Proposed Collection; Comment Request, 14151-14152 [2016-05858]

Download as PDF mstockstill on DSK4VPTVN1PROD with NOTICES Federal Register / Vol. 81, No. 51 / Wednesday, March 16, 2016 / Notices effective before any securities are sold. Section 5(b) of the Securities Act requires that investors be provided with a prospectus containing the information required in a registration statement prior to the sale or at the time of confirmation or delivery of the securities. Section 10(a)(3) of the Securities Act (15 U.S.C. 77j(a)(3)) provides that when a prospectus is used more than nine months after the effective date of the registration statement, the information therein shall be as of a date not more than sixteen months prior to such use. As a result, most UITs update their registration statements under the Securities Act on an annual basis in order that their sponsors may continue to maintain a secondary market in the units. UITs that are registered under the Investment Company Act on Form N– 8B–2 file post-effective amendments to their registration statements on Form S– 6 in order to update their prospectuses. The purpose of Form S–6 is to meet the filing and disclosure requirements of the Securities Act and to enable filers to provide investors with information necessary to evaluate an investment in the security. This information collection differs significantly from many other federal information collections, which are primarily for the use and benefit of the collecting agency. The information required to be filed with the Commission permits verification of compliance with securities law requirements and assures the public availability and dissemination of the information. The Commission estimates that there are approximately 1,340 initial registration statements filed on Form S– 6 annually and approximately 1,158 annual post-effective amendments to previously effective registration statements filed on Form S–6. The Commission estimates that the hour burden for preparing and filing an initial registration statement on Form S– 6 is 45 hours and for preparing and filing a post-effective amendment to a previously effective registration statement filed on Form S–6 is 40 hours. Therefore, we estimate that the total hour burden of preparing and filing registration statements on Form S–6 for all affected UITs is 106,620 hours. We estimate that the cost burden of preparing and filing an initial registration statement on Form S–6 is $33,104 and for preparing and filing a post-effective amendment is $19,862. Therefore, we estimate that the total cost burden of preparing and filing registration statements on Form S–6 for all affected UITs is $67,359,556. Estimates of average burden hours and costs are made solely for the VerDate Sep<11>2014 18:11 Mar 15, 2016 Jkt 238001 purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. Compliance with the collection of information requirements of Form S–6 is mandatory. Responses to the collection of information 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 OMB 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, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or by sending an email to: PRA_Mailbox@ sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: March 11, 2016. Lynn M. Powalski, Deputy Secretary. [FR Doc. 2016–05878 Filed 3–15–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–549, OMB Control No. 3235–0610] Proposed Collection; Comment Request Upon Written Request, Copy Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. Extension: Rule 248.30. 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’’) is soliciting comments on the collection 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. Rule 248.30 (17 CFR 248.30), under Regulation S–P is titled ‘‘Procedures to PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 14151 Safeguard Customer Records and Information; Disposal of Consumer Report Information.’’ Rule 248.30 (the ‘‘safeguard rule’’) requires brokers, dealers, investment companies, and investment advisers registered with the Commission (‘‘registered investment advisers’’) (collectively ‘‘covered institutions’’) to adopt written policies and procedures for administrative, technical, and physical safeguards to protect customer records and information. The safeguards must be reasonably designed to ‘‘insure the security and confidentiality of customer records and information,’’ ‘‘protect against any anticipated threats or hazards to the security and integrity’’ of those records, and protect against unauthorized access to or use of those records or information, which ‘‘could result in substantial harm or inconvenience to any customer.’’ The safeguard rule’s requirement that covered institutions’ policies and procedures be documented in writing constitutes a collection of information and must be maintained on an ongoing basis. This requirement eliminates uncertainty as to required employee actions to protect customer records and information and promotes more systematic and organized reviews of safeguard policies and procedures by institutions. The information collection also assists the Commission’s examination staff in assessing the existence and adequacy of covered institutions’ safeguard policies and procedures. We estimate that as of the end of 2015, there are 4,176 broker-dealers, 4,041 investment companies, and 11,956 investment advisers registered with the Commission, for a total of 20,173 covered institutions. We believe that all of these covered institutions have already documented their safeguard policies and procedures in writing and therefore will incur no hourly burdens related to the initial documentation of policies and procedures. Although existing covered institutions would not incur any initial hourly burden in complying with the safeguards rule, we expect that newly registered institutions would incur some hourly burdens associated with documenting their safeguard policies and procedures. We estimate that approximately 1200 broker-dealers, investment companies, or investment advisers register with the Commission annually. However, we also expect that approximately 70% of these newly registered covered institutions (840) are affiliated with an existing covered institution, and will rely on an E:\FR\FM\16MRN1.SGM 16MRN1 mstockstill on DSK4VPTVN1PROD with NOTICES 14152 Federal Register / Vol. 81, No. 51 / Wednesday, March 16, 2016 / Notices organization-wide set of previously documented safeguard policies and procedures created by their affiliates. We estimate that these affiliated newly registered covered institutions will incur a significantly reduced hourly burden in complying with the safeguards rule, as they will need only to review their affiliate’s existing policies and procedures, and identify and adopt the relevant policies for their business. Therefore, we expect that newly registered covered institutions with existing affiliates will incur an hourly burden of approximately 15 hours in identifying and adopting safeguard policies and procedures for their business, for a total hourly burden for all affiliated new institutions of 12,600 hours. We expect that half of this time would be incurred by inside counsel at an hourly rate of $380, and half would be by a compliance officer at an hourly rate of $334, for a total cost of $4,498,200. Finally, we expect that the 360 newly registered entities that are not affiliated with an existing institution will incur a significantly higher hourly burden in reviewing and documenting their safeguard policies and procedures. We expect that virtually all of the newly registered covered entities that do not have an affiliate are likely to be small entities and are likely to have smaller and less complex operations, with a correspondingly smaller set of safeguard policies and procedures to document, compared to other larger existing institutions with multiple affiliates. We estimate that it will take a typical newly registered unaffiliated institution approximately 60 hours to review, identify, and document their safeguard policies and procedures, for a total of 21,600 hours for all newly registered unaffiliated entities. We expect that half of this time would be incurred by inside counsel at an hourly rate of $380, and half would be by a compliance officer at an hourly rate of $334, for a total cost of $7,711,200. Therefore, we estimate that the total annual hourly burden associated with the safeguards rule is 34,200 hours at a total hourly cost of $12,209,400. We also estimate that all covered institutions will be respondents each year, for a total of 20,173 respondents. These estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act. 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 safeguard rule does not require the reporting of any information or the filing of any documents with the VerDate Sep<11>2014 18:11 Mar 15, 2016 Jkt 238001 Commission. The collection of information required by the safeguard rule is mandatory. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’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. Please direct your written comments to Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, C/O Remi Pavlik-Simon, 100 F St. NE., Washington DC, 20549 to: PRA_ Mailbox@sec.gov. Dated: March 10, 2016. Robert W. Errett, Deputy Secretary. [FR Doc. 2016–05858 Filed 3–15–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–292, OMB Control No. 3235–0330] 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: Form N–SAR. 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’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Form N–SAR (OMB Control No. 3235–0330, 17 CFR 249.330) is the form used by all registered investment companies with the exception of face amount certificate companies, to comply with the periodic filing and PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 disclosure requirements imposed by Section 30 of the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘Investment Company Act’’), and of rules 30a–1 and 30b1–1 thereunder (17 CFR 270.30a–1 and 17 CFR 270.30b1–1). The information required to be filed with the Commission assures the public availability of the information and permits verification of compliance with Investment Company Act requirements. Registered unit investment trusts are required to provide this information on an annual report filed with the Commission on Form N–SAR pursuant to rule 30a–1 under the Investment Company Act, and registered management investment companies must submit the required information on a semi-annual report on Form N– SAR pursuant to rule 30b1–1 under the Investment Company Act. The Commission estimates that the total number of respondents is 3,168 and the total annual number of responses is 5,564 ((2,396 management investment company respondents × 2 responses per year) + (772 unit investment trust respondents × 1 response per year)). The Commission estimates that each registrant filing a report on Form N–SAR would spend, on average, approximately 14.21 hours in preparing and filing reports on Form N– SAR and that the total hour burden for all filings on Form N–SAR would be 79,064 hours. The collection of information under Form N–SAR is mandatory. Responses to the collection of information 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. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’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. 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., E:\FR\FM\16MRN1.SGM 16MRN1

Agencies

[Federal Register Volume 81, Number 51 (Wednesday, March 16, 2016)]
[Notices]
[Pages 14151-14152]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-05858]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-549, OMB Control No. 3235-0610]


Proposed Collection; Comment Request

Upon Written Request, Copy Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736.

Extension:
    Rule 248.30.

    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'') is soliciting comments on the 
collection 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.
    Rule 248.30 (17 CFR 248.30), under Regulation S-P is titled 
``Procedures to Safeguard Customer Records and Information; Disposal of 
Consumer Report Information.'' Rule 248.30 (the ``safeguard rule'') 
requires brokers, dealers, investment companies, and investment 
advisers registered with the Commission (``registered investment 
advisers'') (collectively ``covered institutions'') to adopt written 
policies and procedures for administrative, technical, and physical 
safeguards to protect customer records and information. The safeguards 
must be reasonably designed to ``insure the security and 
confidentiality of customer records and information,'' ``protect 
against any anticipated threats or hazards to the security and 
integrity'' of those records, and protect against unauthorized access 
to or use of those records or information, which ``could result in 
substantial harm or inconvenience to any customer.'' The safeguard 
rule's requirement that covered institutions' policies and procedures 
be documented in writing constitutes a collection of information and 
must be maintained on an ongoing basis. This requirement eliminates 
uncertainty as to required employee actions to protect customer records 
and information and promotes more systematic and organized reviews of 
safeguard policies and procedures by institutions. The information 
collection also assists the Commission's examination staff in assessing 
the existence and adequacy of covered institutions' safeguard policies 
and procedures.
    We estimate that as of the end of 2015, there are 4,176 broker-
dealers, 4,041 investment companies, and 11,956 investment advisers 
registered with the Commission, for a total of 20,173 covered 
institutions. We believe that all of these covered institutions have 
already documented their safeguard policies and procedures in writing 
and therefore will incur no hourly burdens related to the initial 
documentation of policies and procedures.
    Although existing covered institutions would not incur any initial 
hourly burden in complying with the safeguards rule, we expect that 
newly registered institutions would incur some hourly burdens 
associated with documenting their safeguard policies and procedures. We 
estimate that approximately 1200 broker-dealers, investment companies, 
or investment advisers register with the Commission annually. However, 
we also expect that approximately 70% of these newly registered covered 
institutions (840) are affiliated with an existing covered institution, 
and will rely on an

[[Page 14152]]

organization-wide set of previously documented safeguard policies and 
procedures created by their affiliates. We estimate that these 
affiliated newly registered covered institutions will incur a 
significantly reduced hourly burden in complying with the safeguards 
rule, as they will need only to review their affiliate's existing 
policies and procedures, and identify and adopt the relevant policies 
for their business. Therefore, we expect that newly registered covered 
institutions with existing affiliates will incur an hourly burden of 
approximately 15 hours in identifying and adopting safeguard policies 
and procedures for their business, for a total hourly burden for all 
affiliated new institutions of 12,600 hours. We expect that half of 
this time would be incurred by inside counsel at an hourly rate of 
$380, and half would be by a compliance officer at an hourly rate of 
$334, for a total cost of $4,498,200.
    Finally, we expect that the 360 newly registered entities that are 
not affiliated with an existing institution will incur a significantly 
higher hourly burden in reviewing and documenting their safeguard 
policies and procedures. We expect that virtually all of the newly 
registered covered entities that do not have an affiliate are likely to 
be small entities and are likely to have smaller and less complex 
operations, with a correspondingly smaller set of safeguard policies 
and procedures to document, compared to other larger existing 
institutions with multiple affiliates. We estimate that it will take a 
typical newly registered unaffiliated institution approximately 60 
hours to review, identify, and document their safeguard policies and 
procedures, for a total of 21,600 hours for all newly registered 
unaffiliated entities. We expect that half of this time would be 
incurred by inside counsel at an hourly rate of $380, and half would be 
by a compliance officer at an hourly rate of $334, for a total cost of 
$7,711,200.
    Therefore, we estimate that the total annual hourly burden 
associated with the safeguards rule is 34,200 hours at a total hourly 
cost of $12,209,400. We also estimate that all covered institutions 
will be respondents each year, for a total of 20,173 respondents.
    These estimates of average burden hours are made solely for the 
purposes of the Paperwork Reduction Act. 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 
safeguard rule does not require the reporting of any information or the 
filing of any documents with the Commission. The collection of 
information required by the safeguard rule is mandatory.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency'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.
    Please direct your written comments to Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, C/O Remi 
Pavlik-Simon, 100 F St. NE., Washington DC, 20549 to: 
PRA_Mailbox@sec.gov.

    Dated: March 10, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05858 Filed 3-15-16; 8:45 am]
 BILLING CODE 8011-01-P