Proposed Collection; Comment Request, 23059-23060 [2015-09496]
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Federal Register / Vol. 80, No. 79 / Friday, April 24, 2015 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Brent J. Fields,
Secretary.
[FR Doc. 2015–09497 Filed 4–23–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–480, OMB Control No.
3235–0537]
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:
Regulation S–P.
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 existing collection of information
provided for in the privacy notice and
opt out notice provisions of Regulation
S–P—Privacy of Consumer Financial
Information (17 CFR part 248, subpart
A) under the Securities Exchange Act of
1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
The privacy notice and opt out notice
provisions of Regulation S–P (the
‘‘Rule’’) implement the privacy notice
and opt out notice requirements of Title
V of the Gramm-Leach-Bliley Act
(‘‘GLBA’’), which include the
requirement that at the time of
establishing a customer relationship
with a consumer and not less than
annually during the continuation of
such relationship, a financial institution
shall provide a clear and conspicuous
disclosure to such consumer of such
financial institution’s policies and
practices with respect to disclosing
nonpublic personal information to
affiliates and nonaffiliated third parties
(‘‘privacy notice’’). Title V of the GLBA
also provides that, unless an exception
applies, a financial institution may not
disclose nonpublic personal information
of a consumer to a nonaffiliated third
party unless the financial institution
clearly and conspicuously discloses to
the consumer that such information may
10 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
17:30 Apr 23, 2015
Jkt 235001
be disclosed to such third party; the
consumer is given the opportunity,
before the time that such information is
initially disclosed, to direct that such
information not be disclosed to such
third party; and the consumer is given
an explanation of how the consumer can
exercise that nondisclosure option (‘‘opt
out notice’’). The Rule applies to brokerdealers, investment advisers registered
with the Commission, and investment
companies (‘‘covered entities’’).
Commission staff estimates that, as of
December 31, 2014, the Rule’s
information collection burden applies to
approximately 19,876 covered entities
(approximately 4,267 broker-dealers,
11,508 investment advisers registered
with the Commission and 4,101
investment companies). In view of (a)
the minimal recordkeeping burden
imposed by the Rule (since the Rule has
no recordkeeping requirement and
records relating to customer
communications already must be made
and retained pursuant to other SEC
rules); (b) the summary fashion in
which information must be provided to
customers in the privacy and opt out
notices required by the Rule (the model
privacy form adopted by the SEC and
the other agencies in 2009, designed to
serve as both a privacy notice and an
opt out notice, is only two pages); (c) the
availability to covered entities of the
model privacy form and online model
privacy form builder; and (d) the
experience of covered entities’ staff with
the notices, SEC staff estimates that
covered entities will each spend an
average of approximately 12 hours per
year complying with the Rule, for a total
of approximately 238,512 annual
burden-hours (12 × 19,876 = 238,512).
SEC staff understands that the vast
majority of covered entities deliver their
privacy and opt out notices with other
communications such as account
opening documents and account
statements. Because the other
communications are already delivered
to consumers, adding a brief privacy
and opt out notice should not result in
added costs for processing or for postage
and materials. Also, privacy and opt out
notices may be delivered electronically
to consumers who have agreed to
electronic communications, which
further reduces the costs of delivery.
Because SEC staff assumes that most
paper copies of privacy and opt out
notices are combined with other
required mailings, the burden-hour
estimates above are based on resources
required to integrate the privacy and opt
notices into another mailing, rather than
on the resources required to create and
send a separate mailing. SEC staff
PO 00000
Frm 00093
Fmt 4703
Sfmt 4703
23059
estimates that, of the estimated 12
annual burden-hours incurred,
approximately 8 hours would be spent
by administrative assistants at an hourly
rate of $74, and approximately 4 hours
would be spent by internal counsel at an
hourly rate of $380, for a total
annualized internal cost of compliance
of $2,112 for each of the covered entities
(8 × $74 = $592; 4 × $380 = $1,520; $592
+ $1,520 = $2,112). Hourly cost of
compliance estimates for administrative
assistant time are derived from the
Securities Industry and Financial
Markets Association’s Office Salaries in
the Securities Industry 2013, modified
by SEC staff to account for an 1,800hour work-year and multiplied by 2.93
to account for bonuses, firm size,
employee benefits and overhead. Hourly
cost of compliance estimates for internal
counsel time are derived from the
Securities Industry and Financial
Markets Association’s Management &
Professional Earnings in the Securities
Industry 2013, modified by SEC staff to
account for an 1,800-hour work-year
and multiplied by 5.35 to account for
bonuses, firm size, employee benefits,
and overhead. Accordingly, SEC staff
estimates that the total annualized
internal cost of compliance for the
estimated total hour burden for the
approximately 19,876 covered entities
subject to the Rule is approximately
$41,978,112 ($2,112 × 19,876 =
$41,978,112).
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 on
respondents; (c) ways to enhance the
quality, utility, and clarity of the
information to be 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, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
E:\FR\FM\24APN1.SGM
24APN1
23060
Federal Register / Vol. 80, No. 79 / Friday, April 24, 2015 / Notices
Extension:
Rules 17h–1T and 17h–2T; SEC File No.
270–359, OMB Control No. 3235–0410.
DC 20549, or send an email to: PRA_
Mailbox@sec.gov.
Dated: April 20, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–09496 Filed 4–23–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
In the Matter of First American
Scientific Corp., Order of Suspension
of Trading
April 22, 2015.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of First
American Scientific Corp. (CIK No.
1002822), a Nevada corporation with its
principal place of business listed as
Abbotsford, British Columbia, Canada,
with stock quoted on OTC Link
(previously, ‘‘Pink Sheets’’) operated by
OTC Markets Group, Inc. (‘‘OTC Link’’)
under the ticker symbol FASC, because
it has not filed any periodic reports
since the period ended March 31, 2012.
On May 2, 2014, First American
Scientific Corp. received a delinquency
letter sent by the Division of
Corporation Finance requesting
compliance with their periodic filing
obligations.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
company.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above-listed company is
suspended for the period from 9:30 a.m.
EDT on April 22, 2015, through 11:59
p.m. EDT on May 5, 2015.
By the Commission.
Jill M. Peterson,
Secretary.
[FR Doc. 2015–09685 Filed 4–22–15; 4:15 pm]
BILLING CODE 8011–01–P
tkelley on DSK3SPTVN1PROD with NOTICES
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.
VerDate Sep<11>2014
17:30 Apr 23, 2015
Jkt 235001
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 existing collection of information
provided for in Rules 17h–1T and 17h–
2T (17 CFR 240.17h–1T and 17 CFR
240.17h–2T), under the Securities
Exchange Act of 1934 (17 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 17h–1T requires a covered
broker-dealer to maintain and preserve
records and other information
concerning certain entities that are
associated with the broker-dealer. This
requirement extends to the financial and
securities activities of the holding
company, affiliates and subsidiaries of
the broker-dealer that are reasonably
likely to have a material impact on the
financial or operational condition of the
broker-dealer. Rule 17h–2T requires a
covered broker-dealer to file with the
Commission quarterly reports and a
cumulative year-end report concerning
the information required to be
maintained and preserved under Rule
17h–1T.
The collection of information required
by Rules 17h–1T and 17h–2T,
collectively referred to as the ‘‘risk
assessment rules’’, is necessary to
enable the Commission to monitor the
activities of a broker-dealer affiliate
whose business activities are reasonably
likely to have a material impact on the
financial and operational condition of
the broker-dealer. Without this
information, the Commission would be
unable to assess the potentially
damaging impact of the affiliate’s
activities on the broker-dealer.
There are currently 306 respondents
that must comply with Rules 17h–1T
and 17h–2T. Each of these 306
respondents are estimated to require 10
hours per year to maintain the records
required under Rule 17h–1T, for an
aggregate estimated annual burden of
3,060 hours (306 respondents × 10
hours). In addition, each of these 306
respondents must make five annual
responses under Rule 17h–2T. These
five responses are estimated to require
14 hours per respondent per year for an
aggregate estimated annual burden of
4,284 hours (306 respondents × 14
hours).
In addition, new respondents must
draft an organizational chart required
under Rule 17h–1T and establish a
system for complying with the risk
PO 00000
Frm 00094
Fmt 4703
Sfmt 4703
assessment rules. The staff estimates
that drafting the required organizational
chart requires one hour and establishing
a system for complying with the risk
assessment rules requires three hours.
Based on the unchanged number of
filers in recent years, the staff estimates
there will be zero new respondents, and
thus, a corresponding estimated burden
of zero hours for new respondents.
Thus, the total compliance burden per
year is approximately 7,344 burden
hours (3,060 hours + 4,284 hours).
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 will have practical utility;
(b) the accuracy of the Commission’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.
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: April 20, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–09495 Filed 4–23–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74767; File No. SR–BATS–
2015–33]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Related to Fees for Use
of BATS Exchange, Inc.
April 20, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
1 15
2 17
E:\FR\FM\24APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
24APN1
]]>Agencies
[Federal Register Volume 80, Number 79 (Friday, April 24, 2015)]
[Notices]
[Pages 23059-23060]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-09496]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-480, OMB Control No. 3235-0537]
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: Regulation S-P.
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
existing collection of information provided for in the privacy notice
and opt out notice provisions of Regulation S-P--Privacy of Consumer
Financial Information (17 CFR part 248, subpart A) under the Securities
Exchange Act of 1934 (``Exchange Act'') (15 U.S.C. 78a et seq.). The
Commission plans to submit this existing collection of information to
the Office of Management and Budget (``OMB'') for extension and
approval.
The privacy notice and opt out notice provisions of Regulation S-P
(the ``Rule'') implement the privacy notice and opt out notice
requirements of Title V of the Gramm-Leach-Bliley Act (``GLBA''), which
include the requirement that at the time of establishing a customer
relationship with a consumer and not less than annually during the
continuation of such relationship, a financial institution shall
provide a clear and conspicuous disclosure to such consumer of such
financial institution's policies and practices with respect to
disclosing nonpublic personal information to affiliates and
nonaffiliated third parties (``privacy notice''). Title V of the GLBA
also provides that, unless an exception applies, a financial
institution may not disclose nonpublic personal information of a
consumer to a nonaffiliated third party unless the financial
institution clearly and conspicuously discloses to the consumer that
such information may be disclosed to such third party; the consumer is
given the opportunity, before the time that such information is
initially disclosed, to direct that such information not be disclosed
to such third party; and the consumer is given an explanation of how
the consumer can exercise that nondisclosure option (``opt out
notice''). The Rule applies to broker-dealers, investment advisers
registered with the Commission, and investment companies (``covered
entities'').
Commission staff estimates that, as of December 31, 2014, the
Rule's information collection burden applies to approximately 19,876
covered entities (approximately 4,267 broker-dealers, 11,508 investment
advisers registered with the Commission and 4,101 investment
companies). In view of (a) the minimal recordkeeping burden imposed by
the Rule (since the Rule has no recordkeeping requirement and records
relating to customer communications already must be made and retained
pursuant to other SEC rules); (b) the summary fashion in which
information must be provided to customers in the privacy and opt out
notices required by the Rule (the model privacy form adopted by the SEC
and the other agencies in 2009, designed to serve as both a privacy
notice and an opt out notice, is only two pages); (c) the availability
to covered entities of the model privacy form and online model privacy
form builder; and (d) the experience of covered entities' staff with
the notices, SEC staff estimates that covered entities will each spend
an average of approximately 12 hours per year complying with the Rule,
for a total of approximately 238,512 annual burden-hours (12 x 19,876 =
238,512). SEC staff understands that the vast majority of covered
entities deliver their privacy and opt out notices with other
communications such as account opening documents and account
statements. Because the other communications are already delivered to
consumers, adding a brief privacy and opt out notice should not result
in added costs for processing or for postage and materials. Also,
privacy and opt out notices may be delivered electronically to
consumers who have agreed to electronic communications, which further
reduces the costs of delivery. Because SEC staff assumes that most
paper copies of privacy and opt out notices are combined with other
required mailings, the burden-hour estimates above are based on
resources required to integrate the privacy and opt notices into
another mailing, rather than on the resources required to create and
send a separate mailing. SEC staff estimates that, of the estimated 12
annual burden-hours incurred, approximately 8 hours would be spent by
administrative assistants at an hourly rate of $74, and approximately 4
hours would be spent by internal counsel at an hourly rate of $380, for
a total annualized internal cost of compliance of $2,112 for each of
the covered entities (8 x $74 = $592; 4 x $380 = $1,520; $592 + $1,520
= $2,112). Hourly cost of compliance estimates for administrative
assistant time are derived from the Securities Industry and Financial
Markets Association's Office Salaries in the Securities Industry 2013,
modified by SEC staff to account for an 1,800-hour work-year and
multiplied by 2.93 to account for bonuses, firm size, employee benefits
and overhead. Hourly cost of compliance estimates for internal counsel
time are derived from the Securities Industry and Financial Markets
Association's Management & Professional Earnings in the Securities
Industry 2013, modified by SEC staff to account for an 1,800-hour work-
year and multiplied by 5.35 to account for bonuses, firm size, employee
benefits, and overhead. Accordingly, SEC staff estimates that the total
annualized internal cost of compliance for the estimated total hour
burden for the approximately 19,876 covered entities subject to the
Rule is approximately $41,978,112 ($2,112 x 19,876 = $41,978,112).
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 on
respondents; (c) ways to enhance the quality, utility, and clarity of
the information to be 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, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington,
[[Page 23060]]
DC 20549, or send an email to: PRA_Mailbox@sec.gov.
Dated: April 20, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-09496 Filed 4-23-15; 8:45 am]
BILLING CODE 8011-01-P
