Sunshine Act Meeting, 31441 [2015-13453]
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Federal Register / Vol. 80, No. 105 / Tuesday, June 2, 2015 / Notices
provide that the fidelity insurance
company will provide all funds covered
by the bond with a copy of the
agreement, a copy of any claim on the
bond, and notification of the terms of
the settlement of any claim prior to
execution of that settlement. Finally, a
fund that is insured by a joint bond
must enter into an agreement with all
other parties insured by the joint bond
regarding recovery under the bond.
Filings With the Commission
Upon the execution of a fidelity bond
or any amendment thereto, a fund must
file with the Commission within 10
days: (i) A copy of the executed bond or
any amendment to the bond, (ii) the
independent directors’ resolution
approving the bond, and (iii) a
statement as to the period for which
premiums have been paid on the bond.
In the case of a joint insured bond, a
fund must also file: (i) A statement
showing the amount the fund would
have been required to maintain under
the rule if it were insured under a single
insured bond; and (ii) the agreement
between the fund and all other insured
parties regarding recovery under the
bond. A fund must also notify the
Commission in writing within five days
of any claim or settlement on a claim
under the fidelity bond.
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Notices to Directors
A fund must notify by registered mail
each member of its board of directors of:
(i) Any cancellation, termination, or
modification of the fidelity bond at least
45 days prior to the effective date; and
(ii) the filing or settlement of any claim
under the fidelity bond when
notification is filed with the
Commission.
Rule 17g–1’s independent directors’
annual review requirements, fidelity
bond content requirements, joint bond
agreement requirement, and the
required notices to directors are
designed to ensure the safety of fund
assets against losses due to the conduct
of persons who may obtain access to
those assets. These requirements also
seek to facilitate oversight of a fund’s
fidelity bond. The rule’s required filings
with the Commission are designed to
assist the Commission in monitoring
funds’ compliance with the fidelity
bond requirements.
Based on conversations with
representatives in the fund industry, the
Commission staff estimates that for each
of the estimated 3,319 active funds
(respondents),1 the average annual
1 Based on statistics compiled by Commission
staff, we estimate that there are approximately 3,319
funds that must comply with the collections of
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17:26 Jun 01, 2015
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paperwork burden associated with rule
17g–1’s requirements is two hours, one
hour each for a compliance attorney and
the board of directors as a whole. The
time spent by a compliance attorney
includes time spent filing reports with
the Commission for fidelity losses (if
any) as well as paperwork associated
with any notices to directors, and
managing any updates to the bond and
the joint agreement (if one exists). The
time spent by the board of directors as
a whole includes any time spent
initially establishing the bond, as well
as time spent on annual updates and
approvals. The Commission staff
therefore estimates the total ongoing
paperwork burden hours per year for all
funds required by rule 17g–1 to be 6,638
hours (3,319 funds x 2 hours = 6,638
hours).
These estimates of average burden
hours are made solely for the purposes
of the Paperwork Reduction Act. These
estimates are not derived from a
comprehensive or even a representative
survey or study of Commission rules.
The collection of information required
by Rule 17g–1 is mandatory and will not
be kept confidential. 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, commenters may send an
email to: PRA_Mailbox@sec.gov.
Comments must be submitted to OMB
within 30 days of this notice.
Dated: May 28, 2015.
Robert W. Errett,
Deputy Secretary.
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Thursday, June 4, 2015 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
(a)(9)(ii) and (a)(10), permit
consideration of the scheduled matter at
the closed meeting.
Commissioner Gallagher, as duty
officer, voted to consider the items
listed for the Closed Meeting in closed
session.
The subject matter of the Closed
Meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Litigation matter; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact the Office of the Secretary at
(202) 551–5400.
Dated: May 28, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–13453 Filed 5–29–15; 11:15 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 14299 and # 14300]
Kentucky Disaster Number KY–00052
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
[FR Doc. 2015–13382 Filed 6–1–15; 8:45 am]
BILLING CODE 8011–01–P
This is an amendment of the
Presidential declaration of a major
disaster for Public Assistance Only for
the Commonwealth of Kentucky
(FEMA–4217–DR), dated 05/01/2015.
SUMMARY:
information under rule 17g–1 and have made a
filing within the last 12 months.
PO 00000
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]]>Agencies
[Federal Register Volume 80, Number 105 (Tuesday, June 2, 2015)]
[Notices]
[Page 31441]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-13453]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a Closed Meeting on Thursday, June 4,
2015 at 2 p.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
The General Counsel of the Commission, or her designee, has
certified that, in her opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (a)(5), (a)(7), (a)(9)(ii) and (a)(10), permit
consideration of the scheduled matter at the closed meeting.
Commissioner Gallagher, as duty officer, voted to consider the
items listed for the Closed Meeting in closed session.
The subject matter of the Closed Meeting will be:
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings;
Litigation matter; and
Other matters relating to enforcement proceedings.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact the Office of the
Secretary at (202) 551-5400.
Dated: May 28, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-13453 Filed 5-29-15; 11:15 am]
BILLING CODE 8011-01-P
