Submission for OMB Review; Comment Request, 23519-23520 [2012-9415]
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Federal Register / Vol. 77, No. 76 / Thursday, April 19, 2012 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
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.
Rule 17g–1’s independent directors’
annual review requirements, fidelity
bond content requirements, joint bond
agreement requirement and the required
notices to directors are designed 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 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
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.
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17:10 Apr 18, 2012
Jkt 226001
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.
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: April 13, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–9414 Filed 4–18–12; 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 20549–0213.
Extension:
Rule 35d–1; SEC File No. 270–491; OMB
Control No. 3235–0548.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
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Fmt 4703
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23519
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
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
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:
E:\FR\FM\19APN1.SGM
19APN1
23520
Federal Register / Vol. 77, No. 76 / Thursday, April 19, 2012 / Notices
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: April 13, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–9415 Filed 4–18–12; 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 20549–0213.
mstockstill on DSK4VPTVN1PROD with NOTICES
Extension:
Form 13F; SEC File No. 270–22; OMB
Control No. 3235–0006.
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’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Section 13(f) 1 of the Securities
Exchange Act of 1934 2 (the ‘‘Exchange
Act’’) empowers the Commission to: (1)
adopt rules that create a reporting and
disclosure system to collect specific
information; and (2) disseminate such
information to the public. Rule 13f–1 3
under the Exchange Act requires
institutional investment managers that
exercise investment discretion over
accounts that have in the aggregate a fair
market value of at least $100,000,000 of
certain U.S. exchange-traded equity
securities, as set forth in rule 13f–1(c),
to file quarterly reports with the
Commission on Form 13F.
The information collection
requirements apply to institutional
1 15
U.S.C. 78m(f).
U.S.C. 78a et seq.
3 17 CFR 240.13f–1.
2 15
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17:10 Apr 18, 2012
Jkt 226001
investment managers that meet the $100
million reporting threshold. Section
13(f)(6) of the Exchange Act defines an
‘‘institutional investment manager’’ as
any person, other than a natural person,
investing in or buying and selling
securities for its own account, and any
person exercising investment discretion
with respect to the account of any other
person. Rule 13f–1(b) under the
Exchange Act defines ‘‘investment
discretion’’ for purposes of Form 13F
reporting.
The reporting system required by
Section 13(f) of the Exchange Act is
intended, among other things, to create
in the Commission a central repository
of historical and current data about the
investment activities of institutional
investment managers, and to improve
the body of factual data available to
regulators and the public.
The Commission staff estimates that
4,286 respondents make approximately
17,144 responses under the rule each
year. The staff estimates that on average,
Form 13F filers spend 98.8 hours/year
to prepare and submit the report. In
addition, the staff estimates that 171
respondents file approximately 684
amendments each year. The staff
estimates that on average, Form 13F
filers spend 4 hours/year to prepare and
submit amendments to Form 13F. The
total annual burden of the rule’s
requirements for all respondents
therefore is estimated to be 424,141
hours ((4,286 filers × 98.8 hours) + (171
filers × 4 hours)).
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. The estimate
is not derived from a comprehensive or
even a representative survey or study of
the costs of Commission rules. 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 PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312 or send an email
to: PRA_Mailbox@sec.gov. Comments
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
must be submitted to OMB within 30
days of this notice.
Dated: April 13, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–9416 Filed 4–18–12; 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 20549–0213.
Extension:
Form SE; OMB Control No. 3235–0327;
SEC File No. 270–289.
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
request for extension of the previously
approved collections of information
discussed below.
Form SE (17 CFR 239.64) is used by
registrants to file paper copies of
exhibits, reports or other documents
that would be difficult or impossible to
submit electronically. The information
contained in Form SE is used by the
Commission to identify paper copies of
exhibits. Form SE is a public document
and is filed on occasion. Form SE is
filed by individuals, companies or other
entities that are required to file
documents electronically.
Approximately 50 registrants file Form
SE and it takes an estimated 0.10 hours
per response for a total annual burden
of 5 hours.
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-
E:\FR\FM\19APN1.SGM
19APN1
Agencies
[Federal Register Volume 77, Number 76 (Thursday, April 19, 2012)]
[Notices]
[Pages 23519-23520]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-9415]
-----------------------------------------------------------------------
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 35d-1; SEC File No. 270-491; OMB Control No. 3235-0548.
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 (``OMB'') a request for extension of the
previously approved collection of information discussed below.
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 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:
[[Page 23520]]
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: April 13, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-9415 Filed 4-18-12; 8:45 am]
BILLING CODE 8011-01-P