Proposed Collection; Comment Request; Extension: Form ADV-H, 12998-12999 [2023-04210]

Download as PDF 12998 Federal Register / Vol. 88, No. 40 / Wednesday, March 1, 2023 / Notices For the Nuclear Regulatory Commission. David C. Cullison, NRC Clearance Officer, Office of the Chief Information Officer. [FR Doc. 2023–04143 Filed 2–28–23; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–473, OMB Control No. 3235–0530] ddrumheller on DSK120RN23PROD with NOTICES Submission for OMB Review; Comment Request; Extension: Rule 32a–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 (44 U.S.C. 350l et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget requests for extension of the previously approved collections of information discussed below. Section 32(a)(2) of the Investment Company Act of 1940 (15 U.S.C. 80a 31(a)(2)) (‘‘Act’’) requires that the selection of a registered management investment company’s or registered face-amount certificate company’s (collectively, ‘‘funds’’) independent public accountant be submitted to shareholders for ratification or rejection. Rule 32a–4 under the Investment Company Act (17 CFR 270.32a–4) exempts a fund from this requirement if, among other things, the fund has an audit committee consisting entirely of independent directors. The rule permits continuing oversight of a fund’s accounting and auditing processes by an independent audit committee in place of a shareholder vote. Among other things, in order to rely on rule 32a–4, a fund’s board of directors must adopt an audit committee charter and must preserve that charter, and any modifications to the charter, permanently in an easily accessible place. The purpose of these conditions is to ensure that Commission staff will be able to monitor the duties and responsibilities of an audit committee of a fund relying on the rule. Commission staff estimates that on average the board of directors takes 15 minutes to adopt the audit committee charter. Commission staff has estimated that with an average of 9 directors on VerDate Sep<11>2014 18:10 Feb 28, 2023 Jkt 259001 the board,1 total director time to adopt the charter is 2.25 hours. Combined with an estimated 1⁄2 hour of paralegal time to prepare the charter for board review, the staff estimates a total onetime collection of information burden of 2.75 hours for each fund. Once a board adopts an audit committee charter, the charter is preserved as part of the fund’s records. Commission staff estimates that there is no annual hourly burden associated with preserving the charter in accordance with this rule.2 Because virtually all existing funds have now adopted audit committee charters, the annual one-time collection of information burden associated with adopting audit committee charters is limited to the burden incurred by newly established funds. Commission staff estimates that fund sponsors establish approximately 120 new funds each year,3 and that all of these funds will adopt an audit committee charter in order to rely on rule 32a–4. Thus, Commission staff estimates that the annual one-time hour burden associated with adopting an audit committee charter under rule 32a–4 is approximately 330 hours.4 When funds adopt an audit committee charter in order to rely on rule 32a–4, they also may incur one-time costs related to hiring outside counsel to prepare the charter. Commission staff estimates that those costs average approximately $1500 per fund.5 As noted above, Commission staff estimates that approximately 120 new funds each year will adopt an audit committee charter in order to rely on rule 32a–4. Thus, Commission staff estimates that the ongoing annual cost burden associated with rule 32a–4 in the future will be approximately $180,000.6 The estimates of average burden hours and costs are made solely for the 1 This estimate is based on staff experience and on discussions with a representative of an entity that surveys funds and calculates fund board statistics based on responses to its surveys. 2 This estimate is based on staff experience and discussions with funds regarding the hour burden related to maintenance of the charter. 3 This estimate is based on the average annual number of notifications of registration on Form N– 8A filed from 2019 to 2021. 4 This estimate is based on the following calculation: (2.75 burden hours for establishing charter × 120 new funds = 330 burden hours). 5 Costs may vary based on the individual needs of each fund. However, based on the staff’s experience and conversations with outside counsel that prepare these charters, legal fees related to the preparation and adoption of an audit committee charter usually average $1500 or less. The Commission also understands that model audit committee charters are available, which reduces the costs associated with drafting a charter. 6 This estimate is based on the following calculations: ($1500 cost of adopting charter × 120 newly established funds = $180,000). PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 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 collections of information required by rule 32a–4 are necessary to obtain the benefits of the rule. The Commission is seeking OMB approval, because 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 March 31, 2023 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: February 23, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–04209 Filed 2–28–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–481, OMB Control No. 3235–0538] Proposed Collection; Comment Request; Extension: Form ADV–H 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’’) 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 (‘‘OMB’’) for extension and approval. The title for the collection of information is ‘‘Form ADV–H under the Investment Advisers Act of 1940.’’ Form ADV–H (17 CFR 279.3) under the E:\FR\FM\01MRN1.SGM 01MRN1 ddrumheller on DSK120RN23PROD with NOTICES Federal Register / Vol. 88, No. 40 / Wednesday, March 1, 2023 / Notices Investment Advisers Act of 1940 (‘‘Advisers Act’’) is the application that investment advisers use to request a hardship exemption from making Advisers Act filings electronically with the Investment Adviser Registration Depository (‘‘IARD’’). There are two types of hardship exemptions from making Advisers Act filings through IARD: a temporary hardship exemption and a continuing hardship exemption. Advisers Act rule 203–3 (17 CFR 275.203–3) sets forth requirements for both temporary hardship exemptions and continuing hardship exemptions for advisers registered or registering with the Commission. Advisers Act rule 204–4(e) (17 CFR 275.204–4(e)) sets forth requirements for temporary hardship exemptions for exempt reporting advisers. A temporary hardship exemption is available to advisers registered or registering with the Commission, as well as exempt reporting advisers, if the adviser has unanticipated technical difficulties that prevent it from submitting a filing to the IARD system. To apply for a temporary hardship exemption, the adviser must file Form ADV–H in paper format no later than one business day after the subject filing was due, and submit the subject filing electronically through IARD no later than seven business days after the subject filing was due. The temporary hardship exemption is granted when the adviser files the completed Form ADV–H. A continuing hardship exemption provides an exemption from electronic filing for no more than one year. It is available to certain advisers registered or registering with the Commission; it is not available to exempt reporting advisers. Such adviser must be a small business and be able to demonstrate that the electronic filing requirements are prohibitively burdensome or expensive. To apply for a continuing hardship exemption, an adviser must file Form ADV–H at least ten business days before a filing is due. The Commission will grant or deny the application within ten business days after the adviser files Form ADV–H. If the Commission approves the application, the adviser may submit filings to FINRA in paper format for the period of time for which the exemption is granted. The purpose of the collection of information is to enable the Commission to process requests for temporary hardship exemptions and to determine whether to grant a continuing hardship exemption from the requirement for advisers to make Advisers Act filings electronically through IARD. VerDate Sep<11>2014 18:10 Feb 28, 2023 Jkt 259001 Respondents are investment advisers registered or registering with the Commission, as well as exempt reporting advisers. Based on our experience and data, we estimate that there are 20,926 respondents, consisting of 15,414 registered investment advisers and 5,512 exempt reporting advisers. Of those respondents, we estimate that we would receive one response annually, and each response would take approximately one hour to complete. Therefore, we estimate an annual aggregate burden of one hour for this collection of information. The collection of information does not require recordkeeping or records retention. The collection of information requirements are mandatory. The information collected is a filing with the Commission, and is not 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 proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimate of the burden 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 by May 1, 2023. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. Please direct your written comments to: David Bottom, Acting Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to: PRA_ Mailbox@sec.gov. Dated: February 23, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–04210 Filed 2–28–23; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 12999 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–96968; File No. SR–BX– 2023–005] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 2, BX Options Market-Fees and Rebates February 23, 2023. 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 February 10, 2023, Nasdaq BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit 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 amend its Pricing Schedule at Options 7, Section 2.3 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. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 The Exchange originally filed SR–BX–2023–001 on January 3, 2023. On January 12, 2023, the Exchange withdrew SR–BX–2023–001 and replaced that filing with SR–BX–2023–002. On January 24, 2023, the Exchange withdrew SR–BX–2023–002 and replaced that filing with SR–BX–2023–003. On January 30, 2023, the Exchange withdrew SR–BX– 2023–003 and replaced that filing with SR–BX– 2023–004. On February 10, 2023, the Exchange is withdrawing SR–BX–2023–004 and replacing it with the instant filing. 2 17 E:\FR\FM\01MRN1.SGM 01MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 88, Number 40 (Wednesday, March 1, 2023)]
[Notices]
[Pages 12998-12999]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-04210]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-481, OMB Control No. 3235-0538]


Proposed Collection; Comment Request; Extension: Form ADV-H

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'') 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 (``OMB'') for extension and approval.
    The title for the collection of information is ``Form ADV-H under 
the Investment Advisers Act of 1940.'' Form ADV-H (17 CFR 279.3) under 
the

[[Page 12999]]

Investment Advisers Act of 1940 (``Advisers Act'') is the application 
that investment advisers use to request a hardship exemption from 
making Advisers Act filings electronically with the Investment Adviser 
Registration Depository (``IARD'').
    There are two types of hardship exemptions from making Advisers Act 
filings through IARD: a temporary hardship exemption and a continuing 
hardship exemption. Advisers Act rule 203-3 (17 CFR 275.203-3) sets 
forth requirements for both temporary hardship exemptions and 
continuing hardship exemptions for advisers registered or registering 
with the Commission. Advisers Act rule 204-4(e) (17 CFR 275.204-4(e)) 
sets forth requirements for temporary hardship exemptions for exempt 
reporting advisers.
    A temporary hardship exemption is available to advisers registered 
or registering with the Commission, as well as exempt reporting 
advisers, if the adviser has unanticipated technical difficulties that 
prevent it from submitting a filing to the IARD system. To apply for a 
temporary hardship exemption, the adviser must file Form ADV-H in paper 
format no later than one business day after the subject filing was due, 
and submit the subject filing electronically through IARD no later than 
seven business days after the subject filing was due. The temporary 
hardship exemption is granted when the adviser files the completed Form 
ADV-H.
    A continuing hardship exemption provides an exemption from 
electronic filing for no more than one year. It is available to certain 
advisers registered or registering with the Commission; it is not 
available to exempt reporting advisers. Such adviser must be a small 
business and be able to demonstrate that the electronic filing 
requirements are prohibitively burdensome or expensive. To apply for a 
continuing hardship exemption, an adviser must file Form ADV-H at least 
ten business days before a filing is due. The Commission will grant or 
deny the application within ten business days after the adviser files 
Form ADV-H. If the Commission approves the application, the adviser may 
submit filings to FINRA in paper format for the period of time for 
which the exemption is granted.
    The purpose of the collection of information is to enable the 
Commission to process requests for temporary hardship exemptions and to 
determine whether to grant a continuing hardship exemption from the 
requirement for advisers to make Advisers Act filings electronically 
through IARD.
    Respondents are investment advisers registered or registering with 
the Commission, as well as exempt reporting advisers. Based on our 
experience and data, we estimate that there are 20,926 respondents, 
consisting of 15,414 registered investment advisers and 5,512 exempt 
reporting advisers. Of those respondents, we estimate that we would 
receive one response annually, and each response would take 
approximately one hour to complete. Therefore, we estimate an annual 
aggregate burden of one hour for this collection of information.
    The collection of information does not require recordkeeping or 
records retention. The collection of information requirements are 
mandatory. The information collected is a filing with the Commission, 
and is not 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 proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimate of the burden 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 by May 1, 2023.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: David Bottom, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an 
email to: [email protected].

    Dated: February 23, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-04210 Filed 2-28-23; 8:45 am]
BILLING CODE 8011-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.