Submission for OMB Review; Comment Request, 14088-14089 [2014-05317]

Download as PDF 14088 Federal Register / Vol. 79, No. 48 / Wednesday, March 12, 2014 / Notices Purpose of Meeting: To provide advice and recommendations to the National Science Foundation on major goals and policies pertaining to Social, Behavioral and Economic Sciences Directorate Programs and activities. Agenda: Agenda Topics Thursday, April 3, 2014 9:00 a.m.–5:05 p.m. Directorate Update: Dr. Joanne Tornow Transparency, Accountability and Portfolio Framework Discussion with NSF Leadership Report from SBE Division of Social and Economic Sciences (SBE/SES) Committee of Visitor (COV) Public Access Report from Statistical Sciences at NSF (StatSNSF) Subcommittee Proposed Revisions to the Common Rule for the Protection of Human Subjects in Behavioral and Social Sciences (Report from the National Research Council) Report from the SBE AC Subcommittee on Replication Friday, April 4, 2014 9:00 a.m.—12:15 p.m. NSF activities related to Cognitive Science and Neuroscience and the BRAIN Initiative Report from the SBE AC Subcommittee on the Future of SBE Survey Research Report from the SBE AC Subcommittee on the Science and Practice of Broadening Participation Agenda for future meeting, 2014 Meeting dates, Assignments, Concluding Remarks 4. Tribute—Katherine M. Gehl 5. Audit Committee Nomination Approval 6. Minutes of the Open Session of the December 12, 2013 Board of Directors Meeting FURTHER MATTERS TO BE CONSIDERED (CLOSED TO THE PUBLIC 2:15 P.M.): 1. Finance Project—Global 2. Finance Project—Global 3. Finance Project—Global 4. Insurance Project—Sub-Saharan Africa 5. Finance Project—Israel 6. Amendment to Finance Project Resolution—Afghanistan 7. Amendment to Finance Project Resolution—Afghanistan 8. Finance Project—Nigeria and other OPIC-eligible countries in SubSaharan Africa 9. Minutes of the Closed Session of the December 12, 2013 Board of Directors Meeting 10. Reports 11. Pending Projects CONTACT PERSON FOR INFORMATION: Information on the meeting may be obtained from Connie M. Downs at (202) 336–8438. Dated: March 10, 2014. Connie M. Downs, Corporate Secretary, Overseas Private Investment Corporation. [FR Doc. 2014–05515 Filed 3–10–14; 4:15 pm] BILLING CODE 3210–01–P POSTAL SERVICE Product Change—Standard Mail Negotiated Service Agreement Dated: March 7, 2014. Suzanne Plimpton, Acting Committee Management Officer. Postal ServiceTM. Notice. AGENCY: [FR Doc. 2014–05383 Filed 3–11–14; 8:45 am] ACTION: BILLING CODE 7555–01–P The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a Standard Mail negotiated service agreement to the market-dominant product list within the Mail Classification Schedule. DATES: Effective date: March 12, 2014. FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202–268–3179. SUPPLEMENTARY INFORMATION: The United States Postal Service® hereby gives notice that on March 5, 2014, pursuant to 39 U.S.C. 3642 and 3622(c)(10), it filed with the Postal Regulatory Commission a Notice of the United States Postal Service of Filing of Contract and Supporting Data and Request to Add PHI Acquisitions, Inc. Negotiated Service Agreement to the Market-Dominant Product List. Documents are available at SUMMARY: OVERSEAS PRIVATE INVESTMENT CORPORATION Sunshine Notice—March 20, 2014 Board of Directors Meeting Thursday, March 20, 2014, 2 p.m. (OPEN Portion); 2:15 p.m. (Closed Portion). PLACE: Offices of the Corporation, Twelfth Floor Board Room, 1100 New York Avenue NW., Washington, DC. STATUS: Meeting open to the Public from 2 p.m. to 2:15 p.m.; Closed portion will commence at 2:15 p.m. (approx.). MATTERS TO BE CONSIDERED: 1. President’s Report 2. Tribute—Seth D. Harris 3. Tribute—Ambassador Miriam E. Sapiro tkelley on DSK3SPTVN1PROD with NOTICES TIME AND DATE: VerDate Mar<15>2010 17:51 Mar 11, 2014 Jkt 232001 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 www.prc.gov, Docket Nos. MC2014–21, R2014–6. Stanley F. Mires, Attorney, Legal Policy & Legislative Advice. [FR Doc. 2014–05310 Filed 3–11–14; 8:45 am] BILLING CODE 7710–12–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 17f–7; OMB Control No. 3235–0529, SEC File No. 270–470. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3521) (‘‘Paperwork Reduction Act’’), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collections of information discussed below. Rule 17f–7 (17 CFR 270.17f–7) permits a fund under certain conditions to maintain its foreign assets with an eligible securities depository, which has to meet minimum standards for a depository. The fund or its investment adviser generally determines whether the depository complies with those requirements based on information provided by the fund’s primary custodian (a bank that acts as global custodian). The depository custody arrangement also must meet certain conditions. The fund or its adviser must receive from the primary custodian (or its agent) an initial risk analysis of the depository arrangements, and the fund’s contract with its primary custodian must state that the custodian will monitor risks and promptly notify the fund or its adviser of material changes in risks. The primary custodian and other custodians also are required to agree to exercise at least reasonable care, prudence, and diligence. The collection of information requirements in rule 17f–7 are intended to provide workable standards that protect funds from the risks of using foreign securities depositories while assigning appropriate responsibilities to the fund’s primary custodian and investment adviser based on their capabilities. The requirement that the foreign securities depository meet specified minimum standards is E:\FR\FM\12MRN1.SGM 12MRN1 Federal Register / Vol. 79, No. 48 / Wednesday, March 12, 2014 / Notices tkelley on DSK3SPTVN1PROD with NOTICES intended to ensure that the depository is subject to basic safeguards deemed appropriate for all depositories. The requirement that the fund or its adviser must receive from the primary custodian (or its agent) an initial risk analysis of the depository arrangements, and that the fund’s contract with its primary custodian must state that the custodian will monitor risks and promptly notify the fund or its adviser of material changes in risks, is intended to provide essential information about custody risks to the fund’s investment adviser as necessary for it to approve the continued use of the depository. The requirement that the primary custodian agree to exercise reasonable care is intended to provide assurances that its services and the information it provides will meet an appropriate standard of care. The staff estimates that each of approximately 938 investment advisers 1 will make an average of 8 responses annually under the rule to address depository compliance with minimum requirements, any indemnification or insurance arrangements, and reviews of risk analyses or notifications. The staff estimates each response will take 6 hours, requiring a total of approximately 48 hours for each adviser.2 Thus the total annual burden associated with these requirements of the rule is approximately 45,024 hours.3 The staff further estimates that during each year, each of approximately 15 global custodians will make an average of 4 responses to analyze custody risks and provide notice of any material changes to custody risk under the rule. The staff estimates that each response will take 260 hours, requiring approximately 1,040 hours annually per global custodian.4 Thus the total annual burden associated with these requirements is approximately 15,600 hours.5 The staff estimates that the total annual hour burden associated with all collection of information requirements of the rule is therefore 60,624 hours.6 The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act and is not derived from a comprehensive or even a representative survey or study of the 1 As of October 2013, 938 investment advisers managed or sponsored open-end registered funds (including exchange-traded funds) and closed-end registered funds. 2 8 responses per adviser × 6 hours per response = 48 hours per adviser. 3 938 hours × 48 hours per adviser = 45,024 hours. 4 260 hours per response × 4 responses per global custodian = 1,040 hours per global custodian. 5 15 global custodians × 1,040 hours per global custodian = 15,600 hours. 6 45,024 hours + 15,600 hours = 60,624 hours. VerDate Mar<15>2010 17:51 Mar 11, 2014 Jkt 232001 costs of Commission rules and forms. Compliance with the collection of information requirements of the rule is necessary to obtain the benefit of relying on the rule’s permission for funds to maintain their assets in foreign custodians. The information provided under rule 17f–7 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, 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. Comments must be submitted to OMB within 30 days of this notice. Dated: March 6, 2014. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–05317 Filed 3–11–14; 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 19b–1, OMB Control No. 3235–0354, SEC File No. 270–312. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. Section 19(b) of the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a–19(b)) authorizes the Commission to regulate registered investment company (‘‘fund’’) distributions of long-term capital gains PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 14089 made more frequently than once every twelve months. Accordingly, rule 19b– 1 under the Act (17 CFR 270.19b–1) regulates the frequency of fund distributions of capital gains. Rule 19b– 1(c) states that the rule does not apply to a unit investment trust (‘‘UIT’’) if it is engaged exclusively in the business of investing in certain eligible securities (generally, fixed-income securities), provided that: (i) The capital gains distribution falls within one of five categories specified in the rule 1 and (ii) the distribution is accompanied by a report to the unitholder that clearly describes the distribution as a capital gains distribution (the ‘‘notice requirement’’).2 Rule 19b–1(e) permits a fund to apply to the Commission for permission to distribute long-term capital gains that would otherwise be prohibited by the rule if the fund did not foresee the circumstances that created the need for the distribution. The application must set forth the pertinent facts and explain the circumstances that justify the distribution.3 An application that meets those requirements is deemed to be granted unless the Commission denies the request within 15 days after the Commission receives the application. Commission staff estimates that zero funds will file an application under rule 19b–1(e) each year. The staff understands that if a fund files an application it generally uses outside counsel to prepare the application. The cost burden of using outside counsel is discussed below. The staff estimates that, on average, a fund’s investment adviser would spend approximately 4 hours to review an application, including 3.5 hours by an assistant general counsel at a cost of $467 per hour and 0.5 hours by an administrative assistant at a cost of $72 per hour, and the fund’s board of directors would spend an additional 1 hour at a cost of $4,500 per hour, for a total of 5 hours.4 1 17 CFR 270.19b–1(c)(1). notice requirement in rule 19b–1(c)(2) supplements the notice requirement of section 19(a) [15 U.S.C. 80a–19(a)], which requires any distribution in the nature of a dividend payment to be accompanied by a notice disclosing the source of the distribution. 3 Rule 19b–1(e) also requires that the application comply with rule 0–2 [17 CFR 270.02] under the Act, which sets forth the general requirements for papers and applications filed with the Commission pursuant to the Act and rules thereunder. 4 The estimate for assistant general counsels is from SIFMA’s Management & Professional Earnings in the Securities Industry 2012, modified by Commission staff to account for an 1800-hour workyear and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. The estimate for administrative assistants is from SIFMA’s Office Salaries in the Securities Industry 2 The E:\FR\FM\12MRN1.SGM Continued 12MRN1

Agencies

[Federal Register Volume 79, Number 48 (Wednesday, March 12, 2014)]
[Notices]
[Pages 14088-14089]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-05317]


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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 17f-7; OMB Control No. 3235-0529, SEC File No. 270-470.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501-3521) (``Paperwork Reduction Act''), the 
Securities and Exchange Commission (the ``Commission'') has submitted 
to the Office of Management and Budget (``OMB'') a request for 
extension of the previously approved collections of information 
discussed below.
    Rule 17f-7 (17 CFR 270.17f-7) permits a fund under certain 
conditions to maintain its foreign assets with an eligible securities 
depository, which has to meet minimum standards for a depository. The 
fund or its investment adviser generally determines whether the 
depository complies with those requirements based on information 
provided by the fund's primary custodian (a bank that acts as global 
custodian). The depository custody arrangement also must meet certain 
conditions. The fund or its adviser must receive from the primary 
custodian (or its agent) an initial risk analysis of the depository 
arrangements, and the fund's contract with its primary custodian must 
state that the custodian will monitor risks and promptly notify the 
fund or its adviser of material changes in risks. The primary custodian 
and other custodians also are required to agree to exercise at least 
reasonable care, prudence, and diligence.
    The collection of information requirements in rule 17f-7 are 
intended to provide workable standards that protect funds from the 
risks of using foreign securities depositories while assigning 
appropriate responsibilities to the fund's primary custodian and 
investment adviser based on their capabilities. The requirement that 
the foreign securities depository meet specified minimum standards is

[[Page 14089]]

intended to ensure that the depository is subject to basic safeguards 
deemed appropriate for all depositories. The requirement that the fund 
or its adviser must receive from the primary custodian (or its agent) 
an initial risk analysis of the depository arrangements, and that the 
fund's contract with its primary custodian must state that the 
custodian will monitor risks and promptly notify the fund or its 
adviser of material changes in risks, is intended to provide essential 
information about custody risks to the fund's investment adviser as 
necessary for it to approve the continued use of the depository. The 
requirement that the primary custodian agree to exercise reasonable 
care is intended to provide assurances that its services and the 
information it provides will meet an appropriate standard of care.
    The staff estimates that each of approximately 938 investment 
advisers \1\ will make an average of 8 responses annually under the 
rule to address depository compliance with minimum requirements, any 
indemnification or insurance arrangements, and reviews of risk analyses 
or notifications. The staff estimates each response will take 6 hours, 
requiring a total of approximately 48 hours for each adviser.\2\ Thus 
the total annual burden associated with these requirements of the rule 
is approximately 45,024 hours.\3\ The staff further estimates that 
during each year, each of approximately 15 global custodians will make 
an average of 4 responses to analyze custody risks and provide notice 
of any material changes to custody risk under the rule. The staff 
estimates that each response will take 260 hours, requiring 
approximately 1,040 hours annually per global custodian.\4\ Thus the 
total annual burden associated with these requirements is approximately 
15,600 hours.\5\ The staff estimates that the total annual hour burden 
associated with all collection of information requirements of the rule 
is therefore 60,624 hours.\6\
---------------------------------------------------------------------------

    \1\ As of October 2013, 938 investment advisers managed or 
sponsored open-end registered funds (including exchange-traded 
funds) and closed-end registered funds.
    \2\ 8 responses per adviser x 6 hours per response = 48 hours 
per adviser.
    \3\ 938 hours x 48 hours per adviser = 45,024 hours.
    \4\ 260 hours per response x 4 responses per global custodian = 
1,040 hours per global custodian.
    \5\ 15 global custodians x 1,040 hours per global custodian = 
15,600 hours.
    \6\ 45,024 hours + 15,600 hours = 60,624 hours.
---------------------------------------------------------------------------

    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules and forms. Compliance with the collection of 
information requirements of the rule is necessary to obtain the benefit 
of relying on the rule's permission for funds to maintain their assets 
in foreign custodians. The information provided under rule 17f-7 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, 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. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: March 6, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-05317 Filed 3-11-14; 8:45 am]
BILLING CODE 8011-01-P
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