Submission for OMB Review; Comment Request, 64367-64368 [2012-25738]
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Federal Register / Vol. 77, No. 203 / Friday, October 19, 2012 / Notices
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.
3641(c)(1), it will begin a market test of
its Metro Post experimental product on
or after November 12, 2012. The Postal
Service has filed with the Postal
Regulatory Commission a notice setting
out the basis for the Postal Service’s
determination that the market test is
covered by 39 U.S.C. 3641 and
describing the nature and scope of the
market test. Documents are available at
www.prc.gov, Docket No. MT2013–1.
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012–25727 Filed 10–18–12; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Removal of International Restricted
Delivery From the Competitive Product
List
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
The Postal Service hereby
provides notice that it has filed a
request with the Postal Regulatory
Commission to remove International
Restricted Delivery from the competitive
product list.
DATES: Effective date: October 19, 2012.
FOR FURTHER INFORMATION CONTACT:
Caroline Brownlie, 202–268–3010.
SUPPLEMENTARY INFORMATION: On
October 11, 2012, the United States
Postal Service® filed with the Postal
Regulatory Commission the Request of
the United States Postal Service to
Remove International Restricted
Delivery from the Competitive Product
List, pursuant to 39 U.S.C. 3642.
Documents pertinent to this request are
available at https://www.prc.gov, Docket
No. MC2013–3.
SUMMARY:
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012–25728 Filed 10–18–12; 8:45 am]
BILLING CODE 7710–12–P
tkelley on DSK3SPTVN1PROD with NOTICES
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.
VerDate Mar<15>2010
16:06 Oct 18, 2012
Jkt 229001
Extension:
Rule 38a–1, OMB Control No. 3235–0586,
SEC File No. 270–522.
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.
Rule 38a–1 (17 CFR 270.38a–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a) (‘‘Investment Company
Act’’) is intended to protect investors by
fostering better fund compliance with
securities laws. The rule requires every
registered investment company and
business development company
(‘‘fund’’) to: (i) Adopt and implement
written policies and procedures
reasonably designed to prevent
violations of the federal securities laws
by the fund, including procedures for
oversight of compliance by each
investment adviser, principal
underwriter, administrator, and transfer
agent of the fund; (ii) obtain the fund
board of directors’ approval of those
policies and procedures; (iii) annually
review the adequacy of those policies
and procedures and the policies and
procedures of each investment adviser,
principal underwriter, administrator,
and transfer agent of the fund, and the
effectiveness of their implementation;
(iv) designate a chief compliance officer
to administer the fund’s policies and
procedures and prepare an annual
report to the board that addresses
certain specified items relating to the
policies and procedures; and (v)
maintain for five years the compliance
policies and procedures and the chief
compliance officer’s annual report to the
board.
The rule contains certain information
collection requirements that are
designed to ensure that funds establish
and maintain comprehensive, written
internal compliance programs. The
information collections also assist the
Commission’s examination staff in
assessing the adequacy of funds’
compliance programs.
While Rule 38a–1 requires each fund
to maintain written policies and
procedures, most funds are located
within a fund complex. The experience
of the Commission’s examination and
oversight staff suggests that each fund in
a complex is able to draw extensively
from the fund complex’s ‘‘master’’
compliance program to assemble
appropriate compliance policies and
procedures. Many fund complexes
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Fmt 4703
Sfmt 4703
64367
already have written policies and
procedures documenting their
compliance programs. Further, a fund
needing to develop or revise policies
and procedures on one or more topics
in order to achieve a comprehensive
compliance program can draw on a
number of outlines and model programs
available from a variety of industry
representatives, commentators, and
organizations.
There are approximately 4,237 funds
subject to Rule 38a–1. Among these
funds, 146 were newly registered in the
past year. These 146 funds, therefore,
were required to adopt and document
the policies and procedures that make
up their compliance programs.
Commission staff estimates that the
average annual hour burden for a fund
to adopt and document these policies
and procedures is 105 hours. Thus, we
estimate that the aggregate annual
burden hours associated with the
adoption and documentation
requirement is 15,330 hours.
In 2010, Commission staff began to
estimate the hour burden associated
with money market funds’ adoption of
certain policies and procedures aimed at
ensuring that these funds meet
reasonably foreseeable shareholder
redemptions (the ‘‘general liquidity
requirement’’). Commission staff
estimates that each newly-registered
money market fund will incur a onetime additional average burden of 9
hours to document and adopt policies
and procedures that will assist in
complying with the general liquidity
requirement. Approximately 10 money
market funds were newly registered in
the past year. Thus, we estimate that the
additional aggregate annual burden
hours associated with general liquidity
requirement policies and procedures is
90 hours.
All funds are required to conduct an
annual review of the adequacy of their
existing policies and procedures and the
policies and procedures of each
investment adviser, principal
underwriter, administrator, and transfer
agent of the fund, and the effectiveness
of their implementation. In addition,
each fund chief compliance officer is
required to prepare an annual report
that addresses the operation of the
policies and procedures of the fund and
the policies and procedures of each
investment adviser, principal
underwriter, administrator, and transfer
agent of the fund, any material changes
made to those policies and procedures
since the date of the last report, any
material changes to the policies and
procedures recommended as a result of
the annual review, and certain
compliance matters that occurred since
E:\FR\FM\19OCN1.SGM
19OCN1
tkelley on DSK3SPTVN1PROD with NOTICES
64368
Federal Register / Vol. 77, No. 203 / Friday, October 19, 2012 / Notices
the date of the last report. The staff
estimates that each fund spends 49
hours per year, on average, conducting
the annual review and preparing the
annual report to the board of directors.
Thus, we estimate that the annual
aggregate burden hours associated with
the annual review and annual report
requirement is 207,613 hours.
Finally, the staff estimates that each
fund spends 6 hours annually, on
average, maintaining the records
required by proposed Rule 38a–1. Thus,
the aggregate annual burden hours
associated with the recordkeeping
requirement is 25,422 hours.
In total, the staff estimates that the
aggregate annual information collection
burden of Rule 38a–1 is 248,455 hours.
The estimate of 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. Complying
with this collection of information
requirement is mandatory. Responses
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
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, 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: October 15, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–25738 Filed 10–18–12; 8:45 am]
BILLING CODE 8011–01–P
VerDate Mar<15>2010
16:06 Oct 18, 2012
Jkt 229001
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–MFP, OMB Control No. 3235–
0657, SEC File No. 270–604.
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.
Section 30(b) of the Investment
Company Act of 1940 [15 U.S.C. 80a–
30(b)] (‘‘Act’’) provides that ‘‘[e]very
registered investment company shall file
with the Commission * * * such
information, documents, and reports
(other than financial statements), as the
Commission may require to keep
reasonably current the information and
documents contained in the registration
statement of such company * * *.’’
Rule 30b1–7 under the Act [17 CFR
270.30b1–7], entitled ‘‘Monthly Report
for Money Market Funds,’’ provides that
every registered investment company, or
series thereof, that is regulated as a
money market fund under rule 2a–7 [17
CFR 270.2a–7] must file with the
Commission a monthly report of
portfolio holdings on Form N–MFP [17
CFR 274.201] no later than the fifth
business day of each month. Form N–
MFP sets forth the specific disclosure
items that money market funds must
provide. The report must be filed
electronically using the Commission’s
electronic filing system (‘‘EDGAR’’) in
eXtensible Markup Language (‘‘XML’’)
format.
Certain provisions of the rule and
form contain ‘‘collection of
information’’ requirements. We estimate
that 684 money market funds are
required by rule 30b1–7 to file, on a
monthly basis, a complete report on
Form N–MFP disclosing certain
information regarding the fund and its
portfolio holdings. We further estimate
that an additional ten new money
market funds will file reports on Form
N–MFP each year. For purposes of this
Paperwork Reduction Act analysis, the
burden associated with the
requirements of rule 30b1–7 is included
PO 00000
Frm 00060
Fmt 4703
Sfmt 4703
in the collection of information
requirements of Form N–MFP, rather
than the rule. Based on conversations
with industry participants, we estimate
that money market funds prepare and
file their reports on Form N–MFP by
either (1) licensing a software solution
and preparing and filing the report in
house, or (2) retaining a service provider
to provide data aggregation and
validation services as part of the
preparation and filing of reports on
Form N–MFP on behalf of the fund.
We estimate that 35% of money
market funds (239 funds) license a
software solution and file reports on
Form N–MFP in house; we further
estimate that each fund that files reports
on Form N–MFP in house requires an
average of approximately 42 burden
hours to compile (including review of
the information), tag, and electronically
file the Form N–MFP for the first time
and an average of approximately 8
burden hours for subsequent filings.
Therefore, we estimate the per fund
average annual hour burden is 96 hours
for existing funds and 130 hours for new
money market funds. Based on an
estimate of 239 existing fund filers and
4 new fund filers each year, we estimate
that filing reports on Form N–MFP in
house takes 23,464 hours per year.
We estimate that 65% of money
market funds (445 funds) retain the
services of a third party to provide data
aggregation and validation services as
part of the preparation and filing of
reports on Form N–MFP on the fund’s
behalf; we further estimate that each
fund requires an average of
approximately 21 burden hours to
compile and review the information
with the service provider prior to
electronically filing the report for the
first time and an average of
approximately 4 burden hours for
subsequent filings. Therefore, we
estimate the per fund average annual
hour burden is 48 hours for existing
funds and 65 hours for new money
market funds. Based on an estimate of
445 existing fund filers and 6 new fund
filers each year, we estimate that filing
reports on Form N–MFP using a service
provider takes 21,750 hours per year. In
sum, we estimate that filing reports on
Form N–MFP imposes a total annual
hour burden of 45,214 on all money
market funds.
In addition to the costs associated
with the hours burdens discussed
above, money market funds incur other
external costs. Based on discussions
with industry participants, we estimate
that money market funds that file
reports on Form N–MFP in house
license a third-party software solution to
assist in filing their reports at an average
E:\FR\FM\19OCN1.SGM
19OCN1
]]>Agencies
[Federal Register Volume 77, Number 203 (Friday, October 19, 2012)]
[Notices]
[Pages 64367-64368]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-25738]
=======================================================================
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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 38a-1, OMB Control No. 3235-0586, SEC File No. 270-522.
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.
Rule 38a-1 (17 CFR 270.38a-1) under the Investment Company Act of
1940 (15 U.S.C. 80a) (``Investment Company Act'') is intended to
protect investors by fostering better fund compliance with securities
laws. The rule requires every registered investment company and
business development company (``fund'') to: (i) Adopt and implement
written policies and procedures reasonably designed to prevent
violations of the federal securities laws by the fund, including
procedures for oversight of compliance by each investment adviser,
principal underwriter, administrator, and transfer agent of the fund;
(ii) obtain the fund board of directors' approval of those policies and
procedures; (iii) annually review the adequacy of those policies and
procedures and the policies and procedures of each investment adviser,
principal underwriter, administrator, and transfer agent of the fund,
and the effectiveness of their implementation; (iv) designate a chief
compliance officer to administer the fund's policies and procedures and
prepare an annual report to the board that addresses certain specified
items relating to the policies and procedures; and (v) maintain for
five years the compliance policies and procedures and the chief
compliance officer's annual report to the board.
The rule contains certain information collection requirements that
are designed to ensure that funds establish and maintain comprehensive,
written internal compliance programs. The information collections also
assist the Commission's examination staff in assessing the adequacy of
funds' compliance programs.
While Rule 38a-1 requires each fund to maintain written policies
and procedures, most funds are located within a fund complex. The
experience of the Commission's examination and oversight staff suggests
that each fund in a complex is able to draw extensively from the fund
complex's ``master'' compliance program to assemble appropriate
compliance policies and procedures. Many fund complexes already have
written policies and procedures documenting their compliance programs.
Further, a fund needing to develop or revise policies and procedures on
one or more topics in order to achieve a comprehensive compliance
program can draw on a number of outlines and model programs available
from a variety of industry representatives, commentators, and
organizations.
There are approximately 4,237 funds subject to Rule 38a-1. Among
these funds, 146 were newly registered in the past year. These 146
funds, therefore, were required to adopt and document the policies and
procedures that make up their compliance programs. Commission staff
estimates that the average annual hour burden for a fund to adopt and
document these policies and procedures is 105 hours. Thus, we estimate
that the aggregate annual burden hours associated with the adoption and
documentation requirement is 15,330 hours.
In 2010, Commission staff began to estimate the hour burden
associated with money market funds' adoption of certain policies and
procedures aimed at ensuring that these funds meet reasonably
foreseeable shareholder redemptions (the ``general liquidity
requirement''). Commission staff estimates that each newly-registered
money market fund will incur a one-time additional average burden of 9
hours to document and adopt policies and procedures that will assist in
complying with the general liquidity requirement. Approximately 10
money market funds were newly registered in the past year. Thus, we
estimate that the additional aggregate annual burden hours associated
with general liquidity requirement policies and procedures is 90 hours.
All funds are required to conduct an annual review of the adequacy
of their existing policies and procedures and the policies and
procedures of each investment adviser, principal underwriter,
administrator, and transfer agent of the fund, and the effectiveness of
their implementation. In addition, each fund chief compliance officer
is required to prepare an annual report that addresses the operation of
the policies and procedures of the fund and the policies and procedures
of each investment adviser, principal underwriter, administrator, and
transfer agent of the fund, any material changes made to those policies
and procedures since the date of the last report, any material changes
to the policies and procedures recommended as a result of the annual
review, and certain compliance matters that occurred since
[[Page 64368]]
the date of the last report. The staff estimates that each fund spends
49 hours per year, on average, conducting the annual review and
preparing the annual report to the board of directors. Thus, we
estimate that the annual aggregate burden hours associated with the
annual review and annual report requirement is 207,613 hours.
Finally, the staff estimates that each fund spends 6 hours
annually, on average, maintaining the records required by proposed Rule
38a-1. Thus, the aggregate annual burden hours associated with the
recordkeeping requirement is 25,422 hours.
In total, the staff estimates that the aggregate annual information
collection burden of Rule 38a-1 is 248,455 hours. The estimate of
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.
Complying with this collection of information requirement is mandatory.
Responses 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 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, 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: October 15, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-25738 Filed 10-18-12; 8:45 am]
BILLING CODE 8011-01-P
