Proposed Collection; Comment Request, 36606-36607 [2013-14451]
Download as PDF
<![CDATA[
mstockstill on DSK4VPTVN1PROD with NOTICES
36606
Federal Register / Vol. 78, No. 117 / Tuesday, June 18, 2013 / Notices
Rule 15Ba2–1 provides that an
application for registration with the
Commission by a bank municipal
securities dealer must be filed on Form
MSD. The Commission uses the
information obtained from Form MSD
filings to determine whether bank
municipal securities dealers meet the
standards for registration set forth in the
Act, to maintain a central registry where
members of the public may obtain
information about particular bank
municipal securities dealers, and to
develop risk assessment information
about bank municipal securities dealers.
Based upon past submissions, the
staff estimates that approximately 22
respondents will utilize this application
procedure annually. The staff estimates
that the average number of hours
necessary to comply with the
requirements of Rule 15Ba2–1 and Form
MSD is 1.5 hours per respondent, for a
total burden of 33 hours per year. The
staff estimates that the average internal
compliance cost per hour is
approximately $310. Therefore, the
estimated total annual cost of
compliance for the respondents is
approximately $10,230.
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
estimate of the burden of the 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.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently 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: June 12, 2013.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–14421 Filed 6–17–13; 8:45 am]
BILLING CODE 8011–01–P
VerDate Mar<15>2010
17:39 Jun 17, 2013
Jkt 229001
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 7d–2, OMB Control No. 3235–0527,
SEC File No. 270–464.
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’’) 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.
In Canada, as in the United States,
individuals can invest a portion of their
earnings in tax-deferred retirement
savings accounts (‘‘Canadian retirement
accounts’’). These accounts, which
operate in a manner similar to
individual retirement accounts in the
United States, encourage retirement
savings by permitting savings on a taxdeferred basis. Individuals who
establish Canadian retirement accounts
while living and working in Canada and
who later move to the United States
(‘‘Canadian-U.S. Participants’’ or
‘‘participants’’) often continue to hold
their retirement assets in their Canadian
retirement accounts rather than
prematurely withdrawing (or ‘‘cashing
out’’) those assets, which would result
in immediate taxation in Canada.
Once in the United States, however,
these participants historically have been
unable to manage their Canadian
retirement account investments. Most
investment companies (‘‘funds’’) that
are ‘‘qualified companies’’ for Canadian
retirement accounts are not registered
under the U.S. securities laws.
Securities of those unregistered funds,
therefore, generally cannot be publicly
offered and sold in the United States
without violating the registration
requirement of the Investment Company
Act of 1940 (‘‘Investment Company
Act’’).1 As a result of this registration
requirement, Canadian-U.S. Participants
previously were not able to purchase or
exchange securities for their Canadian
retirement accounts as needed to meet
1 15 U.S.C. 80a. In addition, the offering and
selling of securities that are not registered pursuant
to the Securities Act of 1933 (‘‘Securities Act’’) is
generally prohibited by U.S. securities laws. 15
U.S.C. 77.
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
their changing investment goals or
income needs.
The Commission issued a rulemaking
in 2000 that enabled Canadian-U.S.
Participants to manage the assets in
their Canadian retirement accounts by
providing relief from the U.S.
registration requirements for offers of
securities of foreign issuers to CanadianU.S. Participants and sales to Canadian
retirement accounts.2 Rule 7d–2 under
the Investment Company Act 3 permits
foreign funds to offer securities to
Canadian-U.S. Participants and sell
securities to Canadian retirement
accounts without registering as
investment companies under the
Investment Company Act.
Rule 7d–2 contains a ‘‘collection of
information’’ requirement within the
meaning of the Paperwork Reduction
Act of 1995.4 Rule 7d–2 requires written
offering materials for securities offered
or sold in reliance on that rule to
disclose prominently that those
securities and the fund issuing those
securities are not registered with the
Commission, and that those securities
and the fund issuing those securities are
exempt from registration under U.S.
securities laws. Rule 7d–2 does not
require any documents to be filed with
the Commission.
Rule 7d–2 requires written offering
documents for securities offered or sold
in reliance on the rule to disclose
prominently that the securities are not
registered with the Commission and
may not be offered or sold in the United
States unless registered or exempt from
registration under the U.S. securities
laws, and also to disclose prominently
that the fund that issued the securities
is not registered with the Commission.
The burden under the rule associated
with adding this disclosure to written
offering documents is minimal and is
non-recurring. The foreign issuer,
underwriter, or broker-dealer can redraft
an existing prospectus or other written
offering material to add this disclosure
statement, or may draft a sticker or
supplement containing this disclosure
to be added to existing offering
materials. In either case, based on
discussions with representatives of the
Canadian fund industry, the staff
estimates that it would take an average
2 See Offer and Sale of Securities to Canadian
Tax-Deferred Retirement Savings Accounts, Release
Nos. 33–7860, 34–42905, IC–24491 (June 7, 2000)
[65 FR 37672 (June 15, 2000)]. This rulemaking also
included new rule 237 under the Securities Act,
permitting securities of foreign issuers to be offered
to Canadian-U.S. Participants and sold to Canadian
retirement accounts without being registered under
the Securities Act. 17 CFR 230.237.
3 17 CFR 270.7d–2.
4 44 U.S.C. 3501–3502.
E:\FR\FM\18JNN1.SGM
18JNN1
Federal Register / Vol. 78, No. 117 / Tuesday, June 18, 2013 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
of 10 minutes per document to draft the
requisite disclosure statement.
The staff estimates that there are 2866
publicly offered Canadian funds that
potentially would rely on the rule to
offer securities to participants and sell
securities to their Canadian retirement
accounts without registering under the
Investment Company Act.5 The staff
estimates that all of these funds have
previously relied upon the rule and
have already made the one-time change
to their offering documents required to
rely on the rule. The staff estimates that
143 (5 percent) additional Canadian
funds may newly rely on the rule each
year to offer securities to Canadian-U.S.
Participants and sell securities to their
Canadian retirement accounts, thus
incurring the paperwork burden
required under the rule. The staff
estimates that each of those funds, on
average, distributes 3 different written
offering documents concerning those
securities, for a total of 429 offering
documents. The staff therefore estimates
that 143 respondents would make 429
responses by adding the new disclosure
statement to 429 written offering
documents. The staff therefore estimates
that the annual burden associated with
the rule 7d–2 disclosure requirement
would be 71.5 hours (429 offering
documents × 10 minutes per document).
The total annual cost of these burden
hours is estimated to be $27,099 (71.5
hours × $379 per hour of attorney
time).6
These burden hour estimates are
based upon the Commission staff’s
experience and discussions with the
fund industry. The estimates of average
burden hours are made solely for the
purposes of the Paperwork Reduction
Act. These estimates are not derived
from a comprehensive or even a
representative survey or study of the
costs of Commission rules.
Compliance with the collection of
information requirements of the rule is
mandatory and is necessary to comply
with the requirements of the rule in
general. 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.
5 Investment Company Institute, 2013 Investment
Company Fact Book (2013) at 202, tbl. 61.
6 The Commission’s estimate concerning the wage
rate for attorney time is based on salary information
for the securities industry compiled by the
Securities Industry and Financial Markets
Association (‘‘SIFMA’’). The $379 per hour figure
for an attorney is from SIFMA’s Management &
Professional Earnings in the Securities Industry
2012, 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.
VerDate Mar<15>2010
17:39 Jun 17, 2013
Jkt 229001
Written comments are invited on: (a)
Whether the collection of information is
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 collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burdens 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 in
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: June 13, 2013.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–14451 Filed 6–17–13; 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 15Bc3–1and Form MSDW.
SEC File No. 270–93, OMB Control No.
3235–0087
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’)(44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
provided for in Rule 15Bc3–1 (17 CFR
15Bc3–1) and Form MSDW (17 CFR
249.1110) under the Securities
Exchange Act of 1934 (17 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.
Rule 15Bc3–1 provides that a notice
of withdrawal from registration with the
Commission as a bank municipal
securities dealer must be filed on Form
MSDW. The Commission uses the
information submitted on Form MSDW
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
36607
in determining whether it is in the
public interest to permit a bank
municipal securities dealer to withdraw
its registration. This information is also
important to the municipal securities
dealer’s customers and to the public,
because it provides, among other things,
the name and address of a person to
contact regarding any of the municipal
securities dealer’s unfinished business.
Based upon past submissions, the
staff estimates that, on an annual basis,
approximately three bank municipal
securities dealers will file a notice of
withdrawal from registration with the
Commission as a bank municipal
securities dealer on Form MSDW. The
staff estimates that the average number
of hours necessary to comply with the
notice requirements set out in Rule
15Bc3–1 and Form MSDW is 0.5 per
respondent, for a total burden of 1.5
hours per year. The staff estimates that
the average internal compliance cost per
hour is approximately $310. Therefore,
the estimated total cost of compliance
for the respondents is approximately
$465.
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 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 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.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently 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: June 12, 2013.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–14420 Filed 6–17–13; 8:45 am]
BILLING CODE 8011–01–P
E:\FR\FM\18JNN1.SGM
18JNN1
]]>Agencies
[Federal Register Volume 78, Number 117 (Tuesday, June 18, 2013)]
[Notices]
[Pages 36606-36607]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-14451]
-----------------------------------------------------------------------
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 7d-2, OMB Control No. 3235-0527, SEC File No. 270-464.
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'') 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.
In Canada, as in the United States, individuals can invest a
portion of their earnings in tax-deferred retirement savings accounts
(``Canadian retirement accounts''). These accounts, which operate in a
manner similar to individual retirement accounts in the United States,
encourage retirement savings by permitting savings on a tax-deferred
basis. Individuals who establish Canadian retirement accounts while
living and working in Canada and who later move to the United States
(``Canadian-U.S. Participants'' or ``participants'') often continue to
hold their retirement assets in their Canadian retirement accounts
rather than prematurely withdrawing (or ``cashing out'') those assets,
which would result in immediate taxation in Canada.
Once in the United States, however, these participants historically
have been unable to manage their Canadian retirement account
investments. Most investment companies (``funds'') that are ``qualified
companies'' for Canadian retirement accounts are not registered under
the U.S. securities laws. Securities of those unregistered funds,
therefore, generally cannot be publicly offered and sold in the United
States without violating the registration requirement of the Investment
Company Act of 1940 (``Investment Company Act'').\1\ As a result of
this registration requirement, Canadian-U.S. Participants previously
were not able to purchase or exchange securities for their Canadian
retirement accounts as needed to meet their changing investment goals
or income needs.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 80a. In addition, the offering and selling of
securities that are not registered pursuant to the Securities Act of
1933 (``Securities Act'') is generally prohibited by U.S. securities
laws. 15 U.S.C. 77.
---------------------------------------------------------------------------
The Commission issued a rulemaking in 2000 that enabled Canadian-
U.S. Participants to manage the assets in their Canadian retirement
accounts by providing relief from the U.S. registration requirements
for offers of securities of foreign issuers to Canadian-U.S.
Participants and sales to Canadian retirement accounts.\2\ Rule 7d-2
under the Investment Company Act \3\ permits foreign funds to offer
securities to Canadian-U.S. Participants and sell securities to
Canadian retirement accounts without registering as investment
companies under the Investment Company Act.
---------------------------------------------------------------------------
\2\ See Offer and Sale of Securities to Canadian Tax-Deferred
Retirement Savings Accounts, Release Nos. 33-7860, 34-42905, IC-
24491 (June 7, 2000) [65 FR 37672 (June 15, 2000)]. This rulemaking
also included new rule 237 under the Securities Act, permitting
securities of foreign issuers to be offered to Canadian-U.S.
Participants and sold to Canadian retirement accounts without being
registered under the Securities Act. 17 CFR 230.237.
\3\ 17 CFR 270.7d-2.
---------------------------------------------------------------------------
Rule 7d-2 contains a ``collection of information'' requirement
within the meaning of the Paperwork Reduction Act of 1995.\4\ Rule 7d-2
requires written offering materials for securities offered or sold in
reliance on that rule to disclose prominently that those securities and
the fund issuing those securities are not registered with the
Commission, and that those securities and the fund issuing those
securities are exempt from registration under U.S. securities laws.
Rule 7d-2 does not require any documents to be filed with the
Commission.
---------------------------------------------------------------------------
\4\ 44 U.S.C. 3501-3502.
---------------------------------------------------------------------------
Rule 7d-2 requires written offering documents for securities
offered or sold in reliance on the rule to disclose prominently that
the securities are not registered with the Commission and may not be
offered or sold in the United States unless registered or exempt from
registration under the U.S. securities laws, and also to disclose
prominently that the fund that issued the securities is not registered
with the Commission. The burden under the rule associated with adding
this disclosure to written offering documents is minimal and is non-
recurring. The foreign issuer, underwriter, or broker-dealer can
redraft an existing prospectus or other written offering material to
add this disclosure statement, or may draft a sticker or supplement
containing this disclosure to be added to existing offering materials.
In either case, based on discussions with representatives of the
Canadian fund industry, the staff estimates that it would take an
average
[[Page 36607]]
of 10 minutes per document to draft the requisite disclosure statement.
The staff estimates that there are 2866 publicly offered Canadian
funds that potentially would rely on the rule to offer securities to
participants and sell securities to their Canadian retirement accounts
without registering under the Investment Company Act.\5\ The staff
estimates that all of these funds have previously relied upon the rule
and have already made the one-time change to their offering documents
required to rely on the rule. The staff estimates that 143 (5 percent)
additional Canadian funds may newly rely on the rule each year to offer
securities to Canadian-U.S. Participants and sell securities to their
Canadian retirement accounts, thus incurring the paperwork burden
required under the rule. The staff estimates that each of those funds,
on average, distributes 3 different written offering documents
concerning those securities, for a total of 429 offering documents. The
staff therefore estimates that 143 respondents would make 429 responses
by adding the new disclosure statement to 429 written offering
documents. The staff therefore estimates that the annual burden
associated with the rule 7d-2 disclosure requirement would be 71.5
hours (429 offering documents x 10 minutes per document). The total
annual cost of these burden hours is estimated to be $27,099 (71.5
hours x $379 per hour of attorney time).\6\
---------------------------------------------------------------------------
\5\ Investment Company Institute, 2013 Investment Company Fact
Book (2013) at 202, tbl. 61.
\6\ The Commission's estimate concerning the wage rate for
attorney time is based on salary information for the securities
industry compiled by the Securities Industry and Financial Markets
Association (``SIFMA''). The $379 per hour figure for an attorney is
from SIFMA's Management & Professional Earnings in the Securities
Industry 2012, 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.
---------------------------------------------------------------------------
These burden hour estimates are based upon the Commission staff's
experience and discussions with the fund industry. The estimates of
average burden hours are made solely for the purposes of the Paperwork
Reduction Act. These estimates are not derived from a comprehensive or
even a representative survey or study of the costs of Commission rules.
Compliance with the collection of information requirements of the
rule is mandatory and is necessary to comply with the requirements of
the rule in general. 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 collection of
information is 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 collection of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens 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 in
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: June 13, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-14451 Filed 6-17-13; 8:45 am]
BILLING CODE 8011-01-P
