Proposed Collection; Comment Request, 6057 [2018-02795]
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Federal Register / Vol. 83, No. 29 / Monday, February 12, 2018 / Notices
should be submitted on or before March
5, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–02721 Filed 2–9–18; 8:45 am]
BILLING CODE 8011–01–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 23c–1, SEC File No. 270–253, OMB
Control No. 3235–0260.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), 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 for extension
and approval.
Rule 23c–1(a) under the Investment
Company Act (17 CFR 270.23c–1(a))
permits a closed-end fund to repurchase
its securities for cash if, in addition to
the other requirements set forth in the
rule, the following conditions are met:
(i) Payment of the purchase price is
accompanied or preceded by a written
confirmation of the purchase (‘‘written
confirmation’’); (ii) the asset coverage
per unit of the security to be purchased
is disclosed to the seller or his agent
(‘‘asset coverage disclosure’’); and (iii) if
the security is a stock, the fund has,
within the preceding six months,
informed stockholders of its intention to
purchase stock (‘‘six month notice’’).
Commission staff estimates that 91
closed-end funds undertake a total of
364 repurchases annually under rule
23c–1.1 Staff estimates further that, with
14 17
CFR 200.30–3(a)(12).
number of closed-end funds that undertake
repurchases annually under rule 23c–1 is based on
information provided in response to Item 9 of Form
N–CSR from January 1, 2017 through December 31,
2017. Although 136 closed-end funds made
disclosures regarding ‘‘publicly announced’’
repurchase plans in response to Item 9, not all
repurchases are made pursuant to rule 23c–1. We
estimate that approximately 30% of such closedend funds have not made repurchases pursuant to
rule 23c–1. Therefore, our estimate does not include
all 136 funds that made disclosures of publicly
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19:23 Feb 09, 2018
Jkt 244001
respect to each repurchase, each fund
spends 2.5 hours to comply with the
rule’s written confirmation, asset
coverage disclosure and six month
notice requirements. Thus, Commission
staff estimates the total annual
respondent reporting burden is 910
hours.2 Commission staff further
estimates that the cost of the hourly
burden per repurchase is $305 (one half
hour of a compliance attorney’s time at
$345 per hour,3 and two hours of
clerical time at $66 per hour 4). The total
annual cost for all funds is estimated to
be $111,020.5
In addition, the fund must file with
the Commission a copy of any written
solicitation to purchase securities given
by or on behalf of the fund to 10 or more
persons. The copy must be filed as an
exhibit to Form N–CSR (17 CFR
249.331and 274.128).6 The burden
associated with filing Form N–CSR is
addressed in the submission related to
that form.
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 and forms.
Written comments are invited on: (a)
Whether the collection of information is
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 burden of
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
announced repurchases under Item 9, but only a
subset thereof (91 funds). We also estimate that
each of the 91 funds undertook an average of 4
repurchases annually (91 funds × 4 repurchases =
364 repurchases annually).
2 This estimate is based on the following
calculation: 364 repurchases × 2.5 hours per
repurchase = 910 hours.
3 The $345/hour figure for a compliance attorney
is from SIFMA’s Management & Professional
Earnings in the Securities Industry 2013, modified
by Commission staff to account for an 1800-hour
work-year and multiplied by 5.35 to account for
bonuses, firm size, employee benefits and overhead
(includes a CPI inflation adjustment from the 2013
estimate).
4 The $66/hour figure for a compliance clerk is
from SIFMA’s Office Salaries in the Securities
Industry 2013, modified by Commission staff to
account for an 1800-hour work-year and multiplied
by 2.93 to account for bonuses, firm size, employee
benefits and overhead (includes a CPI inflation
adjustment from the 2013 estimate).
5 This estimate is based on the following
calculation: 364 repurchases × $305 per repurchase
= $111,020.
6 In addition, Item 9 of Form N–CSR requires
closed-end funds to disclose information similar to
the information that was required in Form N–23C–
1, which was discontinued in 2004.
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
6057
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: February 7, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–02795 Filed 2–9–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82635; File No. SR–
NYSENAT–2018–03]
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Amend Certain of the
Governing Documents of Its
Intermediate Parent Companies
February 6, 2018.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’),2 and Rule 19b–4 thereunder,3
notice is hereby given that, on January
29, 2018, NYSE National, Inc. (the
‘‘Exchange’’ or ‘‘NYSE National’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
certain of the governing documents of
its intermediate parent companies
Intercontinental Exchange Holdings,
Inc. (‘‘ICE Holdings’’), NYSE Holdings
LLC (‘‘NYSE Holdings’’) and NYSE
Group, Inc. (‘‘NYSE Group’’) to make a
technical change updating the registered
office and registered agent in the state
of Delaware. The proposed change is
available on the Exchange’s website at
www.nyse.com, at the principal office of
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
E:\FR\FM\12FEN1.SGM
12FEN1
]]>Agencies
[Federal Register Volume 83, Number 29 (Monday, February 12, 2018)]
[Notices]
[Page 6057]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-02795]
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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 23c-1, SEC File No. 270-253, OMB Control No. 3235-0260.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 350l-3520), 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 for extension and approval.
Rule 23c-1(a) under the Investment Company Act (17 CFR 270.23c-
1(a)) permits a closed-end fund to repurchase its securities for cash
if, in addition to the other requirements set forth in the rule, the
following conditions are met: (i) Payment of the purchase price is
accompanied or preceded by a written confirmation of the purchase
(``written confirmation''); (ii) the asset coverage per unit of the
security to be purchased is disclosed to the seller or his agent
(``asset coverage disclosure''); and (iii) if the security is a stock,
the fund has, within the preceding six months, informed stockholders of
its intention to purchase stock (``six month notice''). Commission
staff estimates that 91 closed-end funds undertake a total of 364
repurchases annually under rule 23c-1.\1\ Staff estimates further that,
with respect to each repurchase, each fund spends 2.5 hours to comply
with the rule's written confirmation, asset coverage disclosure and six
month notice requirements. Thus, Commission staff estimates the total
annual respondent reporting burden is 910 hours.\2\ Commission staff
further estimates that the cost of the hourly burden per repurchase is
$305 (one half hour of a compliance attorney's time at $345 per
hour,\3\ and two hours of clerical time at $66 per hour \4\). The total
annual cost for all funds is estimated to be $111,020.\5\
---------------------------------------------------------------------------
\1\ The number of closed-end funds that undertake repurchases
annually under rule 23c-1 is based on information provided in
response to Item 9 of Form N-CSR from January 1, 2017 through
December 31, 2017. Although 136 closed-end funds made disclosures
regarding ``publicly announced'' repurchase plans in response to
Item 9, not all repurchases are made pursuant to rule 23c-1. We
estimate that approximately 30% of such closed-end funds have not
made repurchases pursuant to rule 23c-1. Therefore, our estimate
does not include all 136 funds that made disclosures of publicly
announced repurchases under Item 9, but only a subset thereof (91
funds). We also estimate that each of the 91 funds undertook an
average of 4 repurchases annually (91 funds x 4 repurchases = 364
repurchases annually).
\2\ This estimate is based on the following calculation: 364
repurchases x 2.5 hours per repurchase = 910 hours.
\3\ The $345/hour figure for a compliance attorney is from
SIFMA's Management & Professional Earnings in the Securities
Industry 2013, modified by Commission staff to account for an 1800-
hour work-year and multiplied by 5.35 to account for bonuses, firm
size, employee benefits and overhead (includes a CPI inflation
adjustment from the 2013 estimate).
\4\ The $66/hour figure for a compliance clerk is from SIFMA's
Office Salaries in the Securities Industry 2013, modified by
Commission staff to account for an 1800-hour work-year and
multiplied by 2.93 to account for bonuses, firm size, employee
benefits and overhead (includes a CPI inflation adjustment from the
2013 estimate).
\5\ This estimate is based on the following calculation: 364
repurchases x $305 per repurchase = $111,020.
---------------------------------------------------------------------------
In addition, the fund must file with the Commission a copy of any
written solicitation to purchase securities given by or on behalf of
the fund to 10 or more persons. The copy must be filed as an exhibit to
Form N-CSR (17 CFR 249.331and 274.128).\6\ The burden associated with
filing Form N-CSR is addressed in the submission related to that form.
---------------------------------------------------------------------------
\6\ In addition, Item 9 of Form N-CSR requires closed-end funds
to disclose information similar to the information that was required
in Form N-23C-1, which was discontinued in 2004.
---------------------------------------------------------------------------
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 and forms.
Written comments are invited on: (a) Whether the collection of
information is 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 burden of
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.
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: [email protected].
Dated: February 7, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-02795 Filed 2-9-18; 8:45 am]
BILLING CODE 8011-01-P
