Proposed Collection; Comment Request, 1905-1906 [2014-00212]
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Federal Register / Vol. 79, No. 7 / Friday, January 10, 2014 / Notices
III. Proposed Action
By this action, the NRC is requesting
public comments on draft LR–ISG–
2013–01. This LR–ISG proposes certain
revisions to NRC guidance on
implementation of the requirements in
10 CFR Part 54. The NRC staff will make
a final determination regarding issuance
of the LR–ISG after it considers any
public comments received in response
to this request.
Dated at Rockville, Maryland, this 6th day
of January 2014.
For the Nuclear Regulatory Commission.
Melanie A. Galloway,
Deputy Director, Division of License Renewal,
Office of Nuclear Reactor Regulation.
[FR Doc. 2014–00247 Filed 1–9–14; 8:45 am]
BILLING CODE 7590–01–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.
mstockstill on DSK4VPTVN1PROD with NOTICES
Extension:
Form 10, OMB Control No. 3235–0064,
SEC File No. 270–051.
16:40 Jan 09, 2014
Jkt 232001
Dated: January 6, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–00213 Filed 1–9–14; 8:45 am]
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 (‘‘OMB’’) for
approval of extensions on the following:
Form 10 (17 CFR 249.210) is used by
the Commission to register securities
pursuant to Section 12(b) and Section
12(g) (15 U.S.C. 78l(b) and 78l(g)) of the
Exchange Act of 1934. Form 10 requires
financial and other information about
such matters as the registrant’s business,
properties, identity and remuneration of
management, outstanding securities and
securities to be registered and financial
condition. The information provided by
Form 10 is intended to ensure the
adequacy of information available to
investors about the company. Form 10
takes approximately 215.210 hours per
response to prepare and is filed by
approximately 238 respondents. We
estimated that 25% of the 215.210 hours
per response (53.802 hours) is prepared
by the company for an annual reporting
burden of 12, 805 hours (53.802 hours
per response x 238 responses).
VerDate Mar<15>2010
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 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.
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.
Please direct your written comment to
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.
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 17d–1, OMB Control No. 3235–0562,
SEC File No. 270–505.
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 collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
Section 17(d) (15 U.S.C. 80a–17(d)) of
the Investment Company Act of 1940
(15 U.S.C. 80a et seq.) (the ‘‘Act’’)
prohibits first- and second-tier affiliates
of a fund, the fund’s principal
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
1905
underwriters, and affiliated persons of
the fund’s principal underwriters, acting
as principal, to effect any transaction in
which the fund or a company controlled
by the fund is a joint or a joint and
several participant in contravention of
the Commission’s rules. Rule 17d–1 (17
CFR 270.17d–1) prohibits an affiliated
person of or principal underwriter for
any fund (a ‘‘first-tier affiliate’’), or any
affiliated person of such person or
underwriter (a ‘‘second-tier affiliate’’),
acting as principal, from participating in
or effecting any transaction in
connection with a joint enterprise or
other joint arrangement in which the
fund is a participant, unless prior to
entering into the enterprise or
arrangement ‘‘an application regarding
[the transaction] has been filed with the
Commission and has been granted by an
order.’’ In reviewing the proposed
affiliated transaction, the rule provides
that the Commission will consider
whether the proposal is (i) consistent
with the provisions, policies, and
purposes of the Act, and (ii) on a basis
different from or less advantageous than
that of other participants in determining
whether to grant an exemptive
application for a proposed joint
enterprise, joint arrangement, or profitsharing plan.
Rule 17d–1 also contains a number of
exceptions to the requirement that a
fund must obtain Commission approval
prior to entering into joint transactions
or arrangements with affiliates. For
example, funds do not have to obtain
Commission approval for certain
employee compensation plans, certain
tax-deferred employee benefit plans,
certain transactions involving small
business investment companies, the
receipt of securities or cash by certain
affiliates pursuant to a plan of
reorganization, certain arrangements
regarding liability insurance policies
and transactions with ‘‘portfolio
affiliates’’ (companies that are affiliated
with the fund solely as a result of the
fund (or an affiliated fund) controlling
them or owning more than five percent
of their voting securities) so long as
certain other affiliated persons of the
fund (e.g., the fund’s adviser, persons
controlling the fund, and persons under
common control with the fund) are not
parties to the transaction and do not
have a ‘‘financial interest’’ in a party to
the transaction. The rule excludes from
the definition of ‘‘financial interest’’ any
interest that the fund’s board of
directors (including a majority of the
directors who are not interested persons
of the fund) finds to be not material, as
long as the board records the basis for
its finding in their meeting minutes.
E:\FR\FM\10JAN1.SGM
10JAN1
1906
Federal Register / Vol. 79, No. 7 / Friday, January 10, 2014 / Notices
Thus, the rule contains two filing and
recordkeeping requirements that
constitute collections of information.
First, rule 17d-1 requires funds that
wish to engage in a joint transaction or
arrangement with affiliates to meet the
procedural requirements for obtaining
exemptive relief from the rule’s
prohibition on joint transactions or
arrangements involving first- or secondtier affiliates. Second, rule 17d–1
permits a portfolio affiliate to enter into
a joint transaction or arrangement with
the fund if a prohibited participant has
a financial interest that the fund’s board
determines is not material and records
the basis for this finding in their
meeting minutes. These requirements of
rule 17d–1 are designed to prevent fund
insiders from managing funds for their
own benefit, rather than for the benefit
of the funds’ shareholders.
Based on an analysis of past filings,
Commission staff estimates that 13
funds file applications under section
17(d) and rule 17d–1 per year. The staff
understands that funds that file an
application generally obtain assistance
from outside counsel to prepare the
application. The cost burden of using
outside counsel is discussed below. The
Commission staff estimates that each
applicant will spend an average of 154
hours to comply with the Commission’s
applications process. The Commission
staff therefore estimates the annual
burden hours per year for all funds
under rule 17d–1’s application process
to be 2002 hours at a cost of $726,206.1
The Commission, therefore, requests
authorization to increase the inventory
of total burden hours per year for all
funds under rule 17d–1 from the current
authorized burden of 1232 hours to
2002 hours. The increase is due to an
increase in the number of funds that
filed applications for exemptions under
rule 17d–1.
As noted above, the Commission staff
understands that funds that file an
application under rule 17d–1 generally
use outside counsel to assist in
mstockstill on DSK4VPTVN1PROD with NOTICES
1 The
Commission staff estimates that a senior
executive, such as the fund’s chief compliance
officer, will spend an average of 62 hours and a
mid-level compliance attorney will spend an
average of 92 hours to comply with this collection
of information: 62 hours + 92 hours = 154 hours.
13 funds × 154 burden hours = 2002 burden hours.
The Commission staff estimate that the chief
compliance officer is paid $441 per hour and the
compliance attorney is paid $310 per hour. ($441
per hour × 62 hours) + ($310 per hour × 92 hours)
= $55,862 per fund. $55,862 × 13 funds = $726,206.
The $441 and $310 per hour figures are based on
salary information compiled by SIFMA’s
Management & Professional Earnings in the
Securities Industry, 2012. The Commission staff has
modified SIFMA’s information 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
16:40 Jan 09, 2014
Jkt 232001
preparing the application. The staff
estimates that, on average, funds spend
an additional $93,131 for outside legal
services in connection with seeking
Commission approval of affiliated joint
transactions. Thus, the staff estimates
that the total annual cost burden
imposed by the exemptive application
requirements of rule 17d–1 is
$1,210,703.2
We estimate that funds currently do
not rely on the exemption from the term
‘‘financial interest’’ with respect to any
interest that the fund’s board of
directors (including a majority of the
directors who are not interested persons
of the fund) finds to be not material.
Accordingly, we estimate that annually
there will be no transactions under rule
17d–1 that will result in this aspect of
the collection of information.
Based on these calculations, the total
annual hour burden is estimated to be
2002 hours and the total annual cost
burden is estimated to be $1,024,441.
The estimate of average 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 these collections of
information requirement is necessary to
obtain the benefit of relying on rule
17d–1. 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 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,
100 F Street NE., Washington, DC
20549; or send an email to: PRA_
Mailbox@sec.gov.
2 The estimate is based on the following
calculation: $93,131 × 13 funds = $1,210,703.
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
Dated: January 6, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–00212 Filed 1–9–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71236; File No. SR–PHLX–
2014–01]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Clarify That
an Extranet Access Fee is Not Charged
January 6, 2014.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January 2,
2014, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to clarify that
it does not charge an extranet access fee
(‘‘Extranet Access Fee’’).
The text of the proposed rule change
is below. Proposed new language is
italicized.
*
*
*
*
*
NASDAQ OMX PHLX LLC 1 PRICING
SCHEDULE
*
*
*
*
*
VIII. NASDAQ OMX PSX FEES
*
*
*
*
*
Market Data Distributor Fees
(a)–(c) No change.
Extranet Access
Extranet providers that establish a
connection with the Exchange to offer
direct access connectivity to market
data feeds shall not be assessed a
monthly access fee per recipient
Customer Premises Equipment (‘‘CPE’’)
Configuration. For purposes of this rule,
the term ‘‘Customer Premises
Equipment Configuration’’ shall mean
any line, circuit, router package, or
1 15
2 17
E:\FR\FM\10JAN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
10JAN1
]]>Agencies
[Federal Register Volume 79, Number 7 (Friday, January 10, 2014)]
[Notices]
[Pages 1905-1906]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-00212]
-----------------------------------------------------------------------
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 17d-1, OMB Control No. 3235-0562, SEC File No. 270-505.
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 collections
of information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Section 17(d) (15 U.S.C. 80a-17(d)) of the Investment Company Act
of 1940 (15 U.S.C. 80a et seq.) (the ``Act'') prohibits first- and
second-tier affiliates of a fund, the fund's principal underwriters,
and affiliated persons of the fund's principal underwriters, acting as
principal, to effect any transaction in which the fund or a company
controlled by the fund is a joint or a joint and several participant in
contravention of the Commission's rules. Rule 17d-1 (17 CFR 270.17d-1)
prohibits an affiliated person of or principal underwriter for any fund
(a ``first-tier affiliate''), or any affiliated person of such person
or underwriter (a ``second-tier affiliate''), acting as principal, from
participating in or effecting any transaction in connection with a
joint enterprise or other joint arrangement in which the fund is a
participant, unless prior to entering into the enterprise or
arrangement ``an application regarding [the transaction] has been filed
with the Commission and has been granted by an order.'' In reviewing
the proposed affiliated transaction, the rule provides that the
Commission will consider whether the proposal is (i) consistent with
the provisions, policies, and purposes of the Act, and (ii) on a basis
different from or less advantageous than that of other participants in
determining whether to grant an exemptive application for a proposed
joint enterprise, joint arrangement, or profit-sharing plan.
Rule 17d-1 also contains a number of exceptions to the requirement
that a fund must obtain Commission approval prior to entering into
joint transactions or arrangements with affiliates. For example, funds
do not have to obtain Commission approval for certain employee
compensation plans, certain tax-deferred employee benefit plans,
certain transactions involving small business investment companies, the
receipt of securities or cash by certain affiliates pursuant to a plan
of reorganization, certain arrangements regarding liability insurance
policies and transactions with ``portfolio affiliates'' (companies that
are affiliated with the fund solely as a result of the fund (or an
affiliated fund) controlling them or owning more than five percent of
their voting securities) so long as certain other affiliated persons of
the fund (e.g., the fund's adviser, persons controlling the fund, and
persons under common control with the fund) are not parties to the
transaction and do not have a ``financial interest'' in a party to the
transaction. The rule excludes from the definition of ``financial
interest'' any interest that the fund's board of directors (including a
majority of the directors who are not interested persons of the fund)
finds to be not material, as long as the board records the basis for
its finding in their meeting minutes.
[[Page 1906]]
Thus, the rule contains two filing and recordkeeping requirements
that constitute collections of information. First, rule 17d-1 requires
funds that wish to engage in a joint transaction or arrangement with
affiliates to meet the procedural requirements for obtaining exemptive
relief from the rule's prohibition on joint transactions or
arrangements involving first- or second-tier affiliates. Second, rule
17d-1 permits a portfolio affiliate to enter into a joint transaction
or arrangement with the fund if a prohibited participant has a
financial interest that the fund's board determines is not material and
records the basis for this finding in their meeting minutes. These
requirements of rule 17d-1 are designed to prevent fund insiders from
managing funds for their own benefit, rather than for the benefit of
the funds' shareholders.
Based on an analysis of past filings, Commission staff estimates
that 13 funds file applications under section 17(d) and rule 17d-1 per
year. The staff understands that funds that file an application
generally obtain assistance from outside counsel to prepare the
application. The cost burden of using outside counsel is discussed
below. The Commission staff estimates that each applicant will spend an
average of 154 hours to comply with the Commission's applications
process. The Commission staff therefore estimates the annual burden
hours per year for all funds under rule 17d-1's application process to
be 2002 hours at a cost of $726,206.\1\ The Commission, therefore,
requests authorization to increase the inventory of total burden hours
per year for all funds under rule 17d-1 from the current authorized
burden of 1232 hours to 2002 hours. The increase is due to an increase
in the number of funds that filed applications for exemptions under
rule 17d-1.
---------------------------------------------------------------------------
\1\ The Commission staff estimates that a senior executive, such
as the fund's chief compliance officer, will spend an average of 62
hours and a mid-level compliance attorney will spend an average of
92 hours to comply with this collection of information: 62 hours +
92 hours = 154 hours. 13 funds x 154 burden hours = 2002 burden
hours. The Commission staff estimate that the chief compliance
officer is paid $441 per hour and the compliance attorney is paid
$310 per hour. ($441 per hour x 62 hours) + ($310 per hour x 92
hours) = $55,862 per fund. $55,862 x 13 funds = $726,206. The $441
and $310 per hour figures are based on salary information compiled
by SIFMA's Management & Professional Earnings in the Securities
Industry, 2012. The Commission staff has modified SIFMA's
information to account for an 1800-hour work year and multiplied by
5.35 to account for bonuses, firm size, employee benefits, and
overhead.
---------------------------------------------------------------------------
As noted above, the Commission staff understands that funds that
file an application under rule 17d-1 generally use outside counsel to
assist in preparing the application. The staff estimates that, on
average, funds spend an additional $93,131 for outside legal services
in connection with seeking Commission approval of affiliated joint
transactions. Thus, the staff estimates that the total annual cost
burden imposed by the exemptive application requirements of rule 17d-1
is $1,210,703.\2\
---------------------------------------------------------------------------
\2\ The estimate is based on the following calculation: $93,131
x 13 funds = $1,210,703.
---------------------------------------------------------------------------
We estimate that funds currently do not rely on the exemption from
the term ``financial interest'' with respect to any interest that the
fund's board of directors (including a majority of the directors who
are not interested persons of the fund) finds to be not material.
Accordingly, we estimate that annually there will be no transactions
under rule 17d-1 that will result in this aspect of the collection of
information.
Based on these calculations, the total annual hour burden is
estimated to be 2002 hours and the total annual cost burden is
estimated to be $1,024,441.
The estimate of average 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 these collections of
information requirement is necessary to obtain the benefit of relying
on rule 17d-1. 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 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, 100 F Street NE., Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: January 6, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-00212 Filed 1-9-14; 8:45 am]
BILLING CODE 8011-01-P
