Submission for OMB Review; Comment Request: Extension: Rule 12d3-1, 48050 [2022-16847]
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48050
Federal Register / Vol. 87, No. 150 / Friday, August 5, 2022 / Notices
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 by September 6, 2022.
To (i) MBX.OMB.OIRA.SEC_desk_
officer@omb.eop.gov and (ii) David
Bottom, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549, or by
sending an email to: PRA_Mailbox@
sec.gov.
Date: August 1, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–16848 Filed 8–4–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–504, OMB Control No.
3235–0561]
lotter on DSK11XQN23PROD with NOTICES1
Submission for OMB Review;
Comment Request: Extension: Rule
12d3–1
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
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 (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 12d3–1 (17 CFR 270.12d3–1)
under the Investment Company Act of
1940 (15 U.S.C. 80a–1 et seq.)
(‘‘Investment Company Act’’) permits a
fund to invest up to five percent of its
assets in securities of an issuer deriving
more than fifteen percent of its gross
revenues from securities-related
businesses (subject to certain
limitations), notwithstanding the
general prohibition in Section 12(d)(3)
of the Investment Company Act of a
registered investment company (‘‘fund’’)
VerDate Sep<11>2014
17:20 Aug 04, 2022
Jkt 256001
and companies controlled by the fund
purchasing securities issued by a
registered investment adviser, broker,
dealer, or underwriter (‘‘securitiesrelated businesses’’).
A fund may, however, rely on an
exemption in rule 12d3–1 to acquire
securities issued by its subadvisers in
circumstances in which the subadviser
would have little ability to take
advantage of the fund, because it is not
in a position to direct the fund’s
securities purchases. This exemption in
rule 12d3–1 is available if: (i) the
subadviser is not, and is not an affiliated
person of, an investment adviser that
provides advice with respect to the
portion of the fund that is acquiring the
securities; and (ii) the advisory contracts
of the subadviser, and any subadviser
that is advising the purchasing portion
of the fund, prohibit them from
consulting with each other concerning
securities transactions of the fund, and
limit their responsibility in providing
advice to providing advice with respect
to discrete portions of the fund’s
portfolio.1
Based on an analysis of fund filings,
Commission staff estimates that
approximately 285 funds enter into such
new subadvisory agreements each year,
and that it will require approximately 3
attorney hours to draft and execute
additional clauses in new subadvisory
contracts in order for funds and
subadvisers to be able to rely on the
exemptions in rule 12d3–1. Because
these additional clauses are identical to
the clauses that a fund would need to
insert in their subadvisory contracts to
rely on rules 10f–3 (17 CFR 270.10f–3),
17a–10 (17 CFR 270.17a–10), and 17e–
1 (17 CFR 270.17e–1), and because we
believe that funds that use one such rule
generally use all of these rules, we
apportion this 3 hour time burden
equally to all four rules. Therefore, we
estimate that the burden allocated to
rule 12d3–1 for this contract change
would be 0.75 hours. Assuming that all
285 funds that enter into new
subadvisory contracts each year make
the modification to their contract
required by the rule, we estimate that
the rule’s contract modification
requirement will result in 214 burden
hours annually, with an associated time
cost of approximately $90,950.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. The estimate
is not derived from a comprehensive or
even a representative survey or study of
the costs of Commission rules.
Complying with this collection of
information requirement is necessary to
1 See
PO 00000
17 CFR 270.270.12d3–1(c)(3).
Frm 00094
Fmt 4703
Sfmt 4703
obtain the benefit of relying on rule
12d3–1. 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 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 by September 6, 2022 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: PRA_Mailbox@sec.gov.
Dated: August 1, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–16847 Filed 8–4–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[TM–270–650; OMB Control No. 3235–0700]
Proposed Collection; Comment
Request; Extension: Rule 18a–4
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 18a–4 (17 CFR
240.18a–4), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (‘‘Exchange Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 18a–4 establishes segregation
requirements for cleared and noncleared security-based swap
transactions, which applies to nonbroker-dealer security-based swap
dealers (‘‘SBSDs’’) (i.e., bank SBSDs and
nonbank stand-alone SBSDs), as well as
notification requirements for non-
E:\FR\FM\05AUN1.SGM
05AUN1
]]>Agencies
[Federal Register Volume 87, Number 150 (Friday, August 5, 2022)]
[Notices]
[Page 48050]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-16847]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-504, OMB Control No. 3235-0561]
Submission for OMB Review; Comment Request: Extension: Rule 12d3-
1
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
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 (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 12d3-1 (17 CFR 270.12d3-1) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act'') permits a
fund to invest up to five percent of its assets in securities of an
issuer deriving more than fifteen percent of its gross revenues from
securities-related businesses (subject to certain limitations),
notwithstanding the general prohibition in Section 12(d)(3) of the
Investment Company Act of a registered investment company (``fund'')
and companies controlled by the fund purchasing securities issued by a
registered investment adviser, broker, dealer, or underwriter
(``securities-related businesses'').
A fund may, however, rely on an exemption in rule 12d3-1 to acquire
securities issued by its subadvisers in circumstances in which the
subadviser would have little ability to take advantage of the fund,
because it is not in a position to direct the fund's securities
purchases. This exemption in rule 12d3-1 is available if: (i) the
subadviser is not, and is not an affiliated person of, an investment
adviser that provides advice with respect to the portion of the fund
that is acquiring the securities; and (ii) the advisory contracts of
the subadviser, and any subadviser that is advising the purchasing
portion of the fund, prohibit them from consulting with each other
concerning securities transactions of the fund, and limit their
responsibility in providing advice to providing advice with respect to
discrete portions of the fund's portfolio.\1\
---------------------------------------------------------------------------
\1\ See 17 CFR 270.270.12d3-1(c)(3).
---------------------------------------------------------------------------
Based on an analysis of fund filings, Commission staff estimates
that approximately 285 funds enter into such new subadvisory agreements
each year, and that it will require approximately 3 attorney hours to
draft and execute additional clauses in new subadvisory contracts in
order for funds and subadvisers to be able to rely on the exemptions in
rule 12d3-1. Because these additional clauses are identical to the
clauses that a fund would need to insert in their subadvisory contracts
to rely on rules 10f-3 (17 CFR 270.10f-3), 17a-10 (17 CFR 270.17a-10),
and 17e-1 (17 CFR 270.17e-1), and because we believe that funds that
use one such rule generally use all of these rules, we apportion this 3
hour time burden equally to all four rules. Therefore, we estimate that
the burden allocated to rule 12d3-1 for this contract change would be
0.75 hours. Assuming that all 285 funds that enter into new subadvisory
contracts each year make the modification to their contract required by
the rule, we estimate that the rule's contract modification requirement
will result in 214 burden hours annually, with an associated time cost
of approximately $90,950.
The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act. The estimate is not derived
from a comprehensive or even a representative survey or study of the
costs of Commission rules. Complying with this collection of
information requirement is necessary to obtain the benefit of relying
on rule 12d3-1. 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 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
by September 6, 2022 to (i) [email protected]
and (ii) David Bottom, Director/Chief Information Officer, Securities
and Exchange Commission, c/o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an email to: [email protected].
Dated: August 1, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16847 Filed 8-4-22; 8:45 am]
BILLING CODE 8011-01-P
