Submission for OMB Review; Comment Request, 13946-13947 [2015-05982]
Download as PDF
<![CDATA[
13946
Federal Register / Vol. 80, No. 51 / Tuesday, March 17, 2015 / Notices
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2015–019 and should be
submitted on or before April 7, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Brent J. Fields,
Secretary.
[FR Doc. 2015–06018 Filed 3–16–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: U.S. Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
mstockstill on DSK4VPTVN1PROD with NOTICES
Extension:
Reports of Evidence of Material Violations.
SEC File No. 270–514, OMB Control No.
3235–0572.
Notice is hereby given that pursuant
to the Paperwork Reduction Act (PRA)
of 1995, 44 U.S.C. Sections 3501–3520,
the Securities and Exchange
Commission (‘‘Commission’’) is
soliciting comments on the collection of
information summarized below. The
Commission plans to submit the
existing collection of information to the
Office of Management and Budget for
extension of the previously approved
collection of information discussed
below.
On February 6, 2003, the Commission
published final rules, effective August 5,
2003, entitled ‘‘Standards of
Professional Conduct for Attorneys
Appearing and Practicing Before the
Commission in the Representation of an
Issuer’’ (17 CFR 205.1–205.7). The
information collection embedded in the
rules is necessary to implement the
22 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:09 Mar 16, 2015
Jkt 235001
Standards of Professional Conduct for
Attorneys prescribed by the rule and
required by Section 307 of the SarbanesOxley Act of 2002 (15 U.S.C. 7245). The
rules impose an ‘‘up-the-ladder’’
reporting requirement when attorneys
appearing and practicing before the
Commission become aware of evidence
of a material violation by the issuer or
any officer, director, employee, or agent
of the issuer. An issuer may choose to
establish a qualified legal compliance
committee (‘‘QLCC’’) as an alternative
procedure for reporting evidence of a
material violation. In the rare cases in
which a majority of a QLCC has
concluded that an issuer did not act
appropriately, the QLCC may
communicate that information to the
Commission. The collection of
information is, therefore, an important
component of the Commission’s
program to discourage violations of the
federal securities laws and promote
ethical behavior of attorneys appearing
and practicing before the Commission.
The respondents to this collection of
information are attorneys who appear
and practice before the Commission
and, in certain cases, the issuer, and/or
officers, directors and committees of the
issuer. In providing quality
representation to issuers, attorneys may
report evidence of violations to others
within the issuer, including the Chief
Legal Officer, the Chief Executive
Officer, and, where necessary, the
directors. In addition, officers and
directors investigate evidence of
violations and report within the issuer
the results of the investigation and the
remedial steps they have taken or
sanctions they have imposed. Except as
discussed below, we believe that the
reporting requirements imposed by the
rule are ‘‘usual and customary’’
activities that do not add to the burden
that would be imposed by the collection
of information.
Certain aspects of the collection of
information, however, may impose a
burden. For an issuer to establish a
QLCC, the QLCC must adopt written
procedures for the confidential receipt,
retention, and consideration of any
report of evidence of a material
violation. We estimate for purposes of
the PRA that there are approximately
11,396 issuers that are subject to the
rules.1 Of these, we estimate that
approximately 3.3 percent, or 373, have
1 This figure is based on the estimated 8,145
operating companies that filed annual reports on
Form 10–K, Form 20–F, or Form 40–F during the
2013 fiscal year (the most recent data currently
available), and the estimated 3,251 investment
companies that filed periodic reports on Form N–
SAR between June 1, 2013 and May 31, 2014 (the
most recent data currently available).
PO 00000
Frm 00125
Fmt 4703
Sfmt 4703
established or will establish a QLCC.2
Establishing the written procedures
required by the rule should not impose
a significant burden. We assume that an
issuer would incur a greater burden in
the year that it first establishes the
procedures than in subsequent years, in
which the burden would be incurred in
updating, reviewing, or modifying the
procedures. For purposes of the PRA,
we assume that an issuer would spend
6 hours every three-year period on the
procedures. This would result in an
average burden of 2 hours per year.
Thus, we estimate for purposes of the
PRA that the total annual burden
imposed by the collection of
information would be 746 hours.
Assuming half of the burden hours will
be incurred by outside counsel at a rate
of $500 per hour would result in a cost
of $186,500.
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. 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 requested on:
(a) Whether the collection of
information is 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 burden[s] 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.
The public may view the background
documentation for this information
collection at the following Web site,
www.reginfo.gov . Comments should be
directed: (i) to 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)
to Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F St. NE., Washington, DC
20549 or by sending an email to
2 This estimate is based on the issuer-filings made
with the Commission during the past three years
that include a reference to the issuer’s QLCC.
E:\FR\FM\17MRN1.SGM
17MRN1
Federal Register / Vol. 80, No. 51 / Tuesday, March 17, 2015 / Notices
PRA_Mailbox@sec.gov. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: March 10, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–05982 Filed 3–16–15; 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.
mstockstill on DSK4VPTVN1PROD with NOTICES
Extension:
Rule 11a–3. SEC File No. 270-321, OMB
Control No. 3235–0358.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), 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.
Section 11(a) of the Investment
Company Act of 1940 (‘‘Act’’) (15 U.S.C.
80a–11(a)) provides that it is unlawful
for a registered open-end investment
company (‘‘fund’’) or its underwriter to
make an offer to the fund’s shareholders
or the shareholders of any other fund to
exchange the fund’s securities for
securities of the same or another fund
on any basis other than the relative net
asset values (‘‘NAVs’’) of the respective
securities to be exchanged, ‘‘unless the
terms of the offer have first been
submitted to and approved by the
Commission or are in accordance with
such rules and regulations as the
Commission may have prescribed in
respect of such offers.’’ Section 11(a)
was designed to prevent ‘‘switching,’’
the practice of inducing shareholders of
one fund to exchange their shares for
the shares of another fund for the
purpose of exacting additional sales
charges.
Rule 11a–3 (17 CFR 270.11a–3) under
the Act of 1940 is an exemptive rule that
permits open-end investment
companies (‘‘funds’’), other than
insurance company separate accounts,
and funds’ principal underwriters, to
make certain exchange offers to fund
shareholders and shareholders of other
funds in the same group of investment
companies. The rule requires a fund,
among other things, (i) to disclose in its
VerDate Sep<11>2014
18:09 Mar 16, 2015
Jkt 235001
prospectus and advertising literature the
amount of any administrative or
redemption fee imposed on an exchange
transaction, (ii) if the fund imposes an
administrative fee on exchange
transactions, other than a nominal one,
to maintain and preserve records with
respect to the actual costs incurred in
connection with exchanges for at least
six years, and (iii) give the fund’s
shareholders a sixty day notice of a
termination of an exchange offer or any
material amendment to the terms of an
exchange offer (unless the only material
effect of an amendment is to reduce or
eliminate an administrative fee, sales
load or redemption fee payable at the
time of an exchange).
The rule’s requirements are designed
to protect investors against abuses
associated with exchange offers, provide
fund shareholders with information
necessary to evaluate exchange offers
and certain material changes in the
terms of exchange offers, and enable the
Commission staff to monitor funds’ use
of administrative fees charged in
connection with exchange transactions.
The staff estimates that there are
approximately 1,633 active open-end
investment companies registered with
the Commission as of March 2014. The
staff estimates that 25 percent (or 408)
of these funds impose a non-nominal
administrative fee on exchange
transactions. The staff estimates that the
recordkeeping requirement of the rule
requires approximately 1 hour annually
of clerical time per fund, for a total of
408 hours for all funds.
The staff estimates that 5 percent of
these 1,633 funds (or 82) terminate an
exchange offer or make a material
change to the terms of their exchange
offer each year, requiring the fund to
comply with the notice requirement of
the rule. The staff estimates that
complying with the notice requirement
of the rule requires approximately 1
hour of attorney time and 2 hours of
clerical time per fund, for a total of
approximately 246 hours for all funds to
comply with the notice requirement.1
The staff estimates that such notices
will be enclosed with other written
materials sent to shareholders, such as
annual shareholder reports or account
statements, and therefore any burdens
associated with mailing required notices
are accounted for in the burdens
associated with Form N–1A registration
statements for funds. The recordkeeping
and notice requirements together
1 This
estimate is based on the following
calculations: (1,633 (funds) × 0.05% = 82 funds);
(82 × 1 (attorney hour) = 82 total attorney hours);
(82 (funds) × 2 (clerical hours) = 164 total clerical
hours); (82 (attorney hours) + 164 (clerical hours)
= 246 total hours).
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
13947
therefore impose a total burden of 654
hours on all funds.2 The total number of
respondents is 490, each responding
once a year.3 The burdens associated
with the disclosure requirement of the
rule are accounted for in the burdens
associated with the Form N–1A
registration statement for funds.
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.
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) Pamela
Dyson, 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. Comments must be submitted to
OMB within 30 days of this notice.
Dated: March 10, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–05985 Filed 3–16–15; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
Federal Highway Administration
Notice of Final Federal Agency Actions
on Proposed Highway in California
Federal Highway
Administration (FHWA), DOT.
ACTION: Notice of Limitation on Claims
for Judicial Review of Actions by the
California Department of Transportation
(Caltrans), pursuant to 23 U.S.C. 327,
and U.S. Fish and Wildlife Service.
AGENCY:
The FHWA, on behalf of
Caltrans, is issuing this notice to
SUMMARY:
2 This estimate is based on the following
calculations: (246 (notice hours) + 408
(recordkeeping hours) = 654 total hours).
3 This estimate is based on the following
calculation: (408 funds responding to recordkeeping
requirement + 82 funds responding to notice
requirement = 490 total respondents).
E:\FR\FM\17MRN1.SGM
17MRN1
]]>Agencies
[Federal Register Volume 80, Number 51 (Tuesday, March 17, 2015)]
[Notices]
[Pages 13946-13947]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-05982]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: U.S. Securities and
Exchange Commission, Office of FOIA Services, 100 F Street NE.,
Washington, DC 20549-2736.
Extension:
Reports of Evidence of Material Violations. SEC File No. 270-
514, OMB Control No. 3235-0572.
Notice is hereby given that pursuant to the Paperwork Reduction Act
(PRA) of 1995, 44 U.S.C. Sections 3501-3520, the Securities and
Exchange Commission (``Commission'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit the existing collection of information to the Office of
Management and Budget for extension of the previously approved
collection of information discussed below.
On February 6, 2003, the Commission published final rules,
effective August 5, 2003, entitled ``Standards of Professional Conduct
for Attorneys Appearing and Practicing Before the Commission in the
Representation of an Issuer'' (17 CFR 205.1-205.7). The information
collection embedded in the rules is necessary to implement the
Standards of Professional Conduct for Attorneys prescribed by the rule
and required by Section 307 of the Sarbanes-Oxley Act of 2002 (15
U.S.C. 7245). The rules impose an ``up-the-ladder'' reporting
requirement when attorneys appearing and practicing before the
Commission become aware of evidence of a material violation by the
issuer or any officer, director, employee, or agent of the issuer. An
issuer may choose to establish a qualified legal compliance committee
(``QLCC'') as an alternative procedure for reporting evidence of a
material violation. In the rare cases in which a majority of a QLCC has
concluded that an issuer did not act appropriately, the QLCC may
communicate that information to the Commission. The collection of
information is, therefore, an important component of the Commission's
program to discourage violations of the federal securities laws and
promote ethical behavior of attorneys appearing and practicing before
the Commission.
The respondents to this collection of information are attorneys who
appear and practice before the Commission and, in certain cases, the
issuer, and/or officers, directors and committees of the issuer. In
providing quality representation to issuers, attorneys may report
evidence of violations to others within the issuer, including the Chief
Legal Officer, the Chief Executive Officer, and, where necessary, the
directors. In addition, officers and directors investigate evidence of
violations and report within the issuer the results of the
investigation and the remedial steps they have taken or sanctions they
have imposed. Except as discussed below, we believe that the reporting
requirements imposed by the rule are ``usual and customary'' activities
that do not add to the burden that would be imposed by the collection
of information.
Certain aspects of the collection of information, however, may
impose a burden. For an issuer to establish a QLCC, the QLCC must adopt
written procedures for the confidential receipt, retention, and
consideration of any report of evidence of a material violation. We
estimate for purposes of the PRA that there are approximately 11,396
issuers that are subject to the rules.\1\ Of these, we estimate that
approximately 3.3 percent, or 373, have established or will establish a
QLCC.\2\ Establishing the written procedures required by the rule
should not impose a significant burden. We assume that an issuer would
incur a greater burden in the year that it first establishes the
procedures than in subsequent years, in which the burden would be
incurred in updating, reviewing, or modifying the procedures. For
purposes of the PRA, we assume that an issuer would spend 6 hours every
three-year period on the procedures. This would result in an average
burden of 2 hours per year. Thus, we estimate for purposes of the PRA
that the total annual burden imposed by the collection of information
would be 746 hours. Assuming half of the burden hours will be incurred
by outside counsel at a rate of $500 per hour would result in a cost of
$186,500.
---------------------------------------------------------------------------
\1\ This figure is based on the estimated 8,145 operating
companies that filed annual reports on Form 10-K, Form 20-F, or Form
40-F during the 2013 fiscal year (the most recent data currently
available), and the estimated 3,251 investment companies that filed
periodic reports on Form N-SAR between June 1, 2013 and May 31, 2014
(the most recent data currently available).
\2\ This estimate is based on the issuer-filings made with the
Commission during the past three years that include a reference to
the issuer's QLCC.
---------------------------------------------------------------------------
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. 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 requested on: (a) Whether the collection of
information is 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 burden[s]
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.
The public may view the background documentation for this
information collection at the following Web site, www.reginfo.gov .
Comments should be directed: (i) to 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) to Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F St. NE., Washington, DC 20549 or by sending an
email to
[[Page 13947]]
PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days
of this notice.
Dated: March 10, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-05982 Filed 3-16-15; 8:45 am]
BILLING CODE 8011-01-P
