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