Submission for OMB Review; Comment Request, 20398-20399 [2017-08759]

Download as PDF 20398 Federal Register / Vol. 82, No. 82 / Monday, May 1, 2017 / Notices This Notice will be published in the Federal Register. Stacy L. Ruble, Secretary. [FR Doc. 2017–08745 Filed 4–28–17; 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. srobinson on DSK5SPTVN1PROD with NOTICES Extension: Rule 32a–4, SEC File No. 270–473, OMB Control No. 3235–0530. 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 (‘‘Commission’’) has submitted to the Office of Management and Budget requests for extension of the previously approved collections of information discussed below. Section 32(a)(2) of the Investment Company Act of 1940 (15 U.S.C. 80a 31(a)(2)) (‘‘Act’’) requires that the selection of a registered management investment company’s or registered face-amount certificate company’s (collectively, ‘‘funds’’) independent public accountant be submitted to shareholders for ratification or rejection. Rule 32a–4 under the Investment Company Act (17 CFR 270.32a–4) exempts a fund from this requirement if, among other things, the fund has an audit committee consisting entirely of independent directors. The rule permits continuing oversight of a fund’s accounting and auditing processes by an independent audit committee in place of a shareholder vote. Among other things, in order to rely on rule 32a–4, a fund’s board of directors must adopt an audit committee charter and must preserve that charter, and any modifications to the charter, permanently in an easily accessible place. The purpose of these conditions is to ensure that Commission staff will be able to monitor the duties and responsibilities of an audit committee of a fund relying on the rule. Commission staff estimates that on average the board of directors takes 15 minutes to adopt the audit committee charter. Commission staff has estimated that with an average of 8 directors on VerDate Sep<11>2014 20:35 Apr 28, 2017 Jkt 241001 the board,1 total director time to adopt the charter is 2 hours. Combined with an estimated 1⁄2 hour of paralegal time to prepare the charter for board review, the staff estimates a total one-time collection of information burden of 21⁄2 hours for each fund. Once a board adopts an audit committee charter, the charter is preserved as part of the fund’s records. Commission staff estimates that there is no annual hourly burden associated with preserving the charter in accordance with this rule.2 Because virtually all existing funds have now adopted audit committee charters, the annual one-time collection of information burden associated with adopting audit committee charters is limited to the burden incurred by newly established funds. Commission staff estimates that fund sponsors establish approximately 112 new funds each year,3 and that all of these funds will adopt an audit committee charter in order to rely on rule 32a–4. Thus, Commission staff estimates that the annual one-time hour burden associated with adopting an audit committee charter under rule 32a–4 is approximately 280 hours.4 When funds adopt an audit committee charter in order to rely on rule 32a–4, they also may incur one-time costs related to hiring outside counsel to prepare the charter. Commission staff estimates that those costs average approximately $1500 per fund.5 As noted above, Commission staff estimates that approximately 112 new funds each year will adopt an audit committee charter in order to rely on rule 32a–4. Thus, Commission staff estimates that the ongoing annual cost burden associated with rule 32a–4 in the future will be approximately $168,000.6 The estimates of average burden hours and costs are made solely for the 1 This estimate is based on staff experience and on discussions with a representative of an entity that surveys funds and calculates fund board statistics based on responses to its surveys. 2 This estimate is based on staff experience and discussions with funds regarding the hour burden related to maintenance of the charter. 3 This estimate is based on the average number of notifications of registration on Form N–8A filed from 2013–2015. 4 This estimate is based on the following calculation: (2.5 burden hours for establishing charter × 112 new funds = 280 burden hours). 5 Costs may vary based on the individual needs of each fund. However, based on the staff’s experience and conversations with outside counsel that prepare these charters, legal fees related to the preparation and adoption of an audit committee charter usually average $1500 or less. The Commission also understands that model audit committee charters are available, which reduces the costs associated with drafting a charter. 6 This estimate is based on the following calculations: ($1500 cost of adopting charter × 112 newly established funds = $168,000). PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 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. The collections of information required by rule 32a–4 are necessary to obtain the benefits of the rule. The Commission is seeking OMB approval, because 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: April 25, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–08765 Filed 4–28–17; 8:45 am] BILLING CODE 8011–01–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. Extension: Rule 17a–22, SEC File No. 270–202, OMB Control No. 3235–0196. 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 17a–22 (17 CFR 240.17a–22) under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). Rule 17a–22 requires all registered clearing agencies to file with the E:\FR\FM\01MYN1.SGM 01MYN1 srobinson on DSK5SPTVN1PROD with NOTICES Federal Register / Vol. 82, No. 82 / Monday, May 1, 2017 / Notices Commission three copies of all materials they issue or make generally available to their participants or other entities with which they have a significant relationship, such as pledges, transfer agents, or self-regulatory organizations. Such materials include manuals, notices, circulars, bulletins, lists, and periodicals. The filings with the Commission must be made within ten days after the materials are issued or made generally available. When the Commission is not the clearing agency’s appropriate regulatory agency, the clearing agency must file one copy of the material with its appropriate regulatory agency. The Commission is responsible for overseeing clearing agencies and uses the information filed pursuant to Rule 17a–22 to determine whether a clearing agency is implementing procedural or policy changes. The information filed aides the Commission in determining whether such changes are consistent with the purposes of Section 17A of the Exchange Act. Also, the Commission uses the information to determine whether a clearing agency has changed its rules without reporting the actual or prospective change to the Commission as required under Section 19(b) of the Exchange Act. The respondents to Rule 17a–22 are registered clearing agencies. The frequency of filings made by clearing agencies pursuant to Rule 17a–22 varies but on average there are approximately 200 filings per year per active clearing agency. There are seven active registered clearing agencies. The Commission staff estimates that each response requires approximately .25 hours (fifteen minutes), which represents the time it takes for a staff person at the clearing agency to properly identify a document subject to the rule, print and makes copies, and mail that document to the Commission. Thus, the total annual burden for all active clearing agencies is 350 hours (7 clearing agencies multiplied by 200 filings per clearing agency multiplied by .25 hours) and a total of 50 hours (1400 responses multiplied by .25 hours, divided by 7 active clearing agencies) per year are expended by each respondent to comply with the rule. 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. The public may view 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, VerDate Sep<11>2014 20:35 Apr 28, 2017 Jkt 241001 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 by sending an email to: PRA_ Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: April 25, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–08759 Filed 4–28–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–408, OMB Control No. 3235–0464] 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: Rule 101. 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved 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.). Rule 101 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 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 20399 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 internal cost of compliance for each respondent per response of approximately $1267.21 (i.e., $1,964,170.00/1550 responses). 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. 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, 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 within 30 days of this notice. Dated: April 25, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–08767 Filed 4–28–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80523; File No. SR–CBOE– 2017–017] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change To Amend the Bylaws and Certificate of Incorporation April 25, 2017. I. Introduction On February 22, 2017, Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend its Bylaws 3 and Certificate of 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Amended and Restated Bylaws of Chicago Board Options Exchange, Incorporated (‘‘Bylaws’’). 2 17 E:\FR\FM\01MYN1.SGM 01MYN1

Agencies

[Federal Register Volume 82, Number 82 (Monday, May 1, 2017)]
[Notices]
[Pages 20398-20399]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08759]


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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:
    Rule 17a-22, SEC File No. 270-202, OMB Control No. 3235-0196.

    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'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rule 17a-
22 (17 CFR 240.17a-22) under the Securities Exchange Act of 1934 
(``Exchange Act'') (15 U.S.C. 78a et seq.).
    Rule 17a-22 requires all registered clearing agencies to file with 
the

[[Page 20399]]

Commission three copies of all materials they issue or make generally 
available to their participants or other entities with which they have 
a significant relationship, such as pledges, transfer agents, or self-
regulatory organizations. Such materials include manuals, notices, 
circulars, bulletins, lists, and periodicals. The filings with the 
Commission must be made within ten days after the materials are issued 
or made generally available. When the Commission is not the clearing 
agency's appropriate regulatory agency, the clearing agency must file 
one copy of the material with its appropriate regulatory agency. The 
Commission is responsible for overseeing clearing agencies and uses the 
information filed pursuant to Rule 17a-22 to determine whether a 
clearing agency is implementing procedural or policy changes. The 
information filed aides the Commission in determining whether such 
changes are consistent with the purposes of Section 17A of the Exchange 
Act. Also, the Commission uses the information to determine whether a 
clearing agency has changed its rules without reporting the actual or 
prospective change to the Commission as required under Section 19(b) of 
the Exchange Act.
    The respondents to Rule 17a-22 are registered clearing agencies. 
The frequency of filings made by clearing agencies pursuant to Rule 
17a-22 varies but on average there are approximately 200 filings per 
year per active clearing agency. There are seven active registered 
clearing agencies. The Commission staff estimates that each response 
requires approximately .25 hours (fifteen minutes), which represents 
the time it takes for a staff person at the clearing agency to properly 
identify a document subject to the rule, print and makes copies, and 
mail that document to the Commission. Thus, the total annual burden for 
all active clearing agencies is 350 hours (7 clearing agencies 
multiplied by 200 filings per clearing agency multiplied by .25 hours) 
and a total of 50 hours (1400 responses multiplied by .25 hours, 
divided by 7 active clearing agencies) per year are expended by each 
respondent to comply with the rule.
    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.
    The public may view 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 by sending an 
email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

     Dated: April 25, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-08759 Filed 4-28-17; 8:45 am]
 BILLING CODE 8011-01-P