80 FR 45689 - Submission of OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 147 (July 31, 2015)

Page Range		45689-45690
FR Document		2015-18765
Federal Register, Volume 80 Issue 147 (Friday, July 31, 2015)
[Federal Register Volume 80, Number 147 (Friday, July 31, 2015)]
[Notices]
[Pages 45689-45690]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-18765]


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SECURITIES AND EXCHANGE COMMISSION


Submission of 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 31a-2; SEC File No. 270-174, OMB Control No. 3235-0179.

    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.
    Section 31(a)(1) of the Investment Company Act of 1940 (the 
``Act'') (15 U.S.C. 80a-30(a)(1)) requires registered investment 
companies (``funds'') and certain underwriters, broker-dealers, 
investment advisers, and depositors to maintain and preserve records as 
prescribed by Commission rules. Rule 31a-1 under the Act (17 CFR 
270.31a-1) specifies the books and records that each of these entities 
must maintain. Rule 31a-2 under the Act (17 CFR 270.31a-2), which was 
adopted on April 17, 1944, specifies the time periods that entities 
must retain certain books and records, including those required to be 
maintained under rule 31a-1.
    Rule 31a-2 requires the following:
    1. Every fund must preserve permanently, and in an easily 
accessible place for the first two years, all books and records 
required under rule 31a-1(b)(1)-(4).\1\
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    \1\ These include, among other records, journals detailing daily 
purchases and sales of securities, general and auxiliary ledgers 
reflecting all asset, liability, reserve, capital, income and 
expense accounts, separate ledgers reflecting separately for each 
portfolio security as of the trade date all ``long'' and ``short'' 
positions carried by the fund for its own account, and corporate 
charters, certificates of incorporation, by-laws and minute books.
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    2. Every fund must preserve for at least six years, and in an 
easily accessible place for the first two years:
    a. All books and records required under rule 31a-1(b)(5)-(12); \2\
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    \2\ These include, among other records, records of each 
brokerage order given in connection with purchases and sales of 
securities by the fund, records of all other portfolio purchases or 
sales, records of all puts, calls, spreads, straddles or other 
options in which the fund has an interest, has granted, or has 
guaranteed, records of proof of money balances in all ledger 
accounts, files of all advisory material received from the 
investment adviser, and memoranda identifying persons, committees, 
or groups authorizing the purchase or sale of securities for the 
fund.
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    b. all vouchers, memoranda, correspondence, checkbooks, bank 
statements, canceled checks, cash reconciliations, canceled stock 
certificates, and all schedules evidencing and supporting each 
computation of net asset value of fund shares, and other documents 
required to be maintained by rule 31a-1(a) and not enumerated in rule 
31a-1(b);
    c. any advertisement, pamphlet, circular, form letter or other 
sales literature addressed or intended for distribution to prospective 
investors;
    d. any record of the initial determination that a director is not 
an interested person of the fund, and each subsequent determination 
that the director is not an interested person of the fund, including 
any questionnaire and any other document used to determine that a 
director is not an interested person of the company;
    e. any materials used by the disinterested directors of a fund to 
determine that a person who is acting as legal counsel to those 
directors is an independent legal counsel; and
    f. any documents or other written information considered by the 
directors of the fund pursuant to section 15(c) of the Act (15 U.S.C. 
80a-15(c)) in approving the terms or renewal of a contract or agreement 
between the fund and an investment advisor.\3\
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    \3\ Section 15 of the Act requires that fund directors, 
including a majority of independent directors, annually approve the 
fund's advisory contract and that the directors first obtain from 
the adviser the information reasonably necessary to evaluate the 
contract. The information request requirement in section 15 provides 
fund directors, including independent directors, a tool for 
obtaining the information they need to represent shareholder 
interests.
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    3. Every underwriter, broker, or dealer that is a majority-owned 
subsidiary of a fund must preserve records required to be preserved by 
brokers and dealers under rules adopted under section 17 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78q) (``section 17'') for 
the periods established in those rules.
    4. Every depositor of a fund, and every principal underwriter of a 
fund (other than a closed-end fund), must preserve for at least six 
years records required to be maintained by brokers and dealers under 
rules adopted under section 17 to the extent the records are necessary 
or appropriate to record the entity's transactions with the fund.
    5. Every investment adviser that is a majority-owned subsidiary of 
a fund must preserve the records required to be preserved by investment 
advisers under rules adopted under section 204 of the Investment 
Advisers Act of 1940 (15 U.S.C. 80b-4) (``section 204'') for the 
periods specified in those rules.
    6. Every investment adviser that is not a majority-owned subsidiary 
of a fund must preserve for at least six years records required to be 
maintained by registered investment advisers under rules adopted under 
section 204 to the extent the records are necessary or appropriate to 
reflect the adviser's transactions with the fund.
    The records required to be maintained and preserved under this part 
may be maintained and preserved for the required time by, or on behalf 
of, a fund on (i) micrographic media, including microfilm, microfiche, 
or any similar medium, or (ii) electronic storage media, including any 
digital storage medium or system that meets the terms of rule 31a-2(f). 
The fund, or person that maintains and preserves records on its behalf, 
must arrange and index the records in a way that permits easy location, 
access, and retrieval of any particular record.\4\
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    \4\ In addition, the fund, or person who maintains and preserves 
records for the fund, must provide promptly any of the following 
that the Commission (by its examiners or other representatives) or 
the directors of the fund may request: (A) A legible, true, and 
complete copy of the record in the medium and format in which it is 
stored; (B) a legible, true, and complete printout of the record; 
and (C) means to access, view, and print the records; and must 
separately store, for the time required for preservation of the 
original record, a duplicate copy of the record on any medium 
allowed by rule 31a-2(f). In the case of records retained on 
electronic storage media, the fund, or person that maintains and 
preserves records on its behalf, must establish and maintain 
procedures: (i) To maintain and preserve the records, so as to 
reasonably safeguard them from loss, alteration, or destruction; 
(ii) to limit access to the records to properly authorized 
personnel, the directors of the fund, and the Commission (including 
its examiners and other representatives); and (iii) to reasonably 
ensure that any reproduction of a non-electronic original record on 
electronic storage media is complete, true, and legible when 
retrieved.

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[[Page 45690]]

    We periodically inspect the operations of all funds to ensure their 
compliance with the provisions of the Act and the rules under the Act. 
Our staff spends a significant portion of its time in these inspections 
reviewing the information contained in the books and records required 
to be kept by rule 31a-1 and to be preserved by rule 31a-2.
    There are 3146 funds currently operating as of December 31, 2014, 
all of which are required to comply with rule 31a-2. Based on 
conversations with representatives of the fund industry and past 
estimates, our staff estimates that each fund currently spends 220 
total hours per year complying with rule 31a-2. Our staff estimates 
that the 220 hours spent by typical fund would be split evenly between 
administrative and computer operation personnel,\5\ with 110 hours 
spent by a general clerk at a rate of $57 per hour and 110 hours spent 
by a senior computer operator at a rate of $87 per hour.\6\ Based on 
these estimates, our staff estimates that the total annual burden for 
all funds to comply with rule 31a-2 is 692,120 hours at an estimated 
cost of $49,832,640.\7\
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    \5\ However, the hour burden may be incurred by a variety of 
fund staff, and the type of staff position used for compliance with 
the rule may vary widely from fund to fund.
    \6\ The estimated salary rates are derived from SIFMA's Office 
Salaries in the Securities Industry 2013, 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.
    \7\ This estimate is based on the following calculations: 3146 
funds x 220 hours = 692,120 total hours; 692,120 hours/2 = 346,060 
hours; 346,060 x $57 rate per hour for a clerk = $19,725,420; 
346,060 x $87 rate per hour for a computer operator = $30,107,220; 
$19,725,420 + $30,107,220 = $49,832,640 total cost.
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    The hour burden estimates for retaining records under rule 31a-2 
are based on our experience with registrants and our experience with 
similar requirements under the Act and the rules under the Act. The 
number of burden hours may vary depending on, among other things, the 
complexity of the fund, the issues faced by the fund, and the number of 
series and classes of the fund. The estimated average burden hours are 
made solely for purposes of the Paperwork Reduction Act and are not 
derived from quantitative, comprehensive, or even representative survey 
or study of the burdens associated with our rules and forms.
    Based on conversations with representatives of the fund industry 
and past estimates, our staff estimates that the average cost of 
preserving books and records required by rule 31a-2 is approximately 
$74,782 annually per fund.\8\ As discussed previously, there are 3,146 
funds currently operating, for a total cost of preserving records as 
required by rule 31a-2 of approximately $235,264,172 per year.\9\ Our 
staff understands, however, based on previous conversations with 
representatives of the fund industry, that even in the absence of rule 
31a-2 funds would already spend approximately half of this amount 
($117,632,086) to preserve these same books and records, as they are 
also necessary to prepare financial statements, meet various state 
reporting requirements, and prepare their annual federal and state 
income tax returns. Therefore, we estimate that the total annual cost 
burden for all funds as a result of compliance with rule 31a-2 is 
approximately $117,632,086 per year.
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    \8\ This estimate is based on staff's 2012 estimate of costs of 
preserving books and records required by rule 31a-2 ($70,000), 
adjusted for inflation to January 2015 values using the Personal 
Consumption Expenditures Chain-Type Price Index (``PCE Index''). The 
values of the PCE Index are available from the Bureau of Economic 
Analysis, a bureau of the Department of Commerce. See Bureau of 
Economic Analysis, Table 2.8.6. Real Personal Consumption 
Expenditures by Major Type of Product, Monthly, Chained Dollars 
(Last Revised on March 2, 2015), available at http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&step=3&isuri=1&903=83. 
Thus, $70,000 (2012 estimate) x 11,163.6 (Jan. 2015 PCE Index 
value)/10,449.7 (2012 PCE Index value) = $74,782 (Jan. 2015 
inflation adjusted estimate).
    \9\ This estimate is based on the following calculation: 3,146 
funds x $74,782 = $235,264,172.
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    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 and forms.
    The collection of information under rule 31a-2 is mandatory for all 
funds. 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: July 27, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18765 Filed 7-30-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 147 / Friday, July 31, 2015 / Notices 45689

publication of notice of filing of this prescribed by Commission rules. Rule of the fund pursuant to section 15(c) of
proposed rule change is July 27, 2015. 31a–1 under the Act (17 CFR 270.31a– the Act (15 U.S.C. 80a–15(c)) in
The Commission is extending the 45- 1) specifies the books and records that approving the terms or renewal of a
day time period for Commission action each of these entities must maintain. contract or agreement between the fund
on the proposed rule change. ICC’s Rule 31a–2 under the Act (17 CFR and an investment advisor.3
proposed rule change would revise the 270.31a–2), which was adopted on April 3. Every underwriter, broker, or dealer
ICC Risk Management Framework to 17, 1944, specifies the time periods that that is a majority-owned subsidiary of a
extend its General Wrong Way Risk entities must retain certain books and fund must preserve records required to
framework to the portfolio level to records, including those required to be be preserved by brokers and dealers
account for the potential accumulation maintained under rule 31a–1. under rules adopted under section 17 of
of portfolio wrong way risk through Risk Rule 31a–2 requires the following: the Securities Exchange Act of 1934 (15
Factor specific wrong way risk 1. Every fund must preserve U.S.C. 78q) (‘‘section 17’’) for the
exposures. The Commission finds it is permanently, and in an easily accessible periods established in those rules.
appropriate to designate a longer period place for the first two years, all books 4. Every depositor of a fund, and
within which to take action on the and records required under rule 31a– every principal underwriter of a fund
proposed rule change so that it has 1(b)(1)–(4).1 (other than a closed-end fund), must
sufficient time to consider ICC’s 2. Every fund must preserve for at preserve for at least six years records
proposed rule change. least six years, and in an easily required to be maintained by brokers
Accordingly, the Commission, accessible place for the first two years: and dealers under rules adopted under
pursuant to section 19(b)(2) of the Act,5 a. All books and records required section 17 to the extent the records are
designates September 10, 2015, as the under rule 31a–1(b)(5)–(12); 2 necessary or appropriate to record the
date by which the Commission should b. all vouchers, memoranda, entity’s transactions with the fund.
either approve or disapprove, or correspondence, checkbooks, bank 5. Every investment adviser that is a
institute proceedings to determine statements, canceled checks, cash majority-owned subsidiary of a fund
whether to disapprove, the proposed reconciliations, canceled stock must preserve the records required to be
rule change (File No. SR–ICC–2015– certificates, and all schedules preserved by investment advisers under
009). evidencing and supporting each rules adopted under section 204 of the
For the Commission, by the Division of
computation of net asset value of fund Investment Advisers Act of 1940 (15
Trading and Markets, pursuant to delegated shares, and other documents required to U.S.C. 80b–4) (‘‘section 204’’) for the
authority.6 be maintained by rule 31a–1(a) and not periods specified in those rules.
Robert W. Errett, enumerated in rule 31a–1(b); 6. Every investment adviser that is not
Deputy Secretary.
c. any advertisement, pamphlet, a majority-owned subsidiary of a fund
circular, form letter or other sales must preserve for at least six years
[FR Doc. 2015–18769 Filed 7–30–15; 8:45 am]
literature addressed or intended for records required to be maintained by
BILLING CODE 8011–01–P
distribution to prospective investors; registered investment advisers under
d. any record of the initial rules adopted under section 204 to the
determination that a director is not an extent the records are necessary or
SECURITIES AND EXCHANGE
interested person of the fund, and each appropriate to reflect the adviser’s
COMMISSION
subsequent determination that the transactions with the fund.
Submission of OMB Review; Comment director is not an interested person of The records required to be maintained
Request the fund, including any questionnaire and preserved under this part may be
and any other document used to maintained and preserved for the
Upon Written Request, Copies Available determine that a director is not an required time by, or on behalf of, a fund
From: Securities and Exchange interested person of the company; on (i) micrographic media, including
Commission, Office of FOIA Services, e. any materials used by the microfilm, microfiche, or any similar
100 F Street NE., Washington, DC disinterested directors of a fund to medium, or (ii) electronic storage media,
20549–2736. determine that a person who is acting as including any digital storage medium or
Extension: legal counsel to those directors is an system that meets the terms of rule 31a–
Rule 31a–2; SEC File No. 270–174, OMB independent legal counsel; and 2(f). The fund, or person that maintains
Control No. 3235–0179. f. any documents or other written and preserves records on its behalf,
Notice is hereby given that, pursuant information considered by the directors must arrange and index the records in
to the Paperwork Reduction Act of 1995 a way that permits easy location, access,
1 These include, among other records, journals
(44 U.S.C. 3501 et seq.), the Securities and retrieval of any particular record.4
detailing daily purchases and sales of securities,
and Exchange Commission (the general and auxiliary ledgers reflecting all asset,
‘‘Commission’’) has submitted to the liability, reserve, capital, income and expense 3 Section 15 of the Act requires that fund

Office of Management and Budget a accounts, separate ledgers reflecting separately for directors, including a majority of independent
request for extension of the previously each portfolio security as of the trade date all directors, annually approve the fund’s advisory
‘‘long’’ and ‘‘short’’ positions carried by the fund for contract and that the directors first obtain from the
approved collection of information its own account, and corporate charters, certificates adviser the information reasonably necessary to
discussed below. of incorporation, by-laws and minute books. evaluate the contract. The information request
Section 31(a)(1) of the Investment 2 These include, among other records, records of requirement in section 15 provides fund directors,
including independent directors, a tool for
asabaliauskas on DSK5VPTVN1PROD with NOTICES

Company Act of 1940 (the ‘‘Act’’) (15 each brokerage order given in connection with
purchases and sales of securities by the fund, obtaining the information they need to represent
U.S.C. 80a–30(a)(1)) requires registered records of all other portfolio purchases or sales, shareholder interests.
investment companies (‘‘funds’’) and records of all puts, calls, spreads, straddles or other 4 In addition, the fund, or person who maintains

certain underwriters, broker-dealers, options in which the fund has an interest, has and preserves records for the fund, must provide
investment advisers, and depositors to granted, or has guaranteed, records of proof of promptly any of the following that the Commission
money balances in all ledger accounts, files of all (by its examiners or other representatives) or the
maintain and preserve records as advisory material received from the investment directors of the fund may request: (A) A legible,
adviser, and memoranda identifying persons, true, and complete copy of the record in the
5 15 U.S.C. 78s(b)(2). committees, or groups authorizing the purchase or medium and format in which it is stored; (B) a
6 17 CFR 200.30–3(a)(31). sale of securities for the fund. Continued

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45690 Federal Register / Vol. 80, No. 147 / Friday, July 31, 2015 / Notices

We periodically inspect the and the number of series and classes of directed to: (i) Desk Officer for the
operations of all funds to ensure their the fund. The estimated average burden Securities and Exchange Commission,
compliance with the provisions of the hours are made solely for purposes of Office of Information and Regulatory
Act and the rules under the Act. Our the Paperwork Reduction Act and are Affairs, Office of Management and
staff spends a significant portion of its not derived from quantitative, Budget, Room 10102, New Executive
time in these inspections reviewing the comprehensive, or even representative Office Building, Washington, DC 20503,
information contained in the books and survey or study of the burdens or by sending an email to: Shagufta_
records required to be kept by rule 31a– associated with our rules and forms. Ahmed@omb.eop.gov; and (ii) Pamela
1 and to be preserved by rule 31a–2. Based on conversations with Dyson, Director/Chief Information
There are 3146 funds currently representatives of the fund industry and Officer, Securities and Exchange
operating as of December 31, 2014, all past estimates, our staff estimates that Commission, c/o Remi Pavlik-Simon,
of which are required to comply with the average cost of preserving books and 100 F Street NE., Washington, DC 20549
rule 31a–2. Based on conversations with records required by rule 31a–2 is or send an email to: PRA_Mailbox@
representatives of the fund industry and approximately $74,782 annually per sec.gov. Comments must be submitted to
past estimates, our staff estimates that fund.8 As discussed previously, there OMB within 30 days of this notice.
each fund currently spends 220 total are 3,146 funds currently operating, for Dated: July 27, 2015.
hours per year complying with rule a total cost of preserving records as
Robert W. Errett,
31a–2. Our staff estimates that the 220 required by rule 31a–2 of approximately
hours spent by typical fund would be Deputy Secretary.
$235,264,172 per year.9 Our staff
split evenly between administrative and understands, however, based on [FR Doc. 2015–18765 Filed 7–30–15; 8:45 am]
computer operation personnel,5 with previous conversations with BILLING CODE 8011–01–P
110 hours spent by a general clerk at a representatives of the fund industry,
rate of $57 per hour and 110 hours spent that even in the absence of rule 31a–2
by a senior computer operator at a rate funds would already spend SECURITIES AND EXCHANGE
of $87 per hour.6 Based on these approximately half of this amount COMMISSION
estimates, our staff estimates that the ($117,632,086) to preserve these same
[Release No. 34–75528; File No. SR–OCC–
total annual burden for all funds to books and records, as they are also 2015–013]
comply with rule 31a–2 is 692,120 necessary to prepare financial
hours at an estimated cost of statements, meet various state reporting Self-Regulatory Organizations; The
$49,832,640.7 requirements, and prepare their annual Options Clearing Corporation; Order
The hour burden estimates for federal and state income tax returns. Approving a Proposed Rule Change To
retaining records under rule 31a–2 are Therefore, we estimate that the total Codify Procedures for Resizing the
based on our experience with registrants annual cost burden for all funds as a Options Clearing Corporation’s
and our experience with similar result of compliance with rule 31a–2 is Clearing Fund on a Monthly Basis and
requirements under the Act and the approximately $117,632,086 per year. Increasing Such Clearing Fund Size on
rules under the Act. The number of The estimate of average burden hours an Intra-Month Basis
burden hours may vary depending on, is made solely for the purposes of the
among other things, the complexity of Paperwork Reduction Act, and is not July 27, 2015.
the fund, the issues faced by the fund, derived from a comprehensive or even On June 19, 2015, The Options
a representative survey or study of the Clearing Corporation (‘‘OCC’’) filed with
legible, true, and complete printout of the record; costs of Commission rules and forms. the Securities and Exchange
and (C) means to access, view, and print the The collection of information under Commission (‘‘Commission’’) the
records; and must separately store, for the time
required for preservation of the original record, a rule 31a–2 is mandatory for all funds. proposed rule change SR–OCC–2015–
duplicate copy of the record on any medium An agency may not conduct or sponsor, 013 pursuant to Section 19(b)(1) of the
allowed by rule 31a–2(f). In the case of records and a person is not required to respond Securities Exchange Act of 1934
retained on electronic storage media, the fund, or to, a collection of information unless it (‘‘Act’’) 1 and Rule 19b–4 thereunder.2
person that maintains and preserves records on its
behalf, must establish and maintain procedures: (i) displays a currently valid control The proposed rule change was
To maintain and preserve the records, so as to number. published for comment in the Federal
reasonably safeguard them from loss, alteration, or The public may view the background Register on June 26, 2015.3 The
destruction; (ii) to limit access to the records to documentation for this information Commission did not receive any
properly authorized personnel, the directors of the
fund, and the Commission (including its examiners collection at the following Web site, comments on the proposed rule change.
and other representatives); and (iii) to reasonably www.reginfo.gov. Comments should be This order approves the proposed rule
ensure that any reproduction of a non-electronic change.
original record on electronic storage media is 8 This estimate is based on staff’s 2012 estimate
complete, true, and legible when retrieved. of costs of preserving books and records required I. Description
5 However, the hour burden may be incurred by
by rule 31a–2 ($70,000), adjusted for inflation to
a variety of fund staff, and the type of staff position January 2015 values using the Personal
According to OCC, it is amending
used for compliance with the rule may vary widely Consumption Expenditures Chain-Type Price Index Rule 1001(a) to codify the Commission’s
from fund to fund. (‘‘PCE Index’’). The values of the PCE Index are recent approval of and non-objection to
6 The estimated salary rates are derived from available from the Bureau of Economic Analysis, a procedures for resizing the clearing fund
SIFMA’s Office Salaries in the Securities Industry bureau of the Department of Commerce. See Bureau
2013, modified by Commission staff to account for of Economic Analysis, Table 2.8.6. Real Personal
on a monthly basis and increasing such
asabaliauskas on DSK5VPTVN1PROD with NOTICES

an 1800-hour work-year and multiplied by 2.93 to Consumption Expenditures by Major Type of clearing fund size on an intra-month
account for bonuses, firm size, employee benefits Product, Monthly, Chained Dollars (Last Revised on basis to ensure OCC maintains sufficient
and overhead. March 2, 2015), available at http://www.bea.gov/ financial resources consistent with
7 This estimate is based on the following iTable/iTable.cfm?ReqID=9&step=1#reqid=9&
calculations: 3146 funds × 220 hours = 692,120 total step=3&isuri=1&903=83. Thus, $70,000 (2012
hours; 692,120 hours/2 = 346,060 hours; 346,060 × estimate) × 11,163.6 (Jan. 2015 PCE Index value)/ 1 15 U.S.C. 78s(b)(1).
10,449.7 (2012 PCE Index value) = $74,782 (Jan. 2 17 CFR 240.19b–4.
$57 rate per hour for a clerk = $19,725,420; 346,060
× $87 rate per hour for a computer operator = 2015 inflation adjusted estimate). 3 Securities Exchange Act Release No. 75260

$30,107,220; $19,725,420 + $30,107,220 = 9 This estimate is based on the following (June 22, 2015), 80 FR 36867 (June 26, 2015) (SR–
$49,832,640 total cost. calculation: 3,146 funds × $74,782 = $235,264,172. OCC–2015–013).

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Document Created: 2015-12-15 13:00:01
Document Modified: 2015-12-15 13:00:01
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 45689