Proposed Collection; Comment Request, 34415-34416 [2012-14027]

Download as PDF srobinson on DSK4SPTVN1PROD with NOTICES Federal Register / Vol. 77, No. 112 / Monday, June 11, 2012 / Notices issuers, underwriters, or dealers that wish to household prospectuses with implied consent to send a notice to each investor stating that the investors in the household will receive one prospectus in the future unless the investors provide contrary instructions. In addition, at least once a year, issuers, underwriters, or dealers relying on rule 154 for the householding of prospectuses relating to open-end management investment companies that are registered under the Investment Company Act of 1940 (‘‘mutual funds’’) must explain to investors who have provided written or implied consent how they can revoke their consent. Preparing and sending the notice and the annual explanation of the right to revoke are collections of information. The rule allows issuers, underwriters, or dealers to household prospectuses if certain conditions are met. Among the conditions with which a person relying on the rule must comply are providing notice to each investor that only one prospectus will be sent to the household and, in the case of issuers that are mutual funds, providing to each investor who consents to householding an annual explanation of the right to revoke consent to the delivery of a single prospectus to multiple investors sharing an address. The purpose of the notice and annual explanation requirements of the rule is to ensure that investors who wish to receive individual copies of prospectuses are able to do so. Although rule 154 is not limited to mutual funds, the Commission believes that it is used mainly by mutual funds and by broker-dealers that deliver prospectuses for mutual funds. The Commission is unable to estimate the number of issuers other than mutual funds that rely on the rule. The Commission estimates that, as of December 2008, there are approximately 1,960 mutual funds, approximately 150 of which engage in direct marketing and therefore deliver their own prospectuses. The Commission estimates that each direct-marketed mutual fund will spend an average of 20 hours per year complying with the notice requirement of the rule, for a total of 3,000 hours. The Commission estimates that each direct-marketed fund will also spend 1 hour complying with the explanation of the right to revoke requirement of the rule, for a total of 150 hours. The Commission estimates that there are approximately 320 broker-dealers that carry customer accounts and, therefore, may be required to deliver mutual fund prospectuses. The Commission estimates that each affected broker- VerDate Mar<15>2010 20:21 Jun 08, 2012 Jkt 226001 dealer will spend, on average, approximately 20 hours complying with the notice requirement of the rule, for a total of 6,400 hours. Each broker-dealer will also spend 1 hour complying with the annual explanation of the right to revoke requirement, for a total of 320 hours. Therefore, the total number of respondents for rule 154 is 470 (150 mutual funds plus 320 broker-dealers), and the estimated total hour burden is 9,870 hours (3,150 hours for mutual funds plus 6,720 hours for brokerdealers). 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. Written comments are invited on: (a) Whether the collections of information are 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 collections of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collections 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: June 5, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–14026 Filed 6–8–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; 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 17f–1(b); OMB Control No. 3235– 0032; SEC File No. 270–28. PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 34415 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘PRA’’), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 17f–1(b) (17 CFR 240.17f–1(b) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 17f–1(b) under the Exchange Act requires approximately 25,000 entities in the securities industry to register in the Lost and Stolen Securities Program (‘‘Program’’). Registration fulfills a statutory requirement that entities report and inquire about missing, lost, counterfeit, or stolen securities. Registration also allows entities in the securities industry to gain access to a confidential database that stores information for the Program. The Commission staff estimates that 1,000 new entities will register in the Program each year. The staff estimates that the average number of hours necessary to comply with Rule 17f–1(b) is one-half hour. Accordingly, the staff estimates that total annual burden for all participants is 500 hours (1,000 × onehalf hour). Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates 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 60 days of this publication. The Commission may not conduct or sponsor a collection of information unless it displays a currently valid OMB 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 OMB control number. Please direct your comments to: Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, E:\FR\FM\11JNN1.SGM 11JNN1 34416 Federal Register / Vol. 77, No. 112 / Monday, June 11, 2012 / Notices Alexandria, VA 22312 or send an email to: PRA_Mailbox@sec.gov. Dated: June 5, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–14027 Filed 6–8–12; 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. srobinson on DSK4SPTVN1PROD with NOTICES Extension: Rule 17f–2(a); SEC File No. 270–34; OMB Control No. 3235–0034. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘PRA’’), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 17f–2(a) (17 CFR 240.17f–2(a), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit the existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 17f–2(a) (Fingerprinting Requirements for Securities Professionals) requires that securities professionals be fingerprinted. This requirement serves to identify securityrisk personnel, to allow an employer to make fully informed employment decisions, and to deter possible wrongdoers from seeking employment in the securities industry. Partners, directors, officers, and employees of exchanges, brokers, dealers, transfer agents, and clearing agencies are included. The Commission staff estimates that approximately 10,000 respondents will submit fingerprint cards each year. It also estimates that each respondent will submit 55 fingerprint cards per year. The staff estimates that the average number of hours necessary to comply with Rule 17f–2(a) is one-half hour. Thus, the total estimated annual burden is 275,000 hours for all respondents (550,000 times one-half hour). The average internal labor cost of compliance per hour is approximately $50. Therefore, the total estimated annual internal labor cost of compliance for all respondents is $13,750,000 (275,000 times $50). VerDate Mar<15>2010 20:21 Jun 08, 2012 Jkt 226001 Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates 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 60 days of this publication. The Commission may not conduct or sponsor a collection of information unless it displays a currently valid OMB 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 OMB control number. 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, Virginia 22312 or send an email to: PRA_Mailbox@sec.gov. Dated: June 5, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–14030 Filed 6–8–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67119; File No. SR–DTC– 2012–04] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Enable Issuers To Send Corporate Action Announcements in Machine Readable Format June 5, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on May 25, 2012, The Depository Trust Company (‘‘DTC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I and II below, which items have been prepared primarily by DTC. DTC filed the 1 15 PO 00000 U.S.C. 78s(b)(1). Frm 00080 Fmt 4703 Sfmt 4703 proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act and Rule 19b–4(f)(4) thereunder so that the proposed rule change was effective upon filing with the Commission.2 The Commission is publishing this notice to solicit comments on the proposed rule change from interested parties. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The purpose of this proposed rule change is to update DTC’s corporate action service in order to enable issuers to send to DTC dividend announcements on sponsored American Depositary Receipts (‘‘ADRs’’) using eXtensible Business Reporting Language (‘‘XBRL’’) through DTC’s Worldwide Announcement Validation Enrichment System platform (‘‘WAVE’’). II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, DTC included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. DTC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements.3 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (1) Purpose DTC routinely receives corporate action information from issuers and issuers’ transfer agents and currently makes such information available to DTC participants.4 In an effort to improve the accuracy in the announcing and processing of corporate action events, DTC plans to phase in the acceptance of corporate action announcements in XBRL. XBRL technology provides issuers with the ability to ‘‘tag’’ specific data elements describing the event in the announcements and documentations they distribute. Those tagged documents can then be electronically transmitted to DTC, and DTC can load the pertinent 2 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b– 4(f)(4). 3 The Commission has modified the text of the summaries prepared by DTC. 4 Some of the more common corporate actions are dividend payments, interest payments, voluntary tender offers, and redemption of municipal and corporate bonds. E:\FR\FM\11JNN1.SGM 11JNN1

Agencies

[Federal Register Volume 77, Number 112 (Monday, June 11, 2012)]
[Notices]
[Pages 34415-34416]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14027]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; 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 17f-1(b); OMB Control No. 3235-0032; SEC File No. 270-28.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the existing 
collection of information provided for in Rule 17f-1(b) (17 CFR 
240.17f-1(b) under the Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) (``Exchange Act''). The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    Rule 17f-1(b) under the Exchange Act requires approximately 25,000 
entities in the securities industry to register in the Lost and Stolen 
Securities Program (``Program''). Registration fulfills a statutory 
requirement that entities report and inquire about missing, lost, 
counterfeit, or stolen securities. Registration also allows entities in 
the securities industry to gain access to a confidential database that 
stores information for the Program.
    The Commission staff estimates that 1,000 new entities will 
register in the Program each year. The staff estimates that the average 
number of hours necessary to comply with Rule 17f-1(b) is one-half 
hour. Accordingly, the staff estimates that total annual burden for all 
participants is 500 hours (1,000 x one-half hour).
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates 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 60 days of this publication.
    The Commission may not conduct or sponsor a collection of 
information unless it displays a currently valid OMB 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 OMB control number.
    Please direct your comments to: Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way,

[[Page 34416]]

Alexandria, VA 22312 or send an email to: PRA_Mailbox@sec.gov.

    Dated: June 5, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-14027 Filed 6-8-12; 8:45 am]
BILLING CODE 8011-01-P
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