Submission for OMB Review; Comment Request, 51645-51646 [2019-21080]

Download as PDF Federal Register / Vol. 84, No. 189 / Monday, September 30, 2019 / Notices Washington, September 24, 2019 OVERSEAS PRIVATE INVESTMENT CORPORATION [FR Doc. 2019–21181 Filed 9–27–19; 8:45 am] BILLING CODE 3210–01–P Memorandum on the Delegation of Functions and Authorities Under the Better Utilization of Investments Leading to Development Act of 2018 khammond on DSKJM1Z7X2PROD with NOTICES Dated: September 24, 2019. Catherine F.I. Andrade, Corporate Secretary, Overseas Private Investment Corporation. MEMORANDUM FOR THE PRESIDENT OF THE OVERSEAS PRIVATE INVESTMENT CORPORATION THE ADMINISTRATOR OF THE UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT SUBJECT: Delegation of Functions and Authorities under the Better Utilization of Investments Leading to Development Act of 2018 By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 1462 of title VI of division F of Public Law 115–254 (section 9682 of title 22, United States Code) (the ‘‘Act’’), and section 301 of title 3, United States Code, I hereby delegate to the President of the Overseas Private Investment Corporation, in consultation with the Administrator of the United States Agency for International Development, the functions and authorities vested in the President by the Act to submit a reorganization plan, including any modifications or revisions thereto, and to consult with the appropriate congressional committees on such plan, including any modifications and revisions thereto. The President of the Overseas Private Investment Corporation is authorized and directed to publish this memorandum in the Federal Register. DONALD J. TRUMP THE WHITE HOUSE 19:16 Sep 27, 2019 Jkt 247001 Postal Service TM. ACTION: Notice. AGENCY: A ‘‘Memorandum on the Delegation of Functions and Authorities under the Better Utilization of Investments Leading to Development Act of 2018’’ was issued by the President on September 24, 2019. The President authorized and directed the President of the Overseas Private Investment Corporation to publish this memorandum in the Federal Register. The text of the memorandum is set out below. VerDate Sep<11>2014 [FR Doc. 2019–21145 Filed 9–27–19; 8:45 am] Product Change—Priority Mail Express and Priority Mail Negotiated Service Agreement Overseas Private Investment Corporation. ACTION: Notice. Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2019–205, CP2019–227. Sean Robinson, Attorney, Corporate and Postal Business Law. POSTAL SERVICE AGENCY: 51645 BILLING CODE 7710–12–P POSTAL SERVICE Product Change—First-Class Package Service Negotiated Service Agreement The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. DATES: Date of required notice: September 30, 2019. FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202–268–8405. SUPPLEMENTARY INFORMATION: The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on September 25, 2019, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Express & Priority Mail Contract 99 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2019–204, CP2019–226. SUMMARY: Sean Robinson, Attorney, Corporate and Postal Business Law. [FR Doc. 2019–21144 Filed 9–27–19; 8:45 am] BILLING CODE 7710–12–P Postal ServiceTM. Notice. AGENCY: ACTION: The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. DATES: Date of required notice: September 30, 2019. FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202–268–8405. SUPPLEMENTARY INFORMATION: The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on September 25, 2019, it filed with the Postal Regulatory Commission a USPS Request to Add First-Class Package Service Contract 104 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2019–206, CP2019–228. SUMMARY: Sean Robinson, Attorney, Corporate and Postal Business Law. [FR Doc. 2019–21146 Filed 9–27–19; 8:45 am] BILLING CODE 7710–12–P POSTAL SERVICE Product Change—Priority Mail Negotiated Service Agreement Postal Notice. AGENCY: ACTION: ServiceTM. The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. DATES: Date of required notice: September 30, 2019. FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202–268–8405. SUPPLEMENTARY INFORMATION: The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on September 25, 2019, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Contract 552 to SUMMARY: PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–793, OMB Control No. 3235–0734] 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: Rule 22c–1 Notice is hereby given that pursuant to 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 E:\FR\FM\30SEN1.SGM 30SEN1 51646 Federal Register / Vol. 84, No. 189 / Monday, September 30, 2019 / Notices khammond on DSKJM1Z7X2PROD with NOTICES approved collection of information discussed below. Rule 22c–1 (17 CFR 270.22c–1) under the Investment Company Act of 1940 (15 U.S.C. 80a) (the ‘‘Investment Company Act’’ or ‘‘Act’’) enables a fund to choose to use ‘‘swing pricing’’ as a tool to mitigate shareholder dilution. Rule 22c–1 is intended to promote investor protection by providing funds with an additional tool to mitigate the potentially dilutive effects of shareholder purchase or redemption activity and a set of operational standards that allow funds to gain comfort using swing pricing as a means of mitigating potential dilution. The respondents to amended rule 22c–1 are open-end management investment companies (other than money market funds or exchange-traded funds) that engage in swing pricing. Compliance with rule 22c–1(a)(3) is mandatory for any fund that chooses to use swing pricing to adjust its NAV in reliance on the rule. While we are not aware of any funds that have engaged in swing pricing,1 we are estimating for the purpose of this analysis that 5 fund complexes have funds that may adopt swing pricing policies and procedures in the future pursuant to the rule. We estimate that the total burden associated with the preparation and approval of swing pricing policies and procedures by those fund complexes that would use swing pricing will be 280 hours.2 We also estimate that it will cost a fund complex $43,406 to document, review and initially approve these policies and procedures, for a total cost of $217,030.3 Rule 22c–1 requires a fund that uses swing pricing to maintain the fund’s 1 No funds have engaged in swing pricing as reported on Form N–CEN as of August 14, 2019. 2 This estimate is based on the following calculation: (48 + 2 + 6) hours × 5 fund complexes = 280 hours. 3 These estimates are based on the following calculations: 24 hours × $201 (hourly rate for a senior accountant) = $4,824; 24 hours × $463 (blended hourly rate for assistant general counsel ($433) and chief compliance officer ($493)) = $11,112; 2 hours (for a fund attorney’s time to prepare materials for the board’s determinations) × $340 (hourly rate for a compliance attorney) = $680; 6 hours × $4,465 (hourly rate for a board of 8 directors) = $26,790; ($4,824 + $11,112 + $680 + $26,790) = $43,406; $43,406 × 5 fund complexes = $217,030. The hourly wages used are from SIFMA’s Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. The staff previously estimated in 2009 that the average cost of board of director time was $4,000 per hour for the board as a whole, based on information received from funds and their counsel. Adjusting for inflation, the staff estimates that the current average cost of board of director time is approximately $4,465. VerDate Sep<11>2014 19:16 Sep 27, 2019 Jkt 247001 swing policies and procedures that are in effect, or at any time within the past six years were in effect, in an easily accessible place.4 The rule also requires a fund to retain a written copy of the periodic report provided to the board prepared by the swing pricing administrator that describes, among other things, the swing pricing administrator’s review of the adequacy of the fund’s swing pricing policies and procedures and the effectiveness of their implementation, including the impact on mitigating dilution and any backtesting performed.5 The retention of these records is necessary to allow the staff during examinations of funds to determine whether a fund is in compliance with its swing pricing policies and procedures and with rule 22c–1. We estimate a time cost per fund complex of $292.6 We estimate that the total for recordkeeping related to swing pricing will be 20 hours, at an aggregate cost of $1,460, for all fund complexes that we believe include funds that have adopted swing pricing policies and procedures.7 Amortized over a three-year period, we believe that the hour burdens and time costs associated with rule 22c–1, including the burden associated with the requirements that funds adopt policies and procedures, obtain board approval, and periodic review of an annual written report from the swing pricing administrator, and retain certain records and written reports related to swing pricing, will result in an average aggregate annual burden of 113.3 hours, and average aggregate time costs of $73,803.8 These estimates of average costs are made solely for the purposes of the Paperwork Reduction Act. The estimate is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. This collection of information is necessary to obtain a benefit and will not be 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 OMB control number. The public may view the background documentation for this information 4 See rule 22c–1(a)(3)(iii). id. 6 This estimate is based on the following calculations: 2 hours × $58 (hourly rate for a general clerk) = $116; 2 hours × $88 (hourly rate for a senior computer operator) = $176. $116 + $176 = $292. 7 These estimates are based on the following calculations: 4 hours × 5 fund complexes = 20 hours. 5 fund complexes × $292 = $1,460. 8 These estimates are based on the following calculations: (280 hours (year 1) + (3 × 20 hours) (years 1, 2 and 3)) ÷ 3 = 113.3 hours; ($217,030 (year 1) + (3 × $1,460) (years 1, 2 and 3)) ÷ 3 = $73,803. 5 See PO 00000 Frm 00139 Fmt 4703 Sfmt 4703 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: September 24, 2019. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–21080 Filed 9–27–19; 8:45 am] BILLING CODE P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–87071; File No. SR– NYSEArca–2019–39] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend NYSE Arca Rule 8.201–E (Commodity-Based Trust Shares) and To List and Trade Shares of the United States Bitcoin and Treasury Investment Trust Under NYSE Arca Rule 8.201–E September 24, 2019. On June 12, 2019, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend NYSE Arca Rule 8.201–E and to list and trade shares (‘‘Shares’’) of the United States Bitcoin and Treasury Investment Trust (‘‘Trust’’) under NYSE Arca Rule 8.201–E, as proposed to be amended. The proposed rule change was published for comment in the Federal Register on July 1, 2019.3 On August 12, 2019, pursuant to Section 19(b)(2) of the Act,4 the Commission designated a longer period 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 86195 (June 25, 2019), 84 FR 31373 (July 1, 2019) (‘‘Notice’’). Comments on the proposed rule change can be found at: https://www.sec.gov/comments/srnysearca-2019-39/srnysearca201939.htm. 4 15 U.S.C. 78s(b)(2). 2 17 E:\FR\FM\30SEN1.SGM 30SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 84, Number 189 (Monday, September 30, 2019)]
[Notices]
[Pages 51645-51646]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-21080]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-793, OMB Control No. 3235-0734]


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:
    Rule 22c-1

    Notice is hereby given that pursuant to 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

[[Page 51646]]

approved collection of information discussed below.
    Rule 22c-1 (17 CFR 270.22c-1) under the Investment Company Act of 
1940 (15 U.S.C. 80a) (the ``Investment Company Act'' or ``Act'') 
enables a fund to choose to use ``swing pricing'' as a tool to mitigate 
shareholder dilution. Rule 22c-1 is intended to promote investor 
protection by providing funds with an additional tool to mitigate the 
potentially dilutive effects of shareholder purchase or redemption 
activity and a set of operational standards that allow funds to gain 
comfort using swing pricing as a means of mitigating potential 
dilution.
    The respondents to amended rule 22c-1 are open-end management 
investment companies (other than money market funds or exchange-traded 
funds) that engage in swing pricing. Compliance with rule 22c-1(a)(3) 
is mandatory for any fund that chooses to use swing pricing to adjust 
its NAV in reliance on the rule.
    While we are not aware of any funds that have engaged in swing 
pricing,\1\ we are estimating for the purpose of this analysis that 5 
fund complexes have funds that may adopt swing pricing policies and 
procedures in the future pursuant to the rule. We estimate that the 
total burden associated with the preparation and approval of swing 
pricing policies and procedures by those fund complexes that would use 
swing pricing will be 280 hours.\2\ We also estimate that it will cost 
a fund complex $43,406 to document, review and initially approve these 
policies and procedures, for a total cost of $217,030.\3\
---------------------------------------------------------------------------

    \1\ No funds have engaged in swing pricing as reported on Form 
N-CEN as of August 14, 2019.
    \2\ This estimate is based on the following calculation: (48 + 2 
+ 6) hours x 5 fund complexes = 280 hours.
    \3\ These estimates are based on the following calculations: 24 
hours x $201 (hourly rate for a senior accountant) = $4,824; 24 
hours x $463 (blended hourly rate for assistant general counsel 
($433) and chief compliance officer ($493)) = $11,112; 2 hours (for 
a fund attorney's time to prepare materials for the board's 
determinations) x $340 (hourly rate for a compliance attorney) = 
$680; 6 hours x $4,465 (hourly rate for a board of 8 directors) = 
$26,790; ($4,824 + $11,112 + $680 + $26,790) = $43,406; $43,406 x 5 
fund complexes = $217,030. The hourly wages used are from SIFMA's 
Management & Professional Earnings in the Securities Industry 2013, 
modified by Commission staff to account for an 1800-hour work-year 
and inflation, and multiplied by 5.35 to account for bonuses, firm 
size, employee benefits, and overhead. The staff previously 
estimated in 2009 that the average cost of board of director time 
was $4,000 per hour for the board as a whole, based on information 
received from funds and their counsel. Adjusting for inflation, the 
staff estimates that the current average cost of board of director 
time is approximately $4,465.
---------------------------------------------------------------------------

    Rule 22c-1 requires a fund that uses swing pricing to maintain the 
fund's swing policies and procedures that are in effect, or at any time 
within the past six years were in effect, in an easily accessible 
place.\4\ The rule also requires a fund to retain a written copy of the 
periodic report provided to the board prepared by the swing pricing 
administrator that describes, among other things, the swing pricing 
administrator's review of the adequacy of the fund's swing pricing 
policies and procedures and the effectiveness of their implementation, 
including the impact on mitigating dilution and any back-testing 
performed.\5\ The retention of these records is necessary to allow the 
staff during examinations of funds to determine whether a fund is in 
compliance with its swing pricing policies and procedures and with rule 
22c-1. We estimate a time cost per fund complex of $292.\6\ We estimate 
that the total for recordkeeping related to swing pricing will be 20 
hours, at an aggregate cost of $1,460, for all fund complexes that we 
believe include funds that have adopted swing pricing policies and 
procedures.\7\
---------------------------------------------------------------------------

    \4\ See rule 22c-1(a)(3)(iii).
    \5\ See id.
    \6\ This estimate is based on the following calculations: 2 
hours x $58 (hourly rate for a general clerk) = $116; 2 hours x $88 
(hourly rate for a senior computer operator) = $176. $116 + $176 = 
$292.
    \7\ These estimates are based on the following calculations: 4 
hours x 5 fund complexes = 20 hours. 5 fund complexes x $292 = 
$1,460.
---------------------------------------------------------------------------

    Amortized over a three-year period, we believe that the hour 
burdens and time costs associated with rule 22c-1, including the burden 
associated with the requirements that funds adopt policies and 
procedures, obtain board approval, and periodic review of an annual 
written report from the swing pricing administrator, and retain certain 
records and written reports related to swing pricing, will result in an 
average aggregate annual burden of 113.3 hours, and average aggregate 
time costs of $73,803.\8\
---------------------------------------------------------------------------

    \8\ These estimates are based on the following calculations: 
(280 hours (year 1) + (3 x 20 hours) (years 1, 2 and 3)) / 3 = 113.3 
hours; ($217,030 (year 1) + (3 x $1,460) (years 1, 2 and 3)) / 3 = 
$73,803.
---------------------------------------------------------------------------

    These estimates of average costs are made solely for the purposes 
of the Paperwork Reduction Act. The estimate is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules.
    This collection of information is necessary to obtain a benefit and 
will not be 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 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: 
[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: September 24, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-21080 Filed 9-27-19; 8:45 am]
BILLING CODE P

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