80 FR 16719 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 60 (March 30, 2015)

Page Range		16719-16720
FR Document		2015-07130

Federal Register, Volume 80 Issue 60 (Monday, March 30, 2015)

[Federal Register Volume 80, Number 60 (Monday, March 30, 2015)]
[Notices]
[Pages 16719-16720]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-07130]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; 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:
    Rule 6c-7; SEC File No. 270-269, OMB Control No. 3235-0276.

    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 6c-7 (17 CFR 270.6c-7) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) (``1940 Act'') provides exemption from 
certain provisions of Sections 22(e) and 27 of the 1940 Act for 
registered separate accounts offering variable annuity contracts to 
certain employees of Texas institutions of higher education 
participating in the Texas Optional Retirement Program. There are

[[Page 16720]]

approximately 50 registrants governed by Rule 6c-7. The burden of 
compliance with Rule 6c-7, in connection with the registrants obtaining 
from a purchaser, prior to or at the time of purchase, a signed 
document acknowledging the restrictions on redeem ability imposed by 
Texas law, is estimated to be approximately 3 minutes per response for 
each of approximately 2,300 purchasers annually (at an estimated $64 
per hour),\1\ for a total annual burden of 115 hours (at a total annual 
cost of $7,360).
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    \1\ $64/hour figure for a Compliance Clerk is from SIFMA's 
Office Salaries in the Securities Industry 2013 survey, modified by 
Commission staff to account for an 1800-hour work year and 
multiplied by 2.93 to account for bonuses, firm size, employee 
benefits and overhead.
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    Rule 6c-7 requires that the separate account's registration 
statement under the Securities Act of 1933 (15 U.S.C. 77a et seq.) 
include a representation that Rule 6c-7 is being relied upon and is 
being complied with. This requirement enhances the Commission's ability 
to monitor utilization of and compliance with the rule. There are no 
recordkeeping requirements with respect to Rule 6c-7.
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules or forms. The Commission does not include in the 
estimate of average burden hours the time preparing registration 
statements and sales literature disclosure regarding the restrictions 
on redeem ability imposed by Texas law. The estimate of burden hours 
for completing the relevant registration statements are reported on the 
separate PRA submissions for those statements. (See the separate PRA 
submissions for Form N-3 (17 CFR 274.11b) and Form N-4 (17 CFR 
274.11c).)
    Complying with the collection of information requirements of the 
rules is necessary to obtain a benefit. 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 the background documentation for this 
information collection at the following Web site, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Pamela Dyson, 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]. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: March 24, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-07130 Filed 3-27-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 60 / Monday, March 30, 2015 / Notices 16719

public in accordance with the applies to all registered investment is necessary for the Commission’s
provisions of 5 U.S.C. 552, will be advisers. In relying on the rule, inspection program to ascertain
available for Web site viewing and investment advisers must provide compliance with the Advisers Act.
printing in the Commission’s Public certain disclosures to their clients. An agency may not conduct or
Reference Room, 100 F Street NE., Advisory clients can use the disclosures sponsor, and a person is not required to
Washington, DC 20549, on official to monitor agency cross transactions respond to a collection of information
business days between the hours of that affect their advisory account. The unless it displays a currently valid
10:00 a.m. and 3:00 p.m. Copies of the Commission also uses the information control number.
filing will also be available for required by Rule 206(3)–2 in connection The public may view the background
inspection and copying at the NYSE’s with its investment adviser inspection documentation for this information
principal office and on its Internet Web program to ensure that advisers are in collection at the following Web site,
site at www.nyse.com. All comments compliance with the rule. Without the www.reginfo.gov. Comments should be
received will be posted without change; information collected under the rule, directed to: (i) Desk Officer for the
the Commission does not edit personal advisory clients would not have Securities and Exchange Commission,
identifying information from information necessary for monitoring Office of Information and Regulatory
submissions. You should submit only their adviser’s handling of their Affairs, Office of Management and
information that you wish to make accounts and the Commission would be Budget, Room 10102, New Executive
available publicly. All submissions less efficient and effective in its Office Building, Washington, DC 20503,
should refer to File Number SR–NYSE– inspection program. or by sending an email to: Shagufta_
2015–12 and should be submitted on or The information requirements of the Ahmed@omb.eop.gov; and (ii) Pamela
before April 20, 2015. rule consist of the following: (1) Prior to Dyson, Director/Chief Information
obtaining the client’s consent, Officer, Securities and Exchange
For the Commission, by the Division of
appropriate disclosure must be made to Commission, c/o Remi Pavlik-Simon,
Trading and Markets, pursuant to delegated
authority.22 the client as to the practice of, and the 100 F Street NE., Washington, DC 20549
Brent J. Fields,
conflicts of interest involved in, agency or send an email to: PRA_Mailbox@
cross transactions; (2) at or before the sec.gov. Comments must be submitted to
Secretary.
completion of any such transaction, the OMB within 30 days of this notice.
[FR Doc. 2015–07134 Filed 3–27–15; 8:45 am]
client must be furnished with a written
BILLING CODE 8011–01–P Dated: March 24, 2015.
confirmation containing specified
information and offering to furnish Brent J. Fields,
upon request certain additional Secretary.
SECURITIES AND EXCHANGE information; and (3) at least annually, [FR Doc. 2015–07127 Filed 3–27–15; 8:45 am]
COMMISSION the client must be furnished with a BILLING CODE 8011–01–P
[SEC File No. 270–216, OMB Control No. written statement or summary as to the
3235–0243] total number of transactions during the
period covered by the consent and the SECURITIES AND EXCHANGE
Submission for OMB Review; total amount of commissions received COMMISSION
Comment Request by the adviser or its affiliated broker-
dealer attributable to such transactions. Submission for OMB Review;
Upon Written Request, Copies Available Comment Request
From: Securities and Exchange The Commission estimates that
Commission, Office of FOIA Services, approximately 464 respondents use the Upon Written Request, Copies Available
100 F Street NE., Washington, DC rule annually, necessitating about 32 From: Securities and Exchange
20549–2736. responses per respondent each year, for Commission, Office of FOIA Services,
a total of 14,848 responses. Each 100 F Street NE., Washington, DC
Extension: response requires an estimated 0.5
Rule 206(3)–2. 20549–2736.
hours, for a total of 7,424 hours. The
Notice is hereby given that, pursuant estimated average burden hours are Extension:
to the Paperwork Reduction Act of 1995 Rule 6c–7; SEC File No. 270–269, OMB
made solely for the purposes of the
Control No. 3235–0276.
(44 U.S.C. 3501 et seq.) the Securities Paperwork Reduction Act and are not
and Exchange Commission (the derived from a comprehensive or Notice is hereby given that, pursuant
‘‘Commission’’) has submitted to the representative survey or study of the to the Paperwork Reduction Act of 1995
Office of Management and Budget a cost of Commission rules and forms. (44 U.S.C. 3501 et seq.), the Securities
request for extension of the previously This collection of information is and Exchange Commission (the
approved collection of information found at (17 CFR 275.206(3)–2) and is ‘‘Commission’’) has submitted to the
discussed below. necessary in order for the investment Office of Management and Budget a
Rule 206(3)–2, (17 CFR 275.206(3)–2) adviser to obtain the benefits of Rule request for extension of the previously
which is entitled ‘‘Agency Cross 206(3)–2. The collection of information approved collection of information
Transactions for Advisory Clients,’’ requirements under the rule is discussed below.
permits investment advisers to comply mandatory. Information subject to the Rule 6c–7 (17 CFR 270.6c–7) under
with section 206(3) of the Investment disclosure requirements of Rule the Investment Company Act of 1940
Advisers Act of 1940 (the ‘‘Act’’) (15 206(3)–2 does not require submission to (15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’)
mstockstill on DSK4VPTVN1PROD with NOTICES

U.S.C. 80b–6(3)) by obtaining a client’s the Commission; and, accordingly, the provides exemption from certain
blanket consent to enter into agency disclosure pursuant to the rule is not provisions of Sections 22(e) and 27 of
cross transactions (i.e., a transaction in kept confidential. the 1940 Act for registered separate
which an adviser acts as a broker to both Commission-registered investment accounts offering variable annuity
the advisory client and the opposite advisers are required to maintain and contracts to certain employees of Texas
party to the transaction). Rule 206(3)–2 preserve certain information required institutions of higher education
under Rule 206(3)–2 for five (5) years. participating in the Texas Optional
22 17 CFR 200.30–3(a)(59). The long-term retention of these records Retirement Program. There are

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Document Created: 2015-12-18 11:32:47
Document Modified: 2015-12-18 11:32:47

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 16719