30 Day Notice-Submission for OMB Review; Comment Request, 41654-41655 [2020-14755]

Download as PDF 41654 Federal Register / Vol. 85, No. 133 / Friday, July 10, 2020 / Notices stock split; or (3) a rights or other subscription offering. There are approximately 7,341 respondents per year. These respondents make a total of approximately 28,407 responses per year. Each response takes approximately 10 minutes to complete. Thus, the total compliance burden per year is approximately 4,735 hours. The total internal labor cost of compliance for respondents associated with providing notice under Rule 10b–17 is approximately $348,412 per year. 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 to be 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 unless it displays a currently valid OMB control number. 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: July 2, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–14751 Filed 7–9–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION jbell on DSKJLSW7X2PROD with NOTICES 30 Day Notice—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 482 SEC File No. 270–508, OMB Control No. 3235–0565 VerDate Sep<11>2014 18:28 Jul 09, 2020 Jkt 250001 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 (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. Like most issuers of securities, when an investment company (‘‘fund’’) 1 offers its shares to the public, its promotional efforts become subject to the advertising restrictions of the Securities Act of 1933 (15 U.S.C. 77) (the ‘‘Securities Act’’). In recognition of the particular problems faced by funds that continually offer securities and wish to advertise their securities, the Commission has previously adopted advertising safe harbor rules. The most important of these is rule 482 (17 CFR 230.482) under the Securities Act, which, under certain circumstances, permits funds to advertise investment performance data, as well as other information. Rule 482 advertisements are deemed to be ‘‘prospectuses’’ under Section 10(b) of the Securities Act (15 U.S.C. 77j(b)). Rule 482 contains certain requirements regarding the disclosure that funds are required to provide in qualifying advertisements. These requirements are intended to encourage the provision to investors of information that is balanced and informative, particularly in the area of investment performance. For example, a fund is required to include disclosure advising investors to consider the fund’s investment objectives, risks, charges and expenses, and other information described in the fund’s prospectus, and highlighting the availability of the fund’s prospectus and, if applicable, its summary prospectus. In addition, rule 482 advertisements that include performance data of open-end funds or insurance company separate accounts offering variable annuity contracts are required to include certain standardized performance information, information about any sales loads or other nonrecurring fees, and a legend warning that past performance does not guarantee future results. Such funds including performance information in rule 482 advertisements are also required to make available to investors month-end performance figures via website disclosure or by a toll-free telephone number, and to disclose the availability of the month-end 1 ‘‘Investment company’’ refers to both investment companies registered under the Investment Company Act of 1940 (‘‘Investment Company Act’’) (15 U.S.C. 80a–1 et seq.) and business development companies. PO 00000 Frm 00140 Fmt 4703 Sfmt 4703 performance data in the advertisement. The rule also sets forth requirements regarding the prominence of certain disclosures, requirements regarding advertisements that make tax representations, requirements regarding advertisements used prior to the effectiveness of the fund’s registration statement, requirements regarding the timeliness of performance data, and certain required disclosures by money market funds. Rule 482 advertisements must be filed with the Commission or, in the alternative, with the Financial Industry Regulatory Authority (‘‘FINRA’’).2 This information collection differs from many other federal information collections that are primarily for the use and benefit of the collecting agency. Rule 482 contains requirements that are intended to encourage the provision to investors of information that is balanced and informative, particularly in the area of investment performance. The Commission is concerned that in the absence of such provisions fund investors may be misled by deceptive rule 482 advertisements and may rely on less-than-adequate information when determining in which funds they should invest money. As a result, the Commission believes it is beneficial for funds to provide investors with balanced information in fund advertisements in order to allow investors to make better-informed decisions. The Commission estimates that 41,265 3 responses to rule 482 are filed annually by 2,877 investment companies offering approximately 12,476 portfolios, or approximately 3.3 responses per portfolio annually.4 The burden associated with rule 482 is presently estimated to be 5.16 hours per response. The annual hourly burden is therefore approximately 212,927 hours.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 2 See note to rule 482(h) under the Securities Act, which states that ‘‘these advertisements, unless filed with [FINRA], are required to be filed in accordance with the requirements of § 230.497.’’ See also rule 24b–3 under the Investment Company Act (17 CFR 270.24b–3), which provides that any sales material, including rule 482 advertisements, shall be deemed filed with the Commission for purposes of Section 24(b) of the Investment Company Act upon filing with FINRA. 3 This estimated number of responses to rule 482 is composed of 41,003 responses filed with FINRA and 262 responses filed with the Commission in 2019. 4 41,265 responses ÷ 12,476 portfolios = 3.3 responses per portfolio. 5 41,265 responses × 5.16 hours per response = 212,927 hours. E:\FR\FM\10JYN1.SGM 10JYN1 Federal Register / Vol. 85, No. 133 / Friday, July 10, 2020 / Notices costs of Commission rules and forms. The provision of information under rule 482 is necessary to obtain the benefits of the safe harbor offered by the rule. The information provided under rule 482 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 background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to (i) www.reginfo.gov/public/do/ PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. and (10) and 17 CFR 200.402(a)(3), (a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and (a)(10), permit consideration of the scheduled matters at the closed meeting. The subject matter of the closed meeting will consist of the following topic: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; Resolution of litigation claims; and Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting agenda items that may consist of adjudicatory, examination, litigation, or regulatory matters. CONTACT PERSON FOR MORE INFORMATION: For further information; please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. Dated: July 2, 2020. J. Matthew DeLesDernier, Assistant Secretary. BILLING CODE 8011–01–P Federal Register CITATION OF PREVIOUS ANNOUNCEMENT: 85 FR 40354, July 6, 2020 the Paperwork Reduction Act (PRA) requires agencies to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a notice in the Federal Register notifying the public that the agency has made such a submission. This notice also allows an additional 30 days for public comments. DATES: Submit comments on or before August 10, 2020. ADDRESSES: Comments should refer to the information collection by name and/ or OMB Control Number and should be sent to Agency Clearance Officer, Curtis Rich, Small Business Administration, 409 3rd Street SW, 5th Floor, Washington, DC 20416; and SBA Desk Officer, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Curtis Rich, Agency Clearance Officer, (202) 205–7030, curtis.rich@sba.gov. Copies: A copy of the Form OMB 83– 1, supporting statement, and other documents submitted to OMB for review may be obtained from the Agency Clearance Officer. SUPPLEMENTARY INFORMATION: This revised information collection is submitted to SBA by lenders that are applying for participation in SBA’s Community Advantage Pilot Program. SBA uses the information to evaluate the lenders eligibility and qualifications for participation in the pilot program. PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Wednesday, July 8, 2020 at Summary of Information Collection Dated: July 8, 2020. Vanessa A. Countryman, Secretary. [FR Doc. 2020–15032 Filed 7–8–20; 4:15 pm] SECURITIES AND EXCHANGE COMMISSION [FR Doc. 2020–14755 Filed 7–9–20; 8:45 am] BILLING CODE 8011–01–P Sunshine Act Meeting; Cancellation SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings jbell on DSKJLSW7X2PROD with NOTICES TIME AND DATE: 2:00 p.m. on Wednesday, July 15, 2020. PLACE: The meeting will be held via remote means and/or at the Commission’s headquarters, 100 F Street NE, Washington, DC 20549. STATUS: This meeting will be closed to the public. MATTERS TO BE CONSIDERED: Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain staff members who have an interest in the matters also may be present. In the event that the time, date, or location of this meeting changes, an announcement of the change, along with the new time, date, and/or place of the meeting will be posted on the Commission’s website at https:// www.sec.gov. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) VerDate Sep<11>2014 18:28 Jul 09, 2020 Jkt 250001 41655 2:00 p.m. The Closed Meeting scheduled for Wednesday, July 8, 2020 at 2:00 p.m., has been cancelled. CONTACT PERSON FOR MORE INFORMATION: For further information; please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. CHANGES IN THE MEETING: Title: Community Advantage Lender Participation Application. Description of Respondents: Lenders applying for participation in SBA’s Community Advantage Pilot Program. Form Number: 2301. Annual Responses: 5. Annual Burden: 40. Dated: July 7, 2020. Vanessa A. Countryman, Secretary. Curtis Rich, Management Analyst. [FR Doc. 2020–14989 Filed 7–8–20; 11:15 am] BILLING CODE 8026–03–P [FR Doc. 2020–14806 Filed 7–9–20; 8:45 am] BILLING CODE 8011–01–P SURFACE TRANSPORTATION BOARD SMALL BUSINESS ADMINISTRATION [Docket No. FD 36418] Reporting and Recordkeeping Requirements Under OMB Review Alabama & Gulf Coast Railway LLC— Temporary Trackage Rights Exemption—The Kansas City Southern Railway Company Small Business Administration. 30-Day notice. AGENCY: ACTION: The Small Business Administration (SBA) is publishing this notice to comply with requirements of SUMMARY: PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 Alabama & Gulf Coast Railway LLC (AGR), a Class III railroad, has filed a verified notice of exemption under 49 CFR 1180.2(d)(8) for the acquisition of E:\FR\FM\10JYN1.SGM 10JYN1

Agencies

[Federal Register Volume 85, Number 133 (Friday, July 10, 2020)]
[Notices]
[Pages 41654-41655]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14755]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


30 Day Notice--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 482 SEC File No. 270-508, OMB Control No. 3235-0565

    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 (``Commission'') has submitted to 
the Office of Management and Budget (``OMB'') a request for extension 
of the previously approved collection of information discussed below.
    Like most issuers of securities, when an investment company 
(``fund'') \1\ offers its shares to the public, its promotional efforts 
become subject to the advertising restrictions of the Securities Act of 
1933 (15 U.S.C. 77) (the ``Securities Act''). In recognition of the 
particular problems faced by funds that continually offer securities 
and wish to advertise their securities, the Commission has previously 
adopted advertising safe harbor rules. The most important of these is 
rule 482 (17 CFR 230.482) under the Securities Act, which, under 
certain circumstances, permits funds to advertise investment 
performance data, as well as other information. Rule 482 advertisements 
are deemed to be ``prospectuses'' under Section 10(b) of the Securities 
Act (15 U.S.C. 77j(b)).
---------------------------------------------------------------------------

    \1\ ``Investment company'' refers to both investment companies 
registered under the Investment Company Act of 1940 (``Investment 
Company Act'') (15 U.S.C. 80a-1 et seq.) and business development 
companies.
---------------------------------------------------------------------------

    Rule 482 contains certain requirements regarding the disclosure 
that funds are required to provide in qualifying advertisements. These 
requirements are intended to encourage the provision to investors of 
information that is balanced and informative, particularly in the area 
of investment performance. For example, a fund is required to include 
disclosure advising investors to consider the fund's investment 
objectives, risks, charges and expenses, and other information 
described in the fund's prospectus, and highlighting the availability 
of the fund's prospectus and, if applicable, its summary prospectus. In 
addition, rule 482 advertisements that include performance data of 
open-end funds or insurance company separate accounts offering variable 
annuity contracts are required to include certain standardized 
performance information, information about any sales loads or other 
nonrecurring fees, and a legend warning that past performance does not 
guarantee future results. Such funds including performance information 
in rule 482 advertisements are also required to make available to 
investors month-end performance figures via website disclosure or by a 
toll-free telephone number, and to disclose the availability of the 
month-end performance data in the advertisement. The rule also sets 
forth requirements regarding the prominence of certain disclosures, 
requirements regarding advertisements that make tax representations, 
requirements regarding advertisements used prior to the effectiveness 
of the fund's registration statement, requirements regarding the 
timeliness of performance data, and certain required disclosures by 
money market funds.
    Rule 482 advertisements must be filed with the Commission or, in 
the alternative, with the Financial Industry Regulatory Authority 
(``FINRA'').\2\ This information collection differs from many other 
federal information collections that are primarily for the use and 
benefit of the collecting agency.
---------------------------------------------------------------------------

    \2\ See note to rule 482(h) under the Securities Act, which 
states that ``these advertisements, unless filed with [FINRA], are 
required to be filed in accordance with the requirements of Sec.  
230.497.'' See also rule 24b-3 under the Investment Company Act (17 
CFR 270.24b-3), which provides that any sales material, including 
rule 482 advertisements, shall be deemed filed with the Commission 
for purposes of Section 24(b) of the Investment Company Act upon 
filing with FINRA.
---------------------------------------------------------------------------

    Rule 482 contains requirements that are intended to encourage the 
provision to investors of information that is balanced and informative, 
particularly in the area of investment performance. The Commission is 
concerned that in the absence of such provisions fund investors may be 
misled by deceptive rule 482 advertisements and may rely on less-than-
adequate information when determining in which funds they should invest 
money. As a result, the Commission believes it is beneficial for funds 
to provide investors with balanced information in fund advertisements 
in order to allow investors to make better-informed decisions.
    The Commission estimates that 41,265 \3\ responses to rule 482 are 
filed annually by 2,877 investment companies offering approximately 
12,476 portfolios, or approximately 3.3 responses per portfolio 
annually.\4\ The burden associated with rule 482 is presently estimated 
to be 5.16 hours per response. The annual hourly burden is therefore 
approximately 212,927 hours.\5\
---------------------------------------------------------------------------

    \3\ This estimated number of responses to rule 482 is composed 
of 41,003 responses filed with FINRA and 262 responses filed with 
the Commission in 2019.
    \4\ 41,265 responses / 12,476 portfolios = 3.3 responses per 
portfolio.
    \5\ 41,265 responses x 5.16 hours per response = 212,927 hours.
---------------------------------------------------------------------------

    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

[[Page 41655]]

costs of Commission rules and forms. The provision of information under 
rule 482 is necessary to obtain the benefits of the safe harbor offered 
by the rule. The information provided under rule 482 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 background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by 
sending an email to: [email protected].

    Dated: July 2, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-14755 Filed 7-9-20; 8:45 am]
BILLING CODE 8011-01-P
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