Submission for OMB Review; Comment Request, 20778-20779 [2021-08143]

Download as PDF 20778 Federal Register / Vol. 86, No. 75 / Wednesday, April 21, 2021 / Notices paperwork burden associated with rule 17g–1’s requirements is two hours, one hour each for a compliance attorney and the board of directors as a whole. The time spent by a compliance attorney includes time spent filing reports with the Commission for fidelity losses (if any) as well as paperwork associated with any notices to directors, and managing any updates to the bond and the joint agreement (if one exists). The time spent by the board of directors as a whole includes any time spent initially establishing the bond, as well as time spent on annual updates and approvals. The Commission staff therefore estimates the total ongoing paperwork burden hours per year for all funds required by rule 17g–1 to be 4,400 hours (2,200 funds × 2 hours = 4,400 hours). Commission staff continues to estimate that the filing and reporting requirements of rule 17g–1 do not entail any external cost burdens. These estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act. These estimates are not derived from a comprehensive or even a representative survey or study of Commission rules. The collection of information required by Rule 17g–1 is mandatory 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 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. khammond on DSKJM1Z7X2PROD with NOTICES Dated: April 15, 2021. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–08138 Filed 4–20–21; 8:45 am] BILLING CODE 8011–01–P estimates there are approximately 2,200 funds (registered open- and closed-end funds, and business development companies) that must comply with the collections of information under rule 17g–1, and which collectively submit an estimated 2,597 filings on Form 17G annually. VerDate Sep<11>2014 18:12 Apr 20, 2021 Jkt 253001 SECURITIES AND EXCHANGE COMMISSION Dated: April 16, 2021. J. Lynn Taylor, Assistant Secretary. [SEC File No. 270–563, OMB Control No. 3235–0626] [FR Doc. 2021–08227 Filed 4–20–21; 8:45 am] 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 17g–3 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 17g–3 (17 CFR 240.17g–3) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). Rule 17g–3 contains certain reporting requirements for NRSROs including financial statements and information concerning its financial condition that the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. Currently, there are 9 credit rating agencies registered as NRSROs with the Commission. The Commission estimates that the total burden for respondents to comply with Rule 17g– 3 is 3,285 hours. An agency may not conduct or sponsor a collection of information unless it displays a currently valid OMB control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a 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. PO 00000 Frm 00127 Fmt 4703 Sfmt 4703 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–524, OMB Control No. 3235–0582] 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–PX 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’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. Rule 30b1–4 (17 CFR 270.30b1–4) under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) requires every registered management investment company, other than a small business investment company registered on Form N–5 (‘‘funds’’), to file a report on Form N–PX not later than August 31 of each year. Funds use Form N–PX to file annual reports with the Commission containing their complete proxy voting record for the most recent twelve-month period ended June 30. The Commission estimates that there are approximately 2,207 funds registered with the Commission, representing approximately 11,890 fund portfolios that are required to file Form N–PX reports. The 11,890 portfolios are comprised of approximately 6,392 portfolios holding equity securities, 2,857 portfolios holding no equity securities, and 1,476 portfolios holding fund securities (i.e., fund of funds).1 The 1 The estimate of 2,207 funds is based on the number of management investment companies currently registered with the Commission. The Commission staff estimates that there are approximately 6,392 portfolios that invest primarily in equity securities, 804 ‘‘hybrid’’ or bond portfolios that may hold some equity securities, 2,857 bond portfolios that hold no equity securities, and 361 money market fund portfolios, and 1,476 fund of funds, for a total of 11,890 portfolios required to file Form N–PX reports. The staff has based its portfolio estimates on a number of publications. See Investment Company Institute, Trends in Mutual Fund Investing (February 2020); Investment E:\FR\FM\21APN1.SGM 21APN1 Federal Register / Vol. 86, No. 75 / Wednesday, April 21, 2021 / Notices khammond on DSKJM1Z7X2PROD with NOTICES currently approved burden of Form N– PX for portfolios holding equity securities is 7.2 hours per response, the current burden estimate for funds holding no equity securities is 0.17 hours (10 minutes) per response, and the current burden estimate for fund of funds is 1 hour per response. Therefore, the number of aggregate burden hours, when calculated using the current number of portfolios, is approximately 47,984 hours.2 We continue to believe that these estimates for Form N–PX’s current burden are appropriate. Based on the Commission’s estimate of 47,984 burden hours and an estimated wage rate of approximately $368 per hour,3 the total cost to reporting persons of the hour burden for filing Form N–PX is approximately $17.66 million.4 The estimated cost burden of Form N– PX is $1,000 in external costs per portfolio holding equity securities that is paid to third-party service providers. External costs for portfolios holding no equity securities have previously been estimated to be zero because portfolios holding no equity securities generally have no proxy votes to report and therefore do not require third-party service providers to assist with proxy voting and preparing reports on Form N–PX. The estimated cost burden of Form N–PX for fund of funds is estimated to be $100 per portfolio because fund of funds generally either have no proxy votes to report; or if proxy votes are reported, they are generally limited in the number of securities and the number of voting matters relative to portfolios holding equity securities. Therefore, the aggregate cost burden, when calculated using the current number of portfolios, is approximately $6.54 million in external costs.5 We continue to believe that these estimates for Form N–PX’s current cost burden are appropriate. Estimates of average burden hours and costs are made solely for the Company Institute, Closed-End Fund Assets and Net Issuance (Fourth Quarter 2019); Investment Company Institute, ETF Assets and Net Issuance (February 2020). 2 (6,392 portfolios that hold equity securities × 7.2 hours per year) + (2,857 portfolios holding no equity securities × 0.17 hours per year) + (1,476 portfolios holding fund securities x 1 hour per year) = 47,984 hours. 3 The hourly wage figure for a compliance attorney is from the Securities Industry and Financial Markets Association’s Management & Professional Salaries in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour work-year and inflation and multiplied by5.35 to account for bonuses, firm size, employee benefits and overhead. 4 47,984 hours × $368 per hour = $17,658,112. 5 (6,392 portfolios holding equity securities × $1,000 per year) + (2,857 portfolios holding no equity securities × $0 per year) + (1,476 fund of funds x $100) = $6,539,600 VerDate Sep<11>2014 18:12 Apr 20, 2021 Jkt 253001 purposes of the Paperwork Reduction Act and are not derived from a comprehensive or even representative survey or study of the costs of Commission rules and forms. Compliance with the collection of information requirements of Form N–PX is mandatory. Responses to the collection of information 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. Dated: April 15, 2021. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–08143 Filed 4–20–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–91575; File No. SR–BX– 2021–016] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Current Pilot Program Related to BX Equity 11, Rule 11890 to the Close of Business on October 20, 2021 April 15, 2021. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on April 14, 2021, Nasdaq BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00128 Fmt 4703 Sfmt 4703 20779 comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the current pilot program related to BX Equity 11, Rule 11890 (Clearly Erroneous Transactions) to the close of business on October 20, 2021.3 The text of the proposed rule change is available on the Exchange’s website at https://listingcenter.nasdaq.com/ rulebook/bx/rules, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to extend the current pilot program related to Equity 11, Rule 11890, Clearly Erroneous Transactions, to the close of business on October 20, 2021. The pilot program is currently due to expire on April 20, 2021. On September 10, 2010, the Commission approved, on a pilot basis, changes to Equity 11, Rule 11890 that, among other things: (i) Provided for uniform treatment of clearly erroneous execution reviews in multistock events involving twenty or more securities; and (ii) reduced the ability of the Exchange to deviate from the objective standards set forth in the rule.4 In 2013, the Exchange adopted a provision designed to address the 3 The Exchange recently filed a proposed rule change to relocate the Rule 11000 Series, including Rule 11890, into Equity 11. See SR–BX–2021–012 (not yet published). This filing reflects the rule relocation changes in SR–BX–2021–012. 4 See Securities Exchange Act Release No. 62886 (September 10, 2010), 75 FR 56613 (September 16, 2010) (SR–BX–2010–040). E:\FR\FM\21APN1.SGM 21APN1

Agencies

[Federal Register Volume 86, Number 75 (Wednesday, April 21, 2021)]
[Notices]
[Pages 20778-20779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-08143]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-524, OMB Control No. 3235-0582]


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-PX

    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'') has submitted 
to the Office of Management and Budget (``OMB'') a request for 
extension of the previously approved collection of information 
discussed below.
    Rule 30b1-4 (17 CFR 270.30b1-4) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) requires every registered management 
investment company, other than a small business investment company 
registered on Form N-5 (``funds''), to file a report on Form N-PX not 
later than August 31 of each year. Funds use Form N-PX to file annual 
reports with the Commission containing their complete proxy voting 
record for the most recent twelve-month period ended June 30.
    The Commission estimates that there are approximately 2,207 funds 
registered with the Commission, representing approximately 11,890 fund 
portfolios that are required to file Form N-PX reports. The 11,890 
portfolios are comprised of approximately 6,392 portfolios holding 
equity securities, 2,857 portfolios holding no equity securities, and 
1,476 portfolios holding fund securities (i.e., fund of funds).\1\ The

[[Page 20779]]

currently approved burden of Form N-PX for portfolios holding equity 
securities is 7.2 hours per response, the current burden estimate for 
funds holding no equity securities is 0.17 hours (10 minutes) per 
response, and the current burden estimate for fund of funds is 1 hour 
per response. Therefore, the number of aggregate burden hours, when 
calculated using the current number of portfolios, is approximately 
47,984 hours.\2\ We continue to believe that these estimates for Form 
N-PX's current burden are appropriate. Based on the Commission's 
estimate of 47,984 burden hours and an estimated wage rate of 
approximately $368 per hour,\3\ the total cost to reporting persons of 
the hour burden for filing Form N-PX is approximately $17.66 
million.\4\
---------------------------------------------------------------------------

    \1\ The estimate of 2,207 funds is based on the number of 
management investment companies currently registered with the 
Commission. The Commission staff estimates that there are 
approximately 6,392 portfolios that invest primarily in equity 
securities, 804 ``hybrid'' or bond portfolios that may hold some 
equity securities, 2,857 bond portfolios that hold no equity 
securities, and 361 money market fund portfolios, and 1,476 fund of 
funds, for a total of 11,890 portfolios required to file Form N-PX 
reports. The staff has based its portfolio estimates on a number of 
publications. See Investment Company Institute, Trends in Mutual 
Fund Investing (February 2020); Investment Company Institute, 
Closed-End Fund Assets and Net Issuance (Fourth Quarter 2019); 
Investment Company Institute, ETF Assets and Net Issuance (February 
2020).
    \2\ (6,392 portfolios that hold equity securities x 7.2 hours 
per year) + (2,857 portfolios holding no equity securities x 0.17 
hours per year) + (1,476 portfolios holding fund securities x 1 hour 
per year) = 47,984 hours.
    \3\ The hourly wage figure for a compliance attorney is from the 
Securities Industry and Financial Markets Association's Management & 
Professional Salaries in the Securities Industry 2013, modified by 
Commission staff to account for an 1800-hour work-year and inflation 
and multiplied by5.35 to account for bonuses, firm size, employee 
benefits and overhead.
    \4\ 47,984 hours x $368 per hour = $17,658,112.
---------------------------------------------------------------------------

    The estimated cost burden of Form N-PX is $1,000 in external costs 
per portfolio holding equity securities that is paid to third-party 
service providers. External costs for portfolios holding no equity 
securities have previously been estimated to be zero because portfolios 
holding no equity securities generally have no proxy votes to report 
and therefore do not require third-party service providers to assist 
with proxy voting and preparing reports on Form N-PX. The estimated 
cost burden of Form N-PX for fund of funds is estimated to be $100 per 
portfolio because fund of funds generally either have no proxy votes to 
report; or if proxy votes are reported, they are generally limited in 
the number of securities and the number of voting matters relative to 
portfolios holding equity securities. Therefore, the aggregate cost 
burden, when calculated using the current number of portfolios, is 
approximately $6.54 million in external costs.\5\ We continue to 
believe that these estimates for Form N-PX's current cost burden are 
appropriate.
---------------------------------------------------------------------------

    \5\ (6,392 portfolios holding equity securities x $1,000 per 
year) + (2,857 portfolios holding no equity securities x $0 per 
year) + (1,476 fund of funds x $100) = $6,539,600
---------------------------------------------------------------------------

    Estimates of average burden hours and costs are made solely for the 
purposes of the Paperwork Reduction Act and are not derived from a 
comprehensive or even representative survey or study of the costs of 
Commission rules and forms. Compliance with the collection of 
information requirements of Form N-PX is mandatory. Responses to the 
collection of information 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: April 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-08143 Filed 4-20-21; 8:45 am]
BILLING CODE 8011-01-P