Submission for OMB Review; Comment Request, 20778-20779 [2021-08143]
Download as PDF
<![CDATA[
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]
-----------------------------------------------------------------------
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
