Submission for OMB Review; Comment Request, 41463-41464 [2012-17071]

Download as PDF Federal Register / Vol. 77, No. 135 / Friday, July 13, 2012 / Notices Form N–6 filing is $23,440 per portfolio and the current cost burden for preparing a post-effective amendment to a previously effective registration statement is $8,523 per portfolio. The Commission estimates that, on an annual basis, 7 portfolios will be referenced in an initial Form N–6 and 429 portfolios will be referenced in a post-effective amendment of Form N–6. Thus, the total cost burden allocated to Form N–6 would be $3,820,447. The information collection requirements imposed by Form N–6 are mandatory. Responses to the collection of information will not be kept confidential. 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 a representative survey or study of the costs of Commission rules and forms. 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: July 9, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–17076 Filed 7–12–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION srobinson on DSK4SPTVN1PROD with NOTICES 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 1–E, Regulation E; SEC File No. 270– 221; OMB Control No. 3235–0232. VerDate Mar<15>2010 17:08 Jul 12, 2012 Jkt 226001 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 a request for extension of the previously approved collection of information discussed below. Form 1–E (17 CFR 239.200) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) (‘‘Securities Act’’) is the form that a small business investment company (‘‘SBIC’’) or business development company (‘‘BDC’’) uses to notify the Commission that it is claiming an exemption under Regulation E from registering its securities under the Securities Act. Rule 605 of Regulation E (17 CFR 230.605) under the Securities Act requires an SBIC or BDC claiming such an exemption to file an offering circular with the Commission that must also be provided to persons to whom an offer is made. Form 1–E requires an issuer to provide the names and addresses of the issuer, its affiliates, directors, officers, and counsel; a description of events which would make the exemption unavailable; the jurisdictions in which the issuer intends to offer the securities; information about unregistered securities issued or sold by the issuer within one year before filing the notification on Form 1–E; information as to whether the issuer is 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. Compliance with the information collection requirements of the rules is necessary to obtain the benefit of relying on the rules. The information provided on Form 1–E and in the offering circular 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 PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 41463 displays a currently valid OMB 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: July 9, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–17074 Filed 7–12–12; 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 17f–6; SEC File No. 270–392; OMB Control No. 3235–0447. Notice is hereby given that, under 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. 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. Before the rule was adopted, funds generally were required to maintain such assets in special accounts with a custodian bank. The rule requires a written contract that contains certain provisions designed to ensure important safeguards E:\FR\FM\13JYN1.SGM 13JYN1 41464 Federal Register / Vol. 77, No. 135 / Friday, July 13, 2012 / Notices srobinson on DSK4SPTVN1PROD with NOTICES 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 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 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. 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. VerDate Mar<15>2010 17:08 Jul 12, 2012 Jkt 226001 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. 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: July 9, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–17071 Filed 7–12–12; 8:45 am] BILLING CODE 8011–01–P 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. PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30130; File No. 812–13957] IndexIQ Advisors LLC and IndexIQ Active ETF Trust; Notice of Application July 9, 2012. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of an application under section 6(c) of the Investment Company Act of 1940 (‘‘Act’’) for an exemption from section 15(a) of the Act and rule 18f-2 under the Act, as well as from certain disclosure requirements. AGENCY: SUMMARY OF THE APPLICATION: Applicants, including an activelymanaged open-end exchange traded fund, request an order that would permit them to enter into and materially amend subadvisory agreements without shareholder approval and would grant relief from certain disclosure requirements. APPLICANTS: IndexIQ Advisors LLC (‘‘Manager’’) and IndexIQ Active ETF Trust (‘‘Trust’’). FILING DATES: The application was filed on September 9, 2011, and amended on March 6, 2012, March 27, 2012, and May 15, 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 August 2, 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, c/o IndexIQ Advisors LLC, 800 Westchester Avenue, Suite N– 611, Rye Brook, New York 10573. FOR FURTHER INFORMATION CONTACT: Emerson S. Davis, Senior Counsel, at (202) 551–6868, or Daniele Marchesani, Branch Chief, at (202) 551–6821 (Division of Investment Management, Office of Investment Company Regulation). E:\FR\FM\13JYN1.SGM 13JYN1

Agencies

[Federal Register Volume 77, Number 135 (Friday, July 13, 2012)]
[Notices]
[Pages 41463-41464]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-17071]


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

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 17f-6; SEC File No. 270-392; OMB Control No. 3235-0447.

    Notice is hereby given that, under 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.
    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. Before the rule was adopted, 
funds generally were required to maintain such assets in special 
accounts with a custodian bank.
    The rule requires a written contract that contains certain 
provisions designed to ensure important safeguards

[[Page 41464]]

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.
    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-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: July 9, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-17071 Filed 7-12-12; 8:45 am]
BILLING CODE 8011-01-P
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