Submission for OMB Review; Comment Request, 60201-60202 [2014-23708]

Download as PDF Federal Register / Vol. 79, No. 193 / Monday, October 6, 2014 / Notices POSTAL SERVICE Product Change—Priority Mail Negotiated Service Agreement Postal ServiceTM. Notice. AGENCY: ACTION: The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. DATES: Effective Date: October 6, 2014. FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202–268–3179. SUPPLEMENTARY INFORMATION: The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on September 29, 2014, it filed with the Postal Regulatory Commission a Request of the United States Postal Service to Add Priority Mail Contract 94 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2014–48, CP2014–84. SUMMARY: Stanley F. Mires, Attorney, Federal Requirements. [FR Doc. 2014–23683 Filed 10–3–14; 8:45 am] BILLING CODE 7710–12–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. mstockstill on DSK4VPTVN1PROD with NOTICES Extension: Form N–17f–1, OMB Control No. 3235–0359, SEC File No. 270–316. 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’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Form N–17f–1 (17 CFR 274.219) is entitled ‘‘Certificate of Accounting of Securities and Similar Investments of a Management Investment Company in the Custody of Members of National Securities Exchanges.’’ The form serves as a cover sheet to the accountant’s certificate that is required to be filed periodically with the Commission pursuant to rule 17f–1 (17 CFR 270.17f– 1) under the Act, entitled ‘‘Custody of VerDate Sep<11>2014 17:17 Oct 03, 2014 Jkt 235001 Securities with Members of National Securities Exchanges,’’ which sets forth the conditions under which a fund may place its assets in the custody of a member of a national securities exchange. Rule 17f–1 requires, among other things, that an independent public accountant verify the fund’s assets at the end of every annual and semi-annual fiscal period, and at least one other time during the fiscal year as chosen by the independent accountant. Requiring an independent accountant to examine the fund’s assets in the custody of a member of a national securities exchange assists Commission staff in its inspection program and helps to ensure that the fund assets are subject to proper auditing procedures. The accountant’s certificate stating that it has made an examination, and describing the nature and the extent of the examination, must be attached to Form N–17f–1 and filed with the Commission promptly after each examination. The form facilitates the filing of the accountant’s certificates, and increases the accessibility of the certificates to both Commission staff and interested investors. Commission staff estimates that it takes: (i) 1 hour of clerical time to prepare and file Form N–17f–1; and (ii) 0.5 hour for the fund’s chief compliance officer to review Form N–17f–1 prior to filing with the Commission, for a total of 1.5 hours. Each fund is required to make 3 filings annually, for a total annual burden per fund of approximately 4.5 hours.1 Commission staff estimates that an average of 4 funds currently file Form N–17f–1 with the Commission 3 times each year, for a total of 12 responses annually.2 The total annual hour burden for Form N– 17f–1 is therefore estimated to be approximately 18 hours.3 The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Compliance with the collections of information required by Form N–17f–1 is mandatory for funds that place their assets in the custody of a national securities exchange member. 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 1 This estimate is based on the following calculation: (1.5 hours × 3 responses annually = 4.5 hours). 2 This estimate is based on a review of Form N– 17f–1 filings made with the Commission over the last three years. 3 This estimate is based on the following calculations: (4.5 hours × 4 funds = 18 total hours). PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 60201 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: September 30, 2014. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–23707 Filed 10–3–14; 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 FOIA Services, 100 F Street NE., Washington, DC 20549–2736. Extension: Form N–17f–2, OMB Control No. 3235– 0360, SEC File No. 270–317. 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 (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Form N–17f–2 (17 CFR 274.220) under the Investment Company Act is entitled ‘‘Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies.’’ Form N–17f–2 is the cover sheet for the accountant examination certificates filed under rule 17f–2 (17 CFR 270.17f–2) by registered management investment companies (‘‘funds’’) maintaining custody of securities or other investments. Form N–17f–2 facilitates the filing of the accountant’s examination certificates prepared under rule 17f–2. The use of the form allows the certificates to be filed electronically, and increases the accessibility of the examination E:\FR\FM\06OCN1.SGM 06OCN1 60202 Federal Register / Vol. 79, No. 193 / Monday, October 6, 2014 / Notices mstockstill on DSK4VPTVN1PROD with NOTICES certificates to both the Commission’s examination staff and interested investors by ensuring that the certificates are filed under the proper Commission file number and the correct name of a fund. Commission staff estimates that it takes: (i) On average 1.25 hours of fund accounting personnel at a total cost of $247.5 to prepare each Form N–17f–2; 1 and (ii) .75 hours of administrative assistant time at a total cost of $55.50 to file the Form N–17f–2 with the Commission.2 Approximately 188 funds currently file Form N–17f–2 with the Commission. Commission staff estimates that on average each fund files Form N–17f–2 four times annually for a total annual hourly burden per fund of approximately 8 hours at a total cost of $1,212.00. The total annual hour burden for Form N–17f–2 is therefore estimated to be approximately 1504 hours. Based on the total annual costs per fund listed above, the total cost of Form N–17f–2’s collection of information requirements is estimated to be approximately $227,856.3 The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules and forms. Complying with the collections of information required by Form N–17f–2 is mandatory for those funds that maintain custody of their own assets. 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. 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 1 This estimate is based on the following calculation: 1.25 × $198 (fund senior accountant’s hourly rate) = $247.5. 2 This estimate is based on the following calculation: .75 × $74 (administrative assistant hourly rate) = $55.50. 3 This estimate is based on the following calculation: 188 funds × $1,212.00 (total annual cost per fund) = $227,856. VerDate Sep<11>2014 17:17 Oct 03, 2014 Jkt 235001 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: September 30, 2014. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–23708 Filed 10–3–14; 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 FOIA Services, 100 F Street NE., Washington, DC 20549–2736. Extension: Rule 17f–1, OMB Control No. 3235–0222, SEC File No. 270–236. 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’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Rule 17f–1 (17 CFR 270.17f–1) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a) is entitled: ‘‘Custody of Securities with Members of National Securities Exchanges.’’ Rule 17f–1 provides that any registered management investment company (‘‘fund’’) that wishes to place its assets in the custody of a national securities exchange member may do so only under a written contract that must be ratified initially and approved annually by a majority of the fund’s board of directors. The written contract also must contain certain specified provisions. In addition, the rule requires an independent public accountant to examine the fund’s assets in the custody of the exchange member at least three times during the fund’s fiscal year. The rule requires the written contract and the certificate of each examination to be transmitted to the Commission. The purpose of the rule is to ensure the safekeeping of fund assets. Commission staff estimates that each fund makes 1 response and spends an average of 3.5 hours annually in complying with the rule’s requirements. Commission staff estimates that on an annual basis it takes: (i) 0.5 hours for the board of directors 1 to review and ratify 1 Estimates of the number of hours are based on conversations with representatives of mutual funds that comply with the rule. The actual number of PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 the custodial contracts; and (ii) 3 hours for the fund’s controller to assist the fund’s independent public auditors in verifying the fund’s assets. Approximately 4 funds rely on the rule annually, with a total of 4 responses.2 Thus, the total annual hour burden for rule 17f–1 is approximately 14 hours.3 Funds that rely on rule 17f–1 generally use outside counsel to prepare the custodial contract for the board’s review and to transmit the contract to the Commission. Commission staff estimates the cost of outside counsel to perform these tasks for a fund each year is $800.4 Funds also must have an independent public accountant verify the fund’s assets three times each year and prepare the certificate of examination. Commission staff estimates the annual cost for an independent public accountant to perform this service is $8,500.5 Therefore, the total annual cost burden for a fund that relies on rule 17f–1 would be approximately $9,300.6 As noted above, the staff estimates that 4 funds rely on rule 17f–1 each year, for an estimated total annualized cost burden of $37,200.7 The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Compliance with the collections of information required by rule 17f–1 is mandatory for funds that place their assets in the custody of a national securities exchange member. Responses will not be kept confidential. An agency may not conduct or sponsor, and a person is not hours may vary significantly depending on individual fund assets. The hour burden for rule 17f–1 does not include preparing the custody contract because that would be part of customary and usual business practice. 2 Based on a review of Form N–17f–1 filings over the last three years the Commission staff estimates that an average of 4 funds rely on rule 17f–1 each year. 3 This estimate is based on the following calculation: (4 respondents × 3.5 hours = 14 hours). The annual burden for rule 17f–1 does not include time spent preparing Form N–17f–1. The burden for Form N–17f–1 is included in a separate collection of information. 4 This estimate is based on the following calculation: (2 hours of outside counsel time × $400 = $800). The staff has estimated the average cost of outside counsel at $400 per hour, based on information received from funds, fund intermediaries, and their counsel. 5 This estimate is based on information received from fund representatives estimating the aggregate annual cost of an independent public accountant’s periodic verification of assets and preparation of the certificate of examination. 6 This estimate is based on the following calculation: ($800 + $8,500 = $9,300). 7 This estimate is based on the following calculation: (4 funds × $9,300 = $37,200). E:\FR\FM\06OCN1.SGM 06OCN1

Agencies

[Federal Register Volume 79, Number 193 (Monday, October 6, 2014)]
[Notices]
[Pages 60201-60202]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-23708]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; 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:
    Form N-17f-2, OMB Control No. 3235-0360, SEC File No. 270-317.

    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 (the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Form N-17f-2 (17 CFR 274.220) under the Investment Company Act is 
entitled ``Certificate of Accounting of Securities and Similar 
Investments in the Custody of Management Investment Companies.'' Form 
N-17f-2 is the cover sheet for the accountant examination certificates 
filed under rule 17f-2 (17 CFR 270.17f-2) by registered management 
investment companies (``funds'') maintaining custody of securities or 
other investments. Form N-17f-2 facilitates the filing of the 
accountant's examination certificates prepared under rule 17f-2. The 
use of the form allows the certificates to be filed electronically, and 
increases the accessibility of the examination

[[Page 60202]]

certificates to both the Commission's examination staff and interested 
investors by ensuring that the certificates are filed under the proper 
Commission file number and the correct name of a fund.
    Commission staff estimates that it takes: (i) On average 1.25 hours 
of fund accounting personnel at a total cost of $247.5 to prepare each 
Form N-17f-2; \1\ and (ii) .75 hours of administrative assistant time 
at a total cost of $55.50 to file the Form N-17f-2 with the 
Commission.\2\ Approximately 188 funds currently file Form N-17f-2 with 
the Commission. Commission staff estimates that on average each fund 
files Form N-17f-2 four times annually for a total annual hourly burden 
per fund of approximately 8 hours at a total cost of $1,212.00. The 
total annual hour burden for Form N-17f-2 is therefore estimated to be 
approximately 1504 hours. Based on the total annual costs per fund 
listed above, the total cost of Form N-17f-2's collection of 
information requirements is estimated to be approximately $227,856.\3\
---------------------------------------------------------------------------

    \1\ This estimate is based on the following calculation: 1.25 x 
$198 (fund senior accountant's hourly rate) = $247.5.
    \2\ This estimate is based on the following calculation: .75 x 
$74 (administrative assistant hourly rate) = $55.50.
    \3\ This estimate is based on the following calculation: 188 
funds x $1,212.00 (total annual cost per fund) = $227,856.
---------------------------------------------------------------------------

    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules and forms. Complying with the collections of 
information required by Form N-17f-2 is mandatory for those funds that 
maintain custody of their own assets. 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.
    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: September 30, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-23708 Filed 10-3-14; 8:45 am]
BILLING CODE 8011-01-P