Submission for OMB Review; Comment Request; Extension: Rule 34b-1, 21564 [2024-06627]

Download as PDF 21564 Federal Register / Vol. 89, No. 61 / Thursday, March 28, 2024 / Notices printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of DTC and on DTCC’s website (dtcc.com/legal/ sec-rule-filings). Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to File Number SR–DTC–2024–002 and should be submitted on or before April 18, 2024. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.29 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–06576 Filed 3–27–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–305, OMB Control No. 3235–0346] ddrumheller on DSK120RN23PROD with NOTICES1 Submission for OMB Review; Comment Request; Extension: Rule 34b–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 a request for extension of the previously approved collection of information discussed below. Rule 34b–1 under the Investment Company Act (17 CFR 270.34b–1) governs sales material that accompanies or follows the delivery of a statutory prospectus (‘‘sales literature’’). Rule 34b–1 deems to be materially misleading any investment company (‘‘fund’’) sales literature required to be filed with the Securities and Exchange Commission (‘‘Commission’’) by Section 24(b) of the Investment Company Act (15 U.S.C. 80a–24(b)) that includes performance data, unless the sales literature also includes the appropriate 29 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 20:27 Mar 27, 2024 Jkt 262001 uniformly computed data and the legend disclosure required in investment company advertisements by rule 482 under the Securities Act of 1933 (17 CFR 230.482) (‘‘rule 482’’). Additionally, rule 34b–1 deems to be materially misleading any fund sales literature intended for distribution to prospective investors that includes fee and expense information, unless that sales literature complies with the disclosure and timeliness requirements of rule 482.1 These requirements are designed to prevent misleading performance claims by funds and to enable investors to make meaningful comparisons among funds. The Commission estimates that on average approximately 8,289 2 responses that include the information required by rule 34b–1 each year. The burden resulting from the collection of information requirements of rule 34b–1 is estimated to be 11 hours per response.3 The total hourly burden for rule 34b–1 is approximately 91,179 hours per year in the aggregate.4 The collection of information under rule 34b–1 is mandatory. The information provided under rule 34b–1 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. 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 1 These provisions of rule 34b–1 apply to any registered investment company or business development company advertisement, pamphlet, circular, form letter, or other sales literature addressed to or intended for distribution to prospective investors in connection with a public offering. See rule 34b–1(c). 2 The estimated average number of responses to rule 34b–1 for the two-year period from October 1, 2021, to November 30, 2023, comprises 7,912 filings submitted to FINRA and 377 filings submitted to the Commission. 3 Previous PRA extensions for rule 34b–1 assumed an estimated annual burden of 6 hours per response in complying with paragraphs a and b of rule 34b–1, 3 hours per response in complying with the fee and expense figure disclosure requirements of paragraph c, and 2 hours for the fee waivers/ expense reimbursement arrangements disclosure requirements of paragraph c, while estimating that only 96% of relevant responses would need to comply with all of the paragraph c requirements; for purposes of this extension, we are assuming that 100% of the responsive filings identified will incur burdens for all of the rule’s requirements, such that a total of 11 hours per response per year (6 + 3 + 2 = 11); we recognize that this might overstate the total burden. 4 8,289 responses × 11 hours per response = 91,179 hours. PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 recommendations for the proposed information collection should be sent within 30 days of publication of this notice by April 29, 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 . Dated: March 25, 2024. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–06627 Filed 3–27–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–99834; File No. SR–MSRB– 2024–02] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify the Calculation of the Annual Fee on Municipal Advisors Under MSRB Rule A–11 March 22, 2024. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on March 21, 2024, the Municipal Securities Rulemaking Board (‘‘MSRB’’ or ‘‘Board’’) 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 MSRB. 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 MSRB filed with the Commission a proposed rule change to amend Supplementary Material .01 to MSRB Rule A–11, on assessments for municipal advisor professionals (‘‘Rule A–11’’), to clarify that the calculation of the annual fee on municipal advisors for covered professionals 3 under Rule A– 11(b) (the ‘‘Municipal Advisor 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 As defined in Rule A–11(a), the term ‘‘covered professional’’ shall mean a person associated with a municipal advisor who is qualified as a municipal advisor representative in accordance with MSRB Rule G–3 and for whom the municipal advisor has on file with the Commission an active Form MA– I as of January 31 of each year. 2 17 E:\FR\FM\28MRN1.SGM 28MRN1

Agencies

[Federal Register Volume 89, Number 61 (Thursday, March 28, 2024)]
[Notices]
[Page 21564]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06627]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-305, OMB Control No. 3235-0346]


Submission for OMB Review; Comment Request; Extension: Rule 34b-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 a request for extension of the previously 
approved collection of information discussed below.
    Rule 34b-1 under the Investment Company Act (17 CFR 270.34b-1) 
governs sales material that accompanies or follows the delivery of a 
statutory prospectus (``sales literature''). Rule 34b-1 deems to be 
materially misleading any investment company (``fund'') sales 
literature required to be filed with the Securities and Exchange 
Commission (``Commission'') by Section 24(b) of the Investment Company 
Act (15 U.S.C. 80a-24(b)) that includes performance data, unless the 
sales literature also includes the appropriate uniformly computed data 
and the legend disclosure required in investment company advertisements 
by rule 482 under the Securities Act of 1933 (17 CFR 230.482) (``rule 
482''). Additionally, rule 34b-1 deems to be materially misleading any 
fund sales literature intended for distribution to prospective 
investors that includes fee and expense information, unless that sales 
literature complies with the disclosure and timeliness requirements of 
rule 482.\1\ These requirements are designed to prevent misleading 
performance claims by funds and to enable investors to make meaningful 
comparisons among funds.
---------------------------------------------------------------------------

    \1\ These provisions of rule 34b-1 apply to any registered 
investment company or business development company advertisement, 
pamphlet, circular, form letter, or other sales literature addressed 
to or intended for distribution to prospective investors in 
connection with a public offering. See rule 34b-1(c).
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    The Commission estimates that on average approximately 8,289 \2\ 
responses that include the information required by rule 34b-1 each 
year. The burden resulting from the collection of information 
requirements of rule 34b-1 is estimated to be 11 hours per response.\3\ 
The total hourly burden for rule 34b-1 is approximately 91,179 hours 
per year in the aggregate.\4\
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    \2\ The estimated average number of responses to rule 34b-1 for 
the two-year period from October 1, 2021, to November 30, 2023, 
comprises 7,912 filings submitted to FINRA and 377 filings submitted 
to the Commission.
    \3\ Previous PRA extensions for rule 34b-1 assumed an estimated 
annual burden of 6 hours per response in complying with paragraphs a 
and b of rule 34b-1, 3 hours per response in complying with the fee 
and expense figure disclosure requirements of paragraph c, and 2 
hours for the fee waivers/expense reimbursement arrangements 
disclosure requirements of paragraph c, while estimating that only 
96% of relevant responses would need to comply with all of the 
paragraph c requirements; for purposes of this extension, we are 
assuming that 100% of the responsive filings identified will incur 
burdens for all of the rule's requirements, such that a total of 11 
hours per response per year (6 + 3 + 2 = 11); we recognize that this 
might overstate the total burden.
    \4\ 8,289 responses x 11 hours per response = 91,179 hours.
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    The collection of information under rule 34b-1 is mandatory. The 
information provided under rule 34b-1 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.
    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 April 29, 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: March 25, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06627 Filed 3-27-24; 8:45 am]
BILLING CODE 8011-01-P
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