Submission for OMB Review; Comment Request, 20403-20404 [2017-08766]

Download as PDF Federal Register / Vol. 82, No. 82 / Monday, May 1, 2017 / Notices most cases, the trustee of the UIT is responsible for preparing and sending the notices that must accompany a capital gains distribution under rule 19b–1(c)(2). These notices require limited preparation, the cost of which accounts for only a small, indiscrete portion of the comprehensive fee charged by the trustee for its services to the UIT. The staff believes that as a matter of good business practice, and for tax preparation reasons, UITs would collect and distribute the capital gains information required to be sent to unitholders under rule 19b–1(c) even in the absence of the rule. The staff estimates that the cost of preparing a notice for a capital gains distribution under rule 19b–1(c)(2) is approximately $50. There is no separate cost to mail the notices because they are mailed with the capital gains distribution. Thus, the staff estimates that the capital gains distribution notice requirement imposes an annual cost on UITs of approximately $128,950.13 The staff therefore estimates that the total cost imposed by rule 19b–1 is $160,950 ($128,950 plus $20,000 (total cost associated with rule 19b–1(e)) equals $148,950). 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. srobinson on DSK5SPTVN1PROD with NOTICES [FR Doc. 2017–08764 Filed 4–28–17; 8:45 am] BILLING CODE 8011–01–P intervals. Additionally, a number of UITs are organized as grantor trusts, and therefore do not generally make capital gains distributions under rule 19b–1(c), or may not rely on rule 19b–1(c) as they do not meet the rule’s requirements. 13 This estimate is based on the following calculation: 2,579 UITs multiplied by $50 equals $128,950. VerDate Sep<11>2014 20:35 Apr 28, 2017 Jkt 241001 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 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 (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. The title of the collection of information is: ‘‘Exemption for Certain 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 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 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 20403 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 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. E:\FR\FM\01MYN1.SGM 01MYN1 20404 Federal Register / Vol. 82, No. 82 / Monday, May 1, 2017 / Notices 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 Aleman, Assistant Secretary. [FR Doc. 2017–08766 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: 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’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. 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 VerDate Sep<11>2014 20:35 Apr 28, 2017 Jkt 241001 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 274.200) (‘‘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 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 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. PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 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 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. 2017–08762 Filed 4–28–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80520; File No. SR–FICC– 2017–802] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Extension of Review Period of Advance Notice To Implement the Capped Contingency Liquidity Facility in the Government Securities Division Rulebook April 25, 2017. On March 1, 2017, Fixed Income Clearing Corporation (‘‘FICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) advance notice SR–FICC–2017–802 (‘‘Advance 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. E:\FR\FM\01MYN1.SGM 01MYN1

Agencies

[Federal Register Volume 82, Number 82 (Monday, May 1, 2017)]
[Notices]
[Pages 20403-20404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08766]


-----------------------------------------------------------------------

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 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 
(``Commission'') has submitted to the Office of Management and Budget 
(``OMB'') a request for extension of the previously approved collection 
of information discussed below.
    The title of the collection of information is: ``Exemption for 
Certain 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 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 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 SEC-registered 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.

[[Page 20404]]

    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 Aleman,
Assistant Secretary.
[FR Doc. 2017-08766 Filed 4-28-17; 8:45 am]
 BILLING CODE 8011-01-P