Proposed Collection; Comment Request, 17526-17528 [2015-07462]

Download as PDF mstockstill on DSK4VPTVN1PROD with NOTICES 17526 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices Act.5 The revisions to Rules 80202.A.B. and 80202.B.B. and to Appendix 1 to Rule 802 will conform CME’s practice for listing indices for cleared CDX Index Untranched CDS Contracts to its existing practice for listing indices for cleared iTraxx Europe Index Untranched CDS Contracts. These amendments would provide market participants with a consistent format for identifying product eligibility requirements and should therefore be seen to be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivatives agreements, contracts, and transactions, to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible, and, in general, to protect investors and the public interest consistent with Section 17A(b)(3)(F) of the Exchange Act.6 Furthermore, the proposed rule change is limited to CME’s futures and swaps clearing businesses, which mean they are limited in their effect to products that are under the exclusive jurisdiction of the CFTC. As such, the changes are limited to CME’s activities as a DCO clearing futures that are not security futures and swaps that are not security-based swaps. CME notes that the policies of the CFTC with respect to administering the Commodity Exchange Act are comparable to a number of the policies underlying the Exchange Act, such as promoting market transparency for over-the-counter derivatives markets, promoting the prompt and accurate clearance of transactions and protecting investors and the public interest. Because the proposed rule change is limited in their effect to CME’s futures and swaps clearing businesses, the proposed rule change is properly classified as effecting a change in an existing service of CME that: (a) Primarily affects the clearing operations of CME with respect to products that are not securities, including futures that are not security futures, swaps that are not securitybased swaps or mixed swaps; and forwards that are not security forwards; and (b) does not significantly affect any securities clearing operations of CME or any rights or obligations of CME with respect to securities clearing or persons using such securities-clearing service. As such, the changes are therefore consistent with the requirements of Section 17A of the Exchange Act 7 and are properly filed under Section 19(b)(3)(A) 8 and Rule 19b–4(f)(4)(ii) 9 thereunder. B. Self-Regulatory Organization’s Statement on Burden on Competition CME does not believe that the proposed rule change will have any impact, or impose any burden, on competition. The proposed amendments would simply provide market participants with a consistent format for identifying product eligibility requirements. Further, the changes are limited to CME’s futures and swaps clearing businesses and, as such, do not affect the security-based swap clearing activities of CME in any way and therefore do not impose any burden on competition that is inappropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others CME has not solicited, and does not intend to solicit, comments regarding this proposed rule change. CME has not received any unsolicited written comments from interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A) 10 of the Act and Rule 19b– 4(f)(4)(ii) 11 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Brent J. Fields, Secretary. Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml), or • Send an email to rule-comments@ sec.gov. Please include File No. SR– CME–2015–010 on the subject line. SECURITIES AND EXCHANGE COMMISSION 8 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(4)(ii). 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(4)(ii). 5 15 U.S.C. 78q–1. 6 15 U.S.C. 78q–1(b)(3)(F). 7 15 U.S.C. 78q–1. VerDate Sep<11>2014 18:37 Mar 31, 2015 9 17 Jkt 235001 Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–CME–2015–010. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than 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 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of CME and on CME’s Web site at https:// www.cmegroup.com/market-regulation/ rule-filings.html. 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–CME–2015–010 and should be submitted on or before April 22, 2015. PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 [FR Doc. 2015–07365 Filed 3–31–15; 8:45 am] BILLING CODE 8011–01–P [SEC File No. 270–237, OMB Control No. 3235–0226] Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange 12 17 E:\FR\FM\01APN1.SGM CFR 200.30–3(a)(12). 01APN1 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices Commission, Office of FOIA Services, 100 F Street, NE., Washington, DC 20549–2736. mstockstill on DSK4VPTVN1PROD with NOTICES Extension: Rule 10f–3 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the collections of information discussed below. The Commission plans to submit these existing collections of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Section 10(f) of the Investment Company Act of 1940 (15 U.S.C. 80a) (the ‘‘Act’’) prohibits a registered investment company (‘‘fund’’) from purchasing any security during an underwriting or selling syndicate if the fund has certain relationships with a principal underwriter for the security.1 Congress enacted this provision in 1940 to protect funds and their shareholders by preventing underwriters from ‘‘dumping’’ unmarketable securities on affiliated funds. Rule 10f-3 permits a fund to engage in a securities transaction that otherwise would violate section 10(f) if, among other things: (i) Each transaction effected under the rule is reported on Form N–SAR; (ii) the fund’s directors have approved procedures for purchases made in reliance on the rule, regularly review fund purchases to determine whether they comply with these procedures, and approve necessary changes to the procedures; and (iii) a written record of each transaction effected under the rule is maintained for six years, the first two of which in an easily accessible place.2 The written record must state: (i) From whom the securities were acquired; (ii) the identity of the underwriting syndicate’s members; (iii) the terms of the transactions; and (iv) the information or materials on which the fund’s board of directors has determined that the purchases were made in compliance with procedures established by the board. Rule 10f–3 also conditionally allows managed portions of fund portfolios to purchase securities offered in otherwise off-limits primary offerings. To qualify for this exemption, rule 10f–3 requires that the subadviser that is advising the purchaser be contractually prohibited from providing investment advice to any other portion of the fund’s portfolio and consulting with any other of the fund’s advisers that is a principal 1 15 2 17 U.S.C. 80a–10(f). CFR 270.10f–3. VerDate Sep<11>2014 18:37 Mar 31, 2015 Jkt 235001 underwriter or affiliated person of a principal underwriter concerning the fund’s securities transactions. These requirements provide a mechanism for fund boards to oversee compliance with the rule. The required recordkeeping facilitates the Commission staff’s review of rule 10f– 3 transactions during routine fund inspections and, when necessary, in connection with enforcement actions. The staff estimates that approximately 270 funds engage in a total of approximately 3,350 rule 10f–3 transactions each year.3 Rule 10f–3 requires that the purchasing fund create a written record of each transaction that includes, among other things, from whom the securities were purchased and the terms of the transaction. The staff estimates 4 that it takes an average fund approximately 30 minutes per transaction and approximately 1,675 hours 5 in the aggregate to comply with this portion of the rule. The funds also must maintain and preserve these transactional records in accordance with the rule’s recordkeeping requirement, and the staff estimates that it takes a fund approximately 20 minutes per transaction and that annually, in the aggregate, funds spend approximately 1,117 hours 6 to comply with this portion of the rule. In addition, fund boards must, no less than quarterly, examine each of these transactions to ensure that they comply with the fund’s policies and procedures. The information or materials upon which the board relied to come to this determination also must be maintained and the staff estimates that it takes a fund 1 hour per quarter and, in the aggregate, approximately 1,080 hours 7 annually to comply with this rule requirement. The staff estimates that reviewing and revising as needed written procedures for rule 10f–3 transactions takes, on average for each fund, two hours of a compliance attorney’s time per year.8 Thus, annually, in the aggregate, the 3 These estimates are based on staff extrapolations from filings with the Commission. 4 Unless stated otherwise, the information collection burden estimates are based on conversations between the staff and representatives of funds. 5 This estimate is based on the following calculation: (0.5 hours x 3,350 = 1,675 hours). 6 This estimate is based on the following calculations: (20 minutes x 3,350 transactions = 67,000 minutes; 67,000 minutes/60 = 1,117 hours). 7 This estimate is based on the following calculation: (1 hour per quarter x 4 quarters x 270 funds = 1,080 hours). 8 These averages take into account the fact that in most years, fund attorneys and boards spend little or no time modifying procedures and in other years, they spend significant time doing so. PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 17527 staff estimates that funds spend a total of approximately 540 hours 9 on monitoring and revising rule 10f–3 procedures. Based on an analysis of fund filings, the staff estimates that approximately 251 fund portfolios enter into subadvisory agreements each year.10 Based on discussions with industry representatives, the staff estimates that it will require approximately 3 attorney hours to draft and execute additional clauses in new subadvisory contracts in order for funds and subadvisers to be able to rely on the exemptions in rule 10f–3. Because these additional clauses are identical to the clauses that a fund would need to insert in their subadvisory contracts to rely on rules 12d3–1, 17a–10, and 17e–1, and because we believe that funds that use one such rule generally use all of these rules, we apportion this 3 hour time burden equally to all four rules. Therefore, we estimate that the burden allocated to rule 10f–3 for this contract change would be 0.75 hours.11 Assuming that all 251 funds that enter into new subadvisory contracts each year make the modification to their contract required by the rule, we estimate that the rule’s contract modification requirement will result in 188 burden hours annually.12 The staff estimates, therefore, that rule 10f–3 imposes an information collection burden of 4,060 hours.13 This estimate does not include the time spent filing transaction reports on Form N–SAR, which is encompassed in the information collection burden estimate for that form. 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 9 This estimate is based on the following calculation: (270 funds x 2 hours = 540 hours). 10 Based on information in Commission filings, we estimate that 38 percent of funds are advised by subadvisers. 11 This estimate is based on the following calculation (3 hours ÷ 4 rules = .75 hours). 12 These estimates are based on the following calculations: (0.75 hours × 251 portfolios = 188 burden hours). 13 This estimate is based on the following calculation: (1,675 hours + 1,117 hours + 1,080 hours + 188 hours = 4,060 total burden hours). E:\FR\FM\01APN1.SGM 01APN1 17528 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 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, 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: March 27, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–07462 Filed 3–31–15; 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 New Information Collection: Supplier Diversity Business Management System; SEC File No. 270–663, OMB Control No. 3235–XXXX. 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 (‘‘Commission’’) has submitted to the Office of Management and Budget a request to approve the collection of information discussed below. The Commission is required under Section 342 of the Dodd Frank Wall Street and Reform Act to develop standards and procedures for ensuring the fair inclusion of minority-owned and women-owned businesses in all of the Commission’s business activities. The Commission is also required to develop standards for coordinating technical assistance minority-owned and women-owned businesses. As part of its implementation of Section 342 of the Dodd-Frank Act, the Commission is developing a new electronic Supplier Diversity Business Management System (the System) to collect up-to-date business information and capabilities statements from diverse suppliers interested in doing business with the Commission. The information collected in the System will allow the Commission to update and more effectively manage its current internal repository of diverse suppliers. Further, the information in the System will also allow the Commission to measure the effectiveness of its technical assistance VerDate Sep<11>2014 18:37 Mar 31, 2015 Jkt 235001 and outreach efforts, and target areas where additional program efforts are necessary. Information will be collected in the System via web-based, e-filed, dynamic form-based technology. The company point of contact will complete a profile consisting of basic contact data and information on the capabilities of the business. The profile will include a series of questions, some of which are based on the data that the individual enters. Drop-down lists will be included where appropriate to increase ease of use. The information collection is voluntary. The System is scheduled to be released in May 2015. There are no costs associated with this collection. The public interface to the System will be available via a web-link provided by the agency. Estimated number of annual responses = 500 Estimated annual reporting burden = 250 hours (30 minutes per submission) On January 27, 2015, the Commission published a 60-day notice in the Federal Register (80 FR 4320) requesting public comment on the proposed collection of information. The Commission received no comments. Written comments continue to be invited on: (a) Whether this 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 imposed by 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. Background documentation for this information collection may be viewed at the following Web site, www.reginfo.gov. Please direct general comments to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or send an email to Shagufta Ahmed at Shagufta_ Ahmed@omb.eop.gov; and (ii) Pamela Dyson, 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 within 30 days of this notice. PO 00000 Frm 00143 Fmt 4703 Sfmt 4703 Dated: March 27, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–07464 Filed 3–31–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74590; File No. SR–CBOE– 2015–029] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change Relating to Stock-Option Order Handling March 26, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on March 16, 2014, Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its rules regarding the handling and processing of stock-option orders on the Exchange. The text of the proposed rule change is available on the Exchange’s Web site (https://www.cboe.com/ AboutCBOE/ CBOELegalRegulatoryHome.aspx), at the Exchange’s Office of the Secretary, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. 1 15 2 17 E:\FR\FM\01APN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 01APN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 80, Number 62 (Wednesday, April 1, 2015)]
[Notices]
[Pages 17526-17528]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-07462]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-237, OMB Control No. 3235-0226]


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange

[[Page 17527]]

Commission, Office of FOIA Services, 100 F Street, NE., Washington, DC 
20549-2736.


Extension: Rule 10f-3

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collections 
of information discussed below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    Section 10(f) of the Investment Company Act of 1940 (15 U.S.C. 80a) 
(the ``Act'') prohibits a registered investment company (``fund'') from 
purchasing any security during an underwriting or selling syndicate if 
the fund has certain relationships with a principal underwriter for the 
security.\1\ Congress enacted this provision in 1940 to protect funds 
and their shareholders by preventing underwriters from ``dumping'' 
unmarketable securities on affiliated funds.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 80a-10(f).
---------------------------------------------------------------------------

    Rule 10f-3 permits a fund to engage in a securities transaction 
that otherwise would violate section 10(f) if, among other things: (i) 
Each transaction effected under the rule is reported on Form N-SAR; 
(ii) the fund's directors have approved procedures for purchases made 
in reliance on the rule, regularly review fund purchases to determine 
whether they comply with these procedures, and approve necessary 
changes to the procedures; and (iii) a written record of each 
transaction effected under the rule is maintained for six years, the 
first two of which in an easily accessible place.\2\ The written record 
must state: (i) From whom the securities were acquired; (ii) the 
identity of the underwriting syndicate's members; (iii) the terms of 
the transactions; and (iv) the information or materials on which the 
fund's board of directors has determined that the purchases were made 
in compliance with procedures established by the board.
---------------------------------------------------------------------------

    \2\ 17 CFR 270.10f-3.
---------------------------------------------------------------------------

    Rule 10f-3 also conditionally allows managed portions of fund 
portfolios to purchase securities offered in otherwise off-limits 
primary offerings. To qualify for this exemption, rule 10f-3 requires 
that the subadviser that is advising the purchaser be contractually 
prohibited from providing investment advice to any other portion of the 
fund's portfolio and consulting with any other of the fund's advisers 
that is a principal underwriter or affiliated person of a principal 
underwriter concerning the fund's securities transactions.
    These requirements provide a mechanism for fund boards to oversee 
compliance with the rule. The required recordkeeping facilitates the 
Commission staff's review of rule 10f-3 transactions during routine 
fund inspections and, when necessary, in connection with enforcement 
actions.
    The staff estimates that approximately 270 funds engage in a total 
of approximately 3,350 rule 10f-3 transactions each year.\3\ Rule 10f-3 
requires that the purchasing fund create a written record of each 
transaction that includes, among other things, from whom the securities 
were purchased and the terms of the transaction. The staff estimates 
\4\ that it takes an average fund approximately 30 minutes per 
transaction and approximately 1,675 hours \5\ in the aggregate to 
comply with this portion of the rule.
---------------------------------------------------------------------------

    \3\ These estimates are based on staff extrapolations from 
filings with the Commission.
    \4\ Unless stated otherwise, the information collection burden 
estimates are based on conversations between the staff and 
representatives of funds.
    \5\ This estimate is based on the following calculation: (0.5 
hours x 3,350 = 1,675 hours).
---------------------------------------------------------------------------

    The funds also must maintain and preserve these transactional 
records in accordance with the rule's recordkeeping requirement, and 
the staff estimates that it takes a fund approximately 20 minutes per 
transaction and that annually, in the aggregate, funds spend 
approximately 1,117 hours \6\ to comply with this portion of the rule.
---------------------------------------------------------------------------

    \6\ This estimate is based on the following calculations: (20 
minutes x 3,350 transactions = 67,000 minutes; 67,000 minutes/60 = 
1,117 hours).
---------------------------------------------------------------------------

    In addition, fund boards must, no less than quarterly, examine each 
of these transactions to ensure that they comply with the fund's 
policies and procedures. The information or materials upon which the 
board relied to come to this determination also must be maintained and 
the staff estimates that it takes a fund 1 hour per quarter and, in the 
aggregate, approximately 1,080 hours \7\ annually to comply with this 
rule requirement.
---------------------------------------------------------------------------

    \7\ This estimate is based on the following calculation: (1 hour 
per quarter x 4 quarters x 270 funds = 1,080 hours).
---------------------------------------------------------------------------

    The staff estimates that reviewing and revising as needed written 
procedures for rule 10f-3 transactions takes, on average for each fund, 
two hours of a compliance attorney's time per year.\8\ Thus, annually, 
in the aggregate, the staff estimates that funds spend a total of 
approximately 540 hours \9\ on monitoring and revising rule 10f-3 
procedures.
---------------------------------------------------------------------------

    \8\ These averages take into account the fact that in most 
years, fund attorneys and boards spend little or no time modifying 
procedures and in other years, they spend significant time doing so.
    \9\ This estimate is based on the following calculation: (270 
funds x 2 hours = 540 hours).
---------------------------------------------------------------------------

    Based on an analysis of fund filings, the staff estimates that 
approximately 251 fund portfolios enter into subadvisory agreements 
each year.\10\ Based on discussions with industry representatives, the 
staff estimates that it will require approximately 3 attorney hours to 
draft and execute additional clauses in new subadvisory contracts in 
order for funds and subadvisers to be able to rely on the exemptions in 
rule 10f-3. Because these additional clauses are identical to the 
clauses that a fund would need to insert in their subadvisory contracts 
to rely on rules 12d3-1, 17a-10, and 17e-1, and because we believe that 
funds that use one such rule generally use all of these rules, we 
apportion this 3 hour time burden equally to all four rules. Therefore, 
we estimate that the burden allocated to rule 10f-3 for this contract 
change would be 0.75 hours.\11\ Assuming that all 251 funds that enter 
into new subadvisory contracts each year make the modification to their 
contract required by the rule, we estimate that the rule's contract 
modification requirement will result in 188 burden hours annually.\12\
---------------------------------------------------------------------------

    \10\ Based on information in Commission filings, we estimate 
that 38 percent of funds are advised by subadvisers.
    \11\ This estimate is based on the following calculation (3 
hours / 4 rules = .75 hours).
    \12\ These estimates are based on the following calculations: 
(0.75 hours x 251 portfolios = 188 burden hours).
---------------------------------------------------------------------------

    The staff estimates, therefore, that rule 10f-3 imposes an 
information collection burden of 4,060 hours.\13\ This estimate does 
not include the time spent filing transaction reports on Form N-SAR, 
which is encompassed in the information collection burden estimate for 
that form.
---------------------------------------------------------------------------

    \13\ This estimate is based on the following calculation: (1,675 
hours + 1,117 hours + 1,080 hours + 188 hours = 4,060 total burden 
hours).
---------------------------------------------------------------------------

    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

[[Page 17528]]

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, 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: March 27, 2015.
 Brent J. Fields,
 Secretary.
[FR Doc. 2015-07462 Filed 3-31-15; 8:45 am]
 BILLING CODE 8011-01-P

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