Submission for OMB Review; Comment Request, 48545 [2017-22542]

Download as PDF Federal Register / Vol. 82, No. 200 / Wednesday, October 18, 2017 / Notices 2017–86, and should be submitted on or before November 8, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–22538 Filed 10–17–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–574, OMB Control No. 3235–0648] 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 ethrower on DSK3G9T082PROD with NOTICES Extension: Rule 498 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. 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 18 17 1 17 CFR 200.30–3(a)(12). CFR 270.498(e)(1). VerDate Sep<11>2014 17:50 Oct 17, 2017 Jkt 244001 Company Act of 1940 (15 U.S.C. 80a–1 et seq.). 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 the 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 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 00070 Fmt 4703 Sfmt 4703 48545 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. October 12, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–22542 Filed 10–17–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81859; File No. SR– BatsEDGA–2017–26] Self-Regulatory Organizations; Bats EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Certain Rules To Add New Optional Functionality to Orders With a Minimum Quantity Instruction October 12, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 5, 2017, Bats EDGA Exchange, Inc. (‘‘Exchange’’ or ‘‘EDGA’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ‘‘noncontroversial’’ proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 2 17 E:\FR\FM\18OCN1.SGM 18OCN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 82, Number 200 (Wednesday, October 18, 2017)]
[Notices]
[Page 48545]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22542]


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SECURITIES AND EXCHANGE COMMISSION

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


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 498

    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'') has submitted 
to the Office of Management and Budget (``OMB'') a request for 
extension of the previously approved collection of information 
discussed below.
    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\
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    Estimates of the 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.
    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.

    October 12, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-22542 Filed 10-17-17; 8:45 am]
BILLING CODE 8011-01-P

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