Submission for OMB Review; Comment Request, 10210-10211 [2014-03785]

Download as PDF mstockstill on DSK4VPTVN1PROD with NOTICES 10210 Federal Register / Vol. 79, No. 36 / Monday, February 24, 2014 / Notices 100 new municipal advisors will amend (or withdraw) their Form MA–T once during the period from January 1, 2014 through December 31, 2014, and that it will take approximately 30 minutes to amend (or withdraw) their form, which means the total burden associated with amending Form MA–T is 625 hours. Therefore, the total annual burden associated with completing and amending Form MA–T is 875 hours. The Commission believes that some municipal advisors will seek outside counsel to help them comply with the requirements of Rule 15Ba2–6T and Form MA–T, and assumes that 100 municipal advisors will consult outside counsel for one hour for this purpose. The hourly rate for an attorney is $379, according to the Securities Industry and Financial Markets Association’s publication titled Management & Professional Earnings in the Securities Industry 2012, as modified by Commission staff to account for an 1,800-hour work year and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. The Commission estimates the total cost for these 100 municipal advisors to hire outside counsel to review their compliance with the requirements of Rule 15Ba2–6T and Form MA–T to be approximately $37,900. 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. 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 by sending an email to: PRA_ Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: February 18, 2014. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–03784 Filed 2–21–14; 8:45 am] BILLING CODE 8011–01–P VerDate Mar<15>2010 17:16 Feb 21, 2014 Jkt 232001 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 17a–13; SEC File No. 270–27, OMB Control No. 3235–0035. 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 17a–13 (17 CFR 240.17a–13) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). Rule 17a–13(b) (17 CFR 240.17a– 13(b)) generally requires that at least once each calendar quarter, all registered brokers-dealers physically examine and count all securities held, and that they account for all other securities not in their possession, but subject to the broker-dealer’s control or direction. Any discrepancies between the broker-dealer’s securities count and the firm’s records must be noted and, within seven days, the unaccounted for difference must be recorded in the firm’s records. Rule 17a–13(c) (17 CFR 240.17a–13(c)) provides that under specified conditions, the count, examination, and verification of the broker-dealer’s entire list of securities may be conducted on a cyclical basis rather than on a certain date. Although Rule 17a–13 does not require brokerdealers to file a report with the Commission, discrepancies between a broker-dealer’s records and the securities counts may be required to be reported, for example, as a loss on Form X–17a–5 (17 CFR 248.617), which must be filed with the Commission under Exchange Act Rule 17a–5 (17 CFR 240.17a–5). Rule 17a–13 exempts broker-dealers that limit their business to the sale and redemption of securities of registered investment companies and interests or participation in an insurance company separate account and those who solicit accounts for federally insured savings and loan associations, provided that such persons promptly transmit all funds and securities and hold no customer funds and securities. Rule 17a–13 also does not apply to certain broker-dealers required to register only because they PO 00000 Frm 00126 Fmt 4703 Sfmt 4703 effect transactions in securities futures products. The information obtained from Rule 17a–13 is used as an inventory control device to monitor a broker-dealer’s ability to account for all securities held in transfer, in transit, pledged, loaned, borrowed, deposited, or otherwise subject to the firm’s control or direction. Discrepancies between the securities counts and the broker-dealer’s records alert the Commission and the selfregulatory organizations (‘‘SROs’’) to those firms experiencing back-office operational issues. Currently, there are approximately 4,462 broker-dealers registered with the Commission. However, given the variability in their businesses, it is difficult to quantify how many hours per year each broker-dealer spends complying with Rule 17a–13. As noted, Rule 17a–13 requires a broker-dealer to account for all securities in its possession or subject to its control or direction. Many broker-dealers hold few, if any, securities; while others hold large quantities. Therefore, the time burden of complying with Rule 17a–13 will depend on respondent-specific factors, including a broker-dealer’s size, number of customers, and proprietary trading activity. The staff estimates that the average time spent per respondent is 100 hours per year on an ongoing basis to maintain the records required under Rule 17a–13. This estimate takes into account the fact that more than half of the 4,462 respondents—according to financial reports filed with the Commission—may spend little or no time complying with Rule 17a–13, given that they do not do a public securities business or do not hold inventories of securities. For these reasons, the staff estimates that the total compliance burden per year is 446,200 hours (4,462 respondents × 100 hours/respondent). The records required to be made by Rule 17a–13 are available only to Commission examination staff, state securities authorities, and applicable SROs. Subject to the provisions of the Freedom of Information Act, 5 U.S.C. 522, and the Commission’s rules thereunder (17 CFR 200.80(b)(4)(iii)), the Commission does not generally publish or make available information contained in any reports, summaries, analyses, letters, or memoranda arising out of, in anticipation of, or in connection with an examination or inspection of the books and records of any person or any other investigation. 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. E:\FR\FM\24FEN1.SGM 24FEN1 Federal Register / Vol. 79, No. 36 / Monday, February 24, 2014 / Notices The public may view 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 by sending an email to: PRA_ Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: February 18, 2014. Kevin M. O’Neill, Deputy Secretary. Filing Dates: The application was filed on May 29, 2013, and amended on October 8, 2013, and January 21, 2014. Hearing or Notification of Hearing: An order granting the application will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on March 17, 2014, and should be accompanied by proof of service on applicants, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer’s interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission’s Secretary. [FR Doc. 2014–03785 Filed 2–21–14; 8:45 am] ADDRESSES: Elizabeth M. Murphy, Secretary, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. Applicants: the Adviser, 325 N. LaSalle Street, Suite 645, Chicago, Illinois 60654. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30919; 812–14160] FOR FURTHER INFORMATION CONTACT: RiverNorth Funds, et al.; Notice of Application February 18, 2014. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of an application for an order under section 12(d)(1)(J) of the Investment Company Act of 1940 (the ‘‘1940 Act’’) for exemptions from sections 12(d)(1)(A), (B), and (C) of the 1940 Act, and under sections 6(c) and 17(b) of the 1940 Act for an exemption from section 17(a) of the 1940 Act. AGENCY: Summary of the Application: Applicants request an order that would permit certain registered open-end management investment companies that operate as ‘‘funds of funds’’ to acquire shares of certain registered open-end management investment companies, registered closed-end management investment companies, ‘‘business development companies,’’ as defined by section 2(a)(48) of the 1940 Act, and registered unit investment trusts that are within or outside the same group of investment companies as the acquiring investment companies. Applicants: RiverNorth Funds (the ‘‘Trust’’), RiverNorth Capital Management, LLC (the ‘‘Adviser’’), and ALPS Distributors, Inc. (the ‘‘Distributor’’). mstockstill on DSK4VPTVN1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 17:16 Feb 21, 2014 Jkt 232001 DATES: Laura J. Riegel, Senior Counsel, at (202) 551–6873, or David P. Bartels, Branch Chief, at (202) 551–6821 (Division of Investment Management, Chief Counsel’s Office). The following is a summary of the application. The complete application may be obtained via the Commission’s Web site by searching for the file number, or for an applicant using the ‘‘Company’’ name box, at https:// www.sec.gov/search/search.htm or by calling (202) 551–8090. SUPPLEMENTARY INFORMATION: Applicants’ Representations 1. The Trust is organized as an Ohio business trust and is registered under the 1940 Act as an open-end management investment company. The Trust currently offers five separate series. The Adviser, a Delaware limited liability company, is registered as an investment adviser under the Investment Advisers Act of 1940 (‘‘Advisers Act’’) and serves as investment adviser to each of the existing series of the Trust.1 The Distributor is a Broker (as defined below) and currently serves as the 1 All references to the term ‘‘Adviser’’ include successors-in-interest to the Adviser. A successorin-interest is limited to an entity that results from a reorganization into another jurisdiction or a change in the type of business organization. PO 00000 Frm 00127 Fmt 4703 Sfmt 4703 10211 principal underwriter and distributor of the Funds (as defined below).2 2. Applicants request relief to the extent necessary to permit: (a) A Fund (each, a ‘‘Fund of Funds,’’ and collectively, the ‘‘Funds of Funds’’) to acquire shares of registered open-end management investment companies (each an ‘‘Unaffiliated Open-End Investment Company’’), registered closed-end management investment companies, ‘‘business development companies’’ as defined by section 2(a)(48) of the 1940 Act (‘‘business development companies’’) (each registered closed-end management investment company and each business development company, an ‘‘Unaffiliated Closed-End Investment Company’’ and, together with the Unaffiliated Open-End Investment Companies, the ‘‘Unaffiliated Investment Companies’’), and registered unit investment trusts (‘‘UITs’’) (the ‘‘Unaffiliated Trusts,’’ and together with the Unaffiliated Investment Companies, the ‘‘Unaffiliated Funds’’), in each case, that are not part of the same ‘‘group of investment companies’’ as the Funds of Funds; 3 (b) the Unaffiliated Funds, their principal underwriters and any broker or dealer registered under the Securities Exchange Act of 1934 (the ‘‘1934 Act’’) (‘‘Broker’’) to sell shares of such Unaffiliated Funds to the Funds of Funds; (c) the Funds of Funds to acquire shares of other registered investment companies, including open-end management investment companies and series thereof, closed-end management investment companies and UITs, as well as business development companies (if any), in the same group of investment companies as the Funds of Funds (collectively, the ‘‘Affiliated Funds,’’ and, together with the Unaffiliated 2 Applicants request that the order also extend to any future series of the Trust, and any other existing or future registered open-end management investment companies and any series thereof that are part of the same group of investment companies, as defined in section 12(d)(1)(G)(ii) of 1940 Act, as the Trust, in each case, that is, or may in the future be, advised by the Adviser or any other investment adviser controlling, controlled by, or under common control with the Adviser (together with the existing series of the Trust, each series a ‘‘Fund,’’ and collectively, the ‘‘Funds’’). All entities that currently intend to rely on the requested order are named as applicants. Any other entity that relies on the order in the future will comply with the terms and conditions of the application. 3 For purposes of the request for relief from Sections 12(d)(1)(A), (B), and (C) of the 1940 Act, the term ‘‘group of investment companies’’ means any two or more registered investment companies, including closed-end investment companies, that hold themselves out to investors as related companies for purposes of investment and investor services. E:\FR\FM\24FEN1.SGM 24FEN1

Agencies

[Federal Register Volume 79, Number 36 (Monday, February 24, 2014)]
[Notices]
[Pages 10210-10211]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-03785]


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

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission, Office of Investor Education and Advocacy, 
Washington, DC 20549-0213.

Extension:
    Rule 17a-13; SEC File No. 270-27, OMB Control No. 3235-0035.

    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'') has submitted to the Office of 
Management and Budget (``OMB'') a request for approval of extension of 
the previously approved collection of information provided for in Rule 
17a-13 (17 CFR 240.17a-13) under the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.) (``Exchange Act'').
    Rule 17a-13(b) (17 CFR 240.17a-13(b)) generally requires that at 
least once each calendar quarter, all registered brokers-dealers 
physically examine and count all securities held, and that they account 
for all other securities not in their possession, but subject to the 
broker-dealer's control or direction. Any discrepancies between the 
broker-dealer's securities count and the firm's records must be noted 
and, within seven days, the unaccounted for difference must be recorded 
in the firm's records. Rule 17a-13(c) (17 CFR 240.17a-13(c)) provides 
that under specified conditions, the count, examination, and 
verification of the broker-dealer's entire list of securities may be 
conducted on a cyclical basis rather than on a certain date. Although 
Rule 17a-13 does not require broker-dealers to file a report with the 
Commission, discrepancies between a broker-dealer's records and the 
securities counts may be required to be reported, for example, as a 
loss on Form X-17a-5 (17 CFR 248.617), which must be filed with the 
Commission under Exchange Act Rule 17a-5 (17 CFR 240.17a-5). Rule 17a-
13 exempts broker-dealers that limit their business to the sale and 
redemption of securities of registered investment companies and 
interests or participation in an insurance company separate account and 
those who solicit accounts for federally insured savings and loan 
associations, provided that such persons promptly transmit all funds 
and securities and hold no customer funds and securities. Rule 17a-13 
also does not apply to certain broker-dealers required to register only 
because they effect transactions in securities futures products.
    The information obtained from Rule 17a-13 is used as an inventory 
control device to monitor a broker-dealer's ability to account for all 
securities held in transfer, in transit, pledged, loaned, borrowed, 
deposited, or otherwise subject to the firm's control or direction. 
Discrepancies between the securities counts and the broker-dealer's 
records alert the Commission and the self-regulatory organizations 
(``SROs'') to those firms experiencing back-office operational issues.
    Currently, there are approximately 4,462 broker-dealers registered 
with the Commission. However, given the variability in their 
businesses, it is difficult to quantify how many hours per year each 
broker-dealer spends complying with Rule 17a-13. As noted, Rule 17a-13 
requires a broker-dealer to account for all securities in its 
possession or subject to its control or direction. Many broker-dealers 
hold few, if any, securities; while others hold large quantities. 
Therefore, the time burden of complying with Rule 17a-13 will depend on 
respondent-specific factors, including a broker-dealer's size, number 
of customers, and proprietary trading activity. The staff estimates 
that the average time spent per respondent is 100 hours per year on an 
ongoing basis to maintain the records required under Rule 17a-13. This 
estimate takes into account the fact that more than half of the 4,462 
respondents--according to financial reports filed with the Commission--
may spend little or no time complying with Rule 17a-13, given that they 
do not do a public securities business or do not hold inventories of 
securities. For these reasons, the staff estimates that the total 
compliance burden per year is 446,200 hours (4,462 respondents x 100 
hours/respondent).
    The records required to be made by Rule 17a-13 are available only 
to Commission examination staff, state securities authorities, and 
applicable SROs. Subject to the provisions of the Freedom of 
Information Act, 5 U.S.C. 522, and the Commission's rules thereunder 
(17 CFR 200.80(b)(4)(iii)), the Commission does not generally publish 
or make available information contained in any reports, summaries, 
analyses, letters, or memoranda arising out of, in anticipation of, or 
in connection with an examination or inspection of the books and 
records of any person or any other investigation.
    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.

[[Page 10211]]

    The public may view 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 by sending an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: February 18, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-03785 Filed 2-21-14; 8:45 am]
BILLING CODE 8011-01-P
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