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