Sunshine Act Meetings, 12633 [2020-04433]
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Federal Register / Vol. 85, No. 42 / Tuesday, March 3, 2020 / Notices
lotter on DSKBCFDHB2PROD with NOTICES
the board,1 total director time to adopt
the charter is 2 hours. Combined with
an estimated 1⁄2 hour of paralegal time
to prepare the charter for board review,
the staff estimates a total one-time
collection of information burden of 21⁄2
hours for each fund. Once a board
adopts an audit committee charter, the
charter is preserved as part of the fund’s
records. Commission staff estimates that
there is no annual hourly burden
associated with preserving the charter in
accordance with this rule.2
Because virtually all existing funds
have now adopted audit committee
charters, the annual one-time collection
of information burden associated with
adopting audit committee charters is
limited to the burden incurred by newly
established funds. Commission staff
estimates that fund sponsors establish
approximately 90 new funds each year,3
and that all of these funds will adopt an
audit committee charter in order to rely
on rule 32a–4. Thus, Commission staff
estimates that the annual one-time hour
burden associated with adopting an
audit committee charter under rule 32a–
4 is approximately225 hours.4
When funds adopt an audit committee
charter in order to rely on rule 32a–4,
they also may incur one-time costs
related to hiring outside counsel to
prepare the charter. Commission staff
estimates that those costs average
approximately $1,500 per fund. 5 As
noted above, Commission staff estimates
that approximately 90 new funds each
year will adopt an audit committee
charter in order to rely on rule 32a–4.
Thus, Commission staff estimates that
the ongoing annual cost burden
associated with rule 32a-4 in the future
will be approximately $135,000.6
These estimates of average costs are
made solely for the purposes of the
Paperwork Reduction Act. The
1 This estimate is based on staff experience and
on discussions with a representative of an entity
that surveys funds and calculates fund board
statistics based on responses to its surveys.
2 This estimate is based on staff experience and
discussions with funds regarding the hour burden
related to maintenance of the charter.
3 This estimate is based on the average number of
notifications of registration on Form N–8A filed
from2017 2019.
4 This estimate is based on the following
calculation: (2.5 burden hours for establishing
charter × 90 new funds = 225 burden hours).
5 Costs may vary based on the individual needs
of each fund. However, based on the staff’s
experience and conversations with outside counsel
that prepare these charters, legal fees related to the
preparation and adoption of an audit committee
charter usually average $1500 or less. The
Commission also understands that model audit
committee charters are available, which reduces the
costs associated with drafting a charter.
6 This estimate is based on the following
calculations: ($1500 cost of adopting charter × 90
newly established funds = $135,000).
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estimates are not derived from a
comprehensive or even a representative
survey or study of the costs of
Commission rules. The collections of
information required by rule 32a–4 are
necessary to obtain the benefits of the
rule. The Commission is seeking OMB
approval, because 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.
Written comments are invited on: (a)
Whether the collection of information is
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 estimates of the burdens
of the collections of information; (c)
ways to enhance the quality, utility, and
clarity of the information collected; and
(d) ways to minimize the burdens 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 David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: February 27, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–04351 Filed 3–2–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: To be published.
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, March 4, 2020
at 10:00 a.m.
The Open
Meeting scheduled for Wednesday,
March 4, 2020 at 10:00 a.m. has been
changed to Wednesday, March 4, 2020
at 11:00 a.m.
CHANGES IN THE MEETING:
CONTACT PERSON FOR MORE INFORMATION:
For further information and to ascertain
what, if any, matters have been added,
deleted or postponed, please contact the
Office of the Secretary at (202) 551–
5400.
PO 00000
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12633
Dated: February 28, 2020.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2020–04433 Filed 2–28–20; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–231, OMB Control No.
3235–0229]
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–17D–1
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Section 17(d) (15 U.S.C. 80a–17(d)) of
the Investment Company Act of 1940
(‘‘Act’’) authorizes the Commission to
adopt rules that protect funds and their
security holders from overreaching by
affiliated persons when the fund and the
affiliated person participate in any joint
enterprise or other joint arrangement or
profit-sharing plan. Rule 17d–1 under
the Act (17 CFR 270.17d–1) prohibits
funds and their affiliated persons from
participating in a joint enterprise, unless
an application regarding the transaction
has been filed with and approved by the
Commission. Paragraph (d)(3) of the rule
provides an exemption from this
requirement for any loan or advance of
credit to, or acquisition of securities or
other property of, a small business
concern, or any agreement to do any of
the foregoing (‘‘investments’’) made by a
small business investment company
(‘‘SBIC’’) and an affiliated bank,
provided that reports about the
investments are made on forms the
Commission may prescribe. Rule 17d–2
(17 CFR 270.17d–2) designates Form N–
17D–1 (17 CFR 274.200) (‘‘form’’) as the
form for reports required by rule 17d–
1.
SBICs and their affiliated banks use
form N–17D–1 to report any
contemporaneous investments in a
small business concern. The form
provides shareholders and persons
seeking to make an informed decision
about investing in an SBIC an
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]]>Agencies
[Federal Register Volume 85, Number 42 (Tuesday, March 3, 2020)]
[Notices]
[Page 12633]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-04433]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meetings
FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: To be published.
PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Wednesday, March 4,
2020 at 10:00 a.m.
CHANGES IN THE MEETING: The Open Meeting scheduled for Wednesday, March
4, 2020 at 10:00 a.m. has been changed to Wednesday, March 4, 2020 at
11:00 a.m.
CONTACT PERSON FOR MORE INFORMATION: For further information and to
ascertain what, if any, matters have been added, deleted or postponed,
please contact the Office of the Secretary at (202) 551-5400.
Dated: February 28, 2020.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2020-04433 Filed 2-28-20; 4:15 pm]
BILLING CODE 8011-01-P
