Submission for OMB Review; Comment Request, 46527 [2018-19879]
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Federal Register / Vol. 83, No. 178 / Thursday, September 13, 2018 / Notices
154 for the householding of
prospectuses relating to open-end
management investment companies that
are registered under the Investment
Company Act of 1940 (‘‘mutual funds’’)
must explain to investors who have
provided written or implied consent
how they can revoke their consent.3
Preparing and sending the notice and
the annual explanation of the right to
revoke are collections of information.
The rule allows issuers, underwriters,
or dealers to household prospectuses if
certain conditions are met. Among the
conditions with which a person relying
on the rule must comply are providing
notice to each investor that only one
prospectus will be sent to the household
and, in the case of issuers that are
mutual funds, providing to each
investor who consents to householding
an annual explanation of the right to
revoke consent to the delivery of a
single prospectus to multiple investors
sharing an address. The purpose of the
notice and annual explanation
requirements of the rule is to ensure that
investors who wish to receive
individual copies of prospectuses are
able to do so.
Although rule 154 is not limited to
mutual funds, the Commission believes
that it is used mainly by mutual funds
and by broker-dealers that deliver
prospectuses for mutual funds. The
Commission is unable to estimate the
number of issuers other than mutual
funds that rely on the rule.
The Commission estimates that, as of
August 2018, there are approximately
1,590 mutual funds, approximately 400
of which engage in direct marketing and
therefore deliver their own
prospectuses. Of the approximately 400
mutual funds that engage in direct
marketing, the Commission estimates
that approximately half of these mutual
funds (200) (i) do not send the implied
consent notice requirement because
they obtain affirmative written consent
to household prospectuses in the fund’s
account opening documentation; or (ii)
do not take advantage of the
householding provision because of
electronic delivery options which lessen
the economic and operational benefits
of rule 154 when compared with the
costs of compliance.
The Commission estimates that there
are approximately 175 broker-dealers
that carry customer accounts for the
remaining mutual funds and therefore
may be required to deliver mutual fund
prospectuses. The Commission
estimates that each affected brokerdealer will spend, on average, 20 hours
complying with the notice requirement
3 See
Rule 154(c).
VerDate Sep<11>2014
19:20 Sep 12, 2018
Jkt 244001
of the rule, for a total of 3,500 hours.
Therefore, the total number of
respondents for rule 154 is 475 (300 4
mutual funds plus 175 broker-dealers),
and the estimated total hour burden is
approximately 7,975 hours (4,300 hours
for mutual funds plus 3,675 hours for
broker-dealers).
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 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 burden of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden 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 Candace
Kenner, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: September 7, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–19881 Filed 9–12–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–335, OMB Control No.
3235–0381]
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
4 The Commission estimates that 200 mutual
funds prepare both the implied consent notice and
the annual explanation of the right to revoke
consent + 100 mutual funds that prepare only the
annual explanation of the right to revoke.
Frm 00052
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 this
request for extension of the previously
approved collection of information
discussed below.
Form 40–F (17 CFR 249.240f) is used
by certain Canadian issuers to register a
class of securities pursuant to Section
12(b) or (g) of the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) (15 U.S.C.
78l) or as an annual report pursuant to
Section 13(a) or 15(d) of the Exchange
Act (15 U.S.C. 78m(a) or 78o(d)). The
information required in the Form 40–F
is used by investors in making
investment decisions with respect to the
securities of such Canadian companies.
We estimate that Form 40–F takes
approximately 429.93 hours per
response and is filed by approximately
132 respondents. We estimate that 25%
of the 429.93 hours per response (107.48
hours) is prepared by the issuer for a
total reporting burden of 14,187 (107.48
hours per response × 132 responses).
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
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:
Lindsay.M.Abate@omb.eop.gov; and (ii)
Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Candace
Kenner, 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: September 7, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–19879 Filed 9–12–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Extension:
Form 40–F
PO 00000
46527
Fmt 4703
Sfmt 4703
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
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13SEN1
]]>Agencies
[Federal Register Volume 83, Number 178 (Thursday, September 13, 2018)]
[Notices]
[Page 46527]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19879]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-335, OMB Control No. 3235-0381]
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:
Form 40-F
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 this request for extension of the previously approved
collection of information discussed below.
Form 40-F (17 CFR 249.240f) is used by certain Canadian issuers to
register a class of securities pursuant to Section 12(b) or (g) of the
Securities Exchange Act of 1934 (``Exchange Act'') (15 U.S.C. 78l) or
as an annual report pursuant to Section 13(a) or 15(d) of the Exchange
Act (15 U.S.C. 78m(a) or 78o(d)). The information required in the Form
40-F is used by investors in making investment decisions with respect
to the securities of such Canadian companies. We estimate that Form 40-
F takes approximately 429.93 hours per response and is filed by
approximately 132 respondents. We estimate that 25% of the 429.93 hours
per response (107.48 hours) is prepared by the issuer for a total
reporting burden of 14,187 (107.48 hours per response x 132 responses).
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 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 Candace
Kenner, 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: September 7, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-19879 Filed 9-12-18; 8:45 am]
BILLING CODE 8011-01-P
