Submission for OMB Review; Comment Request, 4098-4099 [2018-01602]
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Federal Register / Vol. 83, No. 19 / Monday, January 29, 2018 / Notices
3. Shares will be purchased and
redeemed in Creation Units and
generally on an in-kind basis. Except
where the purchase or redemption will
include cash under the limited
circumstances specified in the
application, purchasers will be required
to purchase Creation Units by
depositing specified instruments
(‘‘Deposit Instruments’’), and
shareholders redeeming their shares
will receive specified instruments
(‘‘Redemption Instruments’’). The
Deposit Instruments and the
Redemption Instruments will each
correspond pro rata to the positions in
the Fund’s portfolio (including cash
positions) except as specified in the
application.
4. Because shares will not be
individually redeemable, applicants
request an exemption from section
5(a)(1) and section 2(a)(32) of the Act
that would permit the Funds to register
as open-end management investment
companies and issue shares that are
redeemable in Creation Units only.
5. Applicants also request an
exemption from section 22(d) of the Act
and rule 22c–1 under the Act as
secondary market trading in shares will
take place at negotiated prices, not at a
current offering price described in a
Fund’s prospectus, and not at a price
based on NAV. Applicants state that (a)
secondary market trading in shares does
not involve a Fund as a party and will
not result in dilution of an investment
in shares, and (b) to the extent different
prices exist during a given trading day,
or from day to day, such variances occur
as a result of third-party market forces,
such as supply and demand. Therefore,
applicants assert that secondary market
transactions in shares will not lead to
discrimination or preferential treatment
among purchasers. Finally, applicants
represent that share market prices will
be disciplined by arbitrage
opportunities, which should prevent
shares from trading at a material
discount or premium from NAV.
6. With respect to Funds that effect
creations and redemptions of Creation
Units in kind and that are based on
certain Underlying Indexes that include
foreign securities, applicants request
relief from the requirement imposed by
section 22(e) in order to allow such
Funds to pay redemption proceeds
within fifteen calendar days following
the tender of Creation Units for
redemption. Applicants assert that the
requested relief would not be
inconsistent with the spirit and intent of
Funds to maintain full portfolio transparency will
help address, together with other protections,
conflicts of interest with respect to such Funds.
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section 22(e) to prevent unreasonable,
undisclosed or unforeseen delays in the
actual payment of redemption proceeds.
7. Applicants request an exemption to
permit Funds of Funds to acquire Fund
shares beyond the limits of section
12(d)(1)(A) of the Act; and the Funds,
and any principal underwriter for the
Funds, and/or any broker or dealer
registered under the Exchange Act, to
sell shares to Funds of Funds beyond
the limits of section 12(d)(1)(B) of the
Act. The application’s terms and
conditions are designed to, among other
things, help prevent any potential (i)
undue influence over a Fund through
control or voting power, or in
connection with certain services,
transactions, and underwritings, (ii)
excessive layering of fees, and (iii)
overly complex fund structures, which
are the concerns underlying the limits
in sections 12(d)(1)(A) and (B) of the
Act.
8. Applicants request an exemption
from sections 17(a)(1) and 17(a)(2) of the
Act to permit persons that are Affiliated
Persons, or Second-Tier Affiliates, of the
Funds, solely by virtue of certain
ownership interests, to effectuate
purchases and redemptions in-kind. The
deposit procedures for in-kind
purchases of Creation Units and the
redemption procedures for in-kind
redemptions of Creation Units will be
the same for all purchases and
redemptions and Deposit Instruments
and Redemption Instruments will be
valued in the same manner as those
investment positions currently held by
the Funds. Applicants also seek relief
from the prohibitions on affiliated
transactions in section 17(a) to permit a
Fund to sell its shares to and redeem its
shares from a Fund of Funds, and to
engage in the accompanying in-kind
transactions with the Fund of Funds.3
The purchase of Creation Units by a
Fund of Funds directly from a Fund will
be accomplished in accordance with the
policies of the Fund of Funds and will
be based on the NAVs of the Funds.
9. Section 6(c) of the Act permits the
Commission to exempt any persons or
transactions from any provision of the
Act if such exemption is necessary or
appropriate in the public interest and
consistent with the protection of
investors and the purposes fairly
3 The requested relief would apply to direct sales
of shares in Creation Units by a Fund to a Fund of
Funds and redemptions of those shares. Applicants
are not seeking relief from section 17(a) for, and the
requested relief will not apply to, transactions
where a Fund could be deemed an Affiliated
Person, or a Second-Tier Affiliate, of a Fund of
Funds because an Adviser or an entity controlling,
controlled by or under common control with an
Adviser provides investment advisory services to
that Fund of Funds.
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intended by the policy and provisions of
the Act. Section 12(d)(1)(J) of the Act
provides that the Commission may
exempt any person, security, or
transaction, or any class or classes of
persons, securities, or transactions, from
any provision of section 12(d)(1) if the
exemption is consistent with the public
interest and the protection of investors.
Section 17(b) of the Act authorizes the
Commission to grant an order
permitting a transaction otherwise
prohibited by section 17(a) if it finds
that (a) the terms of the proposed
transaction are fair and reasonable and
do not involve overreaching on the part
of any person concerned; (b) the
proposed transaction is consistent with
the policies of each registered
investment company involved; and (c)
the proposed transaction is consistent
with the general purposes of the Act.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–01549 Filed 1–26–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–425 OMB Control No.
3235–0468]
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213
Extension:
Rule 10A–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
(‘‘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 10A–1 (17 CFR 240.10A–1)
implements the reporting requirements
in Section 10A of the Exchange Act (15
U.S.C. 78j–1), which was enacted by
Congress on December 22, 1995 as part
of the Private Securities Litigation
Reform Act of 1995, Public Law 104–67,
109 Stat 737. Under section 10A and
Rule 10A–1 reporting occurs only if a
registrant’s board of directors receives a
report from its auditor that (1) there is
an illegal act material to the registrant’s
financial statements, (2) senior
E:\FR\FM\29JAN1.SGM
29JAN1
sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 19 / Monday, January 29, 2018 / Notices
management and the board have not
taken timely and appropriate remedial
action, and (3) the failure to take such
action is reasonably expected to warrant
the auditor’s modification of the audit
report or resignation from the audit
engagement. The board of directors
must notify the Commission within one
business day of receiving such a report.
If the board fails to provide that notice,
then the auditor, within the next
business day, must provide the
Commission with a copy of the report
that it gave to the board.
Likely respondents are those
registrants filing audited financial
statements under the Securities
Exchange Act of 1934 (15 U.S.C. 78a, et
seq.) and the Investment Company Act
of 1940 (15 U.S.C. 80a–1, et seq.).
It is estimated that Rule 10A–1 results
in an aggregate additional reporting
burden of 5 hours per year. The
estimated average burden hours are
solely for purposes of the Paperwork
Reduction Act and are not derived from
a comprehensive or even a
representative survey or study of the
costs of SEC rules or forms.
There are no recordkeeping retention
periods in Rule 10A–1. Because of the
one business day reporting periods,
recordkeeping retention periods should
not be significant.
Filing the notice or report under Rule
10A–1 is mandatory once the conditions
noted above have been satisfied.
Because these notices and reports
discuss potential illegal acts, they are
considered to be investigative records
and are 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 information
discussed in this notice at
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, 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.
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19:42 Jan 26, 2018
Jkt 244001
Dated: January 24, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–01602 Filed 1–26–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–613, OMB Control No.
3235–0712]
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:
Credit Risk Retention—Regulation RR.
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’’) 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 for extension
and approval.
Credit Risk Retention (‘‘Regulation
RR’’) (17 CFR 246.1 through 246.22)
recordkeeping and disclosure
requirements implement Section 15G of
the Securities Exchange Act of 1934 (15
U.S.C. 78o–11) Section 15G clarifies the
scope and application of Section 306(a)
of the Sarbanes-Oxley Act of 2002 (15
U.S.C. 7244(a)). Section 306(a) of the
Sarbanes-Oxley Act requires, among
other things, an issuer to provide timely
notice to its directors and executive
officers and to the Commission of the
imposition of a blackout period that
would trigger a trading prohibition
under Section 306(a)(1) of the SarbanesOxley Act. Section 306(a)(1) prohibits
any director or executive officer of an
issuer of any equity security, from
directly or indirectly, purchasing,
selling or otherwise acquiring or
transferring any equity security of that
issuer during the blackout period with
respect to such equity security, if the
director or executive officer acquired
the equity security in connection with
his or her service or employment.
Approximately 1,647 issuers file using
Regulation RR responses and it takes
approximately 14.389 hours per
response. We estimate that 75% of the
14.389 hours per response (10.792
hours) is prepared by the registrant for
a total annual reporting burden of
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4099
17,774 hours (10.792 hours per response
× 1,647 responses).
Written comments are invited on: (a)
Whether this collection of information
is necessary for the proper performance
of the functions of the agency, including
whether the information will have
practical utility; (b) the accuracy of the
agency’s estimate of the burden imposed
by the collection of information; (c)
ways to enhance the quality, utility, and
clarity of the information collected; and
(d) ways to minimize the burden of the
collection 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.
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.
Please direct your written comment to
Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: January 24, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–01600 Filed 1–26–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–305, OMB Control No.
3235–0346]
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 34b–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.
Rule 34b–1 under the Investment
Company Act (17 CFR 270.34b–1)
governs sales material that accompanies
or follows the delivery of a statutory
E:\FR\FM\29JAN1.SGM
29JAN1
]]>Agencies
[Federal Register Volume 83, Number 19 (Monday, January 29, 2018)]
[Notices]
[Pages 4098-4099]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01602]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-425 OMB Control No. 3235-0468]
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213
Extension:
Rule 10A-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 (``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 10A-1 (17 CFR 240.10A-1) implements the reporting requirements
in Section 10A of the Exchange Act (15 U.S.C. 78j-1), which was enacted
by Congress on December 22, 1995 as part of the Private Securities
Litigation Reform Act of 1995, Public Law 104-67, 109 Stat 737. Under
section 10A and Rule 10A-1 reporting occurs only if a registrant's
board of directors receives a report from its auditor that (1) there is
an illegal act material to the registrant's financial statements, (2)
senior
[[Page 4099]]
management and the board have not taken timely and appropriate remedial
action, and (3) the failure to take such action is reasonably expected
to warrant the auditor's modification of the audit report or
resignation from the audit engagement. The board of directors must
notify the Commission within one business day of receiving such a
report. If the board fails to provide that notice, then the auditor,
within the next business day, must provide the Commission with a copy
of the report that it gave to the board.
Likely respondents are those registrants filing audited financial
statements under the Securities Exchange Act of 1934 (15 U.S.C. 78a, et
seq.) and the Investment Company Act of 1940 (15 U.S.C. 80a-1, et
seq.).
It is estimated that Rule 10A-1 results in an aggregate additional
reporting burden of 5 hours per year. The estimated average burden
hours are solely for purposes of the Paperwork Reduction Act and are
not derived from a comprehensive or even a representative survey or
study of the costs of SEC rules or forms.
There are no recordkeeping retention periods in Rule 10A-1. Because
of the one business day reporting periods, recordkeeping retention
periods should not be significant.
Filing the notice or report under Rule 10A-1 is mandatory once the
conditions noted above have been satisfied. Because these notices and
reports discuss potential illegal acts, they are considered to be
investigative records and are 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 information discussed in this notice at
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, 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 24, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01602 Filed 1-26-18; 8:45 am]
BILLING CODE 8011-01-P
