Submission to OMB; Comment Request, 55223-55224 [2018-23962]
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Federal Register / Vol. 83, No. 213 / Friday, November 2, 2018 / Notices
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:
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 by sending 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. 2018–23960 Filed 11–1–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–603, OMB Control No.
3235–0658]
Submission to OMB; 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 22e–3
Notice is hereby given that, under the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501–3520), 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.
Section 22(e) of the Investment
Company Act [15 U.S.C. 80a–22(e)]
(‘‘Act’’) generally prohibits funds,
including money market funds, from
suspending the right of redemption, and
from postponing the payment or
satisfaction upon redemption of any
redeemable security for more than seven
days. The provision was designed to
prevent funds and their investment
advisers from interfering with the
redemption rights of shareholders for
improper purposes, such as the
preservation of management fees.
Although section 22(e) permits funds to
VerDate Sep<11>2014
17:57 Nov 01, 2018
Jkt 247001
postpone the date of payment or
satisfaction upon redemption for up to
seven days, it does not permit funds to
suspend the right of redemption for any
amount of time, absent certain specified
circumstances or a Commission order.
Rule 22e–3 under the Act [17 CFR
270.22e–3] exempts money market
funds from section 22(e) to permit them
to suspend redemptions in order to
facilitate an orderly liquidation of the
fund. Specifically, rule 22e–3 permits a
money market fund to suspend
redemptions and postpone the payment
of proceeds pending board-approved
liquidation proceedings if: (i) The fund’s
board of directors, including a majority
of disinterested directors, determines
pursuant to § 270.2a–7(c)(8)(ii)(C) that
the extent of the deviation between the
fund’s amortized cost price per share
and its current net asset value per share
calculated using available market
quotations (or an appropriate substitute
that reflects current market conditions)
may result in material dilution or other
unfair results to investors or existing
shareholders; (ii) the fund’s board of
directors, including a majority of
disinterested directors, irrevocably
approves the liquidation of the fund;
and (iii) the fund, prior to suspending
redemptions, notifies the Commission of
its decision to liquidate and suspend
redemptions. Rule 22e–3 also provides
an exemption from section 22(e) for
registered investment companies that
own shares of a money market fund
pursuant to section 12(d)(1)(E) of the
Act (‘‘conduit funds’’), if the underlying
money market fund has suspended
redemptions pursuant to the rule. A
conduit fund that suspends redemptions
in reliance on the exemption provided
by rule 22e–3 is required to provide
prompt notice of the suspension of
redemptions to the Commission. Notices
required by the rule must be provided
by electronic mail, directed to the
attention of the Director of the Division
of Investment Management or the
Director’s designee.1 Compliance with
the notification requirement is
mandatory for money market funds and
conduit funds that rely on rule 22e–3 to
suspend redemptions and postpone
payment of proceeds pending a
liquidation, and are not kept
confidential.
Commission staff estimates that, on
average, one money market fund would
break the buck and liquidate every six
years.2 In addition, Commission staff
1 See
rule 22e–3(a)(3).
estimate is based upon the Commission’s
experience with the frequency with which money
market funds have historically required sponsor
support. Although the vast majority of money
2 This
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Frm 00082
Fmt 4703
Sfmt 4703
55223
estimates that there are an average of
two conduit funds that may be invested
in a money market fund that breaks the
buck.3 Commission staff further
estimates that a money market fund or
conduit fund would spend
approximately one hour of an in-house
attorney’s time to prepare and submit
the notice required by the rule. Given
these estimates, the total annual burden
of the notification requirement of rule
22e–3 for all money market funds and
conduit funds would be approximately
30 minutes,4 at a cost of $201.5
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.
Compliance with the collection of
information requirements of the rule is
necessary to obtain the benefit of relying
on the rule. 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
market fund sponsors have supported their money
market funds in times of market distress, for
purposes of this estimate Commission staff
conservatively estimates that one or more sponsors
may not provide support.
3 Based on a review of filings with the
Commission, Commission staff estimates that 2.3
conduit funds are invested in each master fund.
However, master funds account for only 5.1% of all
money market funds. Solely for the purposes of this
information collection, and to avoid
underestimating possible burdens, the Commission
conservatively assumes that any money market that
breaks the buck and liquidates would be a master
fund.
4 This estimate is based on the following
calculations: (1 hour ÷ 6 years) = 10 minutes per
year for each fund and conduit fund that is required
to provide notice under the rule. 10 minutes per
year × 3 (combined number of affected funds and
conduit funds) = 30 minutes.
5 This estimate is based on the following
calculation: $401/hour × 30 minutes = $200.50. The
estimated hourly wages used in this PRA analysis
were derived from reports prepared by the
Securities Industry and Financial Markets
Association, modified to account for an 1800-hour
work year and multiplied by 5.35 to account for
bonuses, firm size, employee benefits and overhead,
and adjusted for inflation.
E:\FR\FM\02NON1.SGM
02NON1
55224
Federal Register / Vol. 83, No. 213 / Friday, November 2, 2018 / Notices
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. 2018–23962 Filed 11–1–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–282, OMB Control No.
3235–0318]
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:
Form N–4
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’’) 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.
The collection of information is
entitled: ‘‘Form N–4 (17 CFR 239.17b)
under the Securities Act of 1933 and (17
CFR 274.11c) under the Investment
Company Act of 1940, registration
statement of separate accounts
organized as unit investment trust.’’
Form N–4 is the form used by insurance
company separate accounts organized as
unit investment trusts that offer variable
annuity contracts to register as
investment companies under the
Investment Company Act of 1940 (15
U.S.C. 80a–1 et seq.) and/or to register
their securities under the Securities Act
of 1933 (15 U.S.C. 77a et seq.). Section
5 of the Securities Act (15 U.S.C. 77e)
requires the filing of a registration
statement prior to the offer of securities
to the public and that the registration
statement be effective before any
securities are sold, and Section 8 of the
Investment Company Act (15 U.S.C.
80a–8) provides for the registration of
investment companies. Pursuant to
Form N–4, separate accounts organized
as unit investment trusts that offer
variable annuity contracts provide
investors with a prospectus and a
statement of additional information
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17:57 Nov 01, 2018
Jkt 247001
covering essential information about a
separate account. Section 5(b) of the
Securities Act requires that investors be
provided with a prospectus containing
the information required in a
registration statement prior to or at the
time of sale or delivery of securities.
The purpose of Form N–4 is to meet
the filing and disclosure requirements of
the Securities Act and the Investment
Company Act and to enable filers to
provide investors with information
necessary to evaluate an investment in
a security. The information required to
be filed with the Commission permits
verification of compliance with
securities law requirements and assures
the public availability and
dissemination of the information.
The estimated annual number of
filings on Form N–4 is 35 initial
registration statements and 1,326 posteffective amendments. The estimated
average number of portfolios per filing
is one, both for initial registration
statements and post-effective
amendments on Form N–4.
Accordingly, the estimated number of
portfolios referenced in initial Form N–
4 filings annually is 35 and the
estimated number of portfolios
referenced in post-effective amendment
filings on Form N–4 annually is 1,326.
The estimate of the annual hour burden
for Form N–4 is approximately 278.5
hours per initial registration statement
and 197.25 hours per post-effective
amendment, for a total of 271,301 hours
((35 initial registration statements ×
278.5 hours) + (1,326 post-effective
amendments × 197.25 hours)).
The current estimated annual cost
burden for preparing an initial Form N–
4 filing is $24,858 per portfolio and the
current estimated annual cost burden
for preparing a post-effective
amendment filing on Form N–4 is
$23,561 per portfolio. The Commission
estimates that, on an annual basis, 35
portfolios will be referenced in initial
Form N–4 filings and 1,326 portfolios
will be referenced in post-effective
amendment filings on Form N–4. Thus,
the estimated total annual cost burden
allocated to Form N 4 would be
$32,111,916 ((35 × $24,858) + (1,326 ×
$23,561)).
Providing the information required by
Form N–4 is mandatory. Responses will
not be kept confidential. 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 a
representative survey or study of the
costs of Commission rules and forms.
An agency may not conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
displays a currently valid control
number.
Written comments are invited on: (a)
Whether the proposed 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 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 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.
Dated: October 29, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–23957 Filed 11–1–18; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Docket No.: SBA–2018–0010]
Development Company Loan
Program—Job Creation and Retention
Requirements; Additional Areas for
Higher Portfolio Average
U.S. Small Business
Administration.
ACTION: Notification of changes to
Development Company Program;
request for comments.
AGENCY:
The Small Business
Administration (SBA) is changing the
job creation or retention requirements
under its Development Company Loan
Program (504 Loan Program) by
increasing the dollar amounts used in
calculating the number of jobs that must
be created or retained for each 504
Project and for the portfolio average of
each Certified Development Company.
In addition, SBA is designating
additional areas for application of the
higher portfolio average.
DATES: Applicability Date: The job
creation or retention requirements and
the designation of the additional areas
that are described in this document will
apply to all 504 loans that are approved
SUMMARY:
E:\FR\FM\02NON1.SGM
02NON1
]]>Agencies
[Federal Register Volume 83, Number 213 (Friday, November 2, 2018)]
[Notices]
[Pages 55223-55224]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23962]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-603, OMB Control No. 3235-0658]
Submission to OMB; 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 22e-3
Notice is hereby given that, under the Paperwork Reduction Act of
1995 (44 U.S.C. 3501-3520), 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.
Section 22(e) of the Investment Company Act [15 U.S.C. 80a-22(e)]
(``Act'') generally prohibits funds, including money market funds, from
suspending the right of redemption, and from postponing the payment or
satisfaction upon redemption of any redeemable security for more than
seven days. The provision was designed to prevent funds and their
investment advisers from interfering with the redemption rights of
shareholders for improper purposes, such as the preservation of
management fees. Although section 22(e) permits funds to postpone the
date of payment or satisfaction upon redemption for up to seven days,
it does not permit funds to suspend the right of redemption for any
amount of time, absent certain specified circumstances or a Commission
order.
Rule 22e-3 under the Act [17 CFR 270.22e-3] exempts money market
funds from section 22(e) to permit them to suspend redemptions in order
to facilitate an orderly liquidation of the fund. Specifically, rule
22e-3 permits a money market fund to suspend redemptions and postpone
the payment of proceeds pending board-approved liquidation proceedings
if: (i) The fund's board of directors, including a majority of
disinterested directors, determines pursuant to Sec. 270.2a-
7(c)(8)(ii)(C) that the extent of the deviation between the fund's
amortized cost price per share and its current net asset value per
share calculated using available market quotations (or an appropriate
substitute that reflects current market conditions) may result in
material dilution or other unfair results to investors or existing
shareholders; (ii) the fund's board of directors, including a majority
of disinterested directors, irrevocably approves the liquidation of the
fund; and (iii) the fund, prior to suspending redemptions, notifies the
Commission of its decision to liquidate and suspend redemptions. Rule
22e-3 also provides an exemption from section 22(e) for registered
investment companies that own shares of a money market fund pursuant to
section 12(d)(1)(E) of the Act (``conduit funds''), if the underlying
money market fund has suspended redemptions pursuant to the rule. A
conduit fund that suspends redemptions in reliance on the exemption
provided by rule 22e-3 is required to provide prompt notice of the
suspension of redemptions to the Commission. Notices required by the
rule must be provided by electronic mail, directed to the attention of
the Director of the Division of Investment Management or the Director's
designee.\1\ Compliance with the notification requirement is mandatory
for money market funds and conduit funds that rely on rule 22e-3 to
suspend redemptions and postpone payment of proceeds pending a
liquidation, and are not kept confidential.
---------------------------------------------------------------------------
\1\ See rule 22e-3(a)(3).
---------------------------------------------------------------------------
Commission staff estimates that, on average, one money market fund
would break the buck and liquidate every six years.\2\ In addition,
Commission staff estimates that there are an average of two conduit
funds that may be invested in a money market fund that breaks the
buck.\3\ Commission staff further estimates that a money market fund or
conduit fund would spend approximately one hour of an in-house
attorney's time to prepare and submit the notice required by the rule.
Given these estimates, the total annual burden of the notification
requirement of rule 22e-3 for all money market funds and conduit funds
would be approximately 30 minutes,\4\ at a cost of $201.\5\
---------------------------------------------------------------------------
\2\ This estimate is based upon the Commission's experience with
the frequency with which money market funds have historically
required sponsor support. Although the vast majority of money market
fund sponsors have supported their money market funds in times of
market distress, for purposes of this estimate Commission staff
conservatively estimates that one or more sponsors may not provide
support.
\3\ Based on a review of filings with the Commission, Commission
staff estimates that 2.3 conduit funds are invested in each master
fund. However, master funds account for only 5.1% of all money
market funds. Solely for the purposes of this information
collection, and to avoid underestimating possible burdens, the
Commission conservatively assumes that any money market that breaks
the buck and liquidates would be a master fund.
\4\ This estimate is based on the following calculations: (1
hour / 6 years) = 10 minutes per year for each fund and conduit fund
that is required to provide notice under the rule. 10 minutes per
year x 3 (combined number of affected funds and conduit funds) = 30
minutes.
\5\ This estimate is based on the following calculation: $401/
hour x 30 minutes = $200.50. The estimated hourly wages used in this
PRA analysis were derived from reports prepared by the Securities
Industry and Financial Markets Association, modified to account for
an 1800-hour work year and multiplied by 5.35 to account for
bonuses, firm size, employee benefits and overhead, and adjusted for
inflation.
---------------------------------------------------------------------------
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.
Compliance with the collection of information requirements of the
rule is necessary to obtain the benefit of relying on the rule. 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
[[Page 55224]]
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. 2018-23962 Filed 11-1-18; 8:45 am]
BILLING CODE 8011-01-P
