Proposed Collection; Comment Request, 27493-27494 [2012-11249]
Download as PDF
<![CDATA[
Federal Register / Vol. 77, No. 91 / Thursday, May 10, 2012 / Notices
presently offering or contemplating
offering any other securities; and
exhibits, including copies of the rule
605 offering circular and any
underwriting contracts.
The Commission uses the information
provided in the notification on Form 1–
E and the offering circular to determine
whether an offering qualifies for the
exemption under Regulation E. It is
estimated that one issuer files
approximately two notifications,
together with attached offering circulars,
on Form 1–E with the Commission
annually. The Commission estimates
that the total burden hours for preparing
these notifications would be 200 hours
in the aggregate. Estimates of the burden
hours are made solely for the purposes
of the PRA, and are not derived from a
comprehensive or even a representative
survey or study of the costs of SEC 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: May 4, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–11250 Filed 5–9–12; 8:45 am]
BILLING CODE 8011–01–P
mstockstill on DSK4VPTVN1PROD with 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.
Extension:
VerDate Mar<15>2010
17:18 May 09, 2012
Jkt 226001
Rule 17f–6, SEC File No. 270–392, OMB
Control No. 3235–0447.
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 17f–6 (17 CFR 270.17f–6) under
the Investment Company Act of 1940
(15 U.S.C. 80a) permits registered
investment companies (‘‘funds’’) to
maintain assets (i.e., margin) with
futures commission merchants
(‘‘FCMs’’) in connection with
commodity transactions effected on
both domestic and foreign exchanges.
Prior to the rule’s adoption, funds
generally were required to maintain
these assets in special accounts with a
custodian bank.
The rule requires a written contract
that contains certain provisions
designed to ensure important safeguards
and other benefits relating to the
custody of fund assets by FCMs. To
protect fund assets, the contract must
require that FCMs comply with the
segregation or secured amount
requirements of the Commodity
Exchange Act (‘‘CEA’’) and the rules
under that statute. The contract also
must contain a requirement that FCMs
obtain an acknowledgment from any
clearing organization that the fund’s
assets are held on behalf of the FCM’s
customers according to CEA provisions.
Because rule 17f–6 does not impose
any ongoing obligations on funds or
FCMs, Commission staff estimates there
are no costs related to existing contracts
between funds and FCMs. This estimate
does not include the time required by an
FCM to comply with the rule’s contract
requirements because, to the extent that
complying with the contract provisions
could be considered ‘‘collections of
information,’’ the burden hours for
compliance are already included in
other PRA submissions.1
Thus, Commission staff estimates that
any burden of the rule would be borne
by funds and FCMs entering into new
contracts pursuant to the rule.
Commission staff estimates that
1 The rule requires a contract with the FCM to
contain two provisions requiring the FCM to
comply with existing requirements under the CEA
and rules adopted under that Act. Thus, to the
extent these provisions could be considered
collections of information; the hours required for
compliance would be included in the collection of
information burden hours submitted by the CFTC
for its rules.
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
27493
approximately 761 fund complexes and
1997 funds currently effect commodities
transactions and could deposit margin
with FCMs in connection with those
transactions pursuant to rule 17f–6.2
Staff further estimates that of this
number, 76 fund complexes and 200
funds enter into new contracts with
FCMs each year.3
Based on conversations with fund
representatives, Commission staff
understands that fund complexes
typically enter into contracts with FCMs
on behalf of all funds in the fund
complex that engage in commodities
transactions. Funds covered by the
contract are typically listed in an
attachment, which may be amended to
encompass new funds. Commission staff
estimates that the burden for a fund
complex to enter into a contract with an
FCM that contains the contract
requirements of rule 17f–6 is one hour,
and further estimates that the burden to
add a fund to an existing contract
between a fund complex and an FCM is
6 minutes.
Accordingly, Commission staff
estimates that funds and FCMs spend 96
burden hours annually complying with
the information collection requirements
of rule 17f–6.4 At $378 per hour of
professional (attorney) time,
Commission staff estimates that the
annual dollar cost for the 96 hours is
$36,288.5 These estimates are made
solely for the purposes of the Paperwork
Reduction Act, and are not derived from
a comprehensive or even a
representative survey or study of the
costs of Commission rules and forms.
Compliance with the collection of
information requirements of the rule is
necessary to obtain the benefit of relying
on the rule. 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.
2 This estimate is based on the number of funds
that reported on Form N–SAR from July 1, 2011–
December 31, 2011, in response to items (b) through
(i) of question 70, the ability to engage in futures
and commodity option transactions.
3 These estimates are based on the assumption
that 10% of fund complexes and funds enter into
new FCM contracts each year. This assumption
encompasses fund complexes and funds that enter
into FCM contracts for the first time, as well as fund
complexes and fund that change the FCM with
whom they maintain margin accounts for
commodities transactions.
4 This estimate is based upon the following
calculation: (76 fund complexes × 1 hour) + (200
funds × 0.1 hours) = 96 hours.
5 The $378 per hour figure for an attorney is from
SIFMA’s Management & Professional Earnings in
the Securities Industry 2011, modified by
Commission staff to account for an 1800-hour workyear and multiplied by 5.35 to account for bonuses,
firm size, employee benefits and overhead.
E:\FR\FM\10MYN1.SGM
10MYN1
27494
Federal Register / Vol. 77, No. 91 / Thursday, May 10, 2012 / Notices
Written comments are invited 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 after 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: May 4, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–11249 Filed 5–9–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
30060; 813–194]
SK Private Investment Fund 1998 LLC,
et al.; Notice of Application
May 4, 2012.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under sections 6(b) and 6(e) of the
Investment Company Act of 1940 (the
‘‘Act’’) granting an exemption from all
provisions of the Act, except sections 9,
17, 30 and 36 through 53, and the rules
and regulations under the Act (the
‘‘Rules and Regulations’’). With respect
to sections 17(a), (d), (f), (g), and (j) of
the Act, sections 30(a), (b), (e), and (h)
of the Act and the Rules and
Regulations and rule 38a–1 under the
Act, applicants request a limited
exemption as set forth in the
application.
mstockstill on DSK4VPTVN1PROD with NOTICES
AGENCY:
Summary of the Application:
Applicants request an order to exempt
certain limited liability companies
formed for the benefit of eligible
employees of Skadden, Arps, Slate,
Meagher & Flom and its affiliates from
certain provisions of the Act. Each
limited liability company will be an
SUMMARY:
VerDate Mar<15>2010
17:18 May 09, 2012
Jkt 226001
‘‘employees’ securities company’’
within the meaning of section 2(a)(13) of
the Act.
Applicants: SK Private Investment
Fund 1998 LLC, Project Capital 2004
Investment Fund LLC, Project Capital
2006 Investment Fund LLC, and Project
Capital 2008 Investment Fund LLC
(‘‘Existing Funds’’), and Skadden, Arps,
Slate, Meagher & Flom LLP (‘‘Skadden
Arps LLP’’).
DATES: Filing Dates: The application
was filed on June 5, 1998 and amended
on February 18, 1999, April 2, 1999,
August 30, 2000, February 1, 2005, May
18, 2009, November 17, 2009, October
25, 2010, November 18, 2011, March 20,
2012, and May 3, 2012.
Hearing or Notification of Hearing: An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on May 30, 2012 and
should be accompanied by proof of
service on applicants, in the form of an
affidavit or, for lawyers, a certificate of
service. Hearing requests should state
the nature of the writer’s interest, the
reason for the request, and the issues
contested. Persons who wish to be
notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
Applicants, Four Times Square, New
York, New York 10036.
FOR FURTHER INFORMATION CONTACT:
Marilyn Mann, Special Counsel, at (202)
551–6813 or Mary Kay Frech, Branch
Chief, at (202) 551–6821 (Division of
Investment Management, Office of
Investment Company Regulation).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or for an applicant using the
Company name box, at https://
www.sec.gov/search/seach.htm or by
calling (202) 551–8090.
Applicants’ Representations
1. The Existing Funds are Delaware
limited liability companies formed
pursuant to limited liability company
agreements. The applicants may in the
future offer additional pooled
investment vehicles identical in all
material respects (other than form of
organization, investment objective and/
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
or strategy) to the same class of
investors as those investing in the
Existing Funds (the ‘‘Subsequent
Funds’’ and, together with the Existing
Funds, the ‘‘Investment Funds’’). The
applicants anticipate that each
Subsequent Fund will also be structured
as a limited liability company, although
a Subsequent Fund could be structured
as a domestic or offshore general
partnership, limited partnership or
corporation. The operating agreements
of the Investment Funds are the
‘‘Investment Fund Agreements.’’ An
Investment Fund may include a single
vehicle designed to issue interests in
series (‘‘Series’’) or having similar
features to enable a single fund to
function as if it were several successive
funds for ease of administration. Each
Investment Fund will be an employees’
securities company within the meaning
of section 2(a)(13) of the Act. Skadden
Arps LLP, a Delaware limited liability
partnership, and any ‘‘affiliates,’’ as
defined in rule 12b–2 under the
Securities Exchange Act of 1934 (the
‘‘Exchange Act’’), that are organized to
practice law are referred to collectively
as ‘‘Skadden Arps’’ and individually as
a ‘‘Skadden Arps Entity.’’
2. In light of the community of
interest that exists between Skadden
Arps and the Eligible Investors (as
defined below), the Investment Funds
have been, and will be, established and
controlled by Skadden Arps, within the
meaning of section 2(a)(9) of the Act, so
as to enable the Eligible Investors to
participate in certain investment
opportunities that come to the attention
of Skadden Arps. Such opportunities
may include separate accounts,
registered investment companies,
investment companies exempt from
registration under the Act, commodity
pools, real estate investment funds, and
other securities investments (each
particular investment, except any
investment that is a ‘‘Temporary
Investment,’’ 1 is referred to as an
‘‘Investment’’). Participation as
investors in the Investment Funds will
allow the Eligible Investors who are
members of the Investment Funds (the
‘‘Members’’) to diversify their
investments and to have the opportunity
to participate in investments that might
not otherwise be available to them or
1 It is anticipated that capital will be contributed
to an Investment Fund only in connection with the
funding of an Investment. Pending the payment of
the full purchase price for an Investment, funds
contributed to the Investment Fund will be invested
in high quality short-term investments, shares of
money market funds, or bank deposits (collectively,
‘‘Temporary Investments’’).
E:\FR\FM\10MYN1.SGM
10MYN1
]]>Agencies
[Federal Register Volume 77, Number 91 (Thursday, May 10, 2012)]
[Notices]
[Pages 27493-27494]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-11249]
-----------------------------------------------------------------------
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 17f-6, SEC File No. 270-392, OMB Control No. 3235-0447.
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 17f-6 (17 CFR 270.17f-6) under the Investment Company Act of
1940 (15 U.S.C. 80a) permits registered investment companies
(``funds'') to maintain assets (i.e., margin) with futures commission
merchants (``FCMs'') in connection with commodity transactions effected
on both domestic and foreign exchanges. Prior to the rule's adoption,
funds generally were required to maintain these assets in special
accounts with a custodian bank.
The rule requires a written contract that contains certain
provisions designed to ensure important safeguards and other benefits
relating to the custody of fund assets by FCMs. To protect fund assets,
the contract must require that FCMs comply with the segregation or
secured amount requirements of the Commodity Exchange Act (``CEA'') and
the rules under that statute. The contract also must contain a
requirement that FCMs obtain an acknowledgment from any clearing
organization that the fund's assets are held on behalf of the FCM's
customers according to CEA provisions.
Because rule 17f-6 does not impose any ongoing obligations on funds
or FCMs, Commission staff estimates there are no costs related to
existing contracts between funds and FCMs. This estimate does not
include the time required by an FCM to comply with the rule's contract
requirements because, to the extent that complying with the contract
provisions could be considered ``collections of information,'' the
burden hours for compliance are already included in other PRA
submissions.\1\
---------------------------------------------------------------------------
\1\ The rule requires a contract with the FCM to contain two
provisions requiring the FCM to comply with existing requirements
under the CEA and rules adopted under that Act. Thus, to the extent
these provisions could be considered collections of information; the
hours required for compliance would be included in the collection of
information burden hours submitted by the CFTC for its rules.
---------------------------------------------------------------------------
Thus, Commission staff estimates that any burden of the rule would
be borne by funds and FCMs entering into new contracts pursuant to the
rule. Commission staff estimates that approximately 761 fund complexes
and 1997 funds currently effect commodities transactions and could
deposit margin with FCMs in connection with those transactions pursuant
to rule 17f-6.\2\ Staff further estimates that of this number, 76 fund
complexes and 200 funds enter into new contracts with FCMs each
year.\3\
---------------------------------------------------------------------------
\2\ This estimate is based on the number of funds that reported
on Form N-SAR from July 1, 2011-December 31, 2011, in response to
items (b) through (i) of question 70, the ability to engage in
futures and commodity option transactions.
\3\ These estimates are based on the assumption that 10% of fund
complexes and funds enter into new FCM contracts each year. This
assumption encompasses fund complexes and funds that enter into FCM
contracts for the first time, as well as fund complexes and fund
that change the FCM with whom they maintain margin accounts for
commodities transactions.
---------------------------------------------------------------------------
Based on conversations with fund representatives, Commission staff
understands that fund complexes typically enter into contracts with
FCMs on behalf of all funds in the fund complex that engage in
commodities transactions. Funds covered by the contract are typically
listed in an attachment, which may be amended to encompass new funds.
Commission staff estimates that the burden for a fund complex to enter
into a contract with an FCM that contains the contract requirements of
rule 17f-6 is one hour, and further estimates that the burden to add a
fund to an existing contract between a fund complex and an FCM is 6
minutes.
Accordingly, Commission staff estimates that funds and FCMs spend
96 burden hours annually complying with the information collection
requirements of rule 17f-6.\4\ At $378 per hour of professional
(attorney) time, Commission staff estimates that the annual dollar cost
for the 96 hours is $36,288.\5\ These estimates are made solely for the
purposes of the Paperwork Reduction Act, and are not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules and forms.
---------------------------------------------------------------------------
\4\ This estimate is based upon the following calculation: (76
fund complexes x 1 hour) + (200 funds x 0.1 hours) = 96 hours.
\5\ The $378 per hour figure for an attorney is from SIFMA's
Management & Professional Earnings in the Securities Industry 2011,
modified by Commission staff to account for an 1800-hour work-year
and multiplied by 5.35 to account for bonuses, firm size, employee
benefits and overhead.
---------------------------------------------------------------------------
Compliance with the collection of information requirements of the
rule is necessary to obtain the benefit of relying on the rule. 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.
[[Page 27494]]
Written comments are invited 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 after 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: May 4, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-11249 Filed 5-9-12; 8:45 am]
BILLING CODE 8011-01-P
