEC File No. 270–298, OMB Control No. 3235– 0337. 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 approval of the existing collection of information provided for in Rule 17Ac2–2 (17 CFR 240.17Ac2–2) and Form TA–2 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). Rule 17Ac2–2 and Form TA–2 under the Exchange Act require transfer agents to file an annual report of their business activities with the Commission. These reporting requirements are designed to ensure that all registered transfer agents are providing the Commission with sufficient information on an annual basis about the transfer agent community and for the Commission to effectively monitor business activities of transfer agents. The amount of time needed to comply with the requirements of amended Rule 17Ac2–2 and Form TA–2 varies. From the total 473 registered transfer agents, approximately 30 registrants would be required to complete only Questions 1 through 4 and the signature section of amended Form TA–2, which the Commission estimates would take each registrant about 30 minutes, for a total burden of 15 hours (30 × .5 hours). Approximately 111 registrants would be required to answer Questions 1 through 5, 10, and 11 and the signature section, which the Commission estimates would take about 1 hour and 30 minutes, for a total of 166.5 hours (111 × 1.5 hours). The remaining registrants, E:\FR\FM\29MRN1.SGM 29MRN1 19038 Federal Register / Vol. 77, No. 61 / Thursday, March 29, 2012 / Notices approximately 332, would be required to complete the entire Form TA–2, which the Commission estimates would take about 6 hours, for a total of 1,992 hours (332 × 6 hours). The aggregate annual burden on all 473 transfer agents registered with the Commission as of November 1, 2011, is thus approximately 2,174 hours (15 hours + 166.5 hours + 1,992 hours). We estimate that the total cost of reviewing and entering the information reported on the Forms TA–2 for respondents is $41.50 per hour. The Commission estimates that the total internal labor cost of complying with the rule and form requirements would be $90,221 annually ($41.50 × 2,174). This, however, is solely a monetization of the hour burden and is not a separate cost burden. This rule does not involve the collection of confidential information. The Commission may not conduct or sponsor a collection of information unless it displays a currently valid Office of Management and Budget (‘‘OMB’’) control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the Paperwork Reduction Act that does not display a valid OMB control number. Background documentation for this information collection may be viewed 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: March 23, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–7521 Filed 3–28–12; 8:45 am] mstockstill on DSK4VPTVN1PROD with NOTICES 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 VerDate Mar<15>2010 17:14 Mar 28, 2012 Jkt 226001 Education and Advocacy, Washington, DC 20549–0213. Extension: Rules 8b–1 to 8b–33, SEC File No. 270– 135, OMB Control No. 3235–0176. 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’’) 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 (‘‘OMB’’) for extension and approval. Rules 8b–1 to 8b–33 (17 CFR 270.8b– 1 to 8b–33) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘Investment Company Act’’) were adopted to standardize the mechanics of registration under the Investment Company Act and to provide more specific guidance for persons registering under the Investment Company Act than the information contained in the statute. For the most part, these procedural rules do not require the disclosure of information. Two of the rules, however, require limited disclosure of information.1 The information required by the rules is necessary to ensure that investors have clear and complete information upon which to base an investment decision. The Commission uses the information that investment companies provide on registration statements in its regulatory, disclosure review, inspection and policy-making roles. The respondents to the collection of information are investment companies filing registration statements under the Investment Company Act. The Commission does not estimate separately the total annual reporting and recordkeeping burden associated with rules 8b-1 to 8b-33 because the burden associated with these rules are included in the burden estimates the Commission submits for the investment company registration statement forms (e.g., Form N–1A (17 CFR 239.15A and 274.11A), Form N–2 (17 CFR 239.14 and 274.11a– 1), Form N–3 (17 CFR 239.17a and 274.11b), Form N–4 (17 CFR 239.17b and 274.11c), and Form N–6 (17 CFR 239.17c and 274.11d)). For example, a mutual fund that prepares a registration statement on Form N–1A must comply with the rules under Section 8(b), including rules on riders, amendments, the form of the registration statement, and the number of copies to be submitted. Because the fund only incurs a burden from the Section 8(b) rules when preparing a registration statement, it would be impractical to measure the compliance burden of these rules separately. The Commission believes that including the burden of the Section 8(b) rules with the burden estimates for the investment company registration statement forms provides a more accurate and complete estimate of the total burdens associated with the registration process. For administrative purposes, however, we are requesting approval for an information collection burden of one hour per year. This estimate of burden hours is not derived from a comprehensive or necessarily even representative study of the cost of the Commission’s rules and forms. 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 PavlikSimon, 6432 General Green Way, Alexandria, VA 22312; or send an email to PRA_Mailbox@sec.gov. Dated: March 23, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–7520 Filed 3–28–12; 8:45 am] BILLING CODE 8011–01–P 1 Rule 8b–3 (17 CFR 270.8b–3) provides that whenever a registration form requires the title of securities to be stated, the registrant must indicate the type and general character of the securities to be issued. Rule 8b–22 (17 CFR 270.8b–22) provides that if the existence of control is open to reasonable doubt, the registrant may disclaim the existence of control, but it must state the material facts pertinent to the possible existence of control. PO 00000 Frm 00042 Fmt 4703 Sfmt 9990 E:\FR\FM\29MRN1.SGM 29MRN1

Agencies

[Federal Register Volume 77, Number 61 (Thursday, March 29, 2012)]
[Notices]
[Pages 19037-19038]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-7521]


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

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.

Extension:
    Rule 17Ac2-2 and Form TA-2, SEC File No. 270-298, OMB Control 
No. 3235-0337.

    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 approval of the existing collection 
of information provided for in Rule 17Ac2-2 (17 CFR 240.17Ac2-2) and 
Form TA-2 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.) (``Exchange Act'').
    Rule 17Ac2-2 and Form TA-2 under the Exchange Act require transfer 
agents to file an annual report of their business activities with the 
Commission.
    These reporting requirements are designed to ensure that all 
registered transfer agents are providing the Commission with sufficient 
information on an annual basis about the transfer agent community and 
for the Commission to effectively monitor business activities of 
transfer agents.
    The amount of time needed to comply with the requirements of 
amended Rule 17Ac2-2 and Form TA-2 varies. From the total 473 
registered transfer agents, approximately 30 registrants would be 
required to complete only Questions 1 through 4 and the signature 
section of amended Form TA-2, which the Commission estimates would take 
each registrant about 30 minutes, for a total burden of 15 hours (30 x 
.5 hours). Approximately 111 registrants would be required to answer 
Questions 1 through 5, 10, and 11 and the signature section, which the 
Commission estimates would take about 1 hour and 30 minutes, for a 
total of 166.5 hours (111 x 1.5 hours). The remaining registrants,

[[Page 19038]]

approximately 332, would be required to complete the entire Form TA-2, 
which the Commission estimates would take about 6 hours, for a total of 
1,992 hours (332 x 6 hours). The aggregate annual burden on all 473 
transfer agents registered with the Commission as of November 1, 2011, 
is thus approximately 2,174 hours (15 hours + 166.5 hours + 1,992 
hours).
    We estimate that the total cost of reviewing and entering the 
information reported on the Forms TA-2 for respondents is $41.50 per 
hour. The Commission estimates that the total internal labor cost of 
complying with the rule and form requirements would be $90,221 annually 
($41.50 x 2,174). This, however, is solely a monetization of the hour 
burden and is not a separate cost burden.
    This rule does not involve the collection of confidential 
information.
    The Commission may not conduct or sponsor a collection of 
information unless it displays a currently valid Office of Management 
and Budget (``OMB'') control number. No person shall be subject to any 
penalty for failing to comply with a collection of information subject 
to the Paperwork Reduction Act that does not display a valid OMB 
control number.
    Background documentation for this information collection may be 
viewed 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: March 23, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-7521 Filed 3-28-12; 8:45 am]
BILLING CODE 8011-01-P
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