Submission for OMB Review; Comment Request, 3459-3460 [2018-01337]

Download as PDF Federal Register / Vol. 83, No. 17 / Thursday, January 25, 2018 / Notices HOUR BURDEN FOR REPORTS ON FORM N–CSR Number of funds ....................... Number of filings per fund per year ....................................... Hour burden per fund per filing Hour burden per fund per year (7.31 hours per filing × 2 filings per year) ........................ Additional aggregate annual burden for closed-end funds 3 11,856 Total annual hour burden .. 5 174,085 2 7.31 14.62 4 750 sradovich on DSK3GMQ082PROD with NOTICES In total, the Commission estimates it will take 174,085 burden hours per year for all funds to prepare and file reports on Form N–CSR. Based on the Commission’s estimate of 174,085 burden hours and an estimated wage rate of approximately $324 per hour,6 the total internal annual cost to registrants of the hour burden for complying with Form N–CSR requirements is approximately $56 million.7 Estimates of average burden hours and costs are made solely for the purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. Compliance with the collection of information requirements of Form N– CSR is mandatory. Responses to the collection of information will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to a collection of 3 This estimate is based on the following calculation: 11,856 management investment companies = (1,594 exchange-traded funds ¥ eight organized as unit investment trusts + 750 closedend funds + 481 money market funds + 9,039 other mutual funds). 4 This estimate is based on the following calculation: 750 hours = (750 closed-end funds × 1 hour per closed-end fund). 5 This estimate is based on the following calculation: 174,085 hours = 750 hours + (11,856 funds × 14.62 burden hours per fund per year). 6 The Commission’s estimate concerning the wage rate is based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association. The estimated wage figure is based on published rates for compliance attorneys and senior programmers, modified to account for an 1,800-hour work year and inflation; multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead; and adjusted to account for the effects of inflation, yielding effective hourly rates of $340 and $308, respectively. See Securities Industry and Financial Markets Association, Report on Management & Professional Earnings in the Securities Industry 2013. We estimate that compliance attorneys and senior programmers would divide their time equally, yielding an estimated hourly wage rate of $324. ($340 per hour for compliance attorneys + $308 per hour for senior programmers) ÷ 2 = $324 per hour. 7 174,085 hours × $324 per hour = $56,403,540 per year. VerDate Sep<11>2014 17:37 Jan 24, 2018 Jkt 244001 information unless it displays a currently valid OMB control number. The public may view the background documentation for this information collection at the following website, 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: January 19, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–01338 Filed 1–24–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–173, OMB Control No. 3235–0178] 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 31a–1. 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. Rule 31a–1 (17 CFR 270.31a–1) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a) is entitled ‘‘Records to be maintained by registered investment companies, certain majorityowned subsidiaries thereof, and other persons having transactions with registered investment companies.’’ Rule 31a–1 requires registered investment companies (‘‘funds’’), and every underwriter, broker, dealer, or investment adviser that is a majorityowned subsidiary of a fund, to maintain and keep current accounts, books, and other documents which constitute the record forming the basis for financial PO 00000 Frm 00007 Fmt 4703 Sfmt 4703 3459 statements required to be filed pursuant to section 31 of the Act (15 U.S.C. 80a– 30) and of the auditor’s certificates relating thereto. The rule lists specific records to be maintained by funds. The rule also requires certain underwriters, brokers, dealers, depositors, and investment advisers to maintain the records that they are required to maintain under federal securities laws. The Commission periodically inspects the operations of funds to insure their compliance with the provisions of the Act and the rules thereunder. The books and records required to be maintained by rule 31a–1 constitute a major focus of the Commission’s inspection program. There are approximately 4029 investment companies registered with the Commission, all of which are required to comply with rule 31a–1. For purposes of determining the burden imposed by rule 31a–1, the Commission staff estimates that each fund is divided into approximately four series, on average, and that each series is required to comply with the recordkeeping requirements of rule 31a–1. Based on conversations with fund representatives, it is estimated that rule 31a–1 imposes an average burden of approximately 1750 hours annually per series for a total of 7000 annual hours per fund. The estimated total annual burden for all 4029 funds subject to the rule therefore is approximately 28,203,000 hours. Based on conversations with fund representatives, however, the Commission staff estimates that even absent the requirements of rule 31a–1, 90 percent of the records created pursuant to the rule are the type that generally would be created as a matter of normal business practice and to prepare financial statements. Thus, the Commission staff estimates that the total annual burden associated with rule 31a– 1 is 2,820,300 hours. 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. The collection of information required by rule 31a–1 is mandatory. Responses will not be kept confidential. The records required by rule 31a–1 are required to be preserved pursuant to rule 31a–2 under the Investment Company Act (17 CFR 270.31a–2). Rule 31a–2 requires that certain of these records be preserved permanently, and that others be preserved six years from the end of the fiscal year in which any transaction occurred. In both cases, the records should be kept in an easily accessible place for the first two years. An agency may not conduct or sponsor, and a E:\FR\FM\25JAN1.SGM 25JAN1 3460 Federal Register / Vol. 83, No. 17 / Thursday, January 25, 2018 / Notices 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 website, 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: January 19, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–01337 Filed 1–24–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–316, OMB Control No. 3235–0359] 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. sradovich on DSK3GMQ082PROD with NOTICES Extension: Form N–17f–1. 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 (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Form N–17f–1 (17 CFR 274.219) is entitled ‘‘Certificate of Accounting of Securities and Similar Investments of a Management Investment Company in the Custody of Members of National Securities Exchanges.’’ The form serves as a cover sheet to the accountant’s certificate that is required to be filed periodically with the Commission pursuant to rule 17f–1 (17 CFR 270.17f– 1) under the Act, entitled ‘‘Custody of Securities with Members of National Securities Exchanges,’’ which sets forth the conditions under which a fund may VerDate Sep<11>2014 17:37 Jan 24, 2018 Jkt 244001 place its assets in the custody of a member of a national securities exchange. Rule 17f–1 requires, among other things, that an independent public accountant verify the fund’s assets at the end of every annual and semi-annual fiscal period, and at least one other time during the fiscal year as chosen by the independent accountant. Requiring an independent accountant to examine the fund’s assets in the custody of a member of a national securities exchange assists Commission staff in its inspection program and helps to ensure that the fund assets are subject to proper auditing procedures. The accountant’s certificate stating that it has made an examination, and describing the nature and the extent of the examination, must be attached to Form N–17f–1 and filed with the Commission promptly after each examination. The form facilitates the filing of the accountant’s certificates, and increases the accessibility of the certificates to both Commission staff and interested investors. Commission staff estimates that it takes: (i) 1 Hour of clerical time to prepare and file Form N–17f–1; and (ii) 0.5 hour for the fund’s chief compliance officer to review Form N–17f–1 prior to filing with the Commission, for a total of 1.5 hours. Each fund is required to make 3 filings annually, for a total annual burden per fund of approximately 4.5 hours.1 Commission staff estimates that an average of 6 funds currently file Form N–17f–1 with the Commission 3 times each year, for a total of 18 responses annually.2 The total annual hour burden for Form N– 17f–1 is therefore estimated to be approximately 27 hours.3 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. Compliance with the collections of information required by Form N–17f–1 is mandatory for funds that place their assets in the custody of a national securities exchange member. Responses 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 control number. The public may view the background documentation for this information 1 This estimate is based on the following calculation: (1.5 hours × 3 responses annually = 4.5 hours). 2 This estimate is based on a review of Form N– 17f–1 filings made with the Commission over the last three years. 3 This estimate is based on the following calculations: (4.5 hours × 6 funds = 27 total hours). PO 00000 Frm 00008 Fmt 4703 Sfmt 4703 collection at the following website, 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: January 19, 2018. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–01339 Filed 1–24–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–516, OMB Control No. 3235–0574] 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 3a–8. 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 a request for extension of the previously approved collection of information discussed below. Rule 3a–8 (17 CFR 270.3a–8) of the Investment Company Act of 1940 (15 U.S.C. 80a) (the ‘‘Act’’), serves as a nonexclusive safe harbor from investment company status for certain research and development companies (‘‘R&D companies’’). The rule requires that the board of directors of an R&D company seeking to rely on the safe harbor adopt an appropriate resolution evidencing that the company is primarily engaged in a non-investment business and record that resolution contemporaneously in its minute books or comparable documents.1 An R&D company seeking to rely on the safe harbor must retain these records only as long as such 1 Rule E:\FR\FM\25JAN1.SGM 3a–8(a)(6) (17 CFR 270.3a–8(6)). 25JAN1

Agencies

[Federal Register Volume 83, Number 17 (Thursday, January 25, 2018)]
[Notices]
[Pages 3459-3460]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01337]


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

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-173, OMB Control No. 3235-0178]


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 31a-1.

    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.
    Rule 31a-1 (17 CFR 270.31a-1) under the Investment Company Act of 
1940 (the ``Act'') (15 U.S.C. 80a) is entitled ``Records to be 
maintained by registered investment companies, certain majority-owned 
subsidiaries thereof, and other persons having transactions with 
registered investment companies.'' Rule 31a-1 requires registered 
investment companies (``funds''), and every underwriter, broker, 
dealer, or investment adviser that is a majority-owned subsidiary of a 
fund, to maintain and keep current accounts, books, and other documents 
which constitute the record forming the basis for financial statements 
required to be filed pursuant to section 31 of the Act (15 U.S.C. 80a-
30) and of the auditor's certificates relating thereto. The rule lists 
specific records to be maintained by funds. The rule also requires 
certain underwriters, brokers, dealers, depositors, and investment 
advisers to maintain the records that they are required to maintain 
under federal securities laws. The Commission periodically inspects the 
operations of funds to insure their compliance with the provisions of 
the Act and the rules thereunder. The books and records required to be 
maintained by rule 31a-1 constitute a major focus of the Commission's 
inspection program.
    There are approximately 4029 investment companies registered with 
the Commission, all of which are required to comply with rule 31a-1. 
For purposes of determining the burden imposed by rule 31a-1, the 
Commission staff estimates that each fund is divided into approximately 
four series, on average, and that each series is required to comply 
with the recordkeeping requirements of rule 31a-1. Based on 
conversations with fund representatives, it is estimated that rule 31a-
1 imposes an average burden of approximately 1750 hours annually per 
series for a total of 7000 annual hours per fund. The estimated total 
annual burden for all 4029 funds subject to the rule therefore is 
approximately 28,203,000 hours. Based on conversations with fund 
representatives, however, the Commission staff estimates that even 
absent the requirements of rule 31a-1, 90 percent of the records 
created pursuant to the rule are the type that generally would be 
created as a matter of normal business practice and to prepare 
financial statements. Thus, the Commission staff estimates that the 
total annual burden associated with rule 31a-1 is 2,820,300 hours.
    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. The collection 
of information required by rule 31a-1 is mandatory. Responses will not 
be kept confidential. The records required by rule 31a-1 are required 
to be preserved pursuant to rule 31a-2 under the Investment Company Act 
(17 CFR 270.31a-2). Rule 31a-2 requires that certain of these records 
be preserved permanently, and that others be preserved six years from 
the end of the fiscal year in which any transaction occurred. In both 
cases, the records should be kept in an easily accessible place for the 
first two years. An agency may not conduct or sponsor, and a

[[Page 3460]]

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 website, 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: 
[email protected]; 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: [email protected]. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: January 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01337 Filed 1-24-18; 8:45 am]
 BILLING CODE 8011-01-P
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