Proposed Collection; Comment Request, 36460 [2017-16391]

Download as PDF 36460 Federal Register / Vol. 82, No. 149 / Friday, August 4, 2017 / Notices Monday, August 7, 2017, at 9:00 a.m. Dated: August 2, 2017. Julie S. Moore, Secretary. [FR Doc. 2017–16622 Filed 8–2–17; 4:15 pm] BILLING CODE 7710–12–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 498, SEC File No. 270–574, OMB Control No. 3235–0648 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘Paperwork Reduction Act’’), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 498 (17 CFR 230.498) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) (‘‘Securities Act’’) permits openend management investment companies (‘‘funds’’) to satisfy their prospectus delivery obligations under the Securities Act by sending or giving key information directly to investors in the form of a summary prospectus (‘‘Summary Prospectus’’) and providing the statutory prospectus on a Web site. Upon an investor’s request, funds are also required to send the statutory prospectus to the investor. In addition, under rule 498, a fund that relies on the rule to meet its statutory prospectus delivery obligations must make available, free of charge, the fund’s current Summary Prospectus, statutory prospectus, statement of additional information, and most recent annual and semi-annual reports to shareholders at the Web site address specified in the required Summary Prospectus legend.1 A Summary Prospectus that complies with rule 498 is deemed to be a prospectus that is authorized under Section 10(b) of the Securities Act and Section 24(g) of the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.). 1 17 CFR 270.498(e)(1). VerDate Sep<11>2014 15:13 Aug 03, 2017 Jkt 241001 The purpose of rule 498 is to enable a fund to provide investors with a Summary Prospectus containing key information necessary to evaluate an investment in the fund. Unlike many other federal information collections, which are primarily for the use and benefit of the collecting agency, this information collection is primarily for the use and benefit of investors. The information filed with the Commission also permits the verification of compliance with securities law requirements and assures the public availability and dissemination of the information. Based on an analysis of fund filings, the Commission estimates that approximately 10,532 portfolios are using a Summary Prospectus. The Commission estimates that the annual hourly burden per portfolio associated with the compilation of the information required on the cover page or the beginning of the Summary Prospectus is 0.5 hours, and estimates that the annual hourly burden per portfolio to comply with the Web site posting requirement is approximately 1 hour, requiring a total of 1.5 hours per portfolio per year.2 Thus the total annual hour burden associated with these requirements of the rule is approximately 15,798.3 The Commission estimates that the annual cost burden is approximately $15,900 per portfolio, for a total annual cost burden of approximately $167,458,800.4 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. Under rule 498, use of the Summary Prospectus is voluntary, but the rule’s requirements regarding provision of the statutory prospectus upon investor request are mandatory for funds that elect to send or give a Summary Prospectus in reliance upon rule 498. The information provided under rule 498 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. 2 0.5 hours per portfolio + 1 hour per portfolio = 1.5 hours per portfolio. The Commission believes that funds that have opted to use the Summary Prospectus have already incurred the estimated one-time hour burden to initially comply with rule 498, and therefore the estimated burden hours to initially comply with rule 498 and the associated costs are not included in these estimates. 3 1.5 hours per portfolio × 10,532 portfolios = 15,798 hours. 4 $15,900 per portfolio × 9,082 portfolios = $144,403,800. PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 Written comments are invited on: (a) Whether the collections of information are 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 burdens of the collections of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burdens of the collections 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: July 31, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–16391 Filed 8–3–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81265; File No. SR– NASDAQ–2017–038] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Amendment No. 1, and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendments No. 1 and 2, Relating to the First Trust Municipal High Income ETF July 31, 2017. I. Introduction On May 16, 2017, The NASDAQ Stock Market LLC (‘‘Nasdaq’’ 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 relating to the First Trust Municipal High Income ETF (‘‘Fund’’) of First Trust Exchange-Traded Fund III (‘‘Trust’’), the shares of which have been approved by the Commission for listing and trading under Nasdaq Rule 5735 (‘‘Managed Fund Shares’’). The proposed rule change was published for 1 15 2 17 E:\FR\FM\04AUN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 04AUN1

Agencies

[Federal Register Volume 82, Number 149 (Friday, August 4, 2017)]
[Notices]
[Page 36460]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-16391]


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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 498, SEC File No. 270-574, OMB Control No. 3235-0648

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), the 
Securities and Exchange Commission (the ``Commission'') is soliciting 
comments on the collection of information summarized below. The 
Commission plans to submit this existing collection of information to 
the Office of Management and Budget (``OMB'') for extension and 
approval.
    Rule 498 (17 CFR 230.498) under the Securities Act of 1933 (15 
U.S.C. 77a et seq.) (``Securities Act'') permits open-end management 
investment companies (``funds'') to satisfy their prospectus delivery 
obligations under the Securities Act by sending or giving key 
information directly to investors in the form of a summary prospectus 
(``Summary Prospectus'') and providing the statutory prospectus on a 
Web site. Upon an investor's request, funds are also required to send 
the statutory prospectus to the investor. In addition, under rule 498, 
a fund that relies on the rule to meet its statutory prospectus 
delivery obligations must make available, free of charge, the fund's 
current Summary Prospectus, statutory prospectus, statement of 
additional information, and most recent annual and semi-annual reports 
to shareholders at the Web site address specified in the required 
Summary Prospectus legend.\1\ A Summary Prospectus that complies with 
rule 498 is deemed to be a prospectus that is authorized under Section 
10(b) of the Securities Act and Section 24(g) of the Investment Company 
Act of 1940 (15 U.S.C. 80a-1 et seq.).
---------------------------------------------------------------------------

    \1\ 17 CFR 270.498(e)(1).
---------------------------------------------------------------------------

    The purpose of rule 498 is to enable a fund to provide investors 
with a Summary Prospectus containing key information necessary to 
evaluate an investment in the fund. Unlike many other federal 
information collections, which are primarily for the use and benefit of 
the collecting agency, this information collection is primarily for the 
use and benefit of investors. The information filed with the Commission 
also permits the verification of compliance with securities law 
requirements and assures the public availability and dissemination of 
the information.
    Based on an analysis of fund filings, the Commission estimates that 
approximately 10,532 portfolios are using a Summary Prospectus. The 
Commission estimates that the annual hourly burden per portfolio 
associated with the compilation of the information required on the 
cover page or the beginning of the Summary Prospectus is 0.5 hours, and 
estimates that the annual hourly burden per portfolio to comply with 
the Web site posting requirement is approximately 1 hour, requiring a 
total of 1.5 hours per portfolio per year.\2\ Thus the total annual 
hour burden associated with these requirements of the rule is 
approximately 15,798.\3\ The Commission estimates that the annual cost 
burden is approximately $15,900 per portfolio, for a total annual cost 
burden of approximately $167,458,800.\4\
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    \2\ 0.5 hours per portfolio + 1 hour per portfolio = 1.5 hours 
per portfolio. The Commission believes that funds that have opted to 
use the Summary Prospectus have already incurred the estimated one-
time hour burden to initially comply with rule 498, and therefore 
the estimated burden hours to initially comply with rule 498 and the 
associated costs are not included in these estimates.
    \3\ 1.5 hours per portfolio x 10,532 portfolios = 15,798 hours.
    \4\ $15,900 per portfolio x 9,082 portfolios = $144,403,800.
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    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. Under rule 498, use of the Summary Prospectus is 
voluntary, but the rule's requirements regarding provision of the 
statutory prospectus upon investor request are mandatory for funds that 
elect to send or give a Summary Prospectus in reliance upon rule 498. 
The information provided under rule 498 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 collections of 
information are 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 burdens 
of the collections of information; (c) ways to enhance the quality, 
utility, and clarity of the information collected; and (d) ways to 
minimize the burdens of the collections 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: July 31, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-16391 Filed 8-3-17; 8:45 am]
 BILLING CODE 8011-01-P
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