Submission for OMB Review; Comment Request, 27941-27942 [2014-11163]
Download as PDF
<![CDATA[
27941
Federal Register / Vol. 79, No. 94 / Thursday, May 15, 2014 / Notices
ways to minimize the burden related to
the collection of information on
respondents, including the use of
automated collection techniques or
other forms of information technology.
Title and purpose of information
collection: Supplemental Information on
Accident and Insurance; OMB 3220–
0036.
Under Section 12(o) of the Railroad
Unemployment Insurance Act (RUIA),
the Railroad Retirement Board (RRB) is
entitled to reimbursement of the
sickness benefits paid to a railroad
employee if the employee receives a
sum or damages for the same infirmity
for which the benefits are paid. Section
2(f) of the RUIA requires employers to
reimburse the RRB for days in which
salary, wages, pay for time lost or other
remuneration is later determined to be
payable. Reimbursements under section
2(f) generally result from the award of
pay for time lost or the payment of
guaranteed wages. The RUIA prescribes
that the amount of benefits paid be
deducted and held by the employer in
a special fund for reimbursement to the
RRB.
The RRB currently utilizes Forms SI–
1c, Supplemental Information on
Accident and Insurance; SI–5, Report of
Payments to Employee Claiming
Sickness Benefits Under the RUIA; ID–
3s, Request for Lien Information—
Report of Settlement; ID–3s–1, Lien
Information Under Section 12(o) of the
RUIA; ID–3u, Request for Section 2(f)
Information; ID–30k, Notice to Request
Supplemental Information on Injury or
Illness; and ID–30k–1, Notice to Request
Supplemental Information on Injury or
Illness; to obtain the necessary
information from claimants and railroad
employers. Completion is required to
obtain benefits. One response is
requested of each respondent. The RRB
proposes to add Internet versions of
Forms ID–3s, and ID–3u. There are no
changes proposed to the other forms in
the collection.
ESTIMATE OF ANNUAL RESPONDENT BURDEN
Annual
responses
Form No.
Time
(minutes)
Burden
(hours)
SI–1c ............................................................................................................................................
SI–5 ..............................................................................................................................................
ID–3s (Paper & Telephone) .........................................................................................................
ID–3s (Email) ...............................................................................................................................
ID–3s (Internet) ............................................................................................................................
ID–3s.1 (Paper & Telephone) ......................................................................................................
ID–3u (Paper & Telephone) ........................................................................................................
ID–3u (Email) ...............................................................................................................................
ID–3u (Internet) ............................................................................................................................
ID–30k ..........................................................................................................................................
ID–30k.1 .......................................................................................................................................
475
7
3,000
1,000
2,000
3,000
600
100
500
55
65
5
5
3
3
3
3
3
3
3
5
5
40
1
150
50
100
150
30
5
25
5
5
Total ......................................................................................................................................
10,802
........................
561
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, contact Dana
Hickman at (312) 751–4981 or
Dana.Hickman@RRB.GOV. Comments
regarding the information collection
should be addressed to Charles
Mierzwa, Railroad Retirement Board,
844 North Rush Street, Chicago, Illinois
60611–2092 or emailed to
Charles.Mierzwa@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Chief of Information Resources Management.
[FR Doc. 2014–11317 Filed 5–14–14; 8:45 am]
BILLING CODE 7905–01–P
TKELLEY on DSK3SPTVN1PROD with NOTICES
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 20549–0004.
VerDate Mar<15>2010
18:18 May 14, 2014
Jkt 232001
Extension:
Rule 32a–4, OMB Control No. 3235–0530,
SEC File No. 270–473.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
requests for extension of the previously
approved collections of information
discussed below.
Section 32(a)(2) of the Investment
Company Act (15 U.S.C. 80a–31(a)(2))
requires that shareholders of a registered
investment management or face-amount
certificate company (collectively,
‘‘funds’’) ratify or reject the selection of
the fund’s independent public
accountant. Rule 32a–4 (17 CFR
270.32a–4) exempts funds from this
requirement if (i) the fund’s board of
directors establishes an audit committee
composed solely of independent
directors with responsibility for
overseeing the fund’s accounting and
auditing processes,1 (ii) the fund’s board
of directors adopts an audit committee
charter setting forth the committee’s
structure, duties, powers and methods
of operation, or sets forth such
provisions in the fund’s charter or
bylaws,2 and (iii) the fund maintains
and preserves permanently in an easily
accessible place a copy of the audit
committee charter, and any
modifications to the charter.3
Each fund that chooses to rely on rule
32a–4 incurs two collection of
information burdens. The first, related
to the board of directors’ adoption of the
audit committee charter, occurs once,
when the committee is established. The
second, related to the fund’s
maintenance and preservation of a copy
of the charter in an easily accessible
place, is an ongoing annual burden. The
information collection requirement in
rule 32a–4 enables the Commission to
monitor the duties and responsibilities
of an independent audit committee
formed by a fund relying on the rule.
Commission staff estimates that on
average the board of directors takes 15
minutes to adopt the audit committee
charter. Commission staff has estimated
that with an average of 8 directors on
2 Rule
1 Rule
PO 00000
32a–4(a).
Frm 00105
Fmt 4703
3 Rule
Sfmt 4703
E:\FR\FM\15MYN1.SGM
32a–4(b).
32a–4(c).
15MYN1
27942
Federal Register / Vol. 79, No. 94 / Thursday, May 15, 2014 / Notices
the board,4 total director time to adopt
the charter is 2 hours. Combined with
an estimated 1 hour of paralegal time to
prepare the charter for board review, the
staff estimates a total one-time
collection of information burden of 3
hours for each fund. Once a board
adopts an audit committee charter, the
charter is preserved as part of the fund’s
records. Commission staff estimates that
there is no annual hourly burden
associated with preserving the charter in
accordance with the rule.5
Because virtually all existing funds
have now adopted audit committee
charters, the annual one-time collection
of information burden associated with
adopting audit committee charters is
limited to the burden incurred by newly
established funds. Commission staff
estimates that fund sponsors establish
approximately 139 new funds each
year,6 and that all of these funds will
adopt an audit committee charter in
order to rely on rule 32a–4. Thus,
Commission staff estimates that the
annual one-time hour burden associated
with adopting an audit committee
charter under rule 32a–4 going forward
will be approximately 417 hours.7
As noted above, all funds that rely on
rule 32a–4 are subject to the ongoing
collection of information requirement to
preserve a copy of the charter in an
easily accessible place. This ongoing
requirement, which Commission staff
estimates has no hourly burden, applies
to new funds that adopt an audit
committee charter each year and to all
of the funds that have previously
adopted the charter and continue to
maintain it.
Funds incur internal costs associated
with the one-time collection of
information burden related to adopting
an audit committee charter. As noted
above, Commission staff estimates that
it takes approximately 2 hours of
aggregate directors’ time at $4000 per
hour, and 1 hour of paralegal time at
$175 per hour,8 to adopt an audit
committee charter. Thus, Commission
TKELLEY on DSK3SPTVN1PROD with NOTICES
4 This
estimate is based on staff discussions with
a representative of an entity that surveys funds and
calculates fund board statistics based on responses
to its surveys.
5 No hour burden related to such maintenance of
the charter was identified by the funds the
Commission staff surveyed.
6 This estimate is based on the average number of
notifications of registration on Form N–8A filed
from January 2011 through December 2013.
7 This estimate is based on the following
calculation: (3.0 burden hours for establishing
charter × 139 new funds = 417 burden hours).
8 The $175/hour figure for a paralegal 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.
VerDate Mar<15>2010
18:18 May 14, 2014
Jkt 232001
staff estimates a total internal cost of
$8175 per fund to adopt the charter 9
and a total annual cost of $1,136,325.10
When funds adopt an audit committee
charter in order to rely on rule 32a–4,
they also may incur one-time costs
related to hiring outside counsel to
prepare the charter. Commission staff
estimates that those costs average
approximately $1500 per fund.11
As noted above, Commission staff
estimates that approximately 139 new
funds each year will adopt an audit
committee charter in order to rely on
rule 32a–4. Thus, Commission staff
estimates that the ongoing annual cost
burden associated with rule 32a–4 in
the future will be approximately
$208,500.12
The estimates of average burden hours
and costs are made solely for the
purposes of the Paperwork Reduction
Act, and are not derived from a
comprehensive or even a representative
survey or study of the costs of
Commission rules and forms.
The collections of information
required by rule 32a–4 are necessary to
obtain the benefits of the rule. The
Commission is seeking OMB approval,
because 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.
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,
100 F Street NE., Washington, DC 20549
9 This estimate is based on the following
calculations: ($4000 per hour for directors’ time ×
2 hours = $8000); ($8000 + $175 = $8175).
10 This estimate is based on the following
calculations: ($8175 cost of hour burden per fund
× 139 new funds = $1,136,325).
11 Costs may vary based on the individual needs
of each fund. However, based on the staff’s
experience and conversations with outside counsel
that prepare these charters, legal fees related to the
preparation and adoption of an audit committee
charter usually average $1500 or less. The
Commission also understands that the ICI has
prepared a model audit committee charter, which
most legal professionals use when establishing
audit committees, thereby reducing the costs
associated with drafting a charter.
12 This estimate is based on the following
calculations: ($1500 cost of adopting charter × 139
newly established funds = $208,500).
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
or send an email to:
PRA_Mailbox@sec.gov. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: May 9, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–11163 Filed 5–14–14; 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 15c2–5; SEC File No. 270–195; OMB
Control No. 3235–0198.
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 an
extension of the previously approved
collection of information provided for in
Rule 15c2–5 (17 CFR 240.15c2–5),
under the Securities Exchange Act of
1934 (15 U.S.C. 78 et. seq.) (‘‘Exchange
Act’’).
Rule 15c2–5 prohibits a broker-dealer
from arranging or extending certain
loans to persons in connection with the
offer or sale of securities unless, before
any element of the transaction is entered
into, the broker-dealer: (1) Delivers to
the person a written statement
containing the exact nature and extent
of the person’s obligations under the
loan arrangement; the risks and
disadvantages of the loan arrangement;
and all commissions, discounts, and
other remuneration received and to be
received in connection with the
transaction by the broker-dealer or
certain related persons (unless the
person receives certain materials from
the lender or broker-dealer which
contain the required information); and
(2) obtains from the person information
on the person’s financial situation and
needs, reasonably determines that the
transaction is suitable for the person,
and retains on file and makes available
to the person on request a written
statement setting forth the brokerdealer’s basis for determining that the
transaction was suitable. The collection
of information required by Rule 15c2–5
is necessary to execute the
E:\FR\FM\15MYN1.SGM
15MYN1
]]>Agencies
[Federal Register Volume 79, Number 94 (Thursday, May 15, 2014)]
[Notices]
[Pages 27941-27942]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-11163]
=======================================================================
-----------------------------------------------------------------------
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
20549-0004.
Extension:
Rule 32a-4, OMB Control No. 3235-0530, SEC File No. 270-473.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget requests for extension of the previously approved
collections of information discussed below.
Section 32(a)(2) of the Investment Company Act (15 U.S.C. 80a-
31(a)(2)) requires that shareholders of a registered investment
management or face-amount certificate company (collectively, ``funds'')
ratify or reject the selection of the fund's independent public
accountant. Rule 32a-4 (17 CFR 270.32a-4) exempts funds from this
requirement if (i) the fund's board of directors establishes an audit
committee composed solely of independent directors with responsibility
for overseeing the fund's accounting and auditing processes,\1\ (ii)
the fund's board of directors adopts an audit committee charter setting
forth the committee's structure, duties, powers and methods of
operation, or sets forth such provisions in the fund's charter or
bylaws,\2\ and (iii) the fund maintains and preserves permanently in an
easily accessible place a copy of the audit committee charter, and any
modifications to the charter.\3\
---------------------------------------------------------------------------
\1\ Rule 32a-4(a).
\2\ Rule 32a-4(b).
\3\ Rule 32a-4(c).
---------------------------------------------------------------------------
Each fund that chooses to rely on rule 32a-4 incurs two collection
of information burdens. The first, related to the board of directors'
adoption of the audit committee charter, occurs once, when the
committee is established. The second, related to the fund's maintenance
and preservation of a copy of the charter in an easily accessible
place, is an ongoing annual burden. The information collection
requirement in rule 32a-4 enables the Commission to monitor the duties
and responsibilities of an independent audit committee formed by a fund
relying on the rule.
Commission staff estimates that on average the board of directors
takes 15 minutes to adopt the audit committee charter. Commission staff
has estimated that with an average of 8 directors on
[[Page 27942]]
the board,\4\ total director time to adopt the charter is 2 hours.
Combined with an estimated 1 hour of paralegal time to prepare the
charter for board review, the staff estimates a total one-time
collection of information burden of 3 hours for each fund. Once a board
adopts an audit committee charter, the charter is preserved as part of
the fund's records. Commission staff estimates that there is no annual
hourly burden associated with preserving the charter in accordance with
the rule.\5\
---------------------------------------------------------------------------
\4\ This estimate is based on staff discussions with a
representative of an entity that surveys funds and calculates fund
board statistics based on responses to its surveys.
\5\ No hour burden related to such maintenance of the charter
was identified by the funds the Commission staff surveyed.
---------------------------------------------------------------------------
Because virtually all existing funds have now adopted audit
committee charters, the annual one-time collection of information
burden associated with adopting audit committee charters is limited to
the burden incurred by newly established funds. Commission staff
estimates that fund sponsors establish approximately 139 new funds each
year,\6\ and that all of these funds will adopt an audit committee
charter in order to rely on rule 32a-4. Thus, Commission staff
estimates that the annual one-time hour burden associated with adopting
an audit committee charter under rule 32a-4 going forward will be
approximately 417 hours.\7\
---------------------------------------------------------------------------
\6\ This estimate is based on the average number of
notifications of registration on Form N-8A filed from January 2011
through December 2013.
\7\ This estimate is based on the following calculation: (3.0
burden hours for establishing charter x 139 new funds = 417 burden
hours).
---------------------------------------------------------------------------
As noted above, all funds that rely on rule 32a-4 are subject to
the ongoing collection of information requirement to preserve a copy of
the charter in an easily accessible place. This ongoing requirement,
which Commission staff estimates has no hourly burden, applies to new
funds that adopt an audit committee charter each year and to all of the
funds that have previously adopted the charter and continue to maintain
it.
Funds incur internal costs associated with the one-time collection
of information burden related to adopting an audit committee charter.
As noted above, Commission staff estimates that it takes approximately
2 hours of aggregate directors' time at $4000 per hour, and 1 hour of
paralegal time at $175 per hour,\8\ to adopt an audit committee
charter. Thus, Commission staff estimates a total internal cost of
$8175 per fund to adopt the charter \9\ and a total annual cost of
$1,136,325.\10\
---------------------------------------------------------------------------
\8\ The $175/hour figure for a paralegal 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.
\9\ This estimate is based on the following calculations: ($4000
per hour for directors' time x 2 hours = $8000); ($8000 + $175 =
$8175).
\10\ This estimate is based on the following calculations:
($8175 cost of hour burden per fund x 139 new funds = $1,136,325).
---------------------------------------------------------------------------
When funds adopt an audit committee charter in order to rely on
rule 32a-4, they also may incur one-time costs related to hiring
outside counsel to prepare the charter. Commission staff estimates that
those costs average approximately $1500 per fund.\11\
---------------------------------------------------------------------------
\11\ Costs may vary based on the individual needs of each fund.
However, based on the staff's experience and conversations with
outside counsel that prepare these charters, legal fees related to
the preparation and adoption of an audit committee charter usually
average $1500 or less. The Commission also understands that the ICI
has prepared a model audit committee charter, which most legal
professionals use when establishing audit committees, thereby
reducing the costs associated with drafting a charter.
---------------------------------------------------------------------------
As noted above, Commission staff estimates that approximately 139
new funds each year will adopt an audit committee charter in order to
rely on rule 32a-4. Thus, Commission staff estimates that the ongoing
annual cost burden associated with rule 32a-4 in the future will be
approximately $208,500.\12\
---------------------------------------------------------------------------
\12\ This estimate is based on the following calculations:
($1500 cost of adopting charter x 139 newly established funds =
$208,500).
---------------------------------------------------------------------------
The estimates of average burden hours and costs are made solely for
the purposes of the Paperwork Reduction Act, and are not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules and forms.
The collections of information required by rule 32a-4 are necessary
to obtain the benefits of the rule. The Commission is seeking OMB
approval, because 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.
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, 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: May 9, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-11163 Filed 5-14-14; 8:45 am]
BILLING CODE 8011-01-P
