Submission for OMB Review; Comment Request, 55221-55222 [2018-23959]
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Federal Register / Vol. 83, No. 213 / Friday, November 2, 2018 / Notices
the Clearing House or Clearing Members
under the Rules and Procedures. As a
result, ICE Clear Europe does not
believe the amendments will impact
competition among Clearing Members
or other market participants, affect the
cost of clearing or affect the ability of
market participants to access clearing
generally.
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants or Others
Written comments relating to the
proposed amendments have not been
solicited or received by ICE Clear
Europe. ICE Clear Europe will notify the
Commission of any comments received
with respect to the proposed rule
change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
(i) Significantly affect the protection
of investors or the public interest;
(ii) impose any significant burden on
competition; and
(iii) become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate, it has become effective
pursuant to Section 19(b)(3)(A)(iii) of
the Act 13 and Rule 19b–4(f)(6)
thereunder.14
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml) or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
ICEEU–2018–014 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–ICEEU–2018–014. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Section, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filings will also be available for
inspection and copying at the principal
office of ICE Clear Europe and on ICE
Clear Europe’s website at https://
www.theice.com/notices/Notices.shtml?
regulatoryFilings. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–ICEEU–2018–014 and
should be submitted on or before
November 23, 2018.
13 15
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Eduardo A. Aleman,
Assistant Secretary.
14 17
[FR Doc. 2018–23968 Filed 11–1–18; 8:45 am]
U.S.C. 78s19(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. ICE Clear Europe has satisfied this
requirement.
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55221
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–519, OMB Control No.
3235–0578]
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 N–Q
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 a
request for extension of the previously
approved collection of information
discussed below.
Form N–Q (17 CFR 249.332 and
274.130) is a reporting form used by
registered management investment
companies, other than small business
investment companies registered on
Form N–5 (‘‘funds’’), under Section
30(b) of the Investment Company Act of
1940 (15 U.S.C. 80a–1 et seq.)
(‘‘Investment Company Act’’) and
Sections 13(a) or 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.). Pursuant to Rule 30b1–5 under the
Investment Company Act (17 CFR
270.30b1–5), funds are required to file
quarterly reports with the Commission
on Form N–Q not more than 60 days
after the close of the first and third
quarters of each fiscal year containing
their complete portfolio holdings.
Additionally, fund management is
required to evaluate the effectiveness of
the fund’s disclosure controls and
procedures within the 90-day period
prior to the filing of a report on Form
N–Q, and such report must also be
signed and certified by the fund’s
principal executive and financial
officers.
We estimate that there are 11,960
funds required to file reports on Form
N–Q. Based on staff experience and
conversations with industry
representatives, we estimate that it takes
approximately 26 hours per fund to
prepare reports on Form N–Q annually.
Accordingly, we estimate that the total
annual burden associated with Form
N–Q is 310,960 hours (26 hours per
fund × 11,960 funds) per year.
The estimates of average burden hours
are made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
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55222
Federal Register / Vol. 83, No. 213 / Friday, November 2, 2018 / Notices
representative survey or study of the
cost of Commission rules and forms.
The collection of information under
Form N–Q is mandatory. The
information provided by the form is not
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
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)
Charles Riddle, Acting 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: October 29, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–23959 Filed 11–1–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copy Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 23c–3 and Form N–23c–3; SEC File
No. 270–373, OMB Control No. 3235–
0422
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
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 23c–3 (17 CFR 270.23c–3) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) permits a
registered closed-end investment
company (‘‘closed-end fund’’ or ‘‘fund’’)
that meets certain requirements to
repurchase common stock of which it is
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the issuer from shareholders at periodic
intervals, pursuant to repurchase offers
made to all holders of the stock. The
rule enables these funds to offer their
shareholders a limited ability to resell
their shares in a manner that previously
was available only to open-end
investment company shareholders. To
protect shareholders, a closed-end fund
that relies on rule 23c–3 must send
shareholders a notification that contains
specified information each time the
fund makes a repurchase offer (on a
quarterly, semi-annual, or annual basis,
or, for certain funds, on a discretionary
basis not more often than every two
years). The fund also must file copies of
the shareholder notification with the
Commission (electronically through the
Commission’s Electronic Data
Gathering, Analysis, and Retrieval
System (‘‘EDGAR’’)) on Form N–23c–3,
a filing that provides certain
information about the fund and the type
of offer the fund is making.1 The fund
must describe in its annual report to
shareholders the fund’s policy
concerning repurchase offers and the
results of any repurchase offers made
during the reporting period. The fund’s
board of directors must adopt written
procedures designed to ensure that the
fund’s investment portfolio is
sufficiently liquid to meet its repurchase
obligations and other obligations under
the rule. The board periodically must
review the composition of the fund’s
portfolio and change the liquidity
procedures as necessary. The fund also
must file copies of advertisements and
other sales literature with the
Commission as if it were an open-end
investment company subject to Section
24 of the Investment Company Act (15
U.S.C. 80a–24) and the rules that
implement Section 24. Rule 24b–3
under the Investment Company Act (17
CFR 270.24b–3), however, exempts the
fund from that requirement if the
materials are filed instead with the
Financial Industry Regulatory Authority
(‘‘FINRA’’).
The requirement that the fund send a
notification to shareholders of each offer
is intended to ensure that a fund
provides material information to
shareholders about the terms of each
offer. The requirement that copies be
sent to the Commission is intended to
enable the Commission to monitor the
fund’s compliance with the notification
requirement. The requirement that the
shareholder notification be attached to
1 Form N–23c–3, entitled ‘‘Notification of
Repurchase Offer Pursuant to Rule 23c–3,’’ requires
the fund to state its registration number, its full
name and address, the date of the accompanying
shareholder notification, and the type of offer being
made (periodic, discretionary, or both).
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Form N–23c–3 is intended to ensure
that the fund provides basic information
necessary for the Commission to process
the notification and to monitor the
fund’s use of repurchase offers. The
requirement that the fund describe its
current policy on repurchase offers and
the results of recent offers in the annual
shareholder report is intended to
provide shareholders current
information about the fund’s repurchase
policies and its recent experience. The
requirement that the board approve and
review written procedures designed to
maintain portfolio liquidity is intended
to ensure that the fund has enough cash
or liquid securities to meet its
repurchase obligations, and that written
procedures are available for review by
shareholders and examination by the
Commission. The requirement that the
fund file advertisements and sales
literature as if it were an open-end fund
is intended to facilitate the review of
these materials by the Commission or
FINRA to prevent incomplete,
inaccurate, or misleading disclosure
about the special characteristics of a
closed-end fund that makes periodic
repurchase offers.
The Commission staff estimates that
33 funds make use of rule 23c–3
annually, including eight funds that are
relying upon rule 23c–3 for the first
time. The Commission staff estimates
that on average a fund spends 89 hours
annually in complying with the
requirements of the rule and Form N–
23c–3, with funds relying upon rule
23c–3 for the first time incurring an
additional one-time burden of 28 hours.
The Commission therefore estimates the
total annual hour burden of the rule’s
and form’s paperwork requirements to
be 3,161 hours. In addition to the
burden hours, the Commission staff
estimates that the average yearly cost to
each fund that relies on rule 23c–3 to
print and mail repurchase offers to
shareholders is about $31,184.88. The
Commission estimates total annual cost
is therefore about $1,029,101.
Estimates of average burden hours
and costs are made solely for 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 the rule
and form is mandatory only for those
funds that rely on the rule in order to
repurchase shares of the fund. The
information provided to the
Commission on Form N–23c–3 will not
be kept confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to a collection of
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]]>Agencies
[Federal Register Volume 83, Number 213 (Friday, November 2, 2018)]
[Notices]
[Pages 55221-55222]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23959]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-519, OMB Control No. 3235-0578]
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 N-Q
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 a request for extension of the
previously approved collection of information discussed below.
Form N-Q (17 CFR 249.332 and 274.130) is a reporting form used by
registered management investment companies, other than small business
investment companies registered on Form N-5 (``funds''), under Section
30(b) of the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.)
(``Investment Company Act'') and Sections 13(a) or 15(d) of the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Pursuant to
Rule 30b1-5 under the Investment Company Act (17 CFR 270.30b1-5), funds
are required to file quarterly reports with the Commission on Form N-Q
not more than 60 days after the close of the first and third quarters
of each fiscal year containing their complete portfolio holdings.
Additionally, fund management is required to evaluate the effectiveness
of the fund's disclosure controls and procedures within the 90-day
period prior to the filing of a report on Form N-Q, and such report
must also be signed and certified by the fund's principal executive and
financial officers.
We estimate that there are 11,960 funds required to file reports on
Form N-Q. Based on staff experience and conversations with industry
representatives, we estimate that it takes approximately 26 hours per
fund to prepare reports on Form N-Q annually. Accordingly, we estimate
that the total annual burden associated with Form N-Q is 310,960 hours
(26 hours per fund x 11,960 funds) per year.
The estimates of average burden hours are made solely for the
purposes of the Paperwork Reduction Act and are not derived from a
comprehensive or even
[[Page 55222]]
representative survey or study of the cost of Commission rules and
forms. The collection of information under Form N-Q is mandatory. The
information provided by the form is not 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 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) Charles Riddle, Acting 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: October 29, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23959 Filed 11-1-18; 8:45 am]
BILLING CODE 8011-01-P
