Proposed Collection; Comment Request, 11393-11394 [2017-03395]
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Federal Register / Vol. 82, No. 34 / Wednesday, February 22, 2017 / Notices
depository. The fund or its investment
adviser generally determines whether
the depository complies with those
requirements based on information
provided by the fund’s primary
custodian (a bank that acts as global
custodian). The depository custody
arrangement also must meet certain
conditions. The fund or its adviser must
receive from the primary custodian (or
its agent) an initial risk analysis of the
depository arrangements, and the fund’s
contract with its primary custodian
must state that the custodian will
monitor risks and promptly notify the
fund or its adviser of material changes
in risks. The primary custodian and
other custodians also are required to
agree to exercise at least reasonable care,
prudence, and diligence.
The collection of information
requirements in rule 17f–7 are intended
to provide workable standards that
protect funds from the risks of using
foreign securities depositories while
assigning appropriate responsibilities to
the fund’s primary custodian and
investment adviser based on their
capabilities. The requirement that the
foreign securities depository meet
specified minimum standards is
intended to ensure that the depository is
subject to basic safeguards deemed
appropriate for all depositories. The
requirement that the fund or its adviser
must receive from the primary
custodian (or its agent) an initial risk
analysis of the depository arrangements,
and that the fund’s contract with its
primary custodian must state that the
custodian will monitor risks and
promptly notify the fund or its adviser
of material changes in risks, is intended
to provide essential information about
custody risks to the fund’s investment
adviser as necessary for it to approve the
continued use of the depository. The
requirement that the primary custodian
agree to exercise reasonable care is
intended to provide assurances that its
services and the information it provides
will meet an appropriate standard of
care.
The staff estimates that each of
approximately 992 investment advisers 1
will make an average of 8 responses
annually under the rule to address
depository compliance with minimum
requirements, any indemnification or
insurance arrangements, and reviews of
risk analyses or notifications. The staff
estimates each response will take 6
hours, requiring a total of approximately
1 In October 2016, Commission staff estimated
that, as of June 2016, 992 investment advisers
managed or sponsored open-end registered funds
(including exchange-traded funds) and closed-end
registered funds.
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16:05 Feb 21, 2017
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48 hours for each adviser.2 Thus the
total annual burden associated with
these requirements of the rule is
approximately 47,616 hours.3 The staff
further estimates that during each year,
each of approximately 15 global
custodians will make an average of 4
responses to analyze custody risks and
provide notice of any material changes
to custody risk under the rule. The staff
estimates that each response will take
260 hours, requiring approximately
1,040 hours annually per global
custodian.4 Thus the total annual
burden associated with these
requirements is approximately 15,600
hours.5 The staff estimates that the total
annual hour burden associated with all
collection of information requirements
of the rule is therefore 63,216 hours.6
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’s permission for funds to
maintain their assets in foreign
custodians. The information provided
under rule 17f–7 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.
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 has 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
2 8 responses per adviser × 6 hours per response
= 48 hours per adviser.
3 992 advisers × 48 hours per adviser = 47,616
hours.
4 260 hours per response × 4 responses per global
custodian = 1,040 hours per global custodian.
5 15 global custodians × 1,040 hours per global
custodian = 15,600 hours.
6 47,616 hours + 15,600 hours = 63,216 hours.
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11393
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 15, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–03422 Filed 2–21–17; 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 101; SEC File No. 270–408, OMB
Control No. 3235–0464.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the exisiting collection of
information provided for in Rule 101 of
Regulation M (17 CFR 242.101), under
the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.). The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 101—Activities by Distribution
Participants—prohibits distribution
participants from purchasing activities
at specified times during a distribution
of securities. Persons otherwise covered
by this rule may seek to use several
applicable exceptions such as a
calculation of the average daily trading
volume of the securities in distribution,
the maintenance of policies regarding
information barriers between their
affiliates, and the maintenance of a
written policy regarding general
compliance with Regulation M for de
minimus transactions.
There are approximately 1550
respondents per year that require an
aggregate total of 30,218 hours to
comply with this rule. Each respondent
makes an estimated 1 annual response.
Each response takes on average
approximately 19.495 hours to
complete. Thus, the total compliance
burden per year is 30,218 burden hours.
The total estimated internal labor
compliance cost for the respondents is
approximately $1,964,170.00, resulting
in an estimated internal labor cost of
compliance for each respondent per
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11394
Federal Register / Vol. 82, No. 34 / Wednesday, February 22, 2017 / Notices
response of approximately $1267.21
(i.e., $1,964,170.00/1550 responses).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
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.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to: Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: February 15, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–03395 Filed 2–21–17; 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.
sradovich on DSK3GMQ082PROD with NOTICES
Extension:
Rule 203A–2(d), SEC File No. 270–630,
OMB Control No. 3235–0689.
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 collections 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.
The title of the collection of
information is: ‘‘Exemption for Certain
VerDate Sep<11>2014
16:05 Feb 21, 2017
Jkt 241001
Multi-State Investment Advisers (Rule
203A–2(d)).’’ Its currently approved
OMB control number is 3235–0689. 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.
Pursuant to section 203A of the
Investment Advisers Act of 1940 (the
‘‘Act’’) (15 U.S.C. 80b–3a), an
investment adviser that is regulated or
required to be regulated as an
investment adviser in the state in which
it maintains its principal office and
place of business is prohibited from
registering with the Commission unless
that adviser has at least $25 million in
assets under management or advises a
Commission-registered investment
company. Section 203A also prohibits
from Commission registration an adviser
that: (i) Has assets under management
between $25 million and $100 million;
(ii) is required to be registered as an
investment adviser with the state in
which it maintains its principal office
and place of business; and (iii) if
registered, would be subject to
examination as an adviser by that state
(a ‘‘mid-sized adviser’’). A mid-sized
adviser that otherwise would be
prohibited may register with the
Commission if it would be required to
register with 15 or more states.
Similarly, Rule 203A–2(d) under the Act
(17 CFR 275.203a–2(d)) provides that
the prohibition on registration with the
Commission does not apply to an
investment adviser that is required to
register in 15 or more states. An
investment adviser relying on this
exemption also must: (i) Include a
representation on Schedule D of Form
ADV that the investment adviser has
concluded that it must register as an
investment adviser with the required
number of states; (ii) undertake to
withdraw from registration with the
Commission if the adviser indicates on
an annual updating amendment to Form
ADV that it would be required by the
laws of fewer than 15 states to register
as an investment adviser with the state;
and (iii) maintain in an easily accessible
place a record of the states in which the
investment adviser has determined it
would, but for the exemption, be
required to register for a period of not
less than five years from the filing of a
Form ADV relying on the rule.
Respondents to this collection of
information are investment advisers
required to register in 15 or more states
absent the exemption that rely on rule
203A–2(d) to register with the
Commission. The information collected
under rule 203A–2(d) permits the
Commission’s examination staff to
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determine an adviser’s eligibility for
registration with the Commission under
this exemptive rule and is also
necessary for the Commission staff to
use in its examination and oversight
program. This collection of information
is codified at 17 CFR 275.203a–2(d) and
is mandatory to qualify for and maintain
Commission registration eligibility
under rule 203A–2(d). Responses to the
recordkeeping requirements under rule
203A–2(d) in the context of the
Commission’s examination and
oversight program are generally kept
confidential.
The estimated number of investment
advisers subject to the collection of
information requirements under the rule
is 142. These advisers will incur an
average one-time initial burden of
approximately 8 hours, and an average
ongoing burden of approximately 8
hours per year, to keep records
sufficient to demonstrate that they meet
the 15-state threshold. These estimates
are based on an estimate that each year
an investment adviser will spend
approximately 0.5 hours creating a
record of its determination whether it
must register as an investment adviser
with each of the 15 states required to
rely on the exemption, and
approximately 0.5 hours to maintain
these records. Accordingly, we estimate
that rule 203A–2(d) results in an annual
aggregate burden of collection for SECregistered investment advisers of a total
of 1,136 hours. Estimates of average
burden hours are made solely for the
purposes of the Paperwork Reduction
Act, and are not derived from a
comprehensive or even a representative
survey or study of the costs of
Commission rules and forms.
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\22FEN1.SGM
22FEN1
]]>Agencies
[Federal Register Volume 82, Number 34 (Wednesday, February 22, 2017)]
[Notices]
[Pages 11393-11394]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03395]
-----------------------------------------------------------------------
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 101; SEC File No. 270-408, OMB Control No. 3235-0464.
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the exisiting
collection of information provided for in Rule 101 of Regulation M (17
CFR 242.101), under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
Rule 101--Activities by Distribution Participants--prohibits
distribution participants from purchasing activities at specified times
during a distribution of securities. Persons otherwise covered by this
rule may seek to use several applicable exceptions such as a
calculation of the average daily trading volume of the securities in
distribution, the maintenance of policies regarding information
barriers between their affiliates, and the maintenance of a written
policy regarding general compliance with Regulation M for de minimus
transactions.
There are approximately 1550 respondents per year that require an
aggregate total of 30,218 hours to comply with this rule. Each
respondent makes an estimated 1 annual response. Each response takes on
average approximately 19.495 hours to complete. Thus, the total
compliance burden per year is 30,218 burden hours. The total estimated
internal labor compliance cost for the respondents is approximately
$1,964,170.00, resulting in an estimated internal labor cost of
compliance for each respondent per
[[Page 11394]]
response of approximately $1267.21 (i.e., $1,964,170.00/1550
responses).
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed 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.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
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 15, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03395 Filed 2-21-17; 8:45 am]
BILLING CODE 8011-01-P
