Proposed Collection; Comment Request, 39003-39004 [2014-15968]

Download as PDF sroberts on DSK5SPTVN1PROD with NOTICES Federal Register / Vol. 79, No. 131 / Wednesday, July 9, 2014 / Notices same as above). Thus, if all brokerdealer respondents obtain and send the documents required under the rules electronically, the aggregate annual hour burden associated with Rule 15g–2 is 1,725 (575 hours + 1,150 hours). In addition, if the penny stock customer requests a paper copy of the information on the Commission’s Web site regarding microcap securities, including penny stocks, from his or her broker-dealer, the printing and mailing of the document containing this information takes no more than two minutes per customer. Because many investors have access to the Commission’s Web site via computers located in their homes, or in easily accessible public places such as libraries, then, at most, a quarter of customers who are required to receive the Rule 15g–2 disclosure document request that their broker-dealer provide them with the additional microcap and penny stock information posted on the Commission’s Web site. Thus, each broker-dealer respondent processes approximately 39 requests for paper copies of this information per year or an aggregate total of 78 minutes per respondent (2 minutes per customer × 39 requests per respondent). Since there are 221 respondents, the estimated annual burden is 17,238 minutes (78 minutes per each of the 221 respondents) or 288 hours. This is a third party disclosure type of burden. We have no way of knowing how many broker-dealers and customers will choose to communicate electronically. Assuming that 50 percent of respondents continue to provide documents and obtain signatures in tangible form and 50 percent choose to communicate electronically to satisfy the requirements of Rule 15g–2, the total aggregate burden hours would be 2,301 ((aggregate burden hours for sending disclosure documents and obtaining signed customer acknowledgments in tangible form × 0.50 of the respondents = 1,150 hours) + (aggregate burden hours for electronically signed and transmitted documents × 0.50 of the respondents = 863 hours) + (288 burden hours for those customers making requests for a copy of the information on the Commission’s Web site)). The Commission does not maintain the risk disclosure document. Instead, it must be retained by the broker-dealer for at least three years following the date on which the risk disclosure document was provided to the customer, the first two years in an accessible place. The collection of information required by the rule is mandatory. The risk disclosure document is otherwise governed by the internal policies of the VerDate Mar<15>2010 20:08 Jul 08, 2014 Jkt 232001 broker-dealer regarding confidentiality, etc. 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 background documentation for this information collection at the following Web site: https://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, D.C. 20503, or by sending an e-mail 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 e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: July 3, 2014. Jill M. Peterson, Assistant Secretary. [FR Doc. 2014–16039 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–54C, OMB Control No. 3235–0236, SEC File No. 270–184. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (the ‘‘PRA’’), 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. Under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (the ‘‘Investment Company Act’’), certain investment companies can elect to be regulated as business development companies, as defined in Section 2(a)(48) of the Investment Company Act (15 U.S.C. 80a–2(a)(48)). Under Section 54(a) of the Investment Company Act PO 00000 Frm 00154 Fmt 4703 Sfmt 4703 39003 (15 U.S.C. 80a–53(a)), any company defined in Section 2(a)(48)(A) and (B) of the Investment Company Act (15 U.S.C. 80a–2(a)(48)), may, if it meets certain enumerated eligibility requirements, elect to be subject to the provisions of Sections 55 through 65 of the Investment Company Act (15 U.S.C. 80a–54 to 80a–64) by filing with the Commission a notification of election on Form N–54A (17 CFR 274.53). Under Section 54(c) of the Investment Company Act (15 U.S.C. 80a–53(c)), any business development company may voluntarily withdraw its election under Section 54(a) of the Investment Company Act (15 U.S.C. 80a–53(a)) by filing a notice of withdrawal of election with the Commission. The Commission has adopted Form N–54C (17 CFR 274.54) as the form for notification of withdrawal of election to be subject to Sections 55 through 65 of the Investment Company Act. The purpose of Form N–54C is to notify the Commission that the business development company withdraws its election to be subject to Sections 55 through 65 of the Investment Company Act, enabling the Commission to administer those provisions of the Investment Company Act to such companies. The Commission estimates that on average approximately 10 business development companies file these notifications each year. Each of those business development companies need only make a single filing of Form N– 54C. The Commission further estimates that this information collection imposes a burden of one hour, resulting in a total annual PRA burden of 10 hours. Based on the estimated wage rate, the total cost to the business development industry of the hour burden for complying with Form N–54C would be approximately $3,200. The collection of information under Form N–54C is mandatory. The information provided by the form is not 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. 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 E:\FR\FM\09JYN1.SGM 09JYN1 39004 Federal Register / Vol. 79, No. 131 / Wednesday, July 9, 2014 / Notices 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. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. Applicants, 1350 Avenue of the Americas, 2nd Floor, New York, New York 10019. FOR FURTHER INFORMATION CONTACT: Jill Ehrlich, Senior Counsel, at (202) 551– Dated: July 2, 2014. 6819, or David P. Bartels, Branch Chief, Jill M. Peterson, at (202) 551–6821 (Division of Assistant Secretary. Investment Management, Chief Counsel’s Office). [FR Doc. 2014–15968 Filed 7–8–14; 8:45 am] BILLING CODE 8011–01–P SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application SECURITIES AND EXCHANGE may be obtained via the Commission’s COMMISSION Web site by searching for the file number, or for an applicant using the [Investment Company Act Release No. Company name box, at https:// 31144; File No. 812–14284] www.sec.gov/search/search.htm or by KraneShares Trust and Krane Funds calling (202) 551–8090. Advisors, LLC; Notice of Application Applicants’ Representations: 1. The Trust is organized as a July 2, 2014. Delaware statutory trust and is AGENCY: Securities and Exchange registered with the Commission as an Commission (‘‘Commission’’). open-end management investment ACTION: Notice of an application under company under the Act. The Trust may section 6(c) of the Investment Company offer one or more series of shares (each, Act of 1940 (‘‘Act’’) for an exemption a ‘‘Fund’’ and collectively the ‘‘Funds’’) from section 15(a) of the Act and rule with its own distinct investment 18f–2 under the Act, as well as from objectives, policies and restrictions.1 certain disclosure requirements. Currently, the Trust has registered twelve Funds, three of which are SUMMARY OF APPLICATION: Applicants request an order that would permit them operational. Applicants state that each Fund that has commenced operations to to enter into and materially amend date operates as a passively-managed subadvisory agreements with Whollya Owned Sub-Advisers (as defined below) exchange-traded fund in reliance on 2 previously granted exemptive order. and non-affiliated sub-advisers without The Adviser is a limited liability shareholder approval and would grant company organized under the laws of relief from certain disclosure the State of Delaware and is registered requirements. with the Commission as an investment APPLICANTS: KraneShares Trust (the adviser under the Investment Advisers ‘‘Trust’’) and Krane Funds Advisors, Act of 1940 (the ‘‘Advisers Act’’). LLC (the ‘‘Initial Adviser’’). 2. Applicants request an order to DATES: Filing Dates: The application was permit the Adviser,3 subject to the filed on February 27, 2014, and amended on June 12, 2014. 1 Future Funds may be operated as a masterHearing or Notification of Hearing: An feeder structure pursuant to section 12(d)(1)(E) of the Act. In such a structure, certain Funds (each, order granting the requested relief will be issued unless the Commission orders a ‘‘Feeder Fund’’) may invest substantially all of their assets in a Fund (a ‘‘Master Fund’’) pursuant a hearing. Interested persons may to section 12(d)(1)(E) of the Act. No Feeder Fund request a hearing by writing to the will engage any sub-advisers other than through approving the engagement of one or more of the Commission’s Secretary and serving Master Fund’s sub-advisers. applicants with a copy of the request, 2 Krane Funds Advisors, et al., Investment personally or by mail. Hearing requests Company Act Release Nos. 30425 (March 14, 2013) should be received by the Commission (Notice) and 30452 (April 8, 2013) (Order). by 5:30 p.m. on July 28, 2014, and 3 The term ‘‘Adviser’’ includes (i) the Initial Adviser and (ii) any entity controlling, controlled should be accompanied by proof of by or under common control with, the Initial service on applicants, in the form of an Adviser or its successors that serves as investment affidavit or, for lawyers, a certificate of adviser to the Funds. For purposes of the requested service. Hearing requests should state order, ‘‘successor’’ is limited to an entity that results from a reorganization into another the nature of the writer’s interest, the sroberts on DSK5SPTVN1PROD with NOTICES 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. VerDate Mar<15>2010 20:08 Jul 08, 2014 Jkt 232001 PO 00000 Frm 00155 Fmt 4703 Sfmt 4703 approval of the board of trustees of the Trust (the ‘‘Board’’), including a majority of the trustees who are not ‘‘interested persons’’ of the Funds or the Adviser as defined in section 2(a)(19) of the Act (the ‘‘Independent Trustees’’), to, without obtaining shareholder approval: (i) select Sub-Advisers 4 to manage all or a portion of the assets of a Fund and enter into Sub-Advisory Agreements (as defined below) with the Sub-Advisers, and (ii) materially amend Sub-Advisory Agreements with the SubAdvisers.5 Applicants request that the relief apply to the named applicants, as well as to any future Fund and any other existing or future registered openend management investment company or series thereof that is advised by the Adviser, uses the multi-manager structure described in the application, and complies with the terms and conditions set forth in the application (each, a ‘‘Subadvised Funds’’).6 The requested relief will not extend to any sub-adviser, other than a Wholly-Owned Sub-Adviser, who is an affiliated person, as defined in section 2(a)(3) of the Act, of the Subadvised Fund, of any Feeder Fund, or of the Adviser, other than by reason of serving as a subadviser to one or more of the Subadvised Funds (‘‘Affiliated SubAdviser’’). jurisdiction or a change in the type of business organization. 4 A ‘‘Sub-Adviser’’ for a Fund is (1) an indirect or direct ‘‘wholly owned subsidiary’’ (as such term is defined in the Act) of the Adviser for that Fund, or (2) a sister company of the Adviser for that Fund that is an indirect or direct ‘‘wholly-owned subsidiary’’ (as such term is defined in the Act) of the same company that, indirectly or directly, wholly owns the Adviser (each of (1) and (2) a ‘‘Wholly-Owned Sub-Adviser’’ and collectively, the ‘‘Wholly-Owned Sub-Advisers’’), or (3) not an ‘‘affiliated person’’ (as such term is defined in section 2(a)(3) of the Act) of the Fund, any Feeder Fund invested in a Master Fund, the Trust, or the Adviser, except to the extent that an affiliation arises solely because the Sub-Adviser serves as a sub-adviser to a Fund (each, a ‘‘Non-Affiliated SubAdviser’’). 5 Shareholder approval will continue to be required for any other sub-adviser changes (not otherwise permitted by rule or other action of the Commission or staff) and material amendments to an existing Sub-Advisory Agreement with any subadviser other than a Non-Affiliated Sub-Adviser or Wholly-Owned Sub-Adviser (all such changes referred to as ‘‘Ineligible Sub-Adviser Changes’’). 6 All registered open-end investment companies that currently intend to rely on the requested order are named as applicants. All Funds that currently are, or that currently intend to be, Subadvised Funds are identified in the application. Any entity that relies on the requested order will do so only in accordance with the terms and conditions contained in the application. If the name of any Subadvised Fund contains the name of a SubAdviser, the name of the Adviser that serves as the primary adviser to the Subadvised Fund, or a trademark or trade name that is owned by or publicly used to identify that Adviser, will precede the name of the Sub-Adviser. E:\FR\FM\09JYN1.SGM 09JYN1

Agencies

[Federal Register Volume 79, Number 131 (Wednesday, July 9, 2014)]
[Notices]
[Pages 39003-39004]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-15968]


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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-54C, OMB Control No. 3235-0236, SEC File No. 270-184.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (the ``PRA''), 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.
    Under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) 
(the ``Investment Company Act''), certain investment companies can 
elect to be regulated as business development companies, as defined in 
Section 2(a)(48) of the Investment Company Act (15 U.S.C. 80a-
2(a)(48)). Under Section 54(a) of the Investment Company Act (15 U.S.C. 
80a-53(a)), any company defined in Section 2(a)(48)(A) and (B) of the 
Investment Company Act (15 U.S.C. 80a-2(a)(48)), may, if it meets 
certain enumerated eligibility requirements, elect to be subject to the 
provisions of Sections 55 through 65 of the Investment Company Act (15 
U.S.C. 80a-54 to 80a-64) by filing with the Commission a notification 
of election on Form N-54A (17 CFR 274.53). Under Section 54(c) of the 
Investment Company Act (15 U.S.C. 80a-53(c)), any business development 
company may voluntarily withdraw its election under Section 54(a) of 
the Investment Company Act (15 U.S.C. 80a-53(a)) by filing a notice of 
withdrawal of election with the Commission. The Commission has adopted 
Form N-54C (17 CFR 274.54) as the form for notification of withdrawal 
of election to be subject to Sections 55 through 65 of the Investment 
Company Act.
    The purpose of Form N-54C is to notify the Commission that the 
business development company withdraws its election to be subject to 
Sections 55 through 65 of the Investment Company Act, enabling the 
Commission to administer those provisions of the Investment Company Act 
to such companies.
    The Commission estimates that on average approximately 10 business 
development companies file these notifications each year. Each of those 
business development companies need only make a single filing of Form 
N-54C. The Commission further estimates that this information 
collection imposes a burden of one hour, resulting in a total annual 
PRA burden of 10 hours. Based on the estimated wage rate, the total 
cost to the business development industry of the hour burden for 
complying with Form N-54C would be approximately $3,200.
    The collection of information under Form N-54C is mandatory. The 
information provided by the form is not 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.
    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

[[Page 39004]]

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. 2014-15968 Filed 7-8-14; 8:45 am]
BILLING CODE 8011-01-P
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