Submission for OMB Review; Comment Request, 59027-59029 [2012-23538]
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Federal Register / Vol. 77, No. 186 / Tuesday, September 25, 2012 / Notices
Alexandria, VA 22312; or send an email
to: PRA_Mailbox@sec.gov.
Education and Advocacy,
Washington, DC 20549–0213.
emcdonald on DSK67QTVN1PROD with NOTICES
Extension:
Form ADV–E, OMB Control No. 3235–
0361, SEC File No. 270–318.
Dated: September 19, 2012.
Kevin M. O’Neill.
Deputy Secretary.
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’’) 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.
Form ADV–E (17 CFR 279.8) is the
cover sheet for certificates of accounting
filed pursuant to rule 206(4)–2 under
the Investment Advisers Act of 1940 (17
CFR 275.206(4)–2). The rule further
requires that the public accountant file
with the Commission a Form ADV–E
and accompanying statement within
four business days of the resignation,
dismissal, removal or other termination
of its engagement. Respondents each
spend approximately three minutes,
annually, complying with the
requirements of the form.
The estimate of burden hours set forth
above is made solely for the purposes of
the Paperwork Reduction Act and is not
derived from a comprehensive or
representative survey or study of the
cost of Commission 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. An agency 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,
[FR Doc. 2012–23540 Filed 9–24–12; 8:45 am]
VerDate Mar<15>2010
14:15 Sep 24, 2012
Jkt 226001
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 N–Q, OMB Control No. 3235–0578,
SEC File No. 270–519.
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’’) 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.
Form N–Q (17 CFR 249.332 and
274.130) is a combined reporting form
that is used for reports of registered
management investment companies
(‘‘funds’’), other than small business
investment companies registered on
Form N–5, under Section 30(b) of the
Investment Company Act of 1940 (15
U.S.C. 80a–1 et seq.) (‘‘Investment
Company Act’’) and Section 13(a) or
15(d) of the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.). Pursuant to
Rule 30b1–5 under the Investment
Company Act, funds are required to file
with the Commission quarterly reports
on Form N–Q not more than 60 days
after the close of the first and third
quarters of each fiscal year containing
their complete portfolio holdings.
Form N–Q contains collection of
information requirements. The
respondents to this information
collection are management investment
companies subject to Rule 30b1–5 under
the Investment Company Act. We
estimate that there are 10,453 portfolios
required to file reports on Form N–Q.
Based on conversations with industry
representatives, we estimate that it takes
approximately 21 hours per portfolio to
prepare Form N–Q. Accordingly, we
estimate that the total annual burden
estimated associated with Form N–Q is
219,513 hours (21 hours per portfolio x
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Sfmt 4703
59027
10,453 portfolios) per year. The
estimates of average burden hours are
made solely for the purposes of the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501 et seq.) and are not derived
from a comprehensive or even
representative survey or study of the
cost of Commission rules and forms.
The collection of information under
Form N–Q is mandatory. The
information provided by the form is not
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.
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, 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: September 19, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–23541 Filed 9–24–12; 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 3a–4, OMB Control No. 3235–0459,
SEC File No. 270–401.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
E:\FR\FM\25SEN1.SGM
25SEN1
59028
Federal Register / Vol. 77, No. 186 / Tuesday, September 25, 2012 / Notices
emcdonald on DSK67QTVN1PROD with NOTICES
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 3a–4 (17 CFR 270.3a–4) under
the Investment Company Act of 1940
(15 U.S.C. 80a) (‘‘Investment Company
Act’’ or ‘‘Act’’) provides a nonexclusive
safe harbor from the definition of
investment company under the Act for
certain investment advisory programs.
These programs, which include ‘‘wrap
fee’’ and ‘‘mutual fund wrap’’ programs,
generally are designed to provide
professional portfolio management
services to clients who are investing less
than the minimum usually required by
portfolio managers but more than the
minimum account size of most mutual
funds. Under wrap fee and similar
programs, a client’s account is typically
managed on a discretionary basis
according to pre-selected investment
objectives. Clients with similar
investment objectives often receive the
same investment advice and may hold
the same or substantially similar
securities in their accounts. Some of
these investment advisory programs
may meet the definition of investment
company under the Act because of the
similarity of account management.
In 1997, the Commission adopted rule
3a–4, which clarifies that programs
organized and operated in a manner
consistent with the conditions of rule
3a–4 are not required to register under
the Investment Company Act or comply
with the Act’s requirements.1 These
programs differ from investment
companies because, among other things,
they provide individualized investment
advice to the client. The rule’s
provisions have the effect of ensuring
that clients in a program relying on the
rule receive advice tailored to the
client’s needs.
Rule 3a–4 provides that each client’s
account must be managed on the basis
of the client’s financial situation and
investment objectives and consistent
with any reasonable restrictions the
client imposes on managing the
account. When an account is opened,
the sponsor 2 (or its designee) must
1 Status of Investment Advisory Programs Under
the Investment Company Act of 1940, Investment
Company Act Release No. 22579 (Mar. 24, 1997) (62
FR 15098 (Mar. 31,1997)) (‘‘Adopting Release’’). In
addition, there are no registration requirements
under section 5 of the Securities Act of 1933 for
these programs. See 17 CFR 270.3a–4, introductory
note.
2 For purposes of rule 3a-4, the term ‘‘sponsor’’
refers to any person who receives compensation for
sponsoring, organizing or administering the
program, or for selecting, or providing advice to
clients regarding the selection of, persons
VerDate Mar<15>2010
14:15 Sep 24, 2012
Jkt 226001
obtain information from each client
regarding the client’s financial situation
and investment objectives, and must
allow the client an opportunity to
impose reasonable restrictions on
managing the account.3 In addition, the
sponsor (or its designee) must contact
the client annually to determine
whether the client’s financial situation
or investment objectives have changed
and whether the client wishes to impose
any reasonable restrictions on the
management of the account or
reasonably modify existing restrictions.
The sponsor (or its designee) must also
notify the client quarterly, in writing, to
contact the sponsor (or its designee)
regarding changes to the client’s
financial situation, investment
objectives, or restrictions on the
account’s management.4
The program must provide each client
with a quarterly statement describing all
activity in the client’s account during
the previous quarter. The sponsor and
personnel of the client’s account
manager who know about the client’s
account and its management must be
reasonably available to consult with the
client. Each client also must retain
certain indicia of ownership of all
securities and funds in the account.
The requirement that the sponsor (or
its designee) obtain information about
each new client’s financial situation and
investment objectives when their
account is opened is designed to ensure
that the investment adviser has
sufficient information regarding the
client’s unique needs and goals to
enable the portfolio manager to provide
individualized investment advice. The
sponsor is required to contact clients
annually and provide them with
quarterly notices to ensure that the
sponsor has current information about
the client’s financial status, investment
objectives, and restrictions on
management of the account.
Maintaining current information enables
the portfolio manager to evaluate each
client’s portfolio in light of the client’s
changing needs and circumstances. The
requirement that clients be provided
with quarterly statements of account
activity is designed to ensure each client
receives an individualized report, which
the Commission believes is a key
responsible for managing the client’s account in the
program.
3 Clients specifically must be allowed to designate
securities that should not be purchased for the
account or that should be sold if held in the
account. The rule does not require that a client be
able to require particular securities be purchased for
the account.
4 The sponsor also must provide a means by
which clients can contact the sponsor (or its
designee).
PO 00000
Frm 00051
Fmt 4703
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element of individualized advisory
services.
The Commission staff estimates that
11,291,005 clients participate each year
in investment advisory programs relying
on rule 3a-4. Of that number, the staff
estimates that 903,280 are new clients
and 10,387,725 are continuing clients.
The staff estimates that each year
investment advisory program sponsors
staff engage in 1.3 hours per new client
and 1 hour per continuing client to
prepare, conduct and/or review
interviews regarding the client’s
financial situation and investment
objectives as required by the rule.
Furthermore, the staff estimates that
each year investment advisory program
staff spends 1 hour per client to prepare
and mail quarterly client account
statements, including notices to update
information. Based on the estimates
above, the Commission estimates that
the total annual burden of the rule’s
paperwork requirements is 22,852,994
hours.
The total annual hour burden of
22,852,994 hours represents an increase
of 17,245,466 hours from the prior
estimate of 5,607,528 hours. This
increase principally results from an
increase in the estimated number of
clients, which was due to a change in
the way Commission staff made its
estimates. The change in annual burden
hours also reflects changes in the
estimated burden hours associated with
several of the collections of information
required under the rule (certain burden
estimates increased and certain burden
estimates decreased). These changes in
estimated burden hours per collection of
information result from changes in
burden hours reported by
representatives of investment advisers
that rely on rule 3a-4 that Commission
staff surveyed.
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 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.
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
E:\FR\FM\25SEN1.SGM
25SEN1
Federal Register / Vol. 77, No. 186 / Tuesday, September 25, 2012 / Notices
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 PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312; or send an email
to: PRA_Mailbox@sec.gov.
Dated: September 19, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–23538 Filed 9–24–12; 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 20549–0213.
emcdonald on DSK67QTVN1PROD with NOTICES
Extension:
Regulation R, Rule 701, OMB Control No.
3235–0624, SEC File No. 270–562.
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 Regulation R, Rule 701
(17 CFR 247.701) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Regulation R, Rule 701 requires a
broker or dealer (as part of a written
agreement between the bank and the
broker or dealer) to notify the bank if the
broker or dealer makes certain
determinations regarding the financial
status of the customer, a bank
employee’s statutory disqualification
status, and compliance with suitability
or sophistication standards.
The Commission estimates that
brokers or dealers would, on average,
notify 1,000 banks approximately two
times annually about a determination
regarding a customer’s high net worth or
institutional status or suitability or
sophistication standing as well as a
bank employee’s statutory
disqualification status. Based on these
VerDate Mar<15>2010
14:15 Sep 24, 2012
Jkt 226001
estimates, the Commission anticipates
that Regulation R, Rule 701 would result
in brokers or dealers making
approximately 2,000 notices to banks
per year. The Commission further
estimates (based on the level of
difficulty and complexity of the
applicable activities) that a broker or
dealer would spend approximately 15
minutes per notice to a bank. Therefore,
the estimated total annual third party
disclosure burden for the requirements
in Regulation R, Rule 701 is 500 1 hours
for brokers or dealers.
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, VA 22312 or send an email
to: PRA_Mailbox@sec.gov.
Dated: September 19, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–23539 Filed 9–24–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67892; File No. SR–CBOE–
2012–071]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Designation of
a Longer Period for Commission
Action on Proposed Rule Change To
Increase the Maximum Term for LEAPS
to Fifteen Years
September 19, 2012.
On July 24, 2012, the Chicago Board
Options Exchange, Incorporated
(‘‘Exchange’’ or ‘‘CBOE’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
increase the maximum term for LongTerm Equity Options Series (‘‘LEAPS’’)
to fifteen years. The proposed rule
change was published for comment in
the Federal Register on August 10,
2012.3 The Commission received one
comment on the proposed rule change
and a response to the comment from
CBOE.4
Section 19(b)(2) of the Act 5 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day for this filing
is September 24, 2012. The Commission
is extending this 45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposal, the comment
received, and CBOE’s response to the
comment. Currently, the maximum term
for equity and interest rate LEAPS is
three years and the maximum term for
index LEAPS is five years. The proposal
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 67600
(August 6, 2012), 77 FR 47890.
4 See letters to Elizabeth M. Murphy, Secretary,
Commission, from: Christopher Nagy, President,
KOR Trading LLC, dated August 17, 2012; and
Jenny Klebes-Golding, Senior Attorney, CBOE,
dated September 6, 2012.
5 15 U.S.C. 78s(b)(2).
2 17
1 (2000 notices × 15 minutes) = 30,000 minutes/
60 minutes = 500 hours.
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]]>Agencies
[Federal Register Volume 77, Number 186 (Tuesday, September 25, 2012)]
[Notices]
[Pages 59027-59029]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-23538]
-----------------------------------------------------------------------
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 3a-4, OMB Control No. 3235-0459, SEC File No. 270-401.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 350l-3520), the Securities and Exchange
Commission (the ``Commission'') is soliciting comments
[[Page 59028]]
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 3a-4 (17 CFR 270.3a-4) under the Investment Company Act of
1940 (15 U.S.C. 80a) (``Investment Company Act'' or ``Act'') provides a
nonexclusive safe harbor from the definition of investment company
under the Act for certain investment advisory programs. These programs,
which include ``wrap fee'' and ``mutual fund wrap'' programs, generally
are designed to provide professional portfolio management services to
clients who are investing less than the minimum usually required by
portfolio managers but more than the minimum account size of most
mutual funds. Under wrap fee and similar programs, a client's account
is typically managed on a discretionary basis according to pre-selected
investment objectives. Clients with similar investment objectives often
receive the same investment advice and may hold the same or
substantially similar securities in their accounts. Some of these
investment advisory programs may meet the definition of investment
company under the Act because of the similarity of account management.
In 1997, the Commission adopted rule 3a-4, which clarifies that
programs organized and operated in a manner consistent with the
conditions of rule 3a-4 are not required to register under the
Investment Company Act or comply with the Act's requirements.\1\ These
programs differ from investment companies because, among other things,
they provide individualized investment advice to the client. The rule's
provisions have the effect of ensuring that clients in a program
relying on the rule receive advice tailored to the client's needs.
---------------------------------------------------------------------------
\1\ Status of Investment Advisory Programs Under the Investment
Company Act of 1940, Investment Company Act Release No. 22579 (Mar.
24, 1997) (62 FR 15098 (Mar. 31,1997)) (``Adopting Release''). In
addition, there are no registration requirements under section 5 of
the Securities Act of 1933 for these programs. See 17 CFR 270.3a-4,
introductory note.
---------------------------------------------------------------------------
Rule 3a-4 provides that each client's account must be managed on
the basis of the client's financial situation and investment objectives
and consistent with any reasonable restrictions the client imposes on
managing the account. When an account is opened, the sponsor \2\ (or
its designee) must obtain information from each client regarding the
client's financial situation and investment objectives, and must allow
the client an opportunity to impose reasonable restrictions on managing
the account.\3\ In addition, the sponsor (or its designee) must contact
the client annually to determine whether the client's financial
situation or investment objectives have changed and whether the client
wishes to impose any reasonable restrictions on the management of the
account or reasonably modify existing restrictions. The sponsor (or its
designee) must also notify the client quarterly, in writing, to contact
the sponsor (or its designee) regarding changes to the client's
financial situation, investment objectives, or restrictions on the
account's management.\4\
---------------------------------------------------------------------------
\2\ For purposes of rule 3a-4, the term ``sponsor'' refers to
any person who receives compensation for sponsoring, organizing or
administering the program, or for selecting, or providing advice to
clients regarding the selection of, persons responsible for managing
the client's account in the program.
\3\ Clients specifically must be allowed to designate securities
that should not be purchased for the account or that should be sold
if held in the account. The rule does not require that a client be
able to require particular securities be purchased for the account.
\4\ The sponsor also must provide a means by which clients can
contact the sponsor (or its designee).
---------------------------------------------------------------------------
The program must provide each client with a quarterly statement
describing all activity in the client's account during the previous
quarter. The sponsor and personnel of the client's account manager who
know about the client's account and its management must be reasonably
available to consult with the client. Each client also must retain
certain indicia of ownership of all securities and funds in the
account.
The requirement that the sponsor (or its designee) obtain
information about each new client's financial situation and investment
objectives when their account is opened is designed to ensure that the
investment adviser has sufficient information regarding the client's
unique needs and goals to enable the portfolio manager to provide
individualized investment advice. The sponsor is required to contact
clients annually and provide them with quarterly notices to ensure that
the sponsor has current information about the client's financial
status, investment objectives, and restrictions on management of the
account. Maintaining current information enables the portfolio manager
to evaluate each client's portfolio in light of the client's changing
needs and circumstances. The requirement that clients be provided with
quarterly statements of account activity is designed to ensure each
client receives an individualized report, which the Commission believes
is a key element of individualized advisory services.
The Commission staff estimates that 11,291,005 clients participate
each year in investment advisory programs relying on rule 3a-4. Of that
number, the staff estimates that 903,280 are new clients and 10,387,725
are continuing clients. The staff estimates that each year investment
advisory program sponsors staff engage in 1.3 hours per new client and
1 hour per continuing client to prepare, conduct and/or review
interviews regarding the client's financial situation and investment
objectives as required by the rule. Furthermore, the staff estimates
that each year investment advisory program staff spends 1 hour per
client to prepare and mail quarterly client account statements,
including notices to update information. Based on the estimates above,
the Commission estimates that the total annual burden of the rule's
paperwork requirements is 22,852,994 hours.
The total annual hour burden of 22,852,994 hours represents an
increase of 17,245,466 hours from the prior estimate of 5,607,528
hours. This increase principally results from an increase in the
estimated number of clients, which was due to a change in the way
Commission staff made its estimates. The change in annual burden hours
also reflects changes in the estimated burden hours associated with
several of the collections of information required under the rule
(certain burden estimates increased and certain burden estimates
decreased). These changes in estimated burden hours per collection of
information result from changes in burden hours reported by
representatives of investment advisers that rely on rule 3a-4 that
Commission staff surveyed.
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 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.
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
[[Page 59029]]
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: September 19, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-23538 Filed 9-24-12; 8:45 am]
BILLING CODE 8011-01-P
