Submission for OMB Review; Comment Request, 20698 [2013-07945]

Download as PDF 20698 Federal Register / Vol. 78, No. 66 / Friday, April 5, 2013 / Notices SECURITIES AND EXCHANGE COMMISSION mstockstill on DSK4VPTVN1PROD 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: Rule 17a–8, OMB Control No. 3235– 0235, SEC File No. 270–225. Notice is hereby given that, pursuant to 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 (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. Rule 17a–8 (17 CFR 270.17a–8) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a) is entitled ‘‘Mergers of affiliated companies.’’ Rule 17a–8 exempts certain mergers and similar business combinations (‘‘mergers’’) of affiliated registered investment companies (‘‘funds’’) from prohibitions under section 17(a) of the Act (15 U.S.C. 80a–17(a)) on purchases and sales between a fund and its affiliates. The rule requires fund directors to consider certain issues and to record their findings in board minutes. The rule requires the directors of any fund merging with an unregistered entity to approve procedures for the valuation of assets received from that entity. These procedures must provide for the preparation of a report by an independent evaluator that sets forth the fair value of each such asset for which market quotations are not readily available. The rule also requires a fund being acquired to obtain approval of the merger transaction by a majority of its outstanding voting securities, except in certain situations, and requires any surviving fund to preserve written records describing the merger and its terms for six years after the merger (the first two in an easily accessible place). The average annual burden of meeting the requirements of rule 17a–8 is estimated to be 7 hours for each fund. The Commission staff estimates that each year approximately 736 funds rely on the rule. The estimated total average annual burden for all respondents therefore is 5,152 hours. This estimate represents an increase of 882 hours from the prior estimate of 4,270 hours. This increase reflects a change in the estimated number of funds relying on rule 17a–8. VerDate Mar<15>2010 17:14 Apr 04, 2013 Jkt 229001 The average cost burden of preparing a report by an independent evaluator in a merger with an unregistered entity is estimated to be $15,000. The average net cost burden of obtaining approval of a merger transaction by a majority of a fund’s outstanding voting securities is estimated to be $100,000. The Commission staff estimates that each year approximately 0 mergers with unregistered entities occur and approximately 15 funds hold shareholder votes that would not otherwise have held a shareholder vote. The total annual cost burden of meeting these requirements is estimated to be $1,500,000. The estimates of average burden hours and average cost burdens 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. 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 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, 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: April 1, 2013. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–07945 Filed 4–4–13; 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 248.30, OMB Control No. 3235– 0610, SEC File No. 270–549. PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 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. Rule 248.30 (17 CFR 248.30) under Regulation S–P, is titled ‘‘Procedures to Safeguard Customer Records and Information; Disposal of Consumer Report Information.’’ Rule 248.30 (the ‘‘safeguard rule’’) requires brokers, dealers, investment companies, and investment advisers registered with the Commission (‘‘registered investment advisers’’) (collectively ‘‘covered institutions’’) to adopt written policies and procedures for administrative, technical, and physical safeguards to protect customer records and information. The safeguards must be reasonably designed to ‘‘insure the security and confidentiality of customer records and information,’’ ‘‘protect against any anticipated threats or hazards to the security and integrity’’ of those records, and protect against unauthorized access to or use of those records or information, which ‘‘could result in substantial harm or inconvenience to any customer.’’ The safeguard rule’s requirement that covered institutions’ policies and procedures be documented in writing constitutes a collection of information and must be maintained on an ongoing basis. This requirement eliminates uncertainty as to required employee actions to protect customer records and information and promotes more systematic and organized reviews of safeguard policies and procedures by institutions. The information collection also assists the Commission’s examination staff in assessing the existence and adequacy of covered institutions’ safeguard policies and procedures. We estimate that as of the end of 2011, there are 4695 broker-dealers, 4203 investment companies, and 11,658 investment advisers currently registered with the Commission, for a total of 20,556 covered institutions. We believe that all of these covered institutions have already documented their safeguard policies and procedures in writing and therefore will incur no hourly burdens related to the initial documentation of policies and procedures. Although existing covered institutions would not incur any initial hourly burden in complying with the safeguards rule, we expect that newly registered institutions would incur some E:\FR\FM\05APN1.SGM 05APN1

Agencies

[Federal Register Volume 78, Number 66 (Friday, April 5, 2013)]
[Notices]
[Page 20698]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-07945]



[[Page 20698]]

=======================================================================
-----------------------------------------------------------------------

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 17a-8, OMB Control No. 3235-0235, SEC File No. 270-225.

    Notice is hereby given that, pursuant to 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 (``OMB'') a request for extension of the 
previously approved collection of information discussed below.
    Rule 17a-8 (17 CFR 270.17a-8) under the Investment Company Act of 
1940 (the ``Act'') (15 U.S.C. 80a) is entitled ``Mergers of affiliated 
companies.'' Rule 17a-8 exempts certain mergers and similar business 
combinations (``mergers'') of affiliated registered investment 
companies (``funds'') from prohibitions under section 17(a) of the Act 
(15 U.S.C. 80a-17(a)) on purchases and sales between a fund and its 
affiliates. The rule requires fund directors to consider certain issues 
and to record their findings in board minutes. The rule requires the 
directors of any fund merging with an unregistered entity to approve 
procedures for the valuation of assets received from that entity. These 
procedures must provide for the preparation of a report by an 
independent evaluator that sets forth the fair value of each such asset 
for which market quotations are not readily available. The rule also 
requires a fund being acquired to obtain approval of the merger 
transaction by a majority of its outstanding voting securities, except 
in certain situations, and requires any surviving fund to preserve 
written records describing the merger and its terms for six years after 
the merger (the first two in an easily accessible place).
    The average annual burden of meeting the requirements of rule 17a-8 
is estimated to be 7 hours for each fund. The Commission staff 
estimates that each year approximately 736 funds rely on the rule. The 
estimated total average annual burden for all respondents therefore is 
5,152 hours.
    This estimate represents an increase of 882 hours from the prior 
estimate of 4,270 hours. This increase reflects a change in the 
estimated number of funds relying on rule 17a-8.
    The average cost burden of preparing a report by an independent 
evaluator in a merger with an unregistered entity is estimated to be 
$15,000. The average net cost burden of obtaining approval of a merger 
transaction by a majority of a fund's outstanding voting securities is 
estimated to be $100,000. The Commission staff estimates that each year 
approximately 0 mergers with unregistered entities occur and 
approximately 15 funds hold shareholder votes that would not otherwise 
have held a shareholder vote. The total annual cost burden of meeting 
these requirements is estimated to be $1,500,000.
    The estimates of average burden hours and average cost burdens 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. 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 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, 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: April 1, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-07945 Filed 4-4-13; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.