Proposed Collection; Comment Request, 39000-39001 [2014-15966]
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Federal Register / Vol. 79, No. 131 / Wednesday, July 9, 2014 / Notices
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 comments
to: Thomas Bayer, Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington DC,
20549; or comments may be sent by
email to: PRA_Mailbox@sec.gov.
Dated: July 2, 2014.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014–15965 Filed 7–8–14; 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.
sroberts on DSK5SPTVN1PROD with NOTICES
Extension:
Rule 17a–10, SEC File No. 270–154, OMB
Control No. 3235–0122.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 17a–10, Report of
Revenue and Expenses (17 CFR
240.17a–10), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (‘‘Exchange Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
The primary purpose of Rule 17a–10
is to obtain the economic and statistical
data necessary for an ongoing analysis
of the securities industry. Paragraph
(a)(1) of Rule 17a–10 generally requires
broker-dealers that are exempted from
the requirement to file monthly and
quarterly reports pursuant to paragraph
(a) of Exchange Act Rule 17a–5 (17 CFR
240.17a–5) to file with the Commission
the Facing Page, a Statement of Income
(Loss), and balance sheet from Part IIA
of Form X–17A–5 1 (17 CFR 249.617),
1 Form X–17A–5 is the Financial and Operational
Combined Uniform Single Report (‘‘FOCUS
Report’’), which is used by broker-dealers to
provide certain required information to the
Commission.
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and Schedule I of Form X–17A–5 not
later than 17 business days after the end
of each calendar year.
Paragraph (a)(2) of Rule 17a–10
requires a broker-dealer subject to Rule
17a–5(a) to submit Schedule I of Form
X–17A–5 with its Form X–17A–5 for the
calendar quarter ending December 31 of
each year. The burden associated with
filing Schedule I of Form X–17A–5 is
accounted for in the PRA filing
associated with Rule 17a–5.
Paragraph (b) of Rule 17a–10 provides
that the provisions of paragraph (a) do
not apply to members of national
securities exchanges or registered
national securities associations that
maintain records containing the
information required by Form X–17A–5
and which transmit to the Commission
copies of the records pursuant to a plan
which has been declared effective by the
Commission.
The Commission estimates that
approximately 38 broker-dealers will
spend an average of 12 hours per year
complying with Rule 17a–10. Thus, the
total compliance burden is estimated to
be approximately 456 hours per year.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
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
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
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.
Dated: July 2, 2014.
Jill M. Peteson,
Assistant Secretary.
[FR Doc. 2014–15967 Filed 7–8–14; 8:45 am]
BILLING CODE 8011–01–P
PO 00000
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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 17a–7, OMB Control No. 3235–0214,
SEC File No. 270–238.
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’’) 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 17a–7 (17 CFR 270.17a–7) (the
‘‘rule’’) under the Investment Company
Act of 1940 (15 U.S.C. 80a–1 et seq.)
(the ‘‘Act’’) is entitled ‘‘Exemption of
certain purchase or sale transactions
between an investment company and
certain affiliated persons thereof.’’ It
provides an exemption from section
17(a) of the Act for purchases and sales
of securities between registered
investment companies (‘‘funds’’), that
are affiliated persons (‘‘first-tier
affiliates’’) or affiliated persons of
affiliated persons (‘‘second-tier
affiliates’’), or between a fund and a
first- or second-tier affiliate other than
another fund, when the affiliation arises
solely because of a common investment
adviser, director, or officer. Rule 17a–7
requires funds to keep various records
in connection with purchase or sale
transactions effected in reliance on the
rule. The rule requires the fund’s board
of directors to establish procedures
reasonably designed to ensure that the
rule’s conditions have been satisfied.
The board is also required to determine,
at least on a quarterly basis, that all
affiliated transactions effected during
the preceding quarter in reliance on the
rule were made in compliance with
these established procedures. If a fund
enters into a purchase or sale
transaction with an affiliated person, the
rule requires the fund to compile and
maintain written records of the
transaction.1 The Commission’s
1 The written records are required to set forth a
description of the security purchased or sold, the
identity of the person on the other side of the
transaction, and the information or materials upon
which the board of directors’ determination that the
transaction was in compliance with the procedures
was made.
E:\FR\FM\09JYN1.SGM
09JYN1
Federal Register / Vol. 79, No. 131 / Wednesday, July 9, 2014 / Notices
sroberts on DSK5SPTVN1PROD with NOTICES
examination staff uses these records to
evaluate for compliance with the rule.
While most funds do not commonly
engage in transactions covered by rule
17a–7, the Commission staff estimates
that nearly all funds have adopted
procedures for complying with the
rule.2 Of the approximately 3318
currently active funds, the staff
estimates that virtually all have already
adopted procedures for compliance with
rule 17a–7. This is a one-time burden,
and the staff therefore does not estimate
an ongoing burden related to the
policies and procedures requirement of
the rule for funds.3 The staff estimates
that there are approximately 150 new
funds that register each year, and that
each of these funds adopts the relevant
policies and procedures. The staff
estimates that it takes approximately 4
hours to develop and adopt these
policies and procedures. Therefore, the
total annual burden related to
developing and adopting these policies
and procedures would be approximately
600 hours.4
Of the 3318 existing funds, the staff
assumes that approximately 25%, (or
830) enter into transactions affected by
rule 17a–7 each year (either by the fund
directly or through one of the fund’s
series), and that the same percentage
(25%, or 38 funds) of the estimated 150
funds that newly register each year will
also enter into these transactions, for a
total of 868 5 companies that are affected
by the recordkeeping requirements of
rule 17a–7. These funds must keep
records of each of these transactions,
and the board of directors must
quarterly determine that all relevant
transactions were made in compliance
with the company’s policies and
procedures. The rule generally imposes
a minimal burden of collecting and
storing records already generated for
other purposes.6 The staff estimates that
the burden related to making these
records and for the board to review all
transactions would be 3 hours annually
for each respondent, (2 hours spent by
compliance attorneys and 1 hour spent
by the board of directors) 7 or 2604 total
hours each year.8
Based on these estimates, the staff
estimates the combined total annual
burden hours associated with rule 17a–
7 is 3204 hours.9 The staff also estimates
that there are approximately 1018
respondents and 7094 total responses.10
The estimates of burden hours 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. The
collection of information required by
rule 17a–7 is necessary to obtain the
benefits of the rule. 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 control number.
Written comments are invited on: (a)
Whether the collections of information
are necessary for the proper
performance of the functions of the
Commission, including whether the
information has practical utility; (b) the
accuracy of the Commission’s estimate
of the burdens of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burdens of the collections
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
2 Unless stated otherwise, these estimates are
based on conversations with the examination and
inspections staff of the Commission and fund
representatives.
3 Based on our reviews and conversations with
fund representatives, we understand that funds
rarely, if ever, need to make changes to these
policies and procedures once adopted, and
therefore we do not estimate a paperwork burden
for such updates.
4 This estimate is based on the following
calculations: (4 hours × 150 new funds = 600
hours).
5 This estimate is based on the following
calculation: (830 + 38 = 868).
6 Commission staff believes that rule 17a–7 does
not impose any costs associated with record
preservation in addition to the costs that funds
already incur to comply with the record
preservation requirements of rule 31a–2 under the
Act. Rule 31a–2 requires companies to preserve
certain records for specified periods of time.
7 The staff estimates that funds that rely on rule
17a–7 annually enter into an average of 8 rule 17a–
7 transactions each year. The staff estimates that the
compliance attorneys of the companies spend
approximately 15 minutes per transaction on this
recordkeeping, and the board of directors spends a
total of 1 hour annually in determining that all
transactions made that year were done in
compliance with the company’s policies and
procedures.
8 This estimate is based on the following
calculation: (3 hours × 868 companies = 2604
hours).
9 This estimate is based on the following
calculation: (600 hours + 2604 hours = 3204 total
hours).
10 This estimate is based on the following
calculations: (150 newly registered funds + 868
funds that engage in rule 17a–7 transactions =
1018); (868 funds that engage in rule 17a–7
transactions × 8 times per year = 6944); (6944 + 150
= 7094 responses).
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39001
20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: July 2, 2014.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014–15966 Filed 7–8–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copy Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy, Washington,
DC 20549–0213.
Extension:
Form N–PX, OMB Control No. 3235–0582,
SEC File No. 270–524
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 collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
The title for the collection of
information is ‘‘Form N–PX (17 CFR
274.129) under the Investment
Company Act of 1940, Annual Report of
Proxy Voting Record.’’ Rule 30b1–4 (17
CFR 270.30b1–4) under the Investment
Company Act of 1940 (15 U.S.C. 80a–1
et seq.) requires every registered
management investment company, other
than a small business investment
company registered on Form N–5
(‘‘Funds’’), to file Form N–PX not later
than August 31 of each year. Funds use
Form N–PX to file annual reports with
the Commission containing their
complete proxy voting record for the
most recent twelve-month period ended
June 30.
The Commission estimates that there
are approximately 2,500 Funds
registered with the Commission,
representing approximately 10,000
Fund portfolios, which are required to
file Form N–PX.1 The 10,000 portfolios
1 The estimate of 2,500 Funds is based on the
number of management investment companies
currently registered with the Commission. We
estimate, based on data from the Investment
Company Institute and other sources, that there are
approximately 5,700 Fund portfolios that invest
primarily in equity securities, 500 ‘‘hybrid’’ or bond
portfolios that may hold some equity securities,
3,200 bond Funds that hold no equity securities,
and 600 money market Funds, for a total of 10,000
portfolios required to file Form N–PX.
E:\FR\FM\09JYN1.SGM
09JYN1
]]>Agencies
[Federal Register Volume 79, Number 131 (Wednesday, July 9, 2014)]
[Notices]
[Pages 39000-39001]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-15966]
-----------------------------------------------------------------------
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 17a-7, OMB Control No. 3235-0214, SEC File No. 270-238.
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'') 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 17a-7 (17 CFR 270.17a-7) (the ``rule'') under the Investment
Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (the ``Act'') is entitled
``Exemption of certain purchase or sale transactions between an
investment company and certain affiliated persons thereof.'' It
provides an exemption from section 17(a) of the Act for purchases and
sales of securities between registered investment companies
(``funds''), that are affiliated persons (``first-tier affiliates'') or
affiliated persons of affiliated persons (``second-tier affiliates''),
or between a fund and a first- or second-tier affiliate other than
another fund, when the affiliation arises solely because of a common
investment adviser, director, or officer. Rule 17a-7 requires funds to
keep various records in connection with purchase or sale transactions
effected in reliance on the rule. The rule requires the fund's board of
directors to establish procedures reasonably designed to ensure that
the rule's conditions have been satisfied. The board is also required
to determine, at least on a quarterly basis, that all affiliated
transactions effected during the preceding quarter in reliance on the
rule were made in compliance with these established procedures. If a
fund enters into a purchase or sale transaction with an affiliated
person, the rule requires the fund to compile and maintain written
records of the transaction.\1\ The Commission's
[[Page 39001]]
examination staff uses these records to evaluate for compliance with
the rule.
---------------------------------------------------------------------------
\1\ The written records are required to set forth a description
of the security purchased or sold, the identity of the person on the
other side of the transaction, and the information or materials upon
which the board of directors' determination that the transaction was
in compliance with the procedures was made.
---------------------------------------------------------------------------
While most funds do not commonly engage in transactions covered by
rule 17a-7, the Commission staff estimates that nearly all funds have
adopted procedures for complying with the rule.\2\ Of the approximately
3318 currently active funds, the staff estimates that virtually all
have already adopted procedures for compliance with rule 17a-7. This is
a one-time burden, and the staff therefore does not estimate an ongoing
burden related to the policies and procedures requirement of the rule
for funds.\3\ The staff estimates that there are approximately 150 new
funds that register each year, and that each of these funds adopts the
relevant policies and procedures. The staff estimates that it takes
approximately 4 hours to develop and adopt these policies and
procedures. Therefore, the total annual burden related to developing
and adopting these policies and procedures would be approximately 600
hours.\4\
---------------------------------------------------------------------------
\2\ Unless stated otherwise, these estimates are based on
conversations with the examination and inspections staff of the
Commission and fund representatives.
\3\ Based on our reviews and conversations with fund
representatives, we understand that funds rarely, if ever, need to
make changes to these policies and procedures once adopted, and
therefore we do not estimate a paperwork burden for such updates.
\4\ This estimate is based on the following calculations: (4
hours x 150 new funds = 600 hours).
---------------------------------------------------------------------------
Of the 3318 existing funds, the staff assumes that approximately
25%, (or 830) enter into transactions affected by rule 17a-7 each year
(either by the fund directly or through one of the fund's series), and
that the same percentage (25%, or 38 funds) of the estimated 150 funds
that newly register each year will also enter into these transactions,
for a total of 868 \5\ companies that are affected by the recordkeeping
requirements of rule 17a-7. These funds must keep records of each of
these transactions, and the board of directors must quarterly determine
that all relevant transactions were made in compliance with the
company's policies and procedures. The rule generally imposes a minimal
burden of collecting and storing records already generated for other
purposes.\6\ The staff estimates that the burden related to making
these records and for the board to review all transactions would be 3
hours annually for each respondent, (2 hours spent by compliance
attorneys and 1 hour spent by the board of directors) \7\ or 2604 total
hours each year.\8\
---------------------------------------------------------------------------
\5\ This estimate is based on the following calculation: (830 +
38 = 868).
\6\ Commission staff believes that rule 17a-7 does not impose
any costs associated with record preservation in addition to the
costs that funds already incur to comply with the record
preservation requirements of rule 31a-2 under the Act. Rule 31a-2
requires companies to preserve certain records for specified periods
of time.
\7\ The staff estimates that funds that rely on rule 17a-7
annually enter into an average of 8 rule 17a-7 transactions each
year. The staff estimates that the compliance attorneys of the
companies spend approximately 15 minutes per transaction on this
recordkeeping, and the board of directors spends a total of 1 hour
annually in determining that all transactions made that year were
done in compliance with the company's policies and procedures.
\8\ This estimate is based on the following calculation: (3
hours x 868 companies = 2604 hours).
---------------------------------------------------------------------------
Based on these estimates, the staff estimates the combined total
annual burden hours associated with rule 17a-7 is 3204 hours.\9\ The
staff also estimates that there are approximately 1018 respondents and
7094 total responses.\10\
---------------------------------------------------------------------------
\9\ This estimate is based on the following calculation: (600
hours + 2604 hours = 3204 total hours).
\10\ This estimate is based on the following calculations: (150
newly registered funds + 868 funds that engage in rule 17a-7
transactions = 1018); (868 funds that engage in rule 17a-7
transactions x 8 times per year = 6944); (6944 + 150 = 7094
responses).
---------------------------------------------------------------------------
The estimates of burden hours 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. The collection of information required by rule 17a-7 is
necessary to obtain the benefits of the rule. 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 control number.
Written comments are invited on: (a) Whether the collections of
information are necessary for the proper performance of the functions
of the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission's estimate of the burdens
of the collections of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens of the collections 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: July 2, 2014.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014-15966 Filed 7-8-14; 8:45 am]
BILLING CODE 8011-01-P
