Proposed Collection; Comment Request, 42843-42844 [2014-17279]
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Federal Register / Vol. 79, No. 141 / Wednesday, July 23, 2014 / Notices
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Rule 498; SEC File No. 270–574, OMB
Control No. 3235–0648.
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 498 (17 CFR 230.498) under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) (‘‘Securities Act’’) permits openend management investment companies
(‘‘funds’’) to satisfy their prospectus
delivery obligations under the Securities
Act by sending or giving key
information directly to investors in the
form of a summary prospectus
(‘‘Summary Prospectus’’) and providing
the statutory prospectus on a Web site.
Upon an investor’s request, funds are
also required to send the statutory
prospectus to the investor. In addition,
under Rule 498, a fund that relies on the
rule to meet its statutory prospectus
delivery obligations must make
available, free of charge, the fund’s
current Summary Prospectus, statutory
prospectus, statement of additional
information, and most recent annual
and semi-annual reports to shareholders
at the Web site address specified in the
required Summary Prospectus legend.1
A Summary Prospectus that complies
with Rule 498 is deemed to be a
prospectus that is authorized under
Section 10(b) of the Securities Act and
Section 24(g) of the Investment
Company Act of 1940 (15 U.S.C. 80a–1
et seq.).
The purpose of Rule 498 is to enable
a fund to provide investors with a
Summary Prospectus containing key
information necessary to evaluate an
investment in the fund. Unlike many
other federal information collections,
which are primarily for the use and
benefit of the collecting agency, this
information collection is primarily for
the use and benefit of investors. The
information filed with the Commission
also permits the verification of
compliance with securities law
requirements and assures the public
availability and dissemination of the
information.
Based on an analysis of fund filings,
the Commission estimates that
approximately 9,082 portfolios are using
a Summary Prospectus. The
Commission estimates that the annual
hourly burden per portfolio associated
1 17
CFR 270.498(e)(1).
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with the compilation of the information
required on the cover page or the
beginning of the Summary Prospectus is
0.5 hours, and estimates that the annual
hourly burden per portfolio to comply
with the Web site posting requirement
is approximately 1 hour, requiring a
total of 1.5 hours per portfolio per year.2
Thus the total annual hour burden
associated with these requirements of
the rule is approximately 13,623.3 The
Commission estimates that the annual
cost burden is approximately $15,900
per portfolio, for a total annual cost
burden of approximately $144,403,800.4
Estimates of average 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 and forms.
Under Rule 498, use of the Summary
Prospectus is voluntary, but the rule’s
requirements regarding provision of the
statutory prospectus upon investor
request are mandatory for funds that
elect to send or give a Summary
Prospectus in reliance upon Rule 498.
The information provided under Rule
498 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.
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,
2 0.5 hours per portfolio + 1 hour per portfolio =
1.5 hours per portfolio. The Commission believes
that funds that have opted to use the Summary
Prospectus have already incurred the estimated
one-time hour burden to initially comply with Rule
498, and therefore the estimated burden hours to
initially comply with Rule 498 and the associated
costs are not included in these estimates.
3 1.5 hours per portfolio × 9,082 portfolios =
13,623 hours.
4 $15,900 per portfolio × 9,082 portfolios =
$144,403,800.
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42843
100 F Street NE., Washington, DC
20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: July 17, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–17278 Filed 7–22–14; 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 FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Extension:
Rule 17f–2(d); SEC File No. 270–36, OMB
Control No. 3235–0028.
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’’) is soliciting comments
on the existing collection of information
provided for in Rule 17f–2(d) [17 CFR
240.17f–2(d)], under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (‘‘Act’’). The Commission plans to
submit this existing collection of
information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 17f–2(d) requires that records
created pursuant to the fingerprinting
requirements of Section 17(f)(2) of the
Act be maintained and preserved by
every member of a national securities
exchange, broker, dealer, registered
transfer agent and registered clearing
agency (‘‘covered entities’’ or
‘‘respondents’’); permits, under certain
circumstances, the records required to
be maintained and preserved by a
member of a national securities
exchange, broker, or dealer to be
maintained and preserved by a selfregulatory organization that is also the
designated examining authority for that
member, broker or dealer; and permits
the required records to be preserved on
microfilm. The general purpose for Rule
17f–2 is to: (i) Identify security risk
personnel; (ii) provide criminal record
information so that employers can make
fully informed employment decisions;
and (iii) deter persons with criminal
records from seeking employment or
association with covered entities. The
rule enables the Commission or other
examining authority to ascertain
whether all required persons are being
fingerprinted and whether proper
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42844
Federal Register / Vol. 79, No. 141 / Wednesday, July 23, 2014 / Notices
procedures regarding fingerprinting are
being followed. Retention of these
records for a period of not less than
three years after termination of a
covered person’s employment or
relationship with a covered entity
ensures that law enforcement officials
will have easy access to fingerprint
cards on a timely basis. This in turn acts
as an effective deterrent to employee
misconduct.
Approximately 5,300 respondents are
subject to the recordkeeping
requirements of the rule. Each
respondent maintains approximately 60
new records per year, each of which
takes approximately 2 minutes per
record to maintain, for an annual
burden of approximately 2 hours (60
records times 2 minutes). The total
annual burden for all respondents is
approximately 10,600 hours (5,300
respondents times 2 hours). As noted
above, all records maintained subject to
the rule must be retained for a period of
not less than three years after
termination of a covered person’s
employment or relationship with a
covered entity. In addition, we estimate
the total cost to respondents is
approximately $119,000.
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 17, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–17279 Filed 7–22–14; 8:45 am]
BILLING CODE 8011–01–P
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17:33 Jul 22, 2014
Jkt 232001
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Securities and Exchange Commission,
Office of FOIA Services, 100 F Street
NE., Washington, DC 20549–2736.
Extension:
Rule 34b–1; SEC File No. 270–305, OMB
Control No. 3235–0346.
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.
Rule 34b–1 under the Investment
Company Act (17 CFR 270.34b–1)
governs sales material that accompanies
or follows the delivery of a statutory
prospectus (‘‘sales literature’’). Rule
34b–1 deems to be materially
misleading any investment company
(‘‘fund’’) sales literature required to be
filed with the Securities and Exchange
Commission (‘‘Commission’’) by Section
24(b) of the Investment Company Act
(15 U.S.C. 80a–24(b)) that includes
performance data, unless the sales
literature also includes the appropriate
uniformly computed data and the
legend disclosure required in
investment company advertisements by
rule 482 under the Securities Act of
1933 (17 CFR 230.482). Requiring the
inclusion of such standardized
performance data in sales literature is
designed to prevent misleading
performance claims by funds and to
enable investors to make meaningful
comparisons among funds.
The Commission estimates that on
average approximately 130 respondents
file 13,685 1 responses that include the
information required by rule 34b–1 each
year. The burden resulting from the
collection of information requirements
of rule 34b–1 is estimated to be 2 hours
per response. The total annual burden
hours for rule 34b–1 is approximately
27,370 hours per year in the aggregate.2
The collection of information under
rule 34b–1 is mandatory. The
information provided under rule 34b–1
is not kept confidential. The
Commission may not conduct or
1 The estimated number of responses to rule 34b–
1 is composed of 13,378 responses filed with
FINRA and 307 responses filed with the
Commission in 2013.
2 13,685 responses × 2 hours per response =
27,370.
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Fmt 4703
Sfmt 4703
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
proposed performance of the functions
of the agency, including whether
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: July 17, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–17282 Filed 7–22–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Securities and Exchange Commission,
Office of FOIA Services, 100 F Street
NE., Washington, DC 20549–2736.
Extension: Form N–PX, SEC File No. 270–
524, OMB Control No. 3235–0582.
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
E:\FR\FM\23JYN1.SGM
23JYN1
]]>Agencies
[Federal Register Volume 79, Number 141 (Wednesday, July 23, 2014)]
[Notices]
[Pages 42843-42844]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-17279]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736.
Extension:
Rule 17f-2(d); SEC File No. 270-36, OMB Control No. 3235-0028.
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'') is soliciting comments on the existing
collection of information provided for in Rule 17f-2(d) [17 CFR
240.17f-2(d)], under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.) (``Act''). The Commission plans to submit this existing
collection of information to the Office of Management and Budget
(``OMB'') for extension and approval.
Rule 17f-2(d) requires that records created pursuant to the
fingerprinting requirements of Section 17(f)(2) of the Act be
maintained and preserved by every member of a national securities
exchange, broker, dealer, registered transfer agent and registered
clearing agency (``covered entities'' or ``respondents''); permits,
under certain circumstances, the records required to be maintained and
preserved by a member of a national securities exchange, broker, or
dealer to be maintained and preserved by a self-regulatory organization
that is also the designated examining authority for that member, broker
or dealer; and permits the required records to be preserved on
microfilm. The general purpose for Rule 17f-2 is to: (i) Identify
security risk personnel; (ii) provide criminal record information so
that employers can make fully informed employment decisions; and (iii)
deter persons with criminal records from seeking employment or
association with covered entities. The rule enables the Commission or
other examining authority to ascertain whether all required persons are
being fingerprinted and whether proper
[[Page 42844]]
procedures regarding fingerprinting are being followed. Retention of
these records for a period of not less than three years after
termination of a covered person's employment or relationship with a
covered entity ensures that law enforcement officials will have easy
access to fingerprint cards on a timely basis. This in turn acts as an
effective deterrent to employee misconduct.
Approximately 5,300 respondents are subject to the recordkeeping
requirements of the rule. Each respondent maintains approximately 60
new records per year, each of which takes approximately 2 minutes per
record to maintain, for an annual burden of approximately 2 hours (60
records times 2 minutes). The total annual burden for all respondents
is approximately 10,600 hours (5,300 respondents times 2 hours). As
noted above, all records maintained subject to the rule must be
retained for a period of not less than three years after termination of
a covered person's employment or relationship with a covered entity. In
addition, we estimate the total cost to respondents is approximately
$119,000.
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
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email
to: PRA_Mailbox@sec.gov.
Dated: July 17, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-17279 Filed 7-22-14; 8:45 am]
BILLING CODE 8011-01-P
