Reporting and Recordkeeping Requirements Under OMB Review, 4322-4323 [2022-01642]
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Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices
recordkeeping requirements under rule
17e–1 enable the Commission to ensure
that affiliated brokers receive
compensation that does not exceed the
usual and customary broker’s
commission. Without the recordkeeping
requirement, Commission inspectors
would have difficulty ascertaining
whether funds were complying with
rule 17e–1.
Based upon an analysis of fund filings
on Form N–CEN, approximately 1,640
funds report reliance on rule 17e–1.
Based on staff experience and
conversations with fund representatives,
we estimate that the burden of
compliance with rule 17e–1 is
approximately 50 hours per fund per
year. This time is spent, for example,
reviewing the applicable transactions
and maintaining records. Accordingly,
we calculate the total estimated annual
internal burden of complying with the
review and recordkeeping requirements
of rule 17e–1 to be approximately
82,000 hours.1 We further estimate that,
of these:
• 60 percent (49,200 hours) are spent
by senior accountants, at an estimated
hourly wage of $221,2 for a total of
approximately $10,873,200 per year; 3
• 30 percent (24,600 hours) are spent
by in-house attorneys at an estimated
hourly wage of $425, for a total of
approximately $10,455,000 per year; 4
and
• 10 percent (8,200) are spent by the
funds’ board of directors at an hourly
cost of $4,770, for a total of
approximately $39,114,000 per year.5
Based on these estimated wage rates,
the total cost to the industry of the hour
burden for complying with the review
and recordkeeping requirements of rule
17e–1 is approximately $60,442,200.6
The Commission staff estimates that
funds × 50 hours per fund = 82,000 hours.
Commission’s estimates concerning the
allocation of burden hours and the relevant wage
rates are based on consultations with industry
representatives and on salary information for the
securities industry compiled by the Securities
Industry and Financial Markets Association. The
estimated wage figures are also based on published
rates for senior accountants and in-house attorneys,
modified to account for an 1800-hour work-year
and multiplied by 5.35 to account for bonuses, firm
size, employee benefits, and overhead, yielding
effective hourly rates of $221 and $425,
respectively. See Securities Industry and Financial
Markets Association, Report on Management &
Professional Earnings in the Securities Industry
2013.
3 49,200 hours × $221 per hour = $10,873,200.
4 24,600 hours × $425 per hour = $10,455,000.
5 8,200 hours × $4,770 per hour = $39,114,000.
The estimate for the cost of board time as a whole
is derived from estimates made by the staff
regarding typical board size and compensation that
is based on information received from fund
representatives and publicly available sources.
6 $10,873,200 + $10,455,000 + $39,114,000 =
$60,442,200.
1 1,604
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there is no cost burden associated with
the information collection requirement
of rule 17e–1 other than this cost.
Estimates of the average burden hours
are made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
The collection of information under rule
17e–1 is mandatory. The information
provided under rule 17e–1 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 the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
Lindsay.M.Abate@omb.eop.gov; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John R.
Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov. Written comments
and recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
Dated: January 24, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01612 Filed 1–26–22; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
U.S. Small Business
Administration.
ACTION: 30-Day notice; request for
comments.
AGENCY:
The Small Business
Administration will submit the
information collection described below
to the Office of Management and Budget
(OMB) for review and clearance in
accordance with the Paperwork
Reduction Act of 1995, on or after the
SUMMARY:
PO 00000
Frm 00132
Fmt 4703
Sfmt 4703
date of publication of this notice. SBA
published the required 60-day public
comment notice in the Federal Register
on December 2, 2021, and is publishing
this notice to allow all interested
members of the public an additional 30
days to provide comments on the
collection of information.
DATES: Submit comments on or before
March 2, 2022.
ADDRESSES: Written comments and
recommendations for this information
collection request should be submitted
through ‘‘www.reginfo.gov/public/do/
PRAMain.’’ Find this information
collection request by selecting ‘‘Small
Business Administration’’; ‘‘Currently
Under Review,’’ then selecting ‘‘Only
Show ICR for Public Comment.’’ This
information collection can be identified
by the title and/or OMB Control Number
identified below.
FOR FURTHER INFORMATION CONTACT:
Adrienne Grierson, Program Manager, at
adrienne.grierson@sba.gov; 202–205–
6573, or Curtis B. Rich, Management
Analyst, 202–205–7030; curtis.rich@
sba.gov.
SUPPLEMENTARY INFORMATION: Section
1102 of the Coronavirus Aid, Relief, and
Economic Security (CARES) Act, Public
Law 116–136, authorized SBA to
guarantee loans made by banks or other
financial institutions under a new
temporary 7(a) program titled the
‘‘Paycheck Protection Program’’ (‘‘PPP’’)
to small businesses, certain non-profit
organizations, veterans’ organizations,
Tribal business concerns, independent
contractors and self-employed
individuals adversely impacted by the
Coronavirus Disease (COVID–19)
Emergency. This authority initially
expired on August 8, 2020. The
Economic Aid to Hard-Hit Small
Businesses, Nonprofits, and Venues Act
(Economic Aid Act), Public Law 116–
260, renewed SBA’s authority to make
PPP loans until March 31, 2021, and
added authority for second draw PPP
loans under § 7(a)(37) of the Small
Business Act. The program authority
was further extended until June 30,
2021, by the PPP Extension Act of 2021,
Public Law 117–6.
This information collection is
currently approved for the PPP Loan
Program under the emergency
procedures authorized by 5 U.S.C.
3507(j) and 5 CFR 1320.13. This
approval will expire on January 31,
2022. Although SBA’s PPP program
authority has expired, this information
collection is still needed for the
following reasons: (1) PPP borrowers
may apply for forgiveness of their loans
up to the date of loan maturity, which
may be as late as 2026; (2) SBA may
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27JAN1
Federal Register / Vol. 87, No. 18 / Thursday, January 27, 2022 / Notices
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review a PPP loan at any time; and (3)
pending litigation may require the
collection of information. Therefore, as
required by the Paperwork Reduction
Act, SBA is publishing this notice as a
prerequisite to seeking OMB’s approval
to ensure this information collection is
available for use beyond January 31,
2022. As part of that process, SBA is
requesting comments from the public on
(a) whether the collection of information
is necessary for the agency to properly
perform its functions; (b) whether the
burden estimates are accurate; (c)
whether there are ways to minimize the
burden, including the use of automated
techniques or other forms of information
technology; and (d) whether there are
ways to enhance the quality, utility, and
clarity of the information.
Title: Paycheck Protection Loan
Program Borrower Information Form
and Lender’s Application for Loan
Guaranty.
OMB Control Number: 3245–0407.
Estimated Annual Responses: 775.
Estimated Annual Hour Burden: 129.
(V) SBA Form 3507—CARES Act
Section 1102 Lender Agreement—NonBank and Non-Insured Depository
Institution Lenders.
Description of Respondents: PPP
lenders.
Estimated Number of Respondents:
169.
Estimated Annual Responses: 169.
Estimated Annual Hour Burden: 70.
(VI) SBA Form 3508—Paycheck
Protection Program—Loan Forgiveness
Application.
Description of Respondents: PPP
borrowers.
Estimated Number of Respondents:
591,180.
Estimated Annual Responses:
591,180.
Estimated Annual Hour Burden:
1,773,539.
(I) SBA Form 2483—Paycheck
Protection Program Borrower
Application Form.
Description of Respondents: PPP loan
applicants.
Estimated Number of Respondents:
9,279,434.
Estimated Annual Responses:
9,279,434.
Estimated Annual Hour Burden:
1,237,258.
(VII) SBA Form 3508EZ—Paycheck
Protection Program—PPP Loan
Forgiveness Application Form EZ.
Description of Respondents: PPP
borrowers.
Estimated Number of Respondents:
1,773,539.
Estimated Annual Responses:
1,773,539.
Estimated Annual Hour Burden:
591,180.
(II) SBA Form 2483–C—Paycheck
Protection Program Borrower
Application From for Schedule C Filers
Using Gross Income.
Description of Respondents: PPP loan
applicants.
Estimated Number of Respondents:
239,160.
Estimated Annual Responses:
239,160.
Estimated Annual Hour Burden:
31,888.
(VIII) SBA Form 3508S, Paycheck
Protection Program—PPP Loan
Forgiveness Application Form 3508S.
Description of Respondents: PPP
borrowers.
Estimated Number of Respondents:
9,458,875.
Estimated Annual Responses:
9,458,875.
Estimated Annual Hour Burden:
2,364,719.
(III) SBA Form 2484—Paycheck
Protection Program Lender’s
Application—Paycheck Protection
Program Loan Guaranty.
Description of Respondents: PPP
lenders.
Estimated Number of Respondents:
5,467.
Estimated Annual Responses:
9,218,594.
Estimated Annual Hour Burden:
3,841,081.
(IV) SBA Form 3506—CARES Act
Section 1102 Lender Agreement.
Description of Respondents: PPP
lenders.
Estimated Number of Respondents:
775.
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(IX) SBA Form 3508D—Paycheck
Protection Program Borrower’s
Disclosure of Certain Controlling
Interests.
Description of Respondents: PPP
borrowers.
Estimated Number of Respondents:
350.
Estimated Annual Responses: 350.
Estimated Annual Hour Burden: 29.
(X) [Form Number N/A] Lender
Reporting Requirements Concerning
Requests for Loan Forgiveness.
Description of Respondents: PPP
lenders.
Estimated Number of Respondents:
5,467.
Estimated Annual Responses:
11,824,000.
PO 00000
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Sfmt 4703
4323
Estimated Annual Hour Burden:
2,107,121.
(XI) [Form Number N/A] Lender
Reporting Requirements for SBA Loan
Reviews.
Description of Respondents: PPP
lenders.
Estimated Number of Respondents:
5,467.
Estimated Annual Responses:
2,000,000.
Estimated Annual Hour Burden:
1,000,000.
Curtis B. Rich,
Management Analyst.
[FR Doc. 2022–01642 Filed 1–26–22; 8:45 am]
BILLING CODE 8026–03–P
DEPARTMENT OF STATE
[Public Notice: 11640]
Notice of Determinations; Culturally
Significant Objects Being Imported for
Exhibition—Determinations: ‘‘Gilardi:
Tappeto-Natura’’ Exhibition
Notice is hereby given of the
following determinations: I hereby
determine that certain objects being
imported from abroad pursuant to
agreements with their foreign owners or
custodians for temporary display in the
exhibition ‘‘Gilardi: Tappeto-Natura’’ at
the Magazzino Italian Art Foundation,
Cold Spring, New York, and at possible
additional exhibitions or venues yet to
be determined, are of cultural
significance, and, further, that their
temporary exhibition or display within
the United States as aforementioned is
in the national interest. I have ordered
that Public Notice of these
determinations be published in the
Federal Register.
FOR FURTHER INFORMATION CONTACT: Chi
D. Tran, Program Administrator, Office
of the Legal Adviser, U.S. Department of
State (telephone: 202–632–6471; email:
section2459@state.gov). The mailing
address is U.S. Department of State,
L/PD, 2200 C Street NW (SA–5), Suite
5H03, Washington, DC 20522–0505.
SUPPLEMENTARY INFORMATION: The
foregoing determinations were made
pursuant to the authority vested in me
by the Act of October 19, 1965 (79 Stat.
985; 22 U.S.C. 2459), E.O. 12047 of
March 27, 1978, the Foreign Affairs
Reform and Restructuring Act of 1998
(112 Stat. 2681, et seq.; 22 U.S.C. 6501
note, et seq.), Delegation of Authority
No. 234 of October 1, 1999, Delegation
of Authority No. 236–3 of August 28,
SUMMARY:
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]]>Agencies
[Federal Register Volume 87, Number 18 (Thursday, January 27, 2022)]
[Notices]
[Pages 4322-4323]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01642]
=======================================================================
-----------------------------------------------------------------------
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping Requirements Under OMB Review
AGENCY: U.S. Small Business Administration.
ACTION: 30-Day notice; request for comments.
-----------------------------------------------------------------------
SUMMARY: The Small Business Administration will submit the information
collection described below to the Office of Management and Budget (OMB)
for review and clearance in accordance with the Paperwork Reduction Act
of 1995, on or after the date of publication of this notice. SBA
published the required 60-day public comment notice in the Federal
Register on December 2, 2021, and is publishing this notice to allow
all interested members of the public an additional 30 days to provide
comments on the collection of information.
DATES: Submit comments on or before March 2, 2022.
ADDRESSES: Written comments and recommendations for this information
collection request should be submitted through ``www.reginfo.gov/public/do/PRAMain.'' Find this information collection request by
selecting ``Small Business Administration''; ``Currently Under
Review,'' then selecting ``Only Show ICR for Public Comment.'' This
information collection can be identified by the title and/or OMB
Control Number identified below.
FOR FURTHER INFORMATION CONTACT: Adrienne Grierson, Program Manager, at
[email protected]; 202-205-6573, or Curtis B. Rich, Management
Analyst, 202-205-7030; [email protected].
SUPPLEMENTARY INFORMATION: Section 1102 of the Coronavirus Aid, Relief,
and Economic Security (CARES) Act, Public Law 116-136, authorized SBA
to guarantee loans made by banks or other financial institutions under
a new temporary 7(a) program titled the ``Paycheck Protection Program''
(``PPP'') to small businesses, certain non-profit organizations,
veterans' organizations, Tribal business concerns, independent
contractors and self-employed individuals adversely impacted by the
Coronavirus Disease (COVID-19) Emergency. This authority initially
expired on August 8, 2020. The Economic Aid to Hard-Hit Small
Businesses, Nonprofits, and Venues Act (Economic Aid Act), Public Law
116-260, renewed SBA's authority to make PPP loans until March 31,
2021, and added authority for second draw PPP loans under Sec.
7(a)(37) of the Small Business Act. The program authority was further
extended until June 30, 2021, by the PPP Extension Act of 2021, Public
Law 117-6.
This information collection is currently approved for the PPP Loan
Program under the emergency procedures authorized by 5 U.S.C. 3507(j)
and 5 CFR 1320.13. This approval will expire on January 31, 2022.
Although SBA's PPP program authority has expired, this information
collection is still needed for the following reasons: (1) PPP borrowers
may apply for forgiveness of their loans up to the date of loan
maturity, which may be as late as 2026; (2) SBA may
[[Page 4323]]
review a PPP loan at any time; and (3) pending litigation may require
the collection of information. Therefore, as required by the Paperwork
Reduction Act, SBA is publishing this notice as a prerequisite to
seeking OMB's approval to ensure this information collection is
available for use beyond January 31, 2022. As part of that process, SBA
is requesting comments from the public on (a) whether the collection of
information is necessary for the agency to properly perform its
functions; (b) whether the burden estimates are accurate; (c) whether
there are ways to minimize the burden, including the use of automated
techniques or other forms of information technology; and (d) whether
there are ways to enhance the quality, utility, and clarity of the
information.
Title: Paycheck Protection Loan Program Borrower Information Form
and Lender's Application for Loan Guaranty.
OMB Control Number: 3245-0407.
(I) SBA Form 2483--Paycheck Protection Program Borrower Application
Form.
Description of Respondents: PPP loan applicants.
Estimated Number of Respondents: 9,279,434.
Estimated Annual Responses: 9,279,434.
Estimated Annual Hour Burden: 1,237,258.
(II) SBA Form 2483-C--Paycheck Protection Program Borrower Application
From for Schedule C Filers Using Gross Income.
Description of Respondents: PPP loan applicants.
Estimated Number of Respondents: 239,160.
Estimated Annual Responses: 239,160.
Estimated Annual Hour Burden: 31,888.
(III) SBA Form 2484--Paycheck Protection Program Lender's Application--
Paycheck Protection Program Loan Guaranty.
Description of Respondents: PPP lenders.
Estimated Number of Respondents: 5,467.
Estimated Annual Responses: 9,218,594.
Estimated Annual Hour Burden: 3,841,081.
(IV) SBA Form 3506--CARES Act Section 1102 Lender Agreement.
Description of Respondents: PPP lenders.
Estimated Number of Respondents: 775.
Estimated Annual Responses: 775.
Estimated Annual Hour Burden: 129.
(V) SBA Form 3507--CARES Act Section 1102 Lender Agreement--Non-Bank
and Non-Insured Depository Institution Lenders.
Description of Respondents: PPP lenders.
Estimated Number of Respondents: 169.
Estimated Annual Responses: 169.
Estimated Annual Hour Burden: 70.
(VI) SBA Form 3508--Paycheck Protection Program--Loan Forgiveness
Application.
Description of Respondents: PPP borrowers.
Estimated Number of Respondents: 591,180.
Estimated Annual Responses: 591,180.
Estimated Annual Hour Burden: 1,773,539.
(VII) SBA Form 3508EZ--Paycheck Protection Program--PPP Loan
Forgiveness Application Form EZ.
Description of Respondents: PPP borrowers.
Estimated Number of Respondents: 1,773,539.
Estimated Annual Responses: 1,773,539.
Estimated Annual Hour Burden: 591,180.
(VIII) SBA Form 3508S, Paycheck Protection Program--PPP Loan
Forgiveness Application Form 3508S.
Description of Respondents: PPP borrowers.
Estimated Number of Respondents: 9,458,875.
Estimated Annual Responses: 9,458,875.
Estimated Annual Hour Burden: 2,364,719.
(IX) SBA Form 3508D--Paycheck Protection Program Borrower's Disclosure
of Certain Controlling Interests.
Description of Respondents: PPP borrowers.
Estimated Number of Respondents: 350.
Estimated Annual Responses: 350.
Estimated Annual Hour Burden: 29.
(X) [Form Number N/A] Lender Reporting Requirements Concerning Requests
for Loan Forgiveness.
Description of Respondents: PPP lenders.
Estimated Number of Respondents: 5,467.
Estimated Annual Responses: 11,824,000.
Estimated Annual Hour Burden: 2,107,121.
(XI) [Form Number N/A] Lender Reporting Requirements for SBA Loan
Reviews.
Description of Respondents: PPP lenders.
Estimated Number of Respondents: 5,467.
Estimated Annual Responses: 2,000,000.
Estimated Annual Hour Burden: 1,000,000.
Curtis B. Rich,
Management Analyst.
[FR Doc. 2022-01642 Filed 1-26-22; 8:45 am]
BILLING CODE 8026-03-P
