Submission for OMB Review; Comment Request, 8765-8766 [2016-03519]

Download as PDF Federal Register / Vol. 81, No. 34 / Monday, February 22, 2016 / Notices The Commission appoints Natalie R. Ward to represent the interests of the general public (Public Representative) in this docket. III. Ordering Paragraphs It is ordered: 1. The Commission reopens Docket No. CP2014–1 for consideration of matters raised by the Postal Service’s Notice. 2. Pursuant to 39 U.S.C. 505, the Commission appoints Natalie R. Ward to serve as an officer of the Commission (Public Representative) to represent the interests of the general public in this proceeding. 3. Comments are due no later than February 23, 2016. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Stacy L. Ruble, Secretary. [FR Doc. 2016–03495 Filed 2–19–16; 8:45 am] BILLING CODE 7710–FW–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: Regulation S–ID, SEC File No. 270–644, OMB Control No. 3235–0692. 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 (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Regulation S–ID (17 CFR 248), including the information collection requirements thereunder, is designed to better protect investors from the risks of identity theft. Under Regulation S–ID, SEC-regulated entities are required to develop and implement reasonable policies and procedures to identify, detect, and respond to relevant red flags (the ‘‘Identity Theft Red Flags Rules’’) and, in the case of entities that issue credit or debit cards, to assess the validity of, and communicate with cardholders regarding, address changes. Section 248.201 of Regulation S–ID includes the following information VerDate Sep<11>2014 19:03 Feb 19, 2016 Jkt 238001 collection requirements for each SECregulated entity that qualifies as a ‘‘financial institution’’ or ‘‘creditor’’ under Regulation S–ID and that offers or maintains covered accounts: (i) Creation and periodic updating of an identity theft prevention program (‘‘Program’’) that is approved by the board of directors, an appropriate committee thereof, or a designated senior management employee; (ii) periodic staff reporting to the board of directors on compliance with the Identity Theft Red Flags Rules and related guidelines; and (iii) training of staff to implement the Program. Section 248.202 of Regulation S–ID includes the following information collection requirements for each SEC-regulated entity that is a credit or debit card issuer: (i) Establishment of policies and procedures that assess the validity of a change of address notification if a request for an additional or replacement card on the account follows soon after the address change; and (ii) notification of a cardholder, before issuance of an additional or replacement card, at the previous address or through some other previously agreed-upon form of communication, or alternatively, assessment of the validity of the address change request through the entity’s established policies and procedures. SEC staff estimates of the hour burdens associated with section 248.201 under Regulation S–ID include the onetime burden of complying with this section for newly-formed SEC-regulated entities, as well as the ongoing costs of compliance for all SEC-regulated entities. With respect to the one-time burden hours, staff estimates that each newly-formed financial institution or creditor would incur a burden of 2 hours to conduct an initial assessment of covered accounts. Staff estimates that approximately 644 SEC-regulated financial institutions and creditors are newly formed each year, and the total estimated one-time burden to initially assess covered accounts is therefore 1,288 hours. Staff also estimates that each financial institution or creditor that maintains covered accounts would incur an additional initial burden of 29 hours to develop and obtain board approval of a Program and to train the staff of the financial institution or creditor. Staff estimates that approximately 580 SEC-regulated financial institutions and creditors that maintain covered accounts are newly formed each year, and thus the total estimated one-time burden to develop and obtain board approval of a Program and train staff is 16,820 hours. Thus, the total initial estimated burden for all PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 8765 newly-formed SEC-regulated entities is 18,108 hours (1,288 hours + 16,820 hours). With respect to ongoing annual burden hours, SEC staff estimates that each financial institution or creditor would incur a burden of 1 hour to periodically assess whether it offers or maintains covered accounts. Staff estimates that there are approximately 9,960 SEC-regulated entities that are either financial institutions or creditors, and the total estimated annual burden to periodically assess covered accounts is therefore 9,960 hours. Staff also estimates that each financial institution or creditor that maintains covered accounts would incur an additional annual burden of 9.5 hours to prepare and present an annual report to the board and to periodically review and update the Program. Staff estimates that there are approximately 8,964 SECregulated entities that are financial institutions or creditors that offer or maintain covered accounts, and thus the total estimated additional annual burden for these entities is 85,158 hours. Thus, the total ongoing annual estimated burden for all SEC-regulated entities is 95,118 hours (9,960 hours + 85,158 hours). The collections of information required by section 248.202 under Regulation S–ID will apply only to SECregulated entities that issue credit or debit cards. SEC staff understands that SEC-regulated entities generally do not issue credit or debit cards, but instead partner with other entities, such as banks, that issue cards on their behalf. These other entities, which are not regulated by the SEC, are already subject to substantially similar change of address obligations pursuant to other federal regulators’ identity theft red flags rules. Therefore, staff does not expect that any SEC-regulated entities will be subject to the information collection requirements of section 248.202, and accordingly, staff estimates that there is no hour burden related to section 248.202 for SEC-regulated entities. In total, SEC staff estimates that the aggregate annual information collection burden of Regulation S–ID is 113,226 hours (18,108 hours + 95,118 hours). This estimate of burden hours is made solely for the purposes of the Paperwork Reduction Act and is not derived from a quantitative, comprehensive, or even representative survey or study of the burdens associated with Commission rules and forms. Compliance with Regulation S–ID, including compliance with the information collection requirements thereunder, is mandatory for each SEC-regulated entity that E:\FR\FM\22FEN1.SGM 22FEN1 8766 Federal Register / Vol. 81, No. 34 / Monday, February 22, 2016 / Notices qualifies as a ‘‘financial institution’’ or ‘‘creditor’’ under Regulation S–ID (as discussed above, certain collections of information under Regulation S–ID are mandatory only for financial institutions or creditors that offer or maintain covered accounts). Responses 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 send an email to: PRA_Mailbox@ sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: February 16, 2016. Brent J. Fields, Secretary. [FR Doc. 2016–03519 Filed 2–19–16; 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. mstockstill on DSK4VPTVN1PROD with NOTICES Extension: Rule 0–2, SEC File No. 270–572, OMB Control No. 3235–0636. 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’’) is soliciting comments on the collections of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Several sections of the Investment Company Act of 1940 (‘‘Act’’ or VerDate Sep<11>2014 19:03 Feb 19, 2016 Jkt 238001 ‘‘Investment Company Act’’) 1 give the Commission the authority to issue orders granting exemptions from the Act’s provisions. The section that grants broadest authority is section 6(c), which provides the Commission with authority to conditionally or unconditionally exempt persons, securities or transactions from any provision of the Investment Company Act, or the rules or regulations thereunder, if and to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act.2 Rule 0–2 under the Investment Company Act,3 entitled ‘‘General Requirements of Papers and Applications,’’ prescribes general instructions for filing an application seeking exemptive relief with the Commission for which a form is not specifically prescribed. Rule 0–2 requires that each application filed with the commission have (a) a statement of authorization to file and sign the application on behalf of the applicant, (b) a verification of application and statements of fact, (c) a brief statement of the grounds for application, and (d) the name and address of each applicant and of any person to whom questions should be directed. The Commission uses the information required by rule 0– 2 to decide whether the applicant should be deemed to be entitled to the action requested by the application. Applicants for orders can include registered investment companies, affiliated persons of registered investment companies, and issuers seeking to avoid investment company status, among other entities. Commission staff estimates that it receives approximately 184 applications per year under the Act. Although each application typically is submitted on behalf of multiple entities, the entities in the vast majority of cases are related companies and are treated as a single respondent for purposes of this analysis. The time to prepare an application depends on the complexity and/or novelty of the issues covered by the application. We estimate that the Commission receives 25 of the most time-consuming applications annually, 125 applications of medium difficulty, and 34 of the least difficult applications. Based on conversations with applicants, we estimate that in-house counsel would spend from ten to fifty hours helping to draft and review an application. We estimate a total annual hour burden to all respondents of 5,340 hours [(50 hours × 25 applications) + (30 hours × 125 applications) + (10 hours × 34 applications)]. Much of the work of preparing an application is performed by outside counsel. The cost outside counsel charges applicants depends on the complexity of the issues covered by the application and the time required for preparation. Based on conversations with attorneys who serve as outside counsel, the cost ranges from approximately $10,000 for preparing a well-precedented, routine application to approximately $150,000 to prepare a complex and/or novel application. This distribution gives a total estimated annual cost burden to applicants of filing all applications of $14,090,000 [(25 × $150,000) + (125 × $80,000) + (34 × $10,000)]. We request written comment 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 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. 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: February 16, 2016. Brent J. Fields, Secretary. [FR Doc. 2016–03520 Filed 2–19–16; 8:45 am] BILLING CODE P 1 15 U.S.C. 80a–1 et seq. U.S.C. 80a–6(c). 3 17 CFR 270.0–2. 2 15 PO 00000 Frm 00086 Fmt 4703 Sfmt 9990 E:\FR\FM\22FEN1.SGM 22FEN1

Agencies

[Federal Register Volume 81, Number 34 (Monday, February 22, 2016)]
[Notices]
[Pages 8765-8766]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-03519]


=======================================================================
-----------------------------------------------------------------------

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.

Extension:
    Regulation S-ID, SEC File No. 270-644, OMB Control No. 3235-
0692.

    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 (the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Regulation S-ID (17 CFR 248), including the information collection 
requirements thereunder, is designed to better protect investors from 
the risks of identity theft. Under Regulation S-ID, SEC-regulated 
entities are required to develop and implement reasonable policies and 
procedures to identify, detect, and respond to relevant red flags (the 
``Identity Theft Red Flags Rules'') and, in the case of entities that 
issue credit or debit cards, to assess the validity of, and communicate 
with cardholders regarding, address changes. Section 248.201 of 
Regulation S-ID includes the following information collection 
requirements for each SEC-regulated entity that qualifies as a 
``financial institution'' or ``creditor'' under Regulation S-ID and 
that offers or maintains covered accounts: (i) Creation and periodic 
updating of an identity theft prevention program (``Program'') that is 
approved by the board of directors, an appropriate committee thereof, 
or a designated senior management employee; (ii) periodic staff 
reporting to the board of directors on compliance with the Identity 
Theft Red Flags Rules and related guidelines; and (iii) training of 
staff to implement the Program. Section 248.202 of Regulation S-ID 
includes the following information collection requirements for each 
SEC-regulated entity that is a credit or debit card issuer: (i) 
Establishment of policies and procedures that assess the validity of a 
change of address notification if a request for an additional or 
replacement card on the account follows soon after the address change; 
and (ii) notification of a cardholder, before issuance of an additional 
or replacement card, at the previous address or through some other 
previously agreed-upon form of communication, or alternatively, 
assessment of the validity of the address change request through the 
entity's established policies and procedures.
    SEC staff estimates of the hour burdens associated with section 
248.201 under Regulation S-ID include the one-time burden of complying 
with this section for newly-formed SEC-regulated entities, as well as 
the ongoing costs of compliance for all SEC-regulated entities. With 
respect to the one-time burden hours, staff estimates that each newly-
formed financial institution or creditor would incur a burden of 2 
hours to conduct an initial assessment of covered accounts. Staff 
estimates that approximately 644 SEC-regulated financial institutions 
and creditors are newly formed each year, and the total estimated one-
time burden to initially assess covered accounts is therefore 1,288 
hours. Staff also estimates that each financial institution or creditor 
that maintains covered accounts would incur an additional initial 
burden of 29 hours to develop and obtain board approval of a Program 
and to train the staff of the financial institution or creditor. Staff 
estimates that approximately 580 SEC-regulated financial institutions 
and creditors that maintain covered accounts are newly formed each 
year, and thus the total estimated one-time burden to develop and 
obtain board approval of a Program and train staff is 16,820 hours. 
Thus, the total initial estimated burden for all newly-formed SEC-
regulated entities is 18,108 hours (1,288 hours + 16,820 hours).
    With respect to ongoing annual burden hours, SEC staff estimates 
that each financial institution or creditor would incur a burden of 1 
hour to periodically assess whether it offers or maintains covered 
accounts. Staff estimates that there are approximately 9,960 SEC-
regulated entities that are either financial institutions or creditors, 
and the total estimated annual burden to periodically assess covered 
accounts is therefore 9,960 hours. Staff also estimates that each 
financial institution or creditor that maintains covered accounts would 
incur an additional annual burden of 9.5 hours to prepare and present 
an annual report to the board and to periodically review and update the 
Program. Staff estimates that there are approximately 8,964 SEC-
regulated entities that are financial institutions or creditors that 
offer or maintain covered accounts, and thus the total estimated 
additional annual burden for these entities is 85,158 hours. Thus, the 
total ongoing annual estimated burden for all SEC-regulated entities is 
95,118 hours (9,960 hours + 85,158 hours).
    The collections of information required by section 248.202 under 
Regulation S-ID will apply only to SEC-regulated entities that issue 
credit or debit cards. SEC staff understands that SEC-regulated 
entities generally do not issue credit or debit cards, but instead 
partner with other entities, such as banks, that issue cards on their 
behalf. These other entities, which are not regulated by the SEC, are 
already subject to substantially similar change of address obligations 
pursuant to other federal regulators' identity theft red flags rules. 
Therefore, staff does not expect that any SEC-regulated entities will 
be subject to the information collection requirements of section 
248.202, and accordingly, staff estimates that there is no hour burden 
related to section 248.202 for SEC-regulated entities.
    In total, SEC staff estimates that the aggregate annual information 
collection burden of Regulation S-ID is 113,226 hours (18,108 hours + 
95,118 hours). This estimate of burden hours is made solely for the 
purposes of the Paperwork Reduction Act and is not derived from a 
quantitative, comprehensive, or even representative survey or study of 
the burdens associated with Commission rules and forms. Compliance with 
Regulation S-ID, including compliance with the information collection 
requirements thereunder, is mandatory for each SEC-regulated entity 
that

[[Page 8766]]

qualifies as a ``financial institution'' or ``creditor'' under 
Regulation S-ID (as discussed above, certain collections of information 
under Regulation S-ID are mandatory only for financial institutions or 
creditors that offer or maintain covered accounts). Responses 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 send an email 
to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: February 16, 2016.
 Brent J. Fields,
Secretary.
[FR Doc. 2016-03519 Filed 2-19-16; 8:45 am]
 BILLING CODE 8011-01-P
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