Proposed Collection; Comment Request, 71463-71464 [2014-28305]
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Federal Register / Vol. 79, No. 231 / Tuesday, December 2, 2014 / Notices
rljohnson on DSK3VPTVN1PROD with NOTICES
Thus each potential respondent would
incur on average one burden hour in
complying with the Rule.
The Commission staff estimates that
there could be as many as 18 responses
annually and that each respondent’s
related cost of compliance with Rule
12f–1 would be $199.00, or, the cost of
one hour of professional work of a
paralegal needed to complete the
application. The total annual related
reporting cost for all potential
respondents, therefore, is $3,582 (18
responses × $199.00 per response).
Compliance with Rule 12f–1 is
mandatory. Rule 12f–1 does not have a
record retention requirement per se.
However, responses made pursuant to
Rule 12f–1 are subject to the
recordkeeping requirements of Rules
17a–3 and 17a–4 of the Act. Information
received in response to Rule 12f–1 shall
not be kept confidential; the information
collected is public information.
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: Pamela Dyson, Acting 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: November 25, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–28306 Filed 12–1–14; 8:45 am]
BILLING CODE 8011–01–P
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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 12d2–1; SEC File No. 270–98, OMB
Control No. 3235–0081.
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 collection of information
provided for in Rule 12d2–1(17 CFR
240.12d2–1) under the Securities
Exchange Act of 1934 (15 U.S.C. 78b 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.
On February 12, 1935, the
Commission adopted Rule 12d2–1 1
(‘‘Suspension of Trading’’) to establish
the procedures by which a national
securities exchange may suspend from
trading a security that is listed and
registered on the exchange under
Section 12(d) of the Act.2 Under Rule
12d2–1, an exchange is permitted to
suspend from trading a listed security in
accordance with its rules, and must
promptly notify the Commission of any
such suspension, along with the
effective date and the reasons for the
suspension.
Any such suspension may be
continued until such time as the
Commission may determine that the
suspension is designed to evade the
provisions of Section 12(d) of the Act
and Rule 12d2–2 thereunder.3 During
the continuance of such suspension
under Rule 12d2–1, the exchange is
required to notify the Commission
promptly of any change in the reasons
for the suspension. Upon the restoration
to trading of any security suspended
under Rule 12d2–1, the exchange must
notify the Commission promptly of the
effective date of such restoration.
The trading suspension notices serve
a number of purposes. First, they inform
1 See Securities Exchange Act Release No. 98
(February 12, 1935).
2 See Securities Exchange Act Release No. 7011
(February 5, 1963), 28 FR 1506 (February 16, 1963).
3 Rule 12d2–2 prescribes the circumstances under
which a security may be delisted from an exchange
and withdrawn from registration under Section
12(b) of the Act, and provides the procedures for
taking such action.
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71463
the Commission that an exchange has
suspended from trading a listed security
or reintroduced trading in a previously
suspended security. They also provide
the Commission with information
necessary for it to determine that the
suspension has been accomplished in
accordance with the rules of the
exchange, and to verify that the
exchange has not evaded the
requirements of Section 12(d) of the Act
and Rule 12d2–2 thereunder by
improperly employing a trading
suspension. Without Rule 12d2–1, the
Commission would be unable to fully
implement these statutory
responsibilities.
There are 18 national securities
exchanges that are subject to Rule 12d2–
1. The burden of complying with Rule
12d2–1 is not evenly distributed among
the exchanges, however, since there are
many more securities listed on the New
York Stock Exchange, Inc., the
NASDAQ Stock Market, and the
NYSEMKT LLC than on the other
exchanges.4 However, for purposes of
this filing, the Commission staff has
assumed that the number of responses is
evenly divided among the exchanges.
There are approximately 1,600
responses under Rule 12d2–1 for the
purpose of suspension of trading from
the national securities exchanges each
year, and the resultant aggregate annual
reporting hour burden would be,
assuming on average one-half reporting
hour per response, 800 annual burden
hours for all exchanges. The related
internal compliance costs associated
with these burden hours are $159,200
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
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.
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.
4 In fact, some exchanges do not file any trading
suspension reports in a given year.
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71464
Federal Register / Vol. 79, No. 231 / Tuesday, December 2, 2014 / Notices
Please direct your written comments
to: Pamela Dyson, Acting 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: November 25, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–28305 Filed 12–1–14; 8:45 am]
BILLING CODE 8011–01–P
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) Pamela
Dyson, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549 or by sending an email to
PRA_Mailbox@sec.gov. Comments must
be submitted within 30 days of this
notice.
SECURITIES AND EXCHANGE
COMMISSION
Dated: November 25, 2014.
Kevin M. O’Neill,
Deputy Secretary.
Submission for OMB Review;
Comment Request
[FR Doc. 2014–28308 Filed 12–1–14; 8:45 am]
BILLING CODE 8011–01–P
Upon Written Request, Copies Available
From: U.S. Securities and Exchange
Commission, Office of FOIA Services,
Washington, DC 20549–2736.
rljohnson on DSK3VPTVN1PROD with NOTICES
Extension:
Rule 15c1–5, SEC File No. 270–422, OMB
Control No. 3235–0471.
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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 15c1–5 (17 CFR 240.15c1–5) under
the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 15c1–5 states that any brokerdealer controlled by, controlling, or
under common control with the issuer
of a security that the broker-dealer is
trying to sell to or buy from a customer
must give the customer written
notification disclosing the control
relationship at or before completion of
the transaction. The Commission
estimates that 223 respondents collect
information annually under Rule 15c1–
5 and that each respondent would
spend approximately 10 hours per year
collecting this information (2,230 hours
in aggregate). There is no retention
period requirement under Rule 15c1–5.
This Rule does not involve the
collection of confidential information.
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:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
VerDate Sep<11>2014
15:30 Dec 01, 2014
Jkt 235001
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 22c–2; SEC File No. 270–541, OMB
Control No. 3235–0620.
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 22c–2 (17 CFR 270.22c–2) under
the Investment Company Act of 1940
(15 U.S.C. 80a) (the ‘‘Investment
Company Act’’ or ‘‘Act’’) requires the
board of directors (including a majority
of independent directors) of most
registered open-end investment
companies (‘‘funds’’) to either approve a
redemption fee of up to two percent or
determine that imposition of a
redemption fee is not necessary or
appropriate for the fund. Rule 22c–2
also requires a fund to enter into written
agreements with their financial
intermediaries (such as broker-dealers
and retirement plan administrators)
under which the fund, upon request,
can obtain certain shareholder identity
and trading information from the
intermediaries. The written agreement
must also allow the fund to direct the
intermediary to prohibit further
purchases or exchanges by specific
shareholders that the fund has
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identified as being engaged in
transactions that violate the fund’s
market timing policies. These
requirements enable funds to obtain the
information that they need to monitor
the frequency of short-term trading in
omnibus accounts and enforce their
market timing policies.
The rule includes three ‘‘collections
of information’’ within the meaning of
the Paperwork Reduction Act of 1995
(‘‘PRA’’).1 First, the rule requires boards
to either approve a redemption fee of up
to two percent or determine that
imposition of a redemption fee is not
necessary or appropriate for the fund.
Second, funds must enter into
information sharing agreements with all
of their ‘‘financial intermediaries’’ 2 and
maintain a copy of the written
information sharing agreement with
each intermediary in an easily
accessible place for six years. Third,
pursuant to the information sharing
agreements, funds must have systems
that enable them to request frequent
trading information upon demand from
their intermediaries, and to enforce any
restrictions on trading required by funds
under the rule.
The collections of information created
by rule 22c–2 are necessary for funds to
effectively assess redemption fees,
enforce their policies in frequent
trading, and monitor short-term trading,
including market timing, in omnibus
accounts. These collections of
information are mandatory for funds
that redeem shares within seven days of
purchase. The collections of information
also are necessary to allow Commission
staff to fulfill its examination and
oversight responsibilities.
Rule 22c–2(a)(1) requires the board of
directors of all registered investment
companies and series thereof (except for
money market funds, ETFs, or funds
that affirmatively permit short-term
trading of its securities) to approve a
redemption fee for the fund, or instead
make a determination that a redemption
fee is either not necessary or appropriate
1 44
U.S.C. 3501–3520.
rule defines a Financial Intermediary as: (i)
Any broker, dealer, bank, or other person that holds
securities issued by the fund in nominee name; (ii)
a unit investment trust or fund that invests in the
fund in reliance on section 12(d)(i)(E) of the Act;
and (iii) in the case of a participant directed
employee benefit plan that owns the securities
issued by the fund, a retirement plan’s
administrator under section 316(A) of the Employee
Retirement Security Act of 1974 (29 U.S.C.
1002(16)(A) or any person that maintains the plans’
participant records. Financial Intermediary does not
include any person that the fund treats as an
individual investor with respect to the fund’s
policies established for the purpose of eliminating
or reducing any dilution of the value of the
outstanding securities issued by the fund. Rule 22c–
2(c)(1).
2 The
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]]>Agencies
[Federal Register Volume 79, Number 231 (Tuesday, December 2, 2014)]
[Notices]
[Pages 71463-71464]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-28305]
-----------------------------------------------------------------------
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 12d2-1; SEC File No. 270-98, OMB Control No. 3235-0081.
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 collection of
information provided for in Rule 12d2-1(17 CFR 240.12d2-1) under the
Securities Exchange Act of 1934 (15 U.S.C. 78b 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.
On February 12, 1935, the Commission adopted Rule 12d2-1 \1\
(``Suspension of Trading'') to establish the procedures by which a
national securities exchange may suspend from trading a security that
is listed and registered on the exchange under Section 12(d) of the
Act.\2\ Under Rule 12d2-1, an exchange is permitted to suspend from
trading a listed security in accordance with its rules, and must
promptly notify the Commission of any such suspension, along with the
effective date and the reasons for the suspension.
---------------------------------------------------------------------------
\1\ See Securities Exchange Act Release No. 98 (February 12,
1935).
\2\ See Securities Exchange Act Release No. 7011 (February 5,
1963), 28 FR 1506 (February 16, 1963).
---------------------------------------------------------------------------
Any such suspension may be continued until such time as the
Commission may determine that the suspension is designed to evade the
provisions of Section 12(d) of the Act and Rule 12d2-2 thereunder.\3\
During the continuance of such suspension under Rule 12d2-1, the
exchange is required to notify the Commission promptly of any change in
the reasons for the suspension. Upon the restoration to trading of any
security suspended under Rule 12d2-1, the exchange must notify the
Commission promptly of the effective date of such restoration.
---------------------------------------------------------------------------
\3\ Rule 12d2-2 prescribes the circumstances under which a
security may be delisted from an exchange and withdrawn from
registration under Section 12(b) of the Act, and provides the
procedures for taking such action.
---------------------------------------------------------------------------
The trading suspension notices serve a number of purposes. First,
they inform the Commission that an exchange has suspended from trading
a listed security or reintroduced trading in a previously suspended
security. They also provide the Commission with information necessary
for it to determine that the suspension has been accomplished in
accordance with the rules of the exchange, and to verify that the
exchange has not evaded the requirements of Section 12(d) of the Act
and Rule 12d2-2 thereunder by improperly employing a trading
suspension. Without Rule 12d2-1, the Commission would be unable to
fully implement these statutory responsibilities.
There are 18 national securities exchanges that are subject to Rule
12d2-1. The burden of complying with Rule 12d2-1 is not evenly
distributed among the exchanges, however, since there are many more
securities listed on the New York Stock Exchange, Inc., the NASDAQ
Stock Market, and the NYSEMKT LLC than on the other exchanges.\4\
However, for purposes of this filing, the Commission staff has assumed
that the number of responses is evenly divided among the exchanges.
There are approximately 1,600 responses under Rule 12d2-1 for the
purpose of suspension of trading from the national securities exchanges
each year, and the resultant aggregate annual reporting hour burden
would be, assuming on average one-half reporting hour per response, 800
annual burden hours for all exchanges. The related internal compliance
costs associated with these burden hours are $159,200 per year.
---------------------------------------------------------------------------
\4\ In fact, some exchanges do not file any trading suspension
reports in a given year.
---------------------------------------------------------------------------
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.
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.
[[Page 71464]]
Please direct your written comments to: Pamela Dyson, Acting
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: November 25, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-28305 Filed 12-1-14; 8:45 am]
BILLING CODE 8011-01-P
