Proposed Collection; Comment Request, 25322-25323 [2013-10151]
Download as PDF
<![CDATA[
pmangrum on DSK3VPTVN1PROD with NOTICES
25322
Federal Register / Vol. 78, No. 83 / Tuesday, April 30, 2013 / Notices
private placement. The Code of Ethics
Rule also requires prompt reporting, to
the adviser’s chief compliance officer or
another person designated in the code of
ethics, of any violations of the code.
Finally, the Code of Ethics Rule requires
the adviser to provide each supervised
person with a copy of the code and any
amendments, and require the
supervised persons to acknowledge, in
writing, their receipt of these copies.
The purposes of the information
collection requirements are to: (i)
Ensure that advisers maintain codes of
ethics applicable to their supervised
persons; (ii) provide advisers with
information about the personal
securities transactions of their access
persons for purposes of monitoring such
transactions; (iii) provide advisory
clients with information with which to
evaluate advisers’ codes of ethics; and
(iv) assist the Commission’s
examination staff in assessing the
adequacy of advisers’ codes of ethics
and assessing personal trading activity
by advisers’ supervised persons.
The respondents to this information
collection are investment advisers
registered with the Commission. The
Commission has estimated that
compliance with rule 204A–1 imposes a
burden of approximately 118 hours per
adviser annually for an estimated total
annual burden of 1,255,342 hours.
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.
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.
VerDate Mar<15>2010
13:22 Apr 29, 2013
Jkt 229001
Dated: April 24, 2013.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–10144 Filed 4–29–13; 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.
Extension: Form S–8; OMB Control No.
3235–0066, SEC File No. 270–66
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
(‘‘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 S–8 (17 CFR 239.16b) under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) is the primary registration
statement used by eligible registrants to
register securities to be issued in
connection with an employee benefit
plan. We estimate that Form S–8 takes
approximately 24 hours per response to
prepare and is filed by approximately
2,200 respondents. In addition, we
estimate that 50% of the preparation
time (12 hours) is completed in-house
by the filer for a total annual reporting
burden of 26,400 (12 hours per response
× 2,200 responses).
Written comments are invited on: (a)
Whether this 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 imposed by 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, and a person is not required to
respond to, a collection of information
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
unless it displays a currently valid
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, Virginia 22312; or send an
email to: PRA_Mailbox@sec.gov.
Dated: April 24, 2013.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–10146 Filed 4–29–13; 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.
Extension:
Rule 17e–1, OMB Control No. 3235–0217,
SEC File No. 270–224.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), 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 (‘‘OMB’’) for
extension and approval.
Rule 17e–1 (17 CFR 270.17e–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) (the
‘‘Investment Company Act’’) deems a
remuneration as ‘‘not exceeding the
usual and customary broker’s
commission’’ for purposes of Section
17(e)(2)(A) if, among other things, a
registered investment company’s
(‘‘fund’s’’) board of directors has
adopted procedures reasonably
designed to provide that the
remuneration to an affiliated broker is a
reasonable and fair amount compared to
that received by other brokers in
connection with comparable
transactions involving similar securities
being purchased or sold on a securities
exchange during a comparable period of
time and the board makes and approves
such changes as it deems necessary. In
addition, each quarter, the board must
determine that all transactions effected
under the rule during the preceding
quarter complied with the established
procedures. Rule 17e–1 also requires the
E:\FR\FM\30APN1.SGM
30APN1
pmangrum on DSK3VPTVN1PROD with NOTICES
Federal Register / Vol. 78, No. 83 / Tuesday, April 30, 2013 / Notices
fund to (i) maintain permanently a
written copy of the procedures adopted
by the board for complying with the
requirements of the rule; and (ii)
maintain for a period of six years, the
first two in an easily accessible place, a
written record of each transaction
subject to the rule, setting forth the
amount and source of the commission,
fee, or other remuneration received; the
identity of the broker; the terms of the
transaction; and the materials used to
determine that the transactions were
effected in compliance with the
procedures adopted by the board. The
recordkeeping requirements under rule
17e–1 enable the Commission to ensure
that affiliated brokers receive
compensation that does not exceed the
usual and customary broker’s
commission. Without the recordkeeping
requirements, Commission inspectors
would have difficulty ascertaining
whether funds were complying with
rule 17e–1.
Based on an analysis of fund filings,
the staff estimates that approximately
775 fund portfolios enter into
subadvisory agreements each year.1
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
17e–1. 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, 10f–3, and 17a–10, 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 17e–1 for this contract change
would be 0.75 hours.2 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.
Based on an analysis of fund filings,
the staff estimates that approximately
1,768 funds use at least one affiliated
broker. Based on conversations with
fund representatives, the staff estimates
approximately 40 percent of
transactions that occur under rule 17e–
1 would be exempt from its
recordkeeping and review requirements.
This would leave approximately 1,061
funds 3 still subject to the rule’s
recordkeeping and review requirements.
Based on conversations with fund
representatives, we estimate that the
burden of compliance with the review
and recordkeeping requirements of rule
17e–1 is approximately 40 hours per
fund per year. This time is spent, for
example, reviewing the applicable
transactions and maintaining records.
Accordingly, we calculate the total
estimated annual internal burden of
complying with the review and
recordkeeping requirements of rule 17e–
1 to be approximately 42,440 hours,4
and the total annual burden of the rule’s
paperwork requirements is 43,021
hours.5
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.
The collection of information under rule
17e–1 is mandatory. The information
provided under rule 17e–1 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 OMB 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 Commission’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: April 25, 2013.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–10151 Filed 4–29–13; 8:45 am]
BILLING CODE 8011–01–P
1 Based
on information in Commission filings, we
estimate that 44.4 percent of funds are advised by
subadvisers.
2 3 hours ÷ 4 rules = 0.75 hours.
VerDate Mar<15>2010
17:56 Apr 29, 2013
Jkt 229001
funds × 0.6 = 1,061 funds.
funds × 40 hours per fund = 42,440 hours.
5 581 hours + 42,440 hours = 43,021 hours.
3 1,768
4 1,061
PO 00000
Frm 00072
Fmt 4703
Sfmt 4703
25323
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:
Rules 7a–15 thru 7a–37, OMB Control No.
3235–0132, SEC File No. 270–115.
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
(‘‘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.
Rules 7a–15 through 7a–37 (17 CFR
260.7a–15—260.7a–37) under the Trust
Indenture Act of 1939 (15 U.S.C. 77aaa
et seq.) set forth the general
requirements as to form and content of
applications, statements and reports that
must be filed under the Trust Indenture
Act. The respondents are persons and
entities subject to requirements of the
Trust Indenture Act. Trust Indenture
Act Rules 7a–15 through 7a–37 are
disclosure guidelines and do not
directly result in any collection of
information. The rules are assigned only
one burden hour for administrative
convenience.
Written comments are invited on: (a)
Whether this 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 imposed by 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, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Please direct your written comments
to Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi Pavlik-
E:\FR\FM\30APN1.SGM
30APN1
]]>Agencies
[Federal Register Volume 78, Number 83 (Tuesday, April 30, 2013)]
[Notices]
[Pages 25322-25323]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-10151]
-----------------------------------------------------------------------
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 17e-1, OMB Control No. 3235-0217, SEC File No. 270-224.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), 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 (``OMB'') for extension and
approval.
Rule 17e-1 (17 CFR 270.17e-1) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (the ``Investment Company Act'') deems a
remuneration as ``not exceeding the usual and customary broker's
commission'' for purposes of Section 17(e)(2)(A) if, among other
things, a registered investment company's (``fund's'') board of
directors has adopted procedures reasonably designed to provide that
the remuneration to an affiliated broker is a reasonable and fair
amount compared to that received by other brokers in connection with
comparable transactions involving similar securities being purchased or
sold on a securities exchange during a comparable period of time and
the board makes and approves such changes as it deems necessary. In
addition, each quarter, the board must determine that all transactions
effected under the rule during the preceding quarter complied with the
established procedures. Rule 17e-1 also requires the
[[Page 25323]]
fund to (i) maintain permanently a written copy of the procedures
adopted by the board for complying with the requirements of the rule;
and (ii) maintain for a period of six years, the first two in an easily
accessible place, a written record of each transaction subject to the
rule, setting forth the amount and source of the commission, fee, or
other remuneration received; the identity of the broker; the terms of
the transaction; and the materials used to determine that the
transactions were effected in compliance with the procedures adopted by
the board. The recordkeeping requirements under rule 17e-1 enable the
Commission to ensure that affiliated brokers receive compensation that
does not exceed the usual and customary broker's commission. Without
the recordkeeping requirements, Commission inspectors would have
difficulty ascertaining whether funds were complying with rule 17e-1.
Based on an analysis of fund filings, the staff estimates that
approximately 775 fund portfolios enter into subadvisory agreements
each year.\1\ 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 17e-1. 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, 10f-3, and 17a-10, 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 17e-1 for this contract
change would be 0.75 hours.\2\ 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.
---------------------------------------------------------------------------
\1\ Based on information in Commission filings, we estimate that
44.4 percent of funds are advised by subadvisers.
\2\ 3 hours / 4 rules = 0.75 hours.
---------------------------------------------------------------------------
Based on an analysis of fund filings, the staff estimates that
approximately 1,768 funds use at least one affiliated broker. Based on
conversations with fund representatives, the staff estimates
approximately 40 percent of transactions that occur under rule 17e-1
would be exempt from its recordkeeping and review requirements. This
would leave approximately 1,061 funds \3\ still subject to the rule's
recordkeeping and review requirements. Based on conversations with fund
representatives, we estimate that the burden of compliance with the
review and recordkeeping requirements of rule 17e-1 is approximately 40
hours per fund per year. This time is spent, for example, reviewing the
applicable transactions and maintaining records. Accordingly, we
calculate the total estimated annual internal burden of complying with
the review and recordkeeping requirements of rule 17e-1 to be
approximately 42,440 hours,\4\ and the total annual burden of the
rule's paperwork requirements is 43,021 hours.\5\
---------------------------------------------------------------------------
\3\ 1,768 funds x 0.6 = 1,061 funds.
\4\ 1,061 funds x 40 hours per fund = 42,440 hours.
\5\ 581 hours + 42,440 hours = 43,021 hours.
---------------------------------------------------------------------------
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. The collection of information under rule 17e-1 is
mandatory. The information provided under rule 17e-1 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 OMB 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 Commission'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: April 25, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-10151 Filed 4-29-13; 8:45 am]
BILLING CODE 8011-01-P
