Proposed Collection; Comment Request, 3667-3668 [2015-01074]

Download as PDF Federal Register / Vol. 80, No. 15 / Friday, January 23, 2015 / Notices no later than January 23, 2015. The public portions of the filing can be accessed via the Commission’s Web site (https://www.prc.gov). The Commission appoints Curtis E. Kidd to serve as Public Representative in this docket. By the Commission. Ruth Ann Abrams, Acting Secretary. [FR Doc. 2015–01055 Filed 1–22–15; 8:45 am] BILLING CODE 7710–FW–P POSTAL REGULATORY COMMISSION [Docket Nos. CP2015–30; Order No. 2324] New Postal Product Postal Regulatory Commission. Notice. AGENCY: The Commission is noticing a recent Postal Service filing concerning an additional Global Expedited Package Services 3 (GEPS 3) negotiated service agreement. This notice informs the public of the filing, invites public comment, and takes other administrative steps. DATES: Comments are due: January 23, 2015. ADDRESSES: Submit comments electronically via the Commission’s Filing Online system at https:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. tkelley on DSK3SPTVN1PROD with NOTICES FOR FURTHER INFORMATION CONTACT: David A. Trissell, General Counsel, at 202–789–6820. SUPPLEMENTARY INFORMATION: Table of Contents I. Introduction II. Notice of Commission Action III. Ordering Paragraphs VerDate Sep<11>2014 18:05 Jan 22, 2015 Jkt 235001 Extension: Rule 6c–7; SEC File No. 270–269, OMB Control No. 3235–0276. 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 6c–7 (17 CFR 270.6c–7) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’) provides exemption from certain provisions of Sections 22(e) and 27 of the 1940 Act for registered separate accounts offering variable annuity contracts to certain employees of Texas institutions of higher education participating in the Texas Optional Retirement Program. There are approximately 50 registrants governed by Rule 6c–7. The burden of compliance with Rule 6c–7, in connection with the registrants obtaining from a purchaser, prior to or at the time of purchase, a signed document acknowledging the restrictions on redeem ability imposed by Texas law, is estimated to be approximately 3 minutes of professional time per response for each of approximately 2300 purchasers annually (at an estimated $64 per hour),1 for a total annual burden of 115 hours (at a total annual cost of $7,360). 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 or forms. The Commission does not include in the estimate of average burden hours the time preparing registration statements and sales literature disclosure regarding the restrictions on redeem ability imposed by Texas law. The estimate of burden hours for completing the relevant registration statements are reported on the separate PRA submissions for those statements. (See the separate PRA submissions for Form N–3 (17 CFR 274.11b) and Form N–4 (17 CFR 274.11c).) 1 Notice of United States Postal Service of Filing a Functionally Equivalent Global Expedited Package Services 3 Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal, January 15, 2015 (Notice). It is ordered: 1. The Commission establishes Docket No. CP2015–31 for consideration of the matters raised by the Postal Service’s Notice. 2. Pursuant to 39 U.S.C. 505, Curtis E. Kidd is appointed to serve as an officer of the Commission to represent the interests of the general public in this proceeding (Public Representative). 3. Comments are due no later than January 23, 2015. 4. The Secretary shall arrange for publication of this order in the Federal Register. SUMMARY: Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. Upon Written Request, Copies Available From: Securities and Exchange III. Ordering Paragraphs ACTION: I. Introduction On January 15, 2015, the Postal Service filed notice that it has entered into an additional Global Expedited Package Services 3 (GEPS 3) negotiated service agreement (Agreement).1 To support its Notice, the Postal Service filed a copy of the Agreement, a copy of the Governors’ Decision authorizing the product, a certification of compliance with 39 U.S.C. 3633(a), and an application for non-public treatment of certain materials. It also filed supporting financial workpapers. 3667 1 $64/hour figure for a Compliance Clerk is from SIFMA’s Office Salaries in the Securities Industry 2013 surevy, modified by Commission staff to account for an 1800-hour work year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. II. Notice of Commission Action The Commission establishes Docket No. CP2015–30 for consideration of matters raised by the Notice. The Commission invites comments on whether the Postal Service’s filing is consistent with 39 U.S.C. 3632, 3633, or 3642, 39 CFR part 3015, and 39 CFR part 3020, subpart B. Comments are due no later than January 23, 2015. The public portions of the filing can be accessed via the Commission’s Web site (https://www.prc.gov). The Commission appoints Kenneth R. Moeller to serve as Public Representative in this docket. III. Ordering Paragraphs It is ordered: 1. The Commission establishes Docket No. CP2015–30 for consideration of the matters raised by the Postal Service’s Notice. 2. Pursuant to 39 U.S.C. 505, Kenneth R. Moeller is appointed to serve as an officer of the Commission to represent the interests of the general public in this proceeding (Public Representative). 3. Comments are due no later than January 23, 2015. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Ruth Ann Abrams, Acting Secretary. [FR Doc. 2015–01048 Filed 1–22–15; 8:45 am] BILLING CODE 7710–FW–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 E:\FR\FM\23JAN1.SGM 23JAN1 3668 Federal Register / Vol. 80, No. 15 / Friday, January 23, 2015 / Notices The Commission requests written comments 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. 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: January 16, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–01074 Filed 1–22–15; 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. tkelley on DSK3SPTVN1PROD with NOTICES Extension: Rule 12d1–1; SEC File No. 270–526, OMB Control No. 3235–0584. 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. An investment company (‘‘fund’’) is generally limited in the amount of securities the fund (‘‘acquiring fund’’) can acquire from another fund (‘‘acquired fund’’). Section 12(d) of the Investment Company Act of 1940 (the ‘‘Investment Company Act’’ or ‘‘Act’’) 1 1 See 15 U.S.C. 80a. VerDate Sep<11>2014 18:05 Jan 22, 2015 Jkt 235001 provides that a registered fund (and companies it controls) cannot: • Acquire more than three percent of another fund’s securities; • invest more than five percent of its own assets in another fund; or • invest more than ten percent of its own assets in other funds in the aggregate.2 In addition, a registered open-end fund, its principal underwriter, and any registered broker or dealer cannot sell that fund’s shares to another fund if, as a result: • The acquiring fund (and any companies it controls) owns more than three percent of the acquired fund’s stock; or • all acquiring funds (and companies they control) in the aggregate own more than ten percent of the acquired fund’s stock.3 Rule 12d1–1 under the Act provides an exemption from these limitations for ‘‘cash sweep’’ arrangements in which a fund invests all or a portion of its available cash in a money market fund rather than directly in short-term instruments.4 An acquiring fund relying on the exemption may not pay a sales load, distribution fee, or service fee on acquired fund shares, or if it does, the acquiring fund’s investment adviser must waive a sufficient amount of its advisory fee to offset the cost of the loads or distribution fees.5 The acquired fund may be a fund in the same fund complex or in a different fund complex. In addition to providing an exemption from section 12(d)(1) of the Act, the rule provides exemptions from section 17(a) of the Act and rule 17d–1 thereunder, which restrict a fund’s ability to enter into transactions and joint arrangements with affiliated persons.6 These provisions would otherwise prohibit an acquiring fund from investing in a money market fund in the same fund complex,7 and prohibit a fund that 2 See 15 U.S.C. 80a–12(d)(1)(A). If an acquiring fund is not registered, these limitations apply only with respect to the acquiring fund’s acquisition of registered funds. 3 See 15 U.S.C. 80a–12(d)(1)(B). 4 See 17 CFR 270.12d1–1. 5 See rule 12d1–1(b)(1). 6 See 15 U.S.C. 80a–17(a), 15 U.S.C. 80a–17(d); 17 CFR 270.17d–1. 7 An affiliated person of a fund includes any person directly or indirectly controlling, controlled by, or under common control with such other person. See 15 U.S.C. 80a–2(a)(3) (definition of ‘‘affiliated person’’). Most funds today are organized by an investment adviser that advises or provides administrative services to other funds in the same complex. Funds in a fund complex are generally under common control of an investment adviser or other person exercising a controlling influence over the management or policies of the funds. See 15 U.S.C. 80a–2(a)(9) (definition of ‘‘control’’). Not all advisers control funds they advise. The PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 acquires five percent or more of the securities of a money market fund in another fund complex from making any additional investments in the money market fund.8 The rule also permits a registered fund to rely on the exemption to invest in an unregistered money market fund that limits its investments to those in which a registered money market fund may invest under rule 2a–7 under the Act, and undertakes to comply with all the other provisions of rule 2a–7.9 In addition, the acquiring fund must reasonably believe that the unregistered money market fund (i) operates in compliance with rule 2a–7, (ii) complies with sections 17(a), (d), (e), 18, and 22(e) of the Act 10 as if it were a registered open-end fund, (iii) has adopted procedures designed to ensure that it complies with these statutory provisions, (iv) maintains the records required by rules 31a–1(b)(1), 31a– 1(b)(2)(ii), 31a–1(b)(2)(iv), and 31a– 1(b)(9); 11 and (v) preserves permanently, the first two years in an easily accessible place, all books and records required to be made under these rules. Rule 2a–7 contains certain collection of information requirements. An unregistered money market fund that complies with rule 2a–7 would be subject to these collection of information requirements. In addition, the recordkeeping requirements under rule 31a–1 with which the acquiring fund reasonably believes the unregistered money market fund complies are collections of information for the unregistered money market fund. The adoption of procedures by unregistered money market funds to ensure that they comply with sections 17(a), (d), (e), 18, and 22(e) of the Act also constitute collections of information. By allowing funds to invest in registered and unregistered money market funds, rule 12d1–1 is intended to provide funds greater options for cash management. In order for a registered fund to rely on the exemption to invest determination of whether a fund is under the control of its adviser, officers, or directors depends on all the relevant facts and circumstances. See Investment Company Mergers, Investment Company Act Release No. 25259 (Nov. 8, 2001) [66 FR 57602 (Nov. 15, 2001)], at n.11. To the extent that an acquiring fund in a fund complex is under common control with a money market fund in the same complex, the funds would rely on the rule’s exemptions from section 17(a) and rule 17d–1. 8 See 15 U.S.C. 80a–2(a)(3)(A), (B). 9 See 17 CFR 270.2a–7. 10 See 15 U.S.C. 80a–17(a), 15 U.S.C. 80a–17(d), 15 U.S.C. 80a–17(e), 15 U.S.C. 80a–18, 15 U.S.C. 80a–22(e). 11 See 17 CFR 270.31a–1(b)(1), 17 CFR 270.31a– 1(b)(2)(ii), 17 CFR 270.31a–1(b)(2)(iv), 17 CFR 270.31a–1(b)(9). E:\FR\FM\23JAN1.SGM 23JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 80, Number 15 (Friday, January 23, 2015)]
[Notices]
[Pages 3667-3668]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-01074]


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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 6c-7; SEC File No. 270-269, OMB Control No. 3235-0276.

    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 6c-7 (17 CFR 270.6c-7) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) (``1940 Act'') provides exemption from 
certain provisions of Sections 22(e) and 27 of the 1940 Act for 
registered separate accounts offering variable annuity contracts to 
certain employees of Texas institutions of higher education 
participating in the Texas Optional Retirement Program. There are 
approximately 50 registrants governed by Rule 6c-7. The burden of 
compliance with Rule 6c-7, in connection with the registrants obtaining 
from a purchaser, prior to or at the time of purchase, a signed 
document acknowledging the restrictions on redeem ability imposed by 
Texas law, is estimated to be approximately 3 minutes of professional 
time per response for each of approximately 2300 purchasers annually 
(at an estimated $64 per hour),\1\ for a total annual burden of 115 
hours (at a total annual cost of $7,360).
---------------------------------------------------------------------------

    \1\ $64/hour figure for a Compliance Clerk is from SIFMA's 
Office Salaries in the Securities Industry 2013 surevy, modified by 
Commission staff to account for an 1800-hour work year and 
multiplied by 2.93 to account for bonuses, firm size, employee 
benefits and overhead.
---------------------------------------------------------------------------

    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 or forms. The Commission does not include in the 
estimate of average burden hours the time preparing registration 
statements and sales literature disclosure regarding the restrictions 
on redeem ability imposed by Texas law. The estimate of burden hours 
for completing the relevant registration statements are reported on the 
separate PRA submissions for those statements. (See the separate PRA 
submissions for Form N-3 (17 CFR 274.11b) and Form N-4 (17 CFR 
274.11c).)

[[Page 3668]]

    The Commission requests written comments 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.
    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: January 16, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-01074 Filed 1-22-15; 8:45 am]
BILLING CODE 8011-01-P

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