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