Proposed Collection; Comment Request, 4115 [2019-02309]

Download as PDF Federal Register / Vol. 84, No. 31 / Thursday, February 14, 2019 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–02287 Filed 2–13–19; 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 15a–6, SEC File No. 270–0329, OMB Control No. 3235–0371 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 15a–6, (17 CFR 240.15a–6), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 15a–6 provides conditional exemptions from the requirement to register as a broker-dealer pursuant to Section 15 of the Exchange Act (15 U.S.C. 78o) for foreign broker-dealers that engage in certain specified activities involving U.S. persons. In particular, Rule 15a–6(a)(3) provides an exemption from broker-dealer registration for foreign broker-dealers that solicit and effect transactions with or for U.S. institutional investors or major U.S. institutional investors through a registered broker-dealer, provided that the U.S. broker-dealer, among other things, obtains certain information about, and consents to service of process from, the personnel of the foreign broker-dealer involved in such transactions, and maintains certain records in connection therewith. These requirements are intended to ensure (a) that the registered brokerdealer will receive notice of the identity of, and has reviewed the background of, foreign personnel who will contact U.S. investors, (b) that the foreign brokerdealer and its personnel effectively may be served with process in the event enforcement action is necessary, and (c) that the Commission has ready access to 11 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:54 Feb 13, 2019 Jkt 247001 information concerning these persons and their U.S. securities activities. Commission staff estimates that approximately 2,000 U.S. registered broker-dealers will spend an average of two hours of clerical staff time and one hour of managerial staff time per year obtaining the information required by the rule, resulting in a total aggregate burden of 6,000 hours per year for complying with the rule. Assuming an hourly cost of $63 1 for a compliance clerk and $283 2 for a compliance manager, the resultant total internal labor cost of compliance for the respondents is $818,000 per year (2,000 entities × ((2 hours/entity × $63/hour) + (1 hour per entity × $283/hour)) = $818,000). Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates of the burden of the proposed 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 under the PRA unless it displays a currently valid OMB control number. 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: February 11, 2019. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–02309 Filed 2–13–19; 8:45 am] BILLING CODE 8011–01–P 1 The hourly rate used for a compliance clerk was from SIFMA’s Office Salaries in the Securities Industry 2013, modified by Commission staff to account for an 1,800 hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. 2 The hourly rate used for a compliance manager was from SIFMA’s Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for an 1,800 hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 4115 SECURITIES AND EXCHANGE COMMISSION 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–14, SEC File No. 270–297, OMB Control No. 3235–0336 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’’) 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 (‘‘OMB’’) for extension and approval. Form N–14 (17 CFR 239.23) is the form for registration under the Securities Act of 1933 (15 U.S.C. 77a et seq.) (‘‘Securities Act’’) of securities issued by management investment companies registered under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘Investment Company Act’’) and business development companies as defined by Section 2(a)(48) of the Investment Company Act in: (1) A transaction of the type specified in rule 145(a) under the Securities Act (17 CFR 230.145(a)); (2) a merger in which a vote or consent of the security holders of the company being acquired is not required pursuant to applicable state law; (3) an exchange offer for securities of the issuer or another person; (4) a public reoffering or resale of any securities acquired in an offering registered on Form N–14; or (5) two or more of the transactions listed in (1) through (4) registered on one registration statement. The principal purpose of Form N–14 is to make material information regarding securities to be issued in connection with business combination transactions available to investors. 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 such information. Without the registration statement requirement, material information may not necessarily be available to investors. We estimate that approximately 156 funds each file one new registration statement on Form N–14 annually, and that 97 funds each file one amendment E:\FR\FM\14FEN1.SGM 14FEN1

Agencies

[Federal Register Volume 84, Number 31 (Thursday, February 14, 2019)]
[Notices]
[Page 4115]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-02309]


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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 15a-6, SEC File No. 270-0329, OMB Control No. 3235-0371

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the existing 
collection of information provided for in Rule 15a-6, (17 CFR 240.15a-
6), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). 
The Commission plans to submit this existing collection of information 
to the Office of Management and Budget (``OMB'') for extension and 
approval.
    Rule 15a-6 provides conditional exemptions from the requirement to 
register as a broker-dealer pursuant to Section 15 of the Exchange Act 
(15 U.S.C. 78o) for foreign broker-dealers that engage in certain 
specified activities involving U.S. persons. In particular, Rule 15a-
6(a)(3) provides an exemption from broker-dealer registration for 
foreign broker-dealers that solicit and effect transactions with or for 
U.S. institutional investors or major U.S. institutional investors 
through a registered broker-dealer, provided that the U.S. broker-
dealer, among other things, obtains certain information about, and 
consents to service of process from, the personnel of the foreign 
broker-dealer involved in such transactions, and maintains certain 
records in connection therewith.
    These requirements are intended to ensure (a) that the registered 
broker-dealer will receive notice of the identity of, and has reviewed 
the background of, foreign personnel who will contact U.S. investors, 
(b) that the foreign broker-dealer and its personnel effectively may be 
served with process in the event enforcement action is necessary, and 
(c) that the Commission has ready access to information concerning 
these persons and their U.S. securities activities. Commission staff 
estimates that approximately 2,000 U.S. registered broker-dealers will 
spend an average of two hours of clerical staff time and one hour of 
managerial staff time per year obtaining the information required by 
the rule, resulting in a total aggregate burden of 6,000 hours per year 
for complying with the rule. Assuming an hourly cost of $63 \1\ for a 
compliance clerk and $283 \2\ for a compliance manager, the resultant 
total internal labor cost of compliance for the respondents is $818,000 
per year (2,000 entities x ((2 hours/entity x $63/hour) + (1 hour per 
entity x $283/hour)) = $818,000).
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    \1\ The hourly rate used for a compliance clerk was from SIFMA's 
Office Salaries in the Securities Industry 2013, modified by 
Commission staff to account for an 1,800 hour work-year and 
multiplied by 2.93 to account for bonuses, firm size, employee 
benefits and overhead.
    \2\ The hourly rate used for a compliance manager was from 
SIFMA's Management & Professional Earnings in the Securities 
Industry 2013, modified by Commission staff to account for an 1,800 
hour work-year and multiplied by 5.35 to account for bonuses, firm 
size, employee benefits and overhead.
---------------------------------------------------------------------------

    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed 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 under the PRA unless it 
displays a currently valid OMB control number.
    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: February 11, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-02309 Filed 2-13-19; 8:45 am]
 BILLING CODE 8011-01-P
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