80 FR 12223 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 44 (March 6, 2015)

Page Range		12223-12224
FR Document		2015-05218
Federal Register, Volume 80 Issue 44 (Friday, March 6, 2015)
[Federal Register Volume 80, Number 44 (Friday, March 6, 2015)]
[Notices]
[Pages 12223-12224]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-05218]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736.

Extension:
    Form N-4; SEC File No. 270-282, OMB Control No. 3235-0318.

    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 for extension and approval.
    The collection of information is entitled: ``Form N-4 (17 CFR 
239.17b) under the Securities Act of 1933 and (17 CFR 274.11c) under 
the Investment Company Act of 1940, registration statement of separate 
accounts organized as unit investment trust.'' Form N-4 is the form 
used by insurance company separate accounts organized as unit 
investment trusts that offer variable annuity contracts to register as 
investment companies under the Investment Company Act of 1940 (15 
U.S.C. 80a-1 et seq.) and/or to register their securities under the 
Securities Act of 1933 (15 U.S.C. 77a et seq.). Section 5 of the 
Securities Act (15 U.S.C. 77e) requires the filing of a registration 
statement prior to the offer of securities to the public and that the 
registration statement be effective before any securities are sold, and 
Section 8 of the Investment Company Act (15 U.S.C. 80a-8) provides for 
the registration of investment companies. Pursuant to Form N-4, 
separate accounts organized as unit investment trusts that offer 
variable annuity contracts provide investors with a prospectus and a 
statement of additional information covering essential information 
about a separate account. Section 5(b) of the Securities Act requires 
that investors be provided with a prospectus containing the information 
required in a registration statement prior to or at the time of sale or 
delivery of securities.
    The purpose of Form N-4 is to meet the filing and disclosure 
requirements of the Securities Act and the Investment Company Act and 
to enable filers to provide investors with information necessary to 
evaluate an investment in a security. The information required to be 
filed with the Commission permits verification of compliance with 
securities law requirements and assures the public availability and 
dissemination of the information.
    The estimated annual number of filings on Form N-4 is 210 initial 
registration statements and 1,443 post-effective amendments. The 
estimated average number of portfolios per filing is one, both for 
initial registration statements and post-effective amendments on Form 
N-4. Accordingly, the estimated number of portfolios referenced in 
initial Form N-4 filings annually is 210 and the estimated number of 
portfolios referenced in post-effective amendment filings on Form N-4 
annually is 1,443. The estimate of the annual hour burden for Form N-4 
is approximately 278.5 hours per initial registration statement and 
197.25 hours per post-effective amendment, for a total of 343,116.75 
hours ((210 initial registration statements x 278.5 hours) + (1,443 
post-effective amendments x 197.25 hours)).
    The current estimated annual cost burden for preparing an initial 
Form N-4 filing is $23,013 per portfolio and the current estimated 
annual cost burden for preparing a post-effective amendment filing on 
Form N-4 is $21,813 per portfolio. The Commission estimates that, on an 
annual basis, 210 portfolios will be referenced in initial Form N-4 
filings and 1,443 portfolios will be referenced in post-effective 
amendment filings on Form N-4. Thus,

[[Page 12224]]

the estimated total annual cost burden allocated to Form N 4 would be 
$36,308.889 ((210 x $23,013) + (1,443 x $21,813)).
    Providing the information required by Form N-4 is mandatory. 
Responses will not be kept confidential. Estimates of 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. 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 agency, including whether the information will 
have practical utility; (b) the accuracy of the agency'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 in writing within 60 
days of this publication.
    Please direct your written comments to Pamela Dyson, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
C/O Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send 
an email to: [email protected].

    Dated: March 2, 2015.
Brent J. Fields.
Secretary.
[FR Doc. 2015-05218 Filed 3-5-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 12223

waiver of the operative delay is provisions of 5 U.S.C. 552, will be their securities under the Securities Act
consistent with the protection of available for Web site viewing and of 1933 (15 U.S.C. 77a et seq.). Section
investors and the public interest. printing in the Commission’s Public 5 of the Securities Act (15 U.S.C. 77e)
Therefore, the Commission hereby Reference Room, 100 F Street NE., requires the filing of a registration
waives the operative delay and Washington, DC 20549, on official statement prior to the offer of securities
designates the proposal operative upon business days between the hours of to the public and that the registration
filing.18 10:00 a.m. and 3:00 p.m. Copies of the statement be effective before any
At any time within 60 days of the filing also will be available for securities are sold, and Section 8 of the
filing of the proposed rule change, the inspection and copying at the principal Investment Company Act (15 U.S.C.
Commission summarily may office of the Exchange. All comments 80a–8) provides for the registration of
temporarily suspend such rule change if received will be posted without change; investment companies. Pursuant to
it appears to the Commission that such the Commission does not edit personal Form N–4, separate accounts organized
action is necessary or appropriate in the identifying information from as unit investment trusts that offer
public interest, for the protection of submissions. You should submit only variable annuity contracts provide
investors, or otherwise in furtherance of information that you wish to make investors with a prospectus and a
the purposes of the Act. If the available publicly. All submissions statement of additional information
Commission takes such action, the should refer to File Number SR– covering essential information about a
Commission shall institute proceedings NYSEARCA–2015–11 and should be separate account. Section 5(b) of the
to determine whether the proposed rule submitted on or before March 27, 2015. Securities Act requires that investors be
should be approved or disapproved. For the Commission, by the Division of provided with a prospectus containing
IV. Solicitation of Comments Trading and Markets, pursuant to delegated the information required in a
authority.19 registration statement prior to or at the
Interested persons are invited to Brent J. Fields, time of sale or delivery of securities.
submit written data, views and The purpose of Form N–4 is to meet
Secretary.
arguments concerning the foregoing, the filing and disclosure requirements of
[FR Doc. 2015–05163 Filed 3–5–15; 8:45 am]
including whether the proposed rule the Securities Act and the Investment
change is consistent with the Act. BILLING CODE 8011–01–P
Company Act and to enable filers to
Comments may be submitted by any of provide investors with information
the following methods: necessary to evaluate an investment in
SECURITIES AND EXCHANGE
Electronic Comments COMMISSION a security. The information required to
be filed with the Commission permits
• Use the Commission’s Internet verification of compliance with
Proposed Collection; Comment
comment form (http://www.sec.gov/ securities law requirements and assures
Request
rules/sro.shtml); or the public availability and
• Send an email to rule-comments@ Upon Written Request, Copies Available dissemination of the information.
sec.gov. Please include File Number SR– From: Securities and Exchange The estimated annual number of
NYSEARCA–2015–11 on the subject Commission, Office of FOIA Services, filings on Form N–4 is 210 initial
line. 100 F Street NE., Washington, DC registration statements and 1,443 post-
Paper Comments 20549–2736. effective amendments. The estimated
Extension: average number of portfolios per filing
• Send paper comments in triplicate
Form N–4; SEC File No. 270–282, OMB is one, both for initial registration
to Secretary, Securities and Exchange Control No. 3235–0318. statements and post-effective
Commission, 100 F Street NE.,
Notice is hereby given that, pursuant amendments on Form N–4.
Washington, DC 20549–1090.
to the Paperwork Reduction Act of 1995 Accordingly, the estimated number of
All submissions should refer to File portfolios referenced in initial Form N–
(44 U.S.C. 3501 et seq.), the Securities
Number SR–NYSEARCA–2015–11. This 4 filings annually is 210 and the
and Exchange Commission (the
file number should be included on the estimated number of portfolios
‘‘Commission’’) is soliciting comments
subject line if email is used. To help the referenced in post-effective amendment
on the collection of information
Commission process and review your filings on Form N–4 annually is 1,443.
summarized below. The Commission
comments more efficiently, please use The estimate of the annual hour burden
plans to submit this existing collection
only one method. The Commission will for Form N–4 is approximately 278.5
of information to the Office of
post all comments on the Commission’s hours per initial registration statement
Management and Budget for extension
Internet Web site (http://www.sec.gov/ and 197.25 hours per post-effective
and approval.
rules/sro.shtml). Copies of the The collection of information is amendment, for a total of 343,116.75
submission, all subsequent entitled: ‘‘Form N–4 (17 CFR 239.17b) hours ((210 initial registration
amendments, all written statements under the Securities Act of 1933 and (17 statements x 278.5 hours) + (1,443 post-
with respect to the proposed rule CFR 274.11c) under the Investment effective amendments × 197.25 hours)).
change that are filed with the Company Act of 1940, registration The current estimated annual cost
Commission, and all written statement of separate accounts burden for preparing an initial Form N–
communications relating to the organized as unit investment trust.’’ 4 filing is $23,013 per portfolio and the
proposed rule change between the Form N–4 is the form used by insurance current estimated annual cost burden
Commission and any person, other than
mstockstill on DSK4VPTVN1PROD with NOTICES

company separate accounts organized as for preparing a post-effective
those that may be withheld from the unit investment trusts that offer variable amendment filing on Form N–4 is
public in accordance with the annuity contracts to register as $21,813 per portfolio. The Commission
investment companies under the estimates that, on an annual basis, 210
18 For purposes only of waiving the 30-day
Investment Company Act of 1940 (15 portfolios will be referenced in initial
operative delay, the Commission has also
considered the proposed rule’s impact on U.S.C. 80a–1 et seq.) and/or to register Form N–4 filings and 1,443 portfolios
efficiency, competition, and capital formation. See will be referenced in post-effective
15 U.S.C. 78c(f). 19 17 CFR 200.30–3(a)(12). amendment filings on Form N–4. Thus,

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12224 Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices

the estimated total annual cost burden (‘‘Commission’’) the proposed rule document, that the initial document and
allocated to Form N 4 would be change SR–ICC–2014–19 pursuant to any material amendments require
$36,308.889 ((210 × $23,013) + (1,443 × Section 19(b)(1) of the Securities review and approval by the appropriate
$21,813)). Exchange Act of 1934 (‘‘Act’’) 1 and Rule members of senior management and the
Providing the information required by 19b–4 thereunder.2 The proposed rule ICC Board, and that the Operational
Form N–4 is mandatory. Responses will change was published for comment in Risk Manager reports to the Chief
not be kept confidential. Estimates of the Federal Register on December 2, Compliance Officer who reports directly
average burden hours are made solely 2014.3 The Commission received no to the ICC Board.
for the purposes of the Paperwork comment letters regarding the proposed
Reduction Act, and are not derived from change. On January 16, 2015, the There are several components to the
a comprehensive or even a Commission extended the time period ICC Operational Risk Management
representative survey or study of the in which to either approve, disapprove, Framework. ICC states that the
costs of Commission rules and forms. or institute proceedings to determine Operational Risk Management
An agency may not conduct or sponsor, whether to disapprove the proposed Framework establishes clearly defined
and a person is not required to respond rule change to March 2, 2015.4 For the operational performance objectives that
to, a collection of information unless it reasons discussed below, the serve as benchmarks to evaluate
displays a currently valid control Commission is granting approval of the efficiency and effectiveness, promote
number. proposed rule change. confidence among management and
Written comments are invited on: (a) II. Description of the Proposed Rule participants, and evaluate operational
Whether the proposed collection of Change performance against expectations. The
information is necessary for the proper Operational Risk Management
performance of the functions of the ICC is proposing to update and
Framework states ICC’s goals of
agency, including whether the formalize ICC’s Operational Risk
identifying, monitoring, and managing
information will have practical utility; Management Framework. According to
ICC, the Operational Risk Management all plausible sources of operational risk
(b) the accuracy of the agency’s estimate and establishing clear policies and
of the burden of the collection of Framework is designed to create a
program of risk assessment and procedures to address presented risk
information; (c) ways to enhance the scenarios. For example, the Operational
quality, utility, and clarity of the oversight to identify, monitor, and
manage plausible sources of operational Risk Management Framework
information collected; and (d) ways to incorporates ICC’s risk assessment
risk,5 and to timely manage and report
minimize the burden of the collection of methodology to identify and evaluate
operational performance measures. ICC
information on respondents, including
further states that the operational risk potential operational risks in each of its
through the use of automated collection
program is designed to evaluate and major clearing processes, as well as
techniques or other forms of information
mitigate operations risk presented to procedures for recommending controls
technology. Consideration will be given
ICC by its partners, related entities, and to mitigate risks identified in the risk
to comments and suggestions submitted
vendors. According to ICC, the assessment. The Operational Risk
in writing within 60 days of this
Operational Risk Management Management Framework also contains
publication.
Framework is overseen by the ICC information regarding how ICC
Please direct your written comments
Board, ICC department heads and the leverages certain shared infrastructures
to Pamela Dyson, Acting Director/Chief
Chief Compliance Officer, and internal within the Intercontinental Exchange,
Information Officer, Securities and
audit performs reviews of the Inc. family as part of its operational risk
Exchange Commission, C/O Remi
operational risk management processes. management program.
Pavlik-Simon, 100 F Street NE.,
Under the Operational Risk
Washington, DC 20549; or send an email Additionally, the Operational Risk
Management Framework, the
to: PRA_Mailbox@sec.gov. Management Framework details the
Operational Risk Manager has the
Dated: March 2, 2015. responsibility and authority to develop Operational Risk Manager’s
Brent J. Fields. and enforce, in consultation with the responsibilities in terms of business
Secretary. ICC Board and appropriate members of continuity planning, vendor risk
[FR Doc. 2015–05218 Filed 3–5–15; 8:45 am] senior management, the operational risk management, and the release of new
BILLING CODE 8011–01–P program, which applies to all ICC products, processes, and initiatives.
activities, groups, functions and Under the Operational Risk
locations. The Operational Risk Management Framework, the
SECURITIES AND EXCHANGE Management Framework further Operational Risk Manager is responsible
COMMISSION provides that the Operational Risk for operational risk reporting, which
Manager is the owner of the Operational includes reporting and addressing
[Release No. 34–74399; File No. SR–ICC–
Risk Management Framework significant operational risk weaknesses
2014–19]
or failures timely and appropriately
1 15 U.S.C. 78s(b)(1).
Self-Regulatory Organizations; ICE 2 17
(including escalation to the appropriate
CFR 240.19b–4.
Clear Credit LLC; Order Granting 3 Securities Exchange Act Release No. 34–73684
members of senior management and the
Approval of Proposed Rule Change To (Nov. 25, 2014), 79 FR 71495 (Dec. 2, 2014) (SR– ICC Audit Committee and the Board
Formalize the ICC Operational Risk ICC–2014–19). when necessary), and providing ongoing
mstockstill on DSK4VPTVN1PROD with NOTICES

Management Framework 4 Securities Exchange Act Release No. 34–74082
reporting to appropriate members of
(Jan. 16, 2015), 80 FR 3687 (Jan. 23, 2015) (SR–ICC–
March 2, 2015. 2014–19). senior management and periodic
5 ‘‘Operational risk’’ is defined in the ICC reporting to the ICC Board and the ICC
I. Introduction Operational Risk Management Framework as the Audit Committee on the operational risk
risk that deficiencies in information systems, program and significant control matters.
On November 18, 2014, ICE Clear internal processes, personnel, or disruptions from
Credit LLC (‘‘ICC’’) filed with the external events will result in the reduction,
Securities and Exchange Commission deterioration, or breakdown of services.

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Document Created: 2018-02-21 09:33:41
Document Modified: 2018-02-21 09:33:41
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 12223