Proposed Collection; Comment Request, 11392-11393 [2017-03422]
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Federal Register / Vol. 82, No. 34 / Wednesday, February 22, 2017 / Notices
Dated: February 15, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–03392 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:
Form N–17D–1; SEC File No. 270–231;
OMB Control No. 3235–0229.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
Section 17(d) (15 U.S.C. 80a–17(d)) of
the Investment Company Act of 1940
(‘‘Act’’) authorizes the Commission to
adopt rules that protect funds and their
security holders from overreaching by
affiliated persons when the fund and the
affiliated person participate in any joint
enterprise or other joint arrangement or
profit-sharing plan. Rule 17d–1 under
the Act (17 CFR 270.17d–1) prohibits
funds and their affiliated persons from
participating in a joint enterprise, unless
an application regarding the transaction
has been filed with and approved by the
Commission. Paragraph (d)(3) of the rule
provides an exemption from this
requirement for any loan or advance of
credit to, or acquisition of securities or
other property of, a small business
concern, or any agreement to do any of
the foregoing (‘‘investments’’) made by a
small business investment company
(‘‘SBIC’’) and an affiliated bank,
provided that reports about the
investments are made on forms the
Commission may prescribe. Rule 17d–2
(17 CFR 270.17d–2) designates Form
N–17D–1 (17 CFR 274.00) (‘‘form’’) as
the form for reports required by rule
17d–1.
SBICs and their affiliated banks use
form N–17D–1 to report any
contemporaneous investments in a
small business concern. The form
provides shareholders and persons
seeking to make an informed decision
about investing in an SBIC an
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16:05 Feb 21, 2017
Jkt 241001
opportunity to learn about transactions
of the SBIC that have the potential for
self-dealing and other forms of
overreaching by affiliated persons at the
expense of shareholders.
Form N–17D–1 requires SBICs and
their affiliated banks to report
identifying information about the small
business concern and the affiliated
bank. The report must include, among
other things, the SBIC’s and affiliated
bank’s outstanding investments in the
small business concern, the use of the
proceeds of the investments made
during the reporting period, any
changes in the nature and amount of the
affiliated bank’s investment, the name of
any affiliated person of the SBIC or the
affiliated bank (or any affiliated person
of the affiliated person of the SBIC or
the affiliated bank) who has any interest
in the transactions, the basis of the
affiliation, the nature of the interest, and
the consideration the affiliated person
has received or will receive.
Up to two SBICs may file the form in
any year.1 The Commission estimates
the burden of filling out the form is
approximately one hour per response
and would likely be completed by an
accountant or other professional. Based
on past filings, the Commission
estimates that no more than one SBIC is
likely to use the form each year. Most
of the information requested on the form
should be readily available to the SBIC
or the affiliated bank in records kept in
the ordinary course of business, or with
respect to the SBIC, pursuant to the
recordkeeping requirements under the
Act. Commission staff estimates that it
should take approximately one hour for
an accountant or other professional to
complete the form.2 The estimated total
annual burden of filling out the form is
1 hour, at an estimated total annual cost
of $201.3 The Commission will not keep
responses on Form N–17D–1
confidential.
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. An agency
may not conduct or sponsor, and a
1 As of December 31, 2016, two SBICs were
registered with the Commission.
2 This estimate of hours is based on past
conversations with representatives of SBICs and
accountants that have filed the form.
3 Commission staff estimates that the annual
burden would be incurred by a senior accountant
with an average hourly wage rate of $201 per hour.
This wage is from SIFMA’s Management &
Professional Earnings in the Securities Industry
2013, modified to account for an 1800-hour workyear and inflation, and multiplied by 5.35 to
account for bonuses, firm size, employee benefits,
and overhead.
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Frm 00057
Fmt 4703
Sfmt 4703
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 collection of information is
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 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.,
Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: February 15, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–03394 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 17f–7, SEC File No. 270–470, OMB
Control No. 3235–0529.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3521) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 17f–7 (17 CFR 270.17f–7)
permits a fund under certain conditions
to maintain its foreign assets with an
eligible securities depository, which has
to meet minimum standards for a
E:\FR\FM\22FEN1.SGM
22FEN1
sradovich on DSK3GMQ082PROD with NOTICES
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.
VerDate Sep<11>2014
16:05 Feb 21, 2017
Jkt 241001
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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Fmt 4703
Sfmt 4703
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
E:\FR\FM\22FEN1.SGM
22FEN1
]]>Agencies
[Federal Register Volume 82, Number 34 (Wednesday, February 22, 2017)]
[Notices]
[Pages 11392-11393]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03422]
-----------------------------------------------------------------------
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 17f-7, SEC File No. 270-470, OMB Control No. 3235-0529.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3521) (``Paperwork Reduction Act''), the
Securities and Exchange Commission (the ``Commission'') is soliciting
comments on the collections of information summarized below. The
Commission plans to submit these existing collections of information to
the Office of Management and Budget (``OMB'') for extension and
approval.
Rule 17f-7 (17 CFR 270.17f-7) permits a fund under certain
conditions to maintain its foreign assets with an eligible securities
depository, which has to meet minimum standards for a
[[Page 11393]]
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 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\
---------------------------------------------------------------------------
\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.
\2\ 8 responses per adviser x 6 hours per response = 48 hours
per adviser.
\3\ 992 advisers x 48 hours per adviser = 47,616 hours.
\4\ 260 hours per response x 4 responses per global custodian =
1,040 hours per global custodian.
\5\ 15 global custodians x 1,040 hours per global custodian =
15,600 hours.
\6\ 47,616 hours + 15,600 hours = 63,216 hours.
---------------------------------------------------------------------------
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 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
