Proposed Collection; Comment Request, 37078-37079 [2012-14948]
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37078
Federal Register / Vol. 77, No. 119 / Wednesday, June 20, 2012 / Notices
contribution toward the requisite 5.5
percent of the Postal Service’s
institutional costs. Id., Attachment D at
1. Mr. Nicoski contends that there will
be no issue of subsidization of market
dominant products by competitive
products as a result of the instant
contract. Id.
Instant contract. The Postal Service
included a redacted version of the
instant contract with the Request. Id.,
Attachment B. It is scheduled to become
effective on the day the Commission
issues all necessary regulatory
approvals. Id., Attachment B at 3. The
contract will expire 3 years from the
effective date unless, among other
things, either party terminates the
agreement with 30 days written notice
to the other party. Id. The Postal Service
represents that the instant contract is
consistent with 39 U.S.C. 3633. Id.,
Attachment E.
The Postal Service filed much of its
supporting materials, including the
unredacted version of the instant
contract, under seal. Id., Attachment F.
It maintains that the unredacted
Governors’ Decision, the unredacted
version of the instant contract, and
supporting documents establishing
compliance with 39 U.S.C. 3633 and 39
CFR 3015.5 should remain confidential.
Request at 1. The Postal Service asks the
Commission to protect customeridentifying information from public
disclosure indefinitely. Id.
II. Notice of Filings
The Commission establishes Docket
Nos. MC2012–25 and CP2012–33 to
consider the Request and the instant
contract, respectively.
Interested persons may submit
comments on whether the Postal
Service’s filings in these dockets are
consistent with the policies of 39 U.S.C.
3632, 3633, and 3642, 39 CFR 3015.5,
and 39 CFR part 3020, subpart B.
Comments are due no later than June 25,
2012. The public portions of these
filings can be accessed via the
Commission’s Web site (https://
www.prc.gov).
The Commission appoints Natalie Rea
Ward to serve as Public Representative
in these dockets.
mstockstill on DSK4VPTVN1PROD with NOTICES
III. Ordering Paragraphs
It is ordered:
1. The Commission establishes Docket
Nos. MC2012–25 and CP2012–33 to
consider the matters raised in each
docket.
2. Pursuant to 39 U.S.C. 505, Natalie
Rea Ward is appointed to serve as an
officer of the Commission (Public
Representative) to represent the
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16:14 Jun 19, 2012
Jkt 226001
interests of the general public in these
proceedings.
3. Comments by interested persons in
these proceedings are due no later than
June 25, 2012.
4. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2012–14959 Filed 6–19–12; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL SERVICE
Product Change—Parcel Select and
Parcel Return Service Negotiated
Service Agreement
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: June 20, 2012.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on June 13, 2012,
it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Parcel
Select & Parcel Return Service Contract
4 to Competitive Product List.
Documents are available at
www.prc.gov, Docket Nos. MC2012–25,
CP2012–33.
SUMMARY:
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012–14936 Filed 6–19–12; 8:45 am]
BILLING CODE 7710–12–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 10f–3; SEC File No. 270–237; OMB
Control No. 3235–0226.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
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Fmt 4703
Sfmt 4703
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collections of information
discussed below. The Commission plans
to submit these existing collections of
information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Section 10(f) of the Investment
Company Act of 1940 (the ‘‘Act’’)
prohibits a registered investment
company (‘‘fund’’) from purchasing any
security during an underwriting or
selling syndicate if the fund has certain
relationships with a principal
underwriter for the security.1 Congress
enacted this provision in 1940 to protect
funds and their shareholders by
preventing underwriters from
‘‘dumping’’ unmarketable securities on
affiliated funds.
Rule 10f–3 permits a fund to engage
in a securities transaction that otherwise
would violate Section 10(f) if, among
other things: (i) Each transaction
effected under the rule is reported on
Form N–SAR; (ii) the fund’s directors
have approved procedures for purchases
made in reliance on the rule, regularly
review fund purchases to determine
whether they comply with these
procedures, and approve necessary
changes to the procedures; and (iii) a
written record of each transaction
effected under the rule is maintained for
six years, the first two of which in an
easily accessible place.2 The written
record must state: (i) From whom the
securities were acquired; (ii) the identity
of the underwriting syndicate’s
members; (iii) the terms of the
transactions; and (iv) the information or
materials on which the fund’s board of
directors has determined that the
purchases were made in compliance
with procedures established by the
board.
Rule 10f–3 also conditionally allows
managed portions of fund portfolios to
purchase securities offered in otherwise
off-limits primary offerings. To qualify
for this exemption, rule 10f–3 requires
that the subadviser that is advising the
purchaser be contractually prohibited
from providing investment advice to
any other portion of the fund’s portfolio
and consulting with any other of the
fund’s advisers that is a principal
underwriter or affiliated person of a
principal underwriter concerning the
fund’s securities transactions.
These requirements provide a
mechanism for fund boards to oversee
compliance with the rule. The required
recordkeeping facilitates the
1 15
2 17
E:\FR\FM\20JNN1.SGM
U.S.C. 80a–10(f).
CFR 270.10f–3.
20JNN1
Federal Register / Vol. 77, No. 119 / Wednesday, June 20, 2012 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
Commission staff’s review of rule 10f–
3 transactions during routine fund
inspections and, when necessary, in
connection with enforcement actions.
The staff estimates that approximately
300 funds engage in a total of
approximately 3,700 rule 10f–3
transactions each year.3 Rule 10f–3
requires that the purchasing fund create
a written record of each transaction that
includes, among other things, from
whom the securities were purchased
and the terms of the transaction. The
staff estimates 4 that it takes an average
fund approximately 30 minutes per
transaction and approximately 1,850
hours 5 in the aggregate to comply with
this portion of the rule.
The funds also must maintain and
preserve these transactional records in
accordance with the rule’s
recordkeeping requirement, and the staff
estimates that it takes a fund
approximately 20 minutes per
transaction and that annually, in the
aggregate, funds spend approximately
1,233 hours 6 to comply with this
portion of the rule.
In addition, fund boards must, no less
than quarterly, examine each of these
transactions to ensure that they comply
with the fund’s policies and procedures.
The information or materials upon
which the board relied to come to this
determination also must be maintained
and the staff estimates that it takes a
fund 1 hour per quarter and, in the
aggregate, approximately 1,200 hours7
annually to comply with this rule
requirement.
The staff estimates that reviewing and
revising as needed written procedures
for rule 10f–3 transactions takes, on
average for each fund, two hours of a
compliance attorney’s time per year.8
Thus, annually, in the aggregate, the
staff estimates that funds spend a total
of approximately 600 hours 9 on
monitoring and revising rule 10f–3
procedures.
3 These estimates are based on staff extrapolations
from filings with the Commission.
4 Unless stated otherwise, the information
collection burden estimates are based on
conversations between the staff and representatives
of funds.
5 This estimate is based on the following
calculation: (0.5 hours × 3,700 = 1,850 hours).
6 This estimate is based on the following
calculations: (20 minutes × 3,700 transactions =
74,000 minutes; 74,000 minutes/60 = 1,233 hours).
7 This estimate is based on the following
calculation: (1 hour per quarter × 4 quarters × 300
funds = 1,200 hours).
8 These averages take into account the fact that in
most years, fund attorneys and boards spend little
or no time modifying procedures and in other years,
they spend significant time doing so.
9 This estimate is based on the following
calculation: (300 funds × 2 hours = 600 hours).
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16:14 Jun 19, 2012
Jkt 226001
Based on an analysis of fund filings,
the staff estimates that approximately
775 fund portfolios enter into
subadvisory agreements each year.10
Based on discussions with industry
representatives, the staff estimates that
it will require approximately 3 attorney
hours to draft and execute additional
clauses in new subadvisory contracts in
order for funds and subadvisers to be
able to rely on the exemptions in rule
10f–3. Because these additional clauses
are identical to the clauses that a fund
would need to insert in their
subadvisory contracts to rely on rules
12d3–1, 17a–10, and 17e–1, and because
we believe that funds that use one such
rule generally use all of these rules, we
apportion this 3 hour time burden
equally to all four rules. Therefore, we
estimate that the burden allocated to
rule 10f–3 for this contract change
would be 0.75 hours.11 Assuming that
all 775 funds that enter into new
subadvisory contracts each year make
the modification to their contract
required by the rule, we estimate that
the rule’s contract modification
requirement will result in 581 burden
hours annually.12
The staff estimates, therefore, that rule
10f–3 imposes an information collection
burden of 5,665 hours.13 This estimate
does not include the time spent filing
transaction reports on Form N–SAR,
which is encompassed in the
information collection burden estimate
for that form.
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 burdens of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burdens 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.
10 Based on information in Commission filings,
we estimate that 44.4 percent of funds are advised
by subadvisers.
11 This estimate is based on the following
calculation (3 hours ÷ 4 rules = .75 hours).
12 These estimates are based on the following
calculations: (0.75 hours × 775 portfolios = 581
burden hours).
13 This estimate is based on the following
calculation: (1,850 hours + 1,233 hours + 1,200
hours + 600 hours + 581 hours + 201 hours = 5,665
total burden hours).
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Frm 00098
Fmt 4703
Sfmt 4703
37079
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 14, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–14948 Filed 6–19–12; 8:45 am]
BILLING CODE P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
30103; File No. 812–14008]
Versus Capital Multi-Manager Real
Estate Income Fund LLC and Versus
Capital Advisors; Notice of Application
June 14, 2012.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
section 6(c) of the Investment Company
Act of 1940 (the ‘‘Act’’) for an
exemption from sections 18(c) and 18(i)
of the Act, under sections 6(c) and
23(c)(3) of the Act for an exemption
from rule 23c–3 under the Act, and for
an order pursuant to section 17(d) of the
Act and rule 17d–1 under the Act.
AGENCY:
Applicants
request an order to permit certain
registered closed-end management
investment companies to issue multiple
classes of shares and to impose assetbased distribution fees and early
withdrawal charges (‘‘EWCs’’).
APPLICANTS: Versus Capital MultiManager Real Estate Income Fund LLC
(‘‘Initial Fund’’) and Versus Capital
Advisors LLC (‘‘Adviser’’).
FILING DATES: The application was filed
on February 23, 2012, and amended on
April 30, 2012 and June 8, 2012.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief 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 July 9, 2012 and should
be accompanied by proof of service on
the 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
SUMMARY OF APPLICATION:
E:\FR\FM\20JNN1.SGM
20JNN1
]]>Agencies
[Federal Register Volume 77, Number 119 (Wednesday, June 20, 2012)]
[Notices]
[Pages 37078-37079]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14948]
=======================================================================
-----------------------------------------------------------------------
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 10f-3; SEC File No. 270-237; OMB Control No. 3235-0226.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collections
of information discussed below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Section 10(f) of the Investment Company Act of 1940 (the ``Act'')
prohibits a registered investment company (``fund'') from purchasing
any security during an underwriting or selling syndicate if the fund
has certain relationships with a principal underwriter for the
security.\1\ Congress enacted this provision in 1940 to protect funds
and their shareholders by preventing underwriters from ``dumping''
unmarketable securities on affiliated funds.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 80a-10(f).
---------------------------------------------------------------------------
Rule 10f-3 permits a fund to engage in a securities transaction
that otherwise would violate Section 10(f) if, among other things: (i)
Each transaction effected under the rule is reported on Form N-SAR;
(ii) the fund's directors have approved procedures for purchases made
in reliance on the rule, regularly review fund purchases to determine
whether they comply with these procedures, and approve necessary
changes to the procedures; and (iii) a written record of each
transaction effected under the rule is maintained for six years, the
first two of which in an easily accessible place.\2\ The written record
must state: (i) From whom the securities were acquired; (ii) the
identity of the underwriting syndicate's members; (iii) the terms of
the transactions; and (iv) the information or materials on which the
fund's board of directors has determined that the purchases were made
in compliance with procedures established by the board.
---------------------------------------------------------------------------
\2\ 17 CFR 270.10f-3.
---------------------------------------------------------------------------
Rule 10f-3 also conditionally allows managed portions of fund
portfolios to purchase securities offered in otherwise off-limits
primary offerings. To qualify for this exemption, rule 10f-3 requires
that the subadviser that is advising the purchaser be contractually
prohibited from providing investment advice to any other portion of the
fund's portfolio and consulting with any other of the fund's advisers
that is a principal underwriter or affiliated person of a principal
underwriter concerning the fund's securities transactions.
These requirements provide a mechanism for fund boards to oversee
compliance with the rule. The required recordkeeping facilitates the
[[Page 37079]]
Commission staff's review of rule 10f-3 transactions during routine
fund inspections and, when necessary, in connection with enforcement
actions.
The staff estimates that approximately 300 funds engage in a total
of approximately 3,700 rule 10f-3 transactions each year.\3\ Rule 10f-3
requires that the purchasing fund create a written record of each
transaction that includes, among other things, from whom the securities
were purchased and the terms of the transaction. The staff estimates
\4\ that it takes an average fund approximately 30 minutes per
transaction and approximately 1,850 hours \5\ in the aggregate to
comply with this portion of the rule.
---------------------------------------------------------------------------
\3\ These estimates are based on staff extrapolations from
filings with the Commission.
\4\ Unless stated otherwise, the information collection burden
estimates are based on conversations between the staff and
representatives of funds.
\5\ This estimate is based on the following calculation: (0.5
hours x 3,700 = 1,850 hours).
---------------------------------------------------------------------------
The funds also must maintain and preserve these transactional
records in accordance with the rule's recordkeeping requirement, and
the staff estimates that it takes a fund approximately 20 minutes per
transaction and that annually, in the aggregate, funds spend
approximately 1,233 hours \6\ to comply with this portion of the rule.
---------------------------------------------------------------------------
\6\ This estimate is based on the following calculations: (20
minutes x 3,700 transactions = 74,000 minutes; 74,000 minutes/60 =
1,233 hours).
---------------------------------------------------------------------------
In addition, fund boards must, no less than quarterly, examine each
of these transactions to ensure that they comply with the fund's
policies and procedures. The information or materials upon which the
board relied to come to this determination also must be maintained and
the staff estimates that it takes a fund 1 hour per quarter and, in the
aggregate, approximately 1,200 hours\7\ annually to comply with this
rule requirement.
---------------------------------------------------------------------------
\7\ This estimate is based on the following calculation: (1 hour
per quarter x 4 quarters x 300 funds = 1,200 hours).
---------------------------------------------------------------------------
The staff estimates that reviewing and revising as needed written
procedures for rule 10f-3 transactions takes, on average for each fund,
two hours of a compliance attorney's time per year.\8\ Thus, annually,
in the aggregate, the staff estimates that funds spend a total of
approximately 600 hours \9\ on monitoring and revising rule 10f-3
procedures.
---------------------------------------------------------------------------
\8\ These averages take into account the fact that in most
years, fund attorneys and boards spend little or no time modifying
procedures and in other years, they spend significant time doing so.
\9\ This estimate is based on the following calculation: (300
funds x 2 hours = 600 hours).
---------------------------------------------------------------------------
Based on an analysis of fund filings, the staff estimates that
approximately 775 fund portfolios enter into subadvisory agreements
each year.\10\ Based on discussions with industry representatives, the
staff estimates that it will require approximately 3 attorney hours to
draft and execute additional clauses in new subadvisory contracts in
order for funds and subadvisers to be able to rely on the exemptions in
rule 10f-3. Because these additional clauses are identical to the
clauses that a fund would need to insert in their subadvisory contracts
to rely on rules 12d3-1, 17a-10, and 17e-1, and because we believe that
funds that use one such rule generally use all of these rules, we
apportion this 3 hour time burden equally to all four rules. Therefore,
we estimate that the burden allocated to rule 10f-3 for this contract
change would be 0.75 hours.\11\ Assuming that all 775 funds that enter
into new subadvisory contracts each year make the modification to their
contract required by the rule, we estimate that the rule's contract
modification requirement will result in 581 burden hours annually.\12\
---------------------------------------------------------------------------
\10\ Based on information in Commission filings, we estimate
that 44.4 percent of funds are advised by subadvisers.
\11\ This estimate is based on the following calculation (3
hours / 4 rules = .75 hours).
\12\ These estimates are based on the following calculations:
(0.75 hours x 775 portfolios = 581 burden hours).
---------------------------------------------------------------------------
The staff estimates, therefore, that rule 10f-3 imposes an
information collection burden of 5,665 hours.\13\ This estimate does
not include the time spent filing transaction reports on Form N-SAR,
which is encompassed in the information collection burden estimate for
that form.
---------------------------------------------------------------------------
\13\ This estimate is based on the following calculation: (1,850
hours + 1,233 hours + 1,200 hours + 600 hours + 581 hours + 201
hours = 5,665 total burden hours).
---------------------------------------------------------------------------
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 burdens
of the collections of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens 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
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an
email to: PRA_Mailbox@sec.gov.
Dated: June 14, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-14948 Filed 6-19-12; 8:45 am]
BILLING CODE P
