Proposed Collection; Comment Request, 46371-46372 [2015-18884]

Download as PDF Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices general, protecting investors and the public interest. (B) Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposal will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any competitive issues but rather avoid investor confusion by eliminating the ROOC routing option that is to be discontinued by the Exchange as well as update the IOCM and ICMT routing options in response to a recent proposed rule change by EDGX.20 (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6) thereunder.21 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. Waiver of the 30-day operative delay would allow the Exchange to modify its rules in a timely manner by: (i) Eliminating a rule that accounts for a service the Exchange intends to discontinue; and (ii) updating its rules tkelley on DSK3SPTVN1PROD with NOTICES 20 Id. 21 In addition, Rule 19b–4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange’s intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. VerDate Sep<11>2014 18:45 Aug 03, 2015 Jkt 235001 to accurately describe how orders utilizing those routing options function in light of the recent proposed rule change by EDGX, thereby avoiding potential investor confusion during the operative delay period. Based on the foregoing, the Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest.22 The Commission hereby grants the waiver and designates the proposal operative upon filing. 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– BYX–2015–33 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–BYX–2015–33. 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 (http://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 22 For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 46371 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 10:00 a.m. and 3:00 p.m. Copies of the filing will also 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–BYX– 2015–33 and should be submitted on or before August 25, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.23 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–19017 Filed 8–3–15; 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. Extension: Rule 22e–3. SEC File No. 270–603, OMB Control No. 3235–0658. Notice is hereby given that, under 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 22(e) of the Investment Company Act [15 U.S.C. 80a–22(e)] (‘‘Act’’) generally prohibits funds, including money market funds, from suspending the right of redemption, and from postponing the payment or satisfaction upon redemption of any redeemable security for more than seven days. The provision was designed to prevent funds and their investment advisers from interfering with the 23 17 E:\FR\FM\04AUN1.SGM CFR 200.30–3(a)(12). 04AUN1 tkelley on DSK3SPTVN1PROD with NOTICES 46372 Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices redemption rights of shareholders for improper purposes, such as the preservation of management fees. Although section 22(e) permits funds to postpone the date of payment or satisfaction upon redemption for up to seven days, it does not permit funds to suspend the right of redemption for any amount of time, absent certain specified circumstances or a Commission order. Rule 22e–3 under the Act [17 CFR 270.22e–3] exempts money market funds from section 22(e) to permit them to suspend redemptions in order to facilitate an orderly liquidation of the fund. Specifically, rule 22e–3 permits a money market fund to suspend redemptions and postpone the payment of proceeds pending board-approved liquidation proceedings if: (i) The fund’s board of directors, including a majority of disinterested directors, determines pursuant to § 270.2a–7(c)(8)(ii)(C) that the extent of the deviation between the fund’s amortized cost price per share and its current net asset value per share calculated using available market quotations (or an appropriate substitute that reflects current market conditions) may result in material dilution or other unfair results to investors or existing shareholders; (ii) the fund’s board of directors, including a majority of disinterested directors, irrevocably approves the liquidation of the fund; and (iii) the fund, prior to suspending redemptions, notifies the Commission of its decision to liquidate and suspend redemptions. Rule 22e–3 also provides an exemption from section 22(e) for registered investment companies that own shares of a money market fund pursuant to section 12(d)(1)(E) of the Act (‘‘conduit funds’’), if the underlying money market fund has suspended redemptions pursuant to the rule. A conduit fund that suspends redemptions in reliance on the exemption provided by rule 22e–3 is required to provide prompt notice of the suspension of redemptions to the Commission. Notices required by the rule must be provided by electronic mail, directed to the attention of the Director of the Division of Investment Management or the Director’s designee.1 Compliance with the notification requirement is mandatory for money market funds and conduit funds that rely on rule 22e–3 to suspend redemptions and postpone payment of proceeds pending a liquidation, and are not kept confidential. Commission staff estimates that, on average, one money market fund would break the buck and liquidate every six 1 See rule 22e–3(a)(3). VerDate Sep<11>2014 18:45 Aug 03, 2015 Jkt 235001 years.2 In addition, Commission staff estimates that there are an average of two conduit funds that may be invested in a money market fund that breaks the buck.3 Commission staff further estimates that a money market fund or conduit fund would spend approximately one hour of an in-house attorney’s time to prepare and submit the notice required by the rule. Given these estimates, the total annual burden of the notification requirement of rule 22e–3 for all money market funds and conduit funds would be approximately 30 minutes, 4 at a cost of $190.5 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. Compliance with the collection of information requirements of the rule is necessary to obtain the benefit of relying on the rule. 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. Written comments are invited 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 of the collection of information; (c) ways to enhance the quality, utility, and clarity 2 This estimate is based upon the Commission’s experience with the frequency with which money market funds have historically required sponsor support. Although the vast majority of money market fund sponsors have supported their money market funds in times of market distress, for purposes of this estimate Commission staff conservatively estimates that one or more sponsors may not provide support. 3 Based on a review of filings with the Commission, Commission staff estimates that 2.3 conduit funds are invested in each master fund. However, master funds account for only 11.3% of all money market funds. Solely for the purposes of this information collection, and to avoid underestimating possible burdens, the Commission conservatively assumes that any money market that breaks the buck and liquidates would be a master fund. 4 This estimate is based on the following calculations: (1 hour ÷ 6 years) = 10 minutes per year for each fund and conduit fund that is required to provide notice under the rule. 10 minutes per year × 3 (combined number of affected funds and conduit funds) = 30 minutes. 5 This estimate is based on the following calculation: $380/hour × 30 minutes = $190. The estimated hourly wages used in this PRA analysis were derived from reports prepared by the Securities Industry and Financial Markets Association, modified to account for an 1800-hour work year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. See Securities Industry and Financial Markets Association, Management & Professional Earnings in the Securities Industry 2013. PO 00000 Frm 00139 Fmt 4703 Sfmt 4703 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 after 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: July 28, 2015. Robert W. Errett, Deputy Secretary. [FR Doc. 2015–18884 Filed 8–3–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 31726; File No. 812–14395] Little Harbor MultiStrategy Composite Fund and Little Harbor Advisors, LLC; Notice of Application July 28, 2015. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of an application under section 6(c) of the Investment Company Act of 1940 (the ‘‘Act’’) for an exemption from sections 18(c) and 18(i) of the Act, under sections 6(c) and 23(c)(3) of the Act for an exemption from rule 23c–3 under the Act, and for an order pursuant to section 17(d) of the Act and rule 17d–1 under the Act. AGENCY: Applicants request an order to permit certain registered closed-end management investment companies to issue multiple classes of shares (‘‘Shares’’) and to impose asset-based distribution and service fees and deferred sales charges (‘‘Deferred Sales Charges’’). APPLICANTS: Little Harbor MultiStrategy Composite Fund (‘‘MSC Fund’’) and Little Harbor Advisors, LLC (‘‘Investment Manager’’). FILING DATES: The application was filed on December 2, 2014, and amended on April 10, 2015 and June 17, 2015. HEARING OR NOTIFICATION OF HEARING: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving SUMMARY OF APPLICATION: E:\FR\FM\04AUN1.SGM 04AUN1

Agencies

[Federal Register Volume 80, Number 149 (Tuesday, August 4, 2015)]
[Notices]
[Pages 46371-46372]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-18884]


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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 22e-3. SEC File No. 270-603, OMB Control No. 3235-0658.

    Notice is hereby given that, under 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 22(e) of the Investment Company Act [15 U.S.C. 80a-22(e)] 
(``Act'') generally prohibits funds, including money market funds, from 
suspending the right of redemption, and from postponing the payment or 
satisfaction upon redemption of any redeemable security for more than 
seven days. The provision was designed to prevent funds and their 
investment advisers from interfering with the

[[Page 46372]]

redemption rights of shareholders for improper purposes, such as the 
preservation of management fees. Although section 22(e) permits funds 
to postpone the date of payment or satisfaction upon redemption for up 
to seven days, it does not permit funds to suspend the right of 
redemption for any amount of time, absent certain specified 
circumstances or a Commission order.
    Rule 22e-3 under the Act [17 CFR 270.22e-3] exempts money market 
funds from section 22(e) to permit them to suspend redemptions in order 
to facilitate an orderly liquidation of the fund. Specifically, rule 
22e-3 permits a money market fund to suspend redemptions and postpone 
the payment of proceeds pending board-approved liquidation proceedings 
if: (i) The fund's board of directors, including a majority of 
disinterested directors, determines pursuant to Sec.  270.2a-
7(c)(8)(ii)(C) that the extent of the deviation between the fund's 
amortized cost price per share and its current net asset value per 
share calculated using available market quotations (or an appropriate 
substitute that reflects current market conditions) may result in 
material dilution or other unfair results to investors or existing 
shareholders; (ii) the fund's board of directors, including a majority 
of disinterested directors, irrevocably approves the liquidation of the 
fund; and (iii) the fund, prior to suspending redemptions, notifies the 
Commission of its decision to liquidate and suspend redemptions. Rule 
22e-3 also provides an exemption from section 22(e) for registered 
investment companies that own shares of a money market fund pursuant to 
section 12(d)(1)(E) of the Act (``conduit funds''), if the underlying 
money market fund has suspended redemptions pursuant to the rule. A 
conduit fund that suspends redemptions in reliance on the exemption 
provided by rule 22e-3 is required to provide prompt notice of the 
suspension of redemptions to the Commission. Notices required by the 
rule must be provided by electronic mail, directed to the attention of 
the Director of the Division of Investment Management or the Director's 
designee.\1\ Compliance with the notification requirement is mandatory 
for money market funds and conduit funds that rely on rule 22e-3 to 
suspend redemptions and postpone payment of proceeds pending a 
liquidation, and are not kept confidential.
---------------------------------------------------------------------------

    \1\ See rule 22e-3(a)(3).
---------------------------------------------------------------------------

    Commission staff estimates that, on average, one money market fund 
would break the buck and liquidate every six years.\2\ In addition, 
Commission staff estimates that there are an average of two conduit 
funds that may be invested in a money market fund that breaks the 
buck.\3\ Commission staff further estimates that a money market fund or 
conduit fund would spend approximately one hour of an in-house 
attorney's time to prepare and submit the notice required by the rule. 
Given these estimates, the total annual burden of the notification 
requirement of rule 22e-3 for all money market funds and conduit funds 
would be approximately 30 minutes, \4\ at a cost of $190.\5\
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    \2\ This estimate is based upon the Commission's experience with 
the frequency with which money market funds have historically 
required sponsor support. Although the vast majority of money market 
fund sponsors have supported their money market funds in times of 
market distress, for purposes of this estimate Commission staff 
conservatively estimates that one or more sponsors may not provide 
support.
    \3\ Based on a review of filings with the Commission, Commission 
staff estimates that 2.3 conduit funds are invested in each master 
fund. However, master funds account for only 11.3% of all money 
market funds. Solely for the purposes of this information 
collection, and to avoid underestimating possible burdens, the 
Commission conservatively assumes that any money market that breaks 
the buck and liquidates would be a master fund.
    \4\ This estimate is based on the following calculations: (1 
hour / 6 years) = 10 minutes per year for each fund and conduit fund 
that is required to provide notice under the rule. 10 minutes per 
year x 3 (combined number of affected funds and conduit funds) = 30 
minutes.
    \5\ This estimate is based on the following calculation: $380/
hour x 30 minutes = $190. The estimated hourly wages used in this 
PRA analysis were derived from reports prepared by the Securities 
Industry and Financial Markets Association, modified to account for 
an 1800-hour work year and multiplied by 5.35 to account for 
bonuses, firm size, employee benefits and overhead. See Securities 
Industry and Financial Markets Association, Management & 
Professional Earnings in the Securities Industry 2013.
---------------------------------------------------------------------------

    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.
    Compliance with the collection of information requirements of the 
rule is necessary to obtain the benefit of relying on the rule. 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.
    Written comments are invited 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 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 after 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: July 28, 2015.
 Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18884 Filed 8-3-15; 8:45 am]
BILLING CODE 8011-01-P