Submission for OMB Review; Comment Request, 20408 [2017-08763]

Download as PDF 20408 Federal Register / Vol. 82, No. 82 / Monday, May 1, 2017 / Notices available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ISE– 2017–33 and should be submitted on or before May 22, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.22 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–08702 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. srobinson on DSK5SPTVN1PROD with NOTICES 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collections of information discussed below. 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 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 22 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 20:35 Apr 28, 2017 Jkt 241001 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 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 × 6 hours per response = 48 hours per adviser. 3 992 advisers × 48 hours per adviser = 47,616 hours. PO 00000 Frm 00096 Fmt 4703 Sfmt 9990 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. 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. 2017–08763 Filed 4–28–17; 8:45 am] BILLING CODE 8011–01–P 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. E:\FR\FM\01MYN1.SGM 01MYN1

Agencies

[Federal Register Volume 82, Number 82 (Monday, May 1, 2017)]
[Notices]
[Page 20408]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08763]


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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 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'') has submitted 
to the Office of Management and Budget (``OMB'') a request for 
extension of the previously approved collections of information 
discussed below.
    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 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\
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    \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.
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    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.
    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. 2017-08763 Filed 4-28-17; 8:45 am]
 BILLING CODE 8011-01-P