Submission for OMB Review; Comment Request, 41131-41132 [2013-16365]

Download as PDF mstockstill on DSK4VPTVN1PROD with NOTICES Federal Register / Vol. 78, No. 131 / Tuesday, July 9, 2013 / Notices 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 17e1 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 the average burden hours are made solely for the purposes of the Paperwork Reduction Act and are not derived from a comprehensive or even 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. 3 1,768 funds × 0.6 = 1,061 funds. 4 1,061 funds × 40 hours per fund = 42,440 hours. 5 581 hours + 42,440 hours = 43,021 hours. VerDate Mar<15>2010 17:44 Jul 08, 2013 Jkt 229001 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. 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, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 100 F Street, NE., Washington, DC 20549; or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: July 2, 2013. Elizabeth M. Murphy, Secretary. [FR Doc. 2013–16366 Filed 7–8–13; 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 0–2; OMB Control No. 3235–0636, SEC File No. 270–572. 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 a request for extension of the previously approved collection of information discussed below. Several sections of the Investment Company Act of 1940 (‘‘Act’’ or ‘‘Investment Company Act’’) 1 give the Commission the authority to issue orders granting exemptions from the Act’s provisions. The section that grants PO 00000 broadest authority is section 6(c), which provides the Commission with authority to conditionally or unconditionally exempt persons, securities or transactions from any provision of the Investment Company Act, or the rules or regulations thereunder, if and to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act.2 Rule 0–2 under the Investment Company Act,3 entitled ‘‘General Requirements of Papers and Applications,’’ prescribes general instructions for filing an application seeking exemptive relief with the Commission for which a form is not specifically prescribed. Rule 0–2 requires that each application filed with the commission have (a) a statement of authorization to file and sign the application on behalf of the applicant, (b) a verification of application and statements of fact, (c) a brief statement of the grounds for application, and (d) the name and address of each applicant and of any person to whom questions should be directed. The Commission uses the information required by rule 0– 2 to decide whether the applicant should be deemed to be entitled to the action requested by the application. Applicants for orders can include registered investment companies, affiliated persons of registered investment companies, and issuers seeking to avoid investment company status, among other entities. Commission staff estimates that it receives approximately 110 applications per year under the Act. Although each application typically is submitted on behalf of multiple entities, the entities in the vast majority of cases are related companies and are treated as a single respondent for purposes of this analysis. The time to prepare an application depends on the complexity and/or novelty of the issues covered by the application. We estimate that the Commission receives 15 of the most time-consuming applications annually, 75 applications of medium difficulty, and 20 of the least difficult applications. Based on conversations with applicants, we estimate that in-house counsel would spend from ten to fifty hours helping to draft and review an application. We estimate a total annual hour burden to all respondents of 3,200 hours [(50 hours × 15 applications) + (30 hours × 75 applications) + (10 hours × 20 applications)]. 2 15 1 15 U.S.C. 80a–1 et seq. Frm 00107 Fmt 4703 3 17 Sfmt 4703 41131 E:\FR\FM\09JYN1.SGM U.S.C. 80a–6(c). CFR 270.0–2. 09JYN1 41132 Federal Register / Vol. 78, No. 131 / Tuesday, July 9, 2013 / Notices Much of the work of preparing an application is performed by outside counsel. The cost outside counsel charges applicants depends on the complexity of the issues covered by the application and the time required for preparation. Based on conversations with attorneys who serve as outside counsel, the cost ranges from approximately $10,000 for preparing a well-precedented, routine application to approximately $150,000 to prepare a complex and/or novel application. This distribution gives a total estimated annual cost burden to applicants of filing all applications of $8,450,000 [(15 × $150,000) + (75 × $80,000) + (20 × $10,000)]. These estimates of average costs are 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. This collection of information is necessary to obtain a benefit and 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. 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, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: July 2, 2013. Elizabeth M. Murphy, Secretary. 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’’) has submitted to the Office of Management and Budget this request for extension of the previously approved collection of information discussed below. 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 the 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. 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 regarding the above information should be directed to the following persons: (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 send an email to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. [FR Doc. 2013–16365 Filed 7–8–13; 8:45 am] Dated: July 2, 2013. Elizabeth M. Murphy, Secretary. BILLING CODE 8011–01–P [FR Doc. 2013–16367 Filed 7–8–13; 8:45 am] BILLING CODE 8011–01–P mstockstill on DSK4VPTVN1PROD with NOTICES SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Sunshine Act Meeting Upon Written Request Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold an Open Meeting VerDate Mar<15>2010 17:44 Jul 08, 2013 Jkt 229001 PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 on Wednesday, July 10, 2013 at 10:00 a.m., in the Auditorium, Room L–002. The subject matters of the Open Meeting will be: • The Commission will consider whether to adopt amendments to eliminate the prohibition against general solicitation and general advertising in certain securities offerings conducted pursuant to Rule 506 of Regulation D under the Securities Act and Rule 144A under the Securities Act, as mandated by Section 201(a) of the Jumpstart Our Business Startups Act. • The Commission will consider whether to propose amendments to Regulation D, Form D and Rule 156 under the Securities Act. The proposed amendments are intended to enhance the Commission’s ability to evaluate changes in the market and to address the development of practices in Rule 506 offerings. • The Commission will consider whether to adopt amendments to disqualify securities offerings involving certain ‘‘felons and other ‘bad actors’’’ from reliance on the exemption from Securities Act registration pursuant to Rule 506 as mandated by Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Dated: July 3, 2013. Elizabeth M. Murphy, Secretary. [FR Doc. 2013–16538 Filed 7–5–13; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–69911; File No. SR–EDGX– 2013–25] Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to the EDGX Exchange, Inc. Fee Schedule July 2, 2013. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on July 1, 1 15 2 17 E:\FR\FM\09JYN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 09JYN1

Agencies

[Federal Register Volume 78, Number 131 (Tuesday, July 9, 2013)]
[Notices]
[Pages 41131-41132]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-16365]


-----------------------------------------------------------------------

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 0-2;
    OMB Control No. 3235-0636, SEC File No. 270-572.

    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 a request for extension of the previously approved collection of 
information discussed below.
    Several sections of the Investment Company Act of 1940 (``Act'' or 
``Investment Company Act'') \1\ give the Commission the authority to 
issue orders granting exemptions from the Act's provisions. The section 
that grants broadest authority is section 6(c), which provides the 
Commission with authority to conditionally or unconditionally exempt 
persons, securities or transactions from any provision of the 
Investment Company Act, or the rules or regulations thereunder, if and 
to the extent that such exemption is necessary or appropriate in the 
public interest and consistent with the protection of investors and the 
purposes fairly intended by the policy and provisions of the Act.\2\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 80a-1 et seq.
    \2\ 15 U.S.C. 80a-6(c).
---------------------------------------------------------------------------

    Rule 0-2 under the Investment Company Act,\3\ entitled ``General 
Requirements of Papers and Applications,'' prescribes general 
instructions for filing an application seeking exemptive relief with 
the Commission for which a form is not specifically prescribed. Rule 0-
2 requires that each application filed with the commission have (a) a 
statement of authorization to file and sign the application on behalf 
of the applicant, (b) a verification of application and statements of 
fact, (c) a brief statement of the grounds for application, and (d) the 
name and address of each applicant and of any person to whom questions 
should be directed. The Commission uses the information required by 
rule 0-2 to decide whether the applicant should be deemed to be 
entitled to the action requested by the application.
---------------------------------------------------------------------------

    \3\ 17 CFR 270.0-2.
---------------------------------------------------------------------------

    Applicants for orders can include registered investment companies, 
affiliated persons of registered investment companies, and issuers 
seeking to avoid investment company status, among other entities. 
Commission staff estimates that it receives approximately 110 
applications per year under the Act. Although each application 
typically is submitted on behalf of multiple entities, the entities in 
the vast majority of cases are related companies and are treated as a 
single respondent for purposes of this analysis.
    The time to prepare an application depends on the complexity and/or 
novelty of the issues covered by the application. We estimate that the 
Commission receives 15 of the most time-consuming applications 
annually, 75 applications of medium difficulty, and 20 of the least 
difficult applications. Based on conversations with applicants, we 
estimate that in-house counsel would spend from ten to fifty hours 
helping to draft and review an application. We estimate a total annual 
hour burden to all respondents of 3,200 hours [(50 hours x 15 
applications) + (30 hours x 75 applications) + (10 hours x 20 
applications)].

[[Page 41132]]

    Much of the work of preparing an application is performed by 
outside counsel. The cost outside counsel charges applicants depends on 
the complexity of the issues covered by the application and the time 
required for preparation. Based on conversations with attorneys who 
serve as outside counsel, the cost ranges from approximately $10,000 
for preparing a well-precedented, routine application to approximately 
$150,000 to prepare a complex and/or novel application. This 
distribution gives a total estimated annual cost burden to applicants 
of filing all applications of $8,450,000 [(15 x $150,000) + (75 x 
$80,000) + (20 x $10,000)].
    These estimates of average costs are 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.
    This collection of information is necessary to obtain a benefit and 
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.
    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, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 
F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: July 2, 2013.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-16365 Filed 7-8-13; 8:45 am]
BILLING CODE 8011-01-P
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