Submission for OMB Review; Comment Request; Extension: Rule 0-1, 86950-86951 [2023-27570]
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Federal Register / Vol. 88, No. 240 / Friday, December 15, 2023 / Notices
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative:
Kenneth R. Moeller; Comments Due:
December 18, 2023.
8. Docket No(s).: MC2024–106 and
CP2024–110; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 30 to Competitive Product List
and Notice of Filing Materials Under
Seal; Filing Acceptance Date: December
8, 2023; Filing Authority: 39 U.S.C.
3642, 39 CFR 3040.130 through
3040.135, and 39 CFR 3035.105; Public
Representative: Christopher C. Mohr;
Comments Due: December 18, 2023.
9. Docket No(s).: MC2024–107 and
CP2024–111; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 31 to Competitive Product List
and Notice of Filing Materials Under
Seal; Filing Acceptance Date: December
8, 2023; Filing Authority: 39 U.S.C.
3642, 39 CFR 3040.130 through
3040.135, and 39 CFR 3035.105; Public
Representative: Christopher C. Mohr;
Comments Due: December 18, 2023.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2023–27543 Filed 12–14–23; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL REGULATORY COMMISSION
[Docket Nos. CP2024–113; MC2024–108 and
CP2024–112; MC2024–109 and CP2024–114;
MC2024–110 and CP2024–115]
New Postal Products
Postal Regulatory Commission.
ACTION: Notice.
AGENCY:
The Commission is noticing a
recent Postal Service filing for the
Commission’s consideration concerning
a negotiated service agreement. This
notice informs the public of the filing,
invites public comment, and takes other
administrative steps.
DATES: Comments are due: December
19, 2023.
ADDRESSES: Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
ddrumheller on DSK120RN23PROD with NOTICES1
SUMMARY:
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Table of Contents
I. Introduction
II. Docketed Proceeding(s)
I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the Market Dominant or
the Competitive product list, or the
modification of an existing product
currently appearing on the Market
Dominant or the Competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3011.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern Market Dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
Competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3035, and
39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
II. Docketed Proceeding(s)
1. Docket No(s).: CP2024–113; Filing
Title: Notice of United States Postal
Service of Filing Functionally
Equivalent Inbound Competitive MultiService Agreement with Foreign Postal
Operator—FY24–2; Filing Acceptance
1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
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Date: December 11, 2023; Filing
Authority: 39 CFR 3035.105; Public
Representative: Katalin K. Clendenin;
Comments Due: December 19, 2023.
2. Docket No(s).: MC2024–108 and
CP2024–112; Filing Title: USPS Notice
to Add Priority Mail & USPS Ground
Advantage Contract 138 to Competitive
Product List and Notice of Filing
Materials Under Seal; Filing Acceptance
Date: December 11, 2023; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative:
Jennaca D. Upperman; Comments Due:
December 19, 2023.
3. Docket No(s).: MC2024–109 and
CP2024–114; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 33 to Competitive Product List
and Notice of Filing Materials Under
Seal; Filing Acceptance Date: December
11, 2023; Filing Authority: 39 U.S.C.
3642, 39 CFR 3040.130 through
3040.135, and 39 CFR 3035.105; Public
Representative: Jennaca D. Upperman;
Comments Due: December 19, 2023.
4. Docket No(s).: MC2024–110 and
CP2024–115; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & USPS Ground Advantage
Contract 32 to Competitive Product List
and Notice of Filing Materials Under
Seal; Filing Acceptance Date: December
11, 2023; Filing Authority: 39 U.S.C.
3642, 39 CFR 3040.130 through
3040.135, and 39 CFR 3035.105; Public
Representative: Jennaca D. Upperman;
Comments Due: December 19, 2023.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2023–27623 Filed 12–14–23; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–472, OMB Control No.
3235–0531]
Submission for OMB Review;
Comment Request; Extension: Rule 0–
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. 350l et. seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
E:\FR\FM\15DEN1.SGM
15DEN1
Federal Register / Vol. 88, No. 240 / Friday, December 15, 2023 / Notices
request for extension of the previous
approved collection of information
discussed below.
The Investment Company Act of 1940
(the ‘‘Act’’) 1 establishes a
comprehensive framework for regulating
the organization and operation of
investment companies (‘‘funds’’). A
principal objective of the Act is to
protect fund investors by addressing the
conflicts of interest that exist between
funds and their investment advisers and
other affiliated persons. The Act places
significant responsibility on the fund
board of directors in overseeing the
operations of the fund and policing the
relevant conflicts of interest.2 Rule 0–1
(17 CFR 270.0–1), as amended, provides
definitions for the terms used by the
Commission in the rules and regulations
it has adopted pursuant to the Act. The
rule also contains a number of rules of
construction for terms that are defined
either in the Act itself or elsewhere in
the Commission’s rules and regulations.
Finally, rule 0–1 defines terms that
serve as conditions to the availability of
certain of the Commission’s exemptive
rules. More specifically, the term
‘‘independent legal counsel,’’ as defined
in rule 0–1, sets out conditions that
funds must meet in order to rely on any
of ten exemptive rules (‘‘exemptive
rules’’) under the Act.3
If the board’s counsel has represented
the fund’s investment adviser, principal
underwriter, administrator (collectively,
‘‘management organizations’’) or their
‘‘control persons’’ 4 during the past two
years, rule 0–1 requires that the board’s
independent directors make a
determination about the adequacy of the
counsel’s independence. A majority of
the board’s independent directors are
required to reasonably determine, in the
exercise of their judgment, that the
counsel’s prior or current representation
of the management organizations or
their control persons was sufficiently
limited to conclude that it is unlikely to
adversely affect the counsel’s
professional judgment and legal
representation. Rule 0–1 also requires
that a record for the basis of this
1 15
U.S.C. 80a.
example, fund directors must approve
investment advisory and distribution contracts. See
15 U.S.C. 80a–15(a), (b), and (c).
3 The relevant exemptive rules are: rule 10f–3 (17
CFR 270.10f–3), rule 12b–1 (17 CFR 270.12b–1),
rule 15a–4(b)(2) (17 CFR 270.15a–4(b)(2)), rule 17a–
7 (17 CFR 270.17a–7), rule 17a–8 (17 CFR 270.17a–
8), rule 17d–1(d)(7) (17 CFR 270.17d–1(d)(7)), rule
17e–1(c) (17 CFR 270.17e–1(c)), rule 17g–1 (17 CFR
270.17g–1), rule 18f–3 (17 CFR 270.18f–3), and rule
23c–3 (17 CFR 270.23c–3).
4 A ‘‘control person’’ is any person—other than a
fund—directly or indirectly controlling, controlled
by, or under common control, with any of the
fund’s management organizations; See 17 CFR
270.01(a)(6)(iv)(B).
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86951
determination is made in the minutes of
the directors’ meeting. In addition, the
independent directors must have
obtained an undertaking from the
counsel to provide them with the
information necessary to make their
determination and to update promptly
that information when the person begins
to represent a management organization
or control person, or when he or she
materially increases his or her
representation. Generally, the
independent directors must re-evaluate
their determination no less frequently
than annually.
Any fund that relies on one of the
exemptive rules must comply with the
requirements in the definition of
‘‘independent legal counsel’’ under rule
0–1. We assume that approximately
2,909 funds rely on at least one of the
exemptive rules annually.5 We further
assume that the independent directors
of approximately one-third (970) of
those funds would need to make the
required determination in order for their
counsel to meet the definition of
independent legal counsel.6 We
estimate that each of these 970 funds
would be required to spend, on average,
0.75 hours annually to comply with the
recordkeeping requirement associated
with this determination, for a total
annual burden of approximately 727.5
hours. Based on this estimate, the total
annual cost for all funds’ compliance
with this rule is approximately
$194,485. To calculate this total annual
cost, the Commission staff assumed that
approximately two-thirds of the total
annual hour burden (485 hours) would
be incurred by a compliance manager
with an average hourly wage rate of
$360 per hour,7 and one-third of the
annual hour burden (242.5 hours)
would be incurred by compliance clerk
with an average hourly wage rate of $82
per hour.8
The 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 the costs of
Commission rules.
Compliance with the collection of
information requirements of the rule is
mandatory and is necessary to comply
with the requirements of the rule in
general. 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 January 16, 2024 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.
5 Based on statistics compiled by Commission
staff, we estimate that there are approximately 3,232
funds that could rely on one or more of the
exemptive rules; of those funds, we assume that
approximately 90 percent (2,909) actually rely on at
least one exemptive rules annually.
6 We assume that the independent directors of the
remaining two-thirds of those funds will choose not
to have counsel, or will rely on counsel who has
not recently represented the fund’s management
organizations or control persons; in both
circumstances, it would not be necessary for the
fund’s independent directors to make a
determination about their counsel’s independence.
7 The estimated hourly wages used in this PRA
analysis were derived from the Securities Industry
and Financial Markets Association Reports on
Management and Professional Earnings in the
Securities Industry (2013) (modified to account for
an 1800-hour work year and multiplied by 5.35 to
account for bonuses, firm size, employee benefits
and overhead) (adjusted for inflation), and Office
Salaries in the Securities Industry (2013) (modified
to account for an 1800-hour work year and
multiplied by 2.93 to account for bonuses, firm size,
employee benefits and overhead) (adjusted for
inflation).
[Release No. 34–99140; File No. SR–
PEARL–2023–64]
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Dated: December 12, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–27570 Filed 12–14–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the MIAX Pearl
Options Exchange Fee Schedule To
Modify Certain Connectivity and Port
Fees
December 11, 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 November
27, 2023, MIAX PEARL, LLC (‘‘MIAX
Pearl’’ or ‘‘Exchange’’) filed with the
8 (485 × $360/hour) + (242.5 × $82/hour) =
$194,485.
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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]]>Agencies
[Federal Register Volume 88, Number 240 (Friday, December 15, 2023)]
[Notices]
[Pages 86950-86951]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-27570]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-472, OMB Control No. 3235-0531]
Submission for OMB Review; Comment Request; Extension: Rule 0-1
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. 350l et. seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget a
[[Page 86951]]
request for extension of the previous approved collection of
information discussed below.
The Investment Company Act of 1940 (the ``Act'') \1\ establishes a
comprehensive framework for regulating the organization and operation
of investment companies (``funds''). A principal objective of the Act
is to protect fund investors by addressing the conflicts of interest
that exist between funds and their investment advisers and other
affiliated persons. The Act places significant responsibility on the
fund board of directors in overseeing the operations of the fund and
policing the relevant conflicts of interest.\2\ Rule 0-1 (17 CFR 270.0-
1), as amended, provides definitions for the terms used by the
Commission in the rules and regulations it has adopted pursuant to the
Act. The rule also contains a number of rules of construction for terms
that are defined either in the Act itself or elsewhere in the
Commission's rules and regulations. Finally, rule 0-1 defines terms
that serve as conditions to the availability of certain of the
Commission's exemptive rules. More specifically, the term ``independent
legal counsel,'' as defined in rule 0-1, sets out conditions that funds
must meet in order to rely on any of ten exemptive rules (``exemptive
rules'') under the Act.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 80a.
\2\ For example, fund directors must approve investment advisory
and distribution contracts. See 15 U.S.C. 80a-15(a), (b), and (c).
\3\ The relevant exemptive rules are: rule 10f-3 (17 CFR
270.10f-3), rule 12b-1 (17 CFR 270.12b-1), rule 15a-4(b)(2) (17 CFR
270.15a-4(b)(2)), rule 17a-7 (17 CFR 270.17a-7), rule 17a-8 (17 CFR
270.17a-8), rule 17d-1(d)(7) (17 CFR 270.17d-1(d)(7)), rule 17e-1(c)
(17 CFR 270.17e-1(c)), rule 17g-1 (17 CFR 270.17g-1), rule 18f-3 (17
CFR 270.18f-3), and rule 23c-3 (17 CFR 270.23c-3).
---------------------------------------------------------------------------
If the board's counsel has represented the fund's investment
adviser, principal underwriter, administrator (collectively,
``management organizations'') or their ``control persons'' \4\ during
the past two years, rule 0-1 requires that the board's independent
directors make a determination about the adequacy of the counsel's
independence. A majority of the board's independent directors are
required to reasonably determine, in the exercise of their judgment,
that the counsel's prior or current representation of the management
organizations or their control persons was sufficiently limited to
conclude that it is unlikely to adversely affect the counsel's
professional judgment and legal representation. Rule 0-1 also requires
that a record for the basis of this determination is made in the
minutes of the directors' meeting. In addition, the independent
directors must have obtained an undertaking from the counsel to provide
them with the information necessary to make their determination and to
update promptly that information when the person begins to represent a
management organization or control person, or when he or she materially
increases his or her representation. Generally, the independent
directors must re-evaluate their determination no less frequently than
annually.
---------------------------------------------------------------------------
\4\ A ``control person'' is any person--other than a fund--
directly or indirectly controlling, controlled by, or under common
control, with any of the fund's management organizations; See 17 CFR
270.01(a)(6)(iv)(B).
---------------------------------------------------------------------------
Any fund that relies on one of the exemptive rules must comply with
the requirements in the definition of ``independent legal counsel''
under rule 0-1. We assume that approximately 2,909 funds rely on at
least one of the exemptive rules annually.\5\ We further assume that
the independent directors of approximately one-third (970) of those
funds would need to make the required determination in order for their
counsel to meet the definition of independent legal counsel.\6\ We
estimate that each of these 970 funds would be required to spend, on
average, 0.75 hours annually to comply with the recordkeeping
requirement associated with this determination, for a total annual
burden of approximately 727.5 hours. Based on this estimate, the total
annual cost for all funds' compliance with this rule is approximately
$194,485. To calculate this total annual cost, the Commission staff
assumed that approximately two-thirds of the total annual hour burden
(485 hours) would be incurred by a compliance manager with an average
hourly wage rate of $360 per hour,\7\ and one-third of the annual hour
burden (242.5 hours) would be incurred by compliance clerk with an
average hourly wage rate of $82 per hour.\8\
---------------------------------------------------------------------------
\5\ Based on statistics compiled by Commission staff, we
estimate that there are approximately 3,232 funds that could rely on
one or more of the exemptive rules; of those funds, we assume that
approximately 90 percent (2,909) actually rely on at least one
exemptive rules annually.
\6\ We assume that the independent directors of the remaining
two-thirds of those funds will choose not to have counsel, or will
rely on counsel who has not recently represented the fund's
management organizations or control persons; in both circumstances,
it would not be necessary for the fund's independent directors to
make a determination about their counsel's independence.
\7\ The estimated hourly wages used in this PRA analysis were
derived from the Securities Industry and Financial Markets
Association Reports on Management and Professional Earnings in the
Securities Industry (2013) (modified to account for an 1800-hour
work year and multiplied by 5.35 to account for bonuses, firm size,
employee benefits and overhead) (adjusted for inflation), and Office
Salaries in the Securities Industry (2013) (modified to account for
an 1800-hour work year and multiplied by 2.93 to account for
bonuses, firm size, employee benefits and overhead) (adjusted for
inflation).
\8\ (485 x $360/hour) + (242.5 x $82/hour) = $194,485.
---------------------------------------------------------------------------
The 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 the costs of Commission rules.
Compliance with the collection of information requirements of the
rule is mandatory and is necessary to comply with the requirements of
the rule in general. 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 January 16, 2024 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: December 12, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-27570 Filed 12-14-23; 8:45 am]
BILLING CODE 8011-01-P
