Proposed Collection; Comment Request, 33224 [2014-13461]
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33224
Federal Register / Vol. 79, No. 111 / Tuesday, June 10, 2014 / Notices
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.
emcdonald on DSK67QTVN1PROD with NOTICES
Extension: Rule 3a–8;
SEC File No. 270–516, OMB Control No.
3235–0574.
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 (the
‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit the existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 3a–8 (17 CFR 270.3a–8) of the
Investment Company Act of 1940 (15
U.S.C. 80a) (the ‘‘Act’’), serves as a
nonexclusive safe harbor from
investment company status for certain
research and development companies
(‘‘R&D companies’’).
The rule requires that the board of
directors of an R&D company seeking to
rely on the safe harbor adopt an
appropriate resolution evidencing that
the company is primarily engaged in a
non-investment business and record
that resolution contemporaneously in its
minute books or comparable
documents.1 An R&D company seeking
to rely on the safe harbor must retain
these records only as long as such
records must be maintained in
accordance with state law.
Rule 3a–8 contains an additional
requirement that is also a collection of
information within the meaning of the
PRA. The board of directors of a
company that relies on the safe harbor
under rule 3a–8 must adopt a written
policy with respect to the company’s
capital preservation investments. We
expect that the board of directors will
base its decision to adopt the resolution
discussed above, in part, on investment
guidelines that the company will follow
to ensure its investment portfolio is in
compliance with the rule’s
requirements.
The collection of information
imposed by rule 3a–8 is voluntary
because the rule is an exemptive safe
harbor, and therefore, R&D companies
may choose whether or not to rely on it.
The purposes of the information
collection requirements in rule 3a–8 are
1 Rule
3a–8(a)(6) (17 CFR 270.3a–8(6)).
VerDate Mar<15>2010
16:55 Jun 09, 2014
Jkt 232001
to ensure that: (i) The board of directors
of an R&D company is involved in
determining whether the company
should be considered an investment
company and subject to regulation
under the Act, and (ii) adequate records
are available for Commission review, if
necessary. Rule 3a–8 would not require
the reporting of any information or the
filing of any documents with the
Commission.
Commission staff estimates that there
is no annual recordkeeping burden
associated with the rule’s requirements.
Nevertheless, the Commission requests
authorization to maintain an inventory
of one burden hour for administrative
purposes.
Commission staff estimates that
approximately 48,393 R&D companies
may take advantage of rule 3a–8.2 Given
that the board resolutions and
investment guidelines will generally
need to be adopted only once (unless
relevant circumstances change),3 the
Commission believes that all the R&D
companies that existed prior to the
adoption of rule 3a–8 adopted their
board resolutions and established
written investment guidelines in 2003
when the rule was adopted. We expect
that R&D companies formed subsequent
to the adoption of rule 3a–8 would
adopt the board resolution and
investment guidelines simultaneously
with their formation documents in the
ordinary course of business.4 Therefore,
we estimate that rule 3a–8 does not
impose additional burdens.
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
2 See National Science Foundation/Division of
Science Resources Statistics, Business Research and
Development and Innovation Survey: 2010 (results
published September 18, 2013).
3 In the event of changed circumstances, the
Commission believes that the board resolution and
investment guidelines will be amended and
recorded in the ordinary course of business and
would not create additional time burdens.
4 In order for these companies to raise sufficient
capital to fund their product development stage,
Commission staff believes that they will need to
present potential investors with investment
guidelines. Investors generally want to be assured
that the company’s funds are invested consistent
with the goals of capital preservation and liquidity.
PO 00000
Frm 00054
Fmt 4703
Sfmt 4703
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: June 4, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–13461 Filed 6–9–14; 8:45 am]
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 18f–3;
SEC File No. 270–385, OMB Control No.
3235–0441.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (the
‘‘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
extension and approval.
Rule 18f–3 (17 CFR 270.18f–3) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) exempts from
section 18(f)(1) a fund that issues
multiple classes of shares representing
interests in the same portfolio of
securities (a ‘‘multiple class fund’’) if
the fund satisfies the conditions of the
rule. In general, each class must differ
in its arrangement for shareholder
services or distribution or both, and
must pay the related expenses of that
different arrangement. The rule includes
one requirement for the collection of
information. A multiple class fund must
prepare, and fund directors must
approve, a written plan setting forth the
separate arrangement and expense
allocation of each class, and any related
conversion features or exchange
privileges (‘‘rule 18f–3 plan’’). Approval
of the plan must occur before the fund
issues any shares of multiple classes
and whenever the fund materially
amends the plan. In approving the plan,
E:\FR\FM\10JNN1.SGM
10JNN1
]]>Agencies
[Federal Register Volume 79, Number 111 (Tuesday, June 10, 2014)]
[Notices]
[Page 33224]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-13461]
[[Page 33224]]
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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 3a-8;
SEC File No. 270-516, OMB Control No. 3235-0574.
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 (the ``Commission'') is soliciting comments on the
collections of information summarized below. The Commission plans to
submit the existing collection of information to the Office of
Management and Budget for extension and approval.
Rule 3a-8 (17 CFR 270.3a-8) of the Investment Company Act of 1940
(15 U.S.C. 80a) (the ``Act''), serves as a nonexclusive safe harbor
from investment company status for certain research and development
companies (``R&D companies'').
The rule requires that the board of directors of an R&D company
seeking to rely on the safe harbor adopt an appropriate resolution
evidencing that the company is primarily engaged in a non-investment
business and record that resolution contemporaneously in its minute
books or comparable documents.\1\ An R&D company seeking to rely on the
safe harbor must retain these records only as long as such records must
be maintained in accordance with state law.
---------------------------------------------------------------------------
\1\ Rule 3a-8(a)(6) (17 CFR 270.3a-8(6)).
---------------------------------------------------------------------------
Rule 3a-8 contains an additional requirement that is also a
collection of information within the meaning of the PRA. The board of
directors of a company that relies on the safe harbor under rule 3a-8
must adopt a written policy with respect to the company's capital
preservation investments. We expect that the board of directors will
base its decision to adopt the resolution discussed above, in part, on
investment guidelines that the company will follow to ensure its
investment portfolio is in compliance with the rule's requirements.
The collection of information imposed by rule 3a-8 is voluntary
because the rule is an exemptive safe harbor, and therefore, R&D
companies may choose whether or not to rely on it. The purposes of the
information collection requirements in rule 3a-8 are to ensure that:
(i) The board of directors of an R&D company is involved in determining
whether the company should be considered an investment company and
subject to regulation under the Act, and (ii) adequate records are
available for Commission review, if necessary. Rule 3a-8 would not
require the reporting of any information or the filing of any documents
with the Commission.
Commission staff estimates that there is no annual recordkeeping
burden associated with the rule's requirements. Nevertheless, the
Commission requests authorization to maintain an inventory of one
burden hour for administrative purposes.
Commission staff estimates that approximately 48,393 R&D companies
may take advantage of rule 3a-8.\2\ Given that the board resolutions
and investment guidelines will generally need to be adopted only once
(unless relevant circumstances change),\3\ the Commission believes that
all the R&D companies that existed prior to the adoption of rule 3a-8
adopted their board resolutions and established written investment
guidelines in 2003 when the rule was adopted. We expect that R&D
companies formed subsequent to the adoption of rule 3a-8 would adopt
the board resolution and investment guidelines simultaneously with
their formation documents in the ordinary course of business.\4\
Therefore, we estimate that rule 3a-8 does not impose additional
burdens.
---------------------------------------------------------------------------
\2\ See National Science Foundation/Division of Science
Resources Statistics, Business Research and Development and
Innovation Survey: 2010 (results published September 18, 2013).
\3\ In the event of changed circumstances, the Commission
believes that the board resolution and investment guidelines will be
amended and recorded in the ordinary course of business and would
not create additional time burdens.
\4\ In order for these companies to raise sufficient capital to
fund their product development stage, Commission staff believes that
they will need to present potential investors with investment
guidelines. Investors generally want to be assured that the
company's funds are invested consistent with the goals of capital
preservation and liquidity.
---------------------------------------------------------------------------
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: June 4, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-13461 Filed 6-9-14; 8:45 am]
BILLING CODE 8011-01-P
