Sunshine Act Meeting; Cancellation, 61794-61795 [2020-21707]
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61794
Federal Register / Vol. 85, No. 190 / Wednesday, September 30, 2020 / Notices
jbell on DSKJLSW7X2PROD with NOTICES
between an investment company and
certain affiliated persons thereof.’’ It
provides an exemption from section
17(a) of the Act for purchases and sales
of securities between registered
investment companies (‘‘funds’’), that
are affiliated persons (‘‘first-tier
affiliates’’) or affiliated persons of
affiliated persons (‘‘second-tier
affiliates’’), or between a fund and a
first- or second-tier affiliate other than
another fund, when the affiliation arises
solely because of a common investment
adviser, director, or officer. Rule 17a–7
requires funds to keep various records
in connection with purchase or sale
transactions effected in reliance on the
rule. The rule requires the fund’s board
of directors to establish procedures
reasonably designed to ensure that the
rule’s conditions have been satisfied.
The board is also required to determine,
at least on a quarterly basis, that all
affiliated transactions effected during
the preceding quarter in reliance on the
rule were made in compliance with
these established procedures. If a fund
enters into a purchase or sale
transaction with an affiliated person, the
rule requires the fund to compile and
maintain written records of the
transaction.1 The Commission’s
examination staff uses these records to
evaluate for compliance with the rule.
While most funds do not commonly
engage in transactions covered by rule
17a–7, the Commission staff estimates
that nearly all funds have adopted
procedures for complying with the
rule.2 Of the approximately 2,915
currently active funds, the staff
estimates that virtually all have already
adopted procedures for compliance with
rule 17a–7. This is a one-time burden,
and the staff therefore does not estimate
an ongoing burden related to the
policies and procedures requirement of
the rule for funds.3 The staff estimates
that there are approximately 90 new
funds that register each year, and that
each of these funds adopts the relevant
policies and procedures. The staff
estimates that it takes approximately 4
hours to develop and adopt these
1 The written records are required to set forth a
description of the security purchased or sold, the
identity of the person on the other side of the
transaction, and the information or materials upon
which the board of directors’ determination that the
transaction was in compliance with the procedures
was made.
2 Unless stated otherwise, these estimates are
based on conversations with the examination and
inspections staff of the Commission and fund
representatives.
3 Based on our reviews and conversations with
fund representatives, we understand that funds
rarely, if ever, need to make changes to these
policies and procedures once adopted, and
therefore we do not estimate a paperwork burden
for such updates.
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17:36 Sep 29, 2020
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policies and procedures. Therefore, the
total annual burden related to
developing and adopting these policies
and procedures would be approximately
360 hours.4
Of the 2,915 existing funds, the staff
assumes that approximately 25%, (or
729) enter into transactions affected by
rule 17a–7 each year (either by the fund
directly or through one of the fund’s
series), and that the same percentage
(25%, or 23 funds) of the estimated 90
funds that newly register each year will
also enter into these transactions, for a
total of 752 5 companies that are affected
by the recordkeeping requirements of
rule 17a–7. These funds must keep
records of each of these transactions,
and the board of directors must
quarterly determine that all relevant
transactions were made in compliance
with the company’s policies and
procedures. The rule generally imposes
a minimal burden of collecting and
storing records already generated for
other purposes.6 The staff estimates that
the burden related to making these
records and for the board to review all
transactions would be 3 hours annually
for each respondent, (2 hours spent by
compliance attorneys and 1 hour spent
by the board of directors) 7 or 2,256 total
hours each year.8
Based on these estimates, the staff
estimates the combined total annual
burden hours associated with rule 17a–
7 is 2,616 hours.9 The staff also
estimates that there are approximately
752 respondents and 6,016 total
responses.10
The estimates of burden hours are
made solely for the purposes of the
Paperwork Reduction Act, and are not
4 This
estimate is based on the following
calculations: (4 hours × 90 new funds = 360 hours).
5 This estimate is based on the following
calculation: (729 + 23 = 752).
6 Commission staff believes that rule 17a–7 does
not impose any costs associated with record
preservation in addition to the costs that funds
already incur to comply with the record
preservation requirements of rule 31a–2 under the
Act. Rule 31a–2 requires companies to preserve
certain records for specified periods of time.
7 The staff estimates that funds that rely on rule
17a–7 annually enter into an average of 8 rule 17a–
7 transactions each year. The staff estimates that the
compliance attorneys of the companies spend
approximately 15 minutes per transaction on this
recordkeeping, and the board of directors spends a
total of 1 hour annually in determining that all
transactions made that year were done in
compliance with the company’s policies and
procedures.
8 This estimate is based on the following
calculation: (3 hours × 752 companies = 2,256
hours).
9 This estimate is based on the following
calculation: (360 hours + 2,256 hours = 2,616 total
hours).
10 This estimate is based on the following
calculations: 752 funds that engage in rule 17a–7
transactions × 8 transactions per year = 6,016.
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derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules. The
collection of information required by
rule 17a–7 is necessary to obtain the
benefits of the rule. Responses 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 control number.
Written comments are invited on: (a)
Whether the collections of information
are 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 estimate
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: September 24, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–21542 Filed 9–29–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting; Cancellation
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: 85 FR 60845,
September 28, 2020.
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, September 30,
2020 at 10:00 a.m.
The Open
Meeting scheduled for Wednesday,
September 30, 2020 at 10:00 a.m., has
been cancelled.
CHANGES IN THE MEETING:
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
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Federal Register / Vol. 85, No. 190 / Wednesday, September 30, 2020 / Notices
Dated: September 28, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–21707 Filed 9–28–20; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0360, SEC File No.
270–317]
Proposed Collection; Comment
Request’
jbell on DSKJLSW7X2PROD with NOTICES
Extension:
Form N-17f–2
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l 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.
Form N-17f–2 (17 CFR 274.220) under
the Investment Company Act is entitled
‘‘Certificate of Accounting of Securities
and Similar Investments in the Custody
of Management Investment Companies.’’
Form N-17f–2 is the cover sheet for the
accountant examination certificates
filed under rule 17f–2 (17 CFR 270.17f–
2) by registered management investment
companies (‘‘funds’’) maintaining
custody of securities or other
investments. Form N-17f–2 facilitates
the filing of the accountant’s
examination certificates prepared under
rule 17f–2. The use of the form allows
the certificates to be filed electronically,
and increases the accessibility of the
examination certificates to both the
Commission’s examination staff and
interested investors by ensuring that the
certificates are filed under the proper
Commission file number and the correct
name of a fund.
Commission staff estimates that it
takes: (i) on average 1.25 hours of fund
accounting personnel at a total cost of
272 to prepare each Form N-17f–2; 1 and
(ii) .75 hours of administrative assistant
time at a total cost of $57 to file the
Form N-17f–2 with the Commission.2
Approximately 201 funds currently file
Form N-17f–2 with the Commission.
Commission staff estimates that on
average each fund files Form N-17f–2
1 This estimate is based on the following
calculation: 1.25 × $218 (fund senior accountant’s
hourly rate) = $272.
2 This estimate is based on the following
calculation: .75 × $76 (administrative assistant
hourly rate) $61.
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three times annually for a total annual
hourly burden per fund of
approximately 6 hours at a total cost of
$1,002. The total annual hour burden
for Form N-17f–2 is therefore estimated
to be approximately 1,206 hours at a
total cost of approximately $201,402.3
Form N-17f–2 does not impose any
paperwork related cost burdens other
than this internal hour cost.
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.
Complying with the collections of
information required by Form N-17f–2
is mandatory for those funds that
maintain custody of their own assets.
Responses 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 control
number.
The Commission requests written
comments 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 estimate
of the burdens 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 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: September 24, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–21539 Filed 9–29–20; 8:45 am]
BILLING CODE 8011–01–P
ACTION:
61795
30-Day notice.
The Small Business
Administration (SBA) is seeking
approval from the Office of Management
and Budget (OMB) for the information
collection described below. In
accordance with the Paperwork
Reduction Act and OMB procedures,
SBA is publishing this notice to allow
all interested member of the public an
additional 30 days to provide comments
on the proposed collection of
information.
SUMMARY:
Submit comments on or before
October 30, 2020.
ADDRESSES: Comments should refer to
the information collection by title 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: You may obtain a copy of the
information collection and supporting
documents from the Agency Clearance
Officer.
DATES:
Section
7(b) of the Small Business Act, 15 U.S.C.
636, as amended, authorizes the Small
Business Administration to make
disaster loans to businesses and
nonprofit organizations, including loans
for economic injury. The Coronavirus
Preparedness and Response
Supplemental Appropriations Act,
2020, Public Law 116–123 (March 6,
2020), amended the Small Business Act
to make economic injury resulting from
the current coronavirus pandemic
(COVID–19) a disaster that is eligible for
assistance under section 7(b) of the
Small Business Act. The forms
described below are used to collect
information from eligible small
businesses, including sole proprietors,
independent contractors, and
agricultural businesses, and also
nonprofit organizations seeking
financial assistance under this program.
SUPPLEMENTARY INFORMATION:
SMALL BUSINESS ADMINISTRATION
Summary of Information Collection
Reporting and Recordkeeping
Requirements Under OMB Review
Title: Economic Injury Disaster Loan
Application (EIDL) COVID–19.
OMB Control Number: 3245–0406.
Respondents: Small businesses,
including sole proprietors, independent
contractors, and agricultural businesses,
and nonprofit organizations.
AGENCY:
Small Business Administration
3 This estimate is based on the following
calculation: 201 funds × $1,002 (total annual cost
per fund) = $201,402.
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]]>Agencies
[Federal Register Volume 85, Number 190 (Wednesday, September 30, 2020)]
[Notices]
[Pages 61794-61795]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21707]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting; Cancellation
FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 85 FR 60845,
September 28, 2020.
PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Wednesday, September
30, 2020 at 10:00 a.m.
CHANGES IN THE MEETING: The Open Meeting scheduled for Wednesday,
September 30, 2020 at 10:00 a.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.
[[Page 61795]]
Dated: September 28, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020-21707 Filed 9-28-20; 4:15 pm]
BILLING CODE 8011-01-P
