80 FR 67818 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 212 (November 3, 2015)

Page Range		67818-67819
FR Document		2015-27905

Federal Register, Volume 80 Issue 212 (Tuesday, November 3, 2015)

[Federal Register Volume 80, Number 212 (Tuesday, November 3, 2015)]
[Notices]
[Pages 67818-67819]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-27905]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Extension: Rule 17Ad-16; SEC File No. 270-363, OMB Control No. 3235-
0413]


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.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and 
Exchange Commission (``Commission'') is soliciting comments on the 
existing collection of information

[[Page 67819]]

provided for in Rule 17Ad-16 (17 CFR 240.17Ad-16) under the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget (``OMB'') for extension and approval.
    Rule 17Ad-16 requires a registered transfer agent to provide 
written notice to the appropriate qualified registered securities 
depository when assuming or terminating transfer agent services on 
behalf of an issuer or when changing its name or address. In addition, 
transfer agents that provide such notice shall maintain such notice for 
a period of at least two years in an easily accessible place. This rule 
addresses the problem of certificate transfer delays caused by transfer 
requests that are directed to the wrong transfer agent or the wrong 
address.
    We estimate that the transfer agent industry submits 6,970 Rule 
17Ad-16 notices to appropriate qualified registered securities 
depositories. The staff estimates that the average amount of time 
necessary to create and submit each notice is approximately 15 minutes 
per notice. Accordingly, the estimated total industry burden is 1,743 
hours per year (15 minutes multiplied by 6,970 notices filed annually).
    Because the information needed by transfer agents to properly 
notify the appropriate registered securities depository is readily 
available to them and the report is simple and straightforward, the 
cost is relatively minimal. The average internal compliance cost to 
prepare and send a notice is approximately $7.50 (15 minutes at $30 per 
hour). This yields an industry-wide internal compliance cost estimate 
of $52,275 (6,970 notices multiplied by $7.50 per notice).
    Written comments are invited on: (a) whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed 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.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: 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: PRA_Mailbox@sec.gov.

    Dated: October 28, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-27905 Filed 11-2-15; 8:45 am]
 BILLING CODE 8011-01-P

67818 Federal Register / Vol. 80, No. 212 / Tuesday, November 3, 2015 / Notices

This condition does not apply with objectives and policies of the Fund; (ii) copy of the order, the FOF Participation
respect to any services or transactions how the performance of securities Agreement, and the list with any
between a Fund and its investment purchased in an Affiliated Underwriting updated information for the duration of
adviser(s), or any person controlling, compares to the performance of the investment and for a period of not
controlled by or under common control comparable securities purchased during less than six years thereafter, the first
with such investment adviser(s). a comparable period of time in two years in an easily accessible place.
5. The Fund of Funds Adviser, or underwritings other than Affiliated 10. Before approving any advisory
trustee or Sponsor of an Investing Trust, Underwritings or to a benchmark such contract under section 15 of the Act, the
as applicable, will waive fees otherwise as a comparable market index; and (iii) board of directors or trustees of each
payable to it by the Fund of Funds in whether the amount of securities Investing Management Company,
an amount at least equal to any purchased by the Fund in Affiliated including a majority of the disinterested
compensation (including fees received Underwritings and the amount directors or trustees, will find that the
pursuant to any plan adopted by a Fund purchased directly from an advisory fees charged under such
under rule 12b–l under the Act) Underwriting Affiliate have changed contract are based on services provided
received from a Fund by the Fund of significantly from prior years. The that will be in addition to, rather than
Funds Adviser, or trustee or Sponsor of Board will take any appropriate actions duplicative of, the services provided
the Investing Trust, or an affiliated based on its review, including, if under the advisory contract(s) of any
person of the Fund of Funds Adviser, or appropriate, the institution of Fund in which the Investing
trustee or Sponsor of the Investing procedures designed to ensure that Management Company may invest.
Trust, other than any advisory fees paid purchases of securities in Affiliated These findings and their basis will be
to the Fund of Funds Adviser, trustee or Underwritings are in the best interest of fully recorded in the minute books of
Sponsor of an Investing Trust, or its shareholders of the Fund. the appropriate Investing Management
affiliated person by the Fund in 8. Each Fund will maintain and Company.
connection with the investment by the preserve permanently in an easily 11. Any sales charges and/or service
Fund of Funds in the Fund. Any Fund accessible place a written copy of the fees charged with respect to shares of a
of Funds Sub-Adviser will waive fees procedures described in the preceding Fund of Funds will not exceed the
otherwise payable to the Fund of Funds condition, and any modifications to limits applicable to a fund of funds as
Sub-Adviser, directly or indirectly, by such procedures, and will maintain and set forth in NASD Conduct Rule 2830.
the Investing Management Company in preserve for a period of not less than six 12. No Fund will acquire securities of
an amount at least equal to any years from the end of the fiscal year in an investment company or company
compensation received from a Fund by which any purchase in an Affiliated relying on section 3(c)(1) or 3(c)(7) of
the Fund of Funds Sub-Adviser, or an Underwriting occurred, the first two the Act in excess of the limits contained
affiliated person of the Fund of Funds years in an easily accessible place, a in section 12(d)(1)(A) of the Act, except
Sub-Adviser, other than any advisory written record of each purchase of to the extent the Fund acquires
fees paid to the Fund of Funds Sub- securities in Affiliated Underwritings securities of another investment
Adviser or its affiliated person by the once an investment by a Fund of Funds company pursuant to exemptive relief
Fund in connection with the investment in the securities of the Fund exceeds the from the Commission permitting the
by the Investing Management Company limit of section 12(d)(1)(A)(i) of the Act, Fund to acquire securities of one or
in the Fund made at the direction of the setting forth from whom the securities more investment companies for short-
Fund of Funds Sub-Adviser. In the were acquired, the identity of the term cash management purposes.
event that the Fund of Funds Sub- underwriting syndicate’s members, the
Adviser waives fees, the benefit of the terms of the purchase, and the For the Commission, by the Division of
waiver will be passed through to the information or materials upon which Investment Management, under delegated
authority.
Investing Management Company. the Board’s determinations were made.
6. No Fund of Funds or Fund of 9. Before investing in a Fund in Robert W. Errett,
Funds Affiliate (except to the extent it excess of the limit in section Deputy Secretary.
is acting in its capacity as an investment 12(d)(1)(A), a Fund of Funds and the [FR Doc. 2015–27907 Filed 11–2–15; 8:45 am]
adviser to a Fund) will cause a Fund to relevant Trust will execute a FOF BILLING CODE 8011–01–P
purchase a security in any Affiliated Participation Agreement stating without
Underwriting. limitation that their respective boards of
7. The Board of a Fund, including a directors or trustees and their SECURITIES AND EXCHANGE
majority of the non-interested Board investment advisers, or trustee and COMMISSION
members, will adopt procedures Sponsor, as applicable, understand the [Extension: Rule 17Ad–16; SEC File No.
reasonably designed to monitor any terms and conditions of the order, and 270–363, OMB Control No. 3235–0413]
purchases of securities by the Fund in agree to fulfill their responsibilities
an Affiliated Underwriting, once an under the order. At the time of its Proposed Collection; Comment
investment by a Fund of Funds in the investment in Shares of a Fund in Request
securities of the Fund exceeds the limit excess of the limit in section
of section 12(d)(1)(A)(i) of the Act, 12(d)(1)(A)(i), a Fund of Funds will Upon Written Request, Copies Available
including any purchases made directly notify the Fund of the investment. At From: Securities and Exchange
from an Underwriting Affiliate. The such time, the Fund of Funds will also Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
mstockstill on DSK4VPTVN1PROD with NOTICES

Board will review these purchases transmit to the Fund a list of the names
periodically, but no less frequently than of each Fund of Funds Affiliate and 20549–2736.
annually, to determine whether the Underwriting Affiliate. The Fund of Notice is hereby given that, pursuant
purchases were influenced by the Funds will notify the Fund of any to the Paperwork Reduction Act of 1995
investment by the Fund of Funds in the changes to the list of the names as soon (44 U.S.C. 3501 et seq.) (‘‘PRA’’), the
Fund. The Board will consider, among as reasonably practicable after a change Securities and Exchange Commission
other things: (i) Whether the purchases occurs. The Fund and the Fund of (‘‘Commission’’) is soliciting comments
were consistent with the investment Funds will maintain and preserve a on the existing collection of information

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Federal Register / Vol. 80, No. 212 / Tuesday, November 3, 2015 / Notices 67819

provided for in Rule 17Ad–16 (17 CFR under the PRA unless it displays a SECURITIES AND EXCHANGE
240.17Ad–16) under the Securities currently valid OMB control number. COMMISSION
Exchange Act of 1934 (15 U.S.C. 78a et Please direct your written comments
seq.). The Commission plans to submit to: Pamela Dyson, Director/Chief Proposed Collection; Comment
this existing collection of information to Information Officer, Securities and Request
the Office of Management and Budget Exchange Commission, c/o Remi Pavlik-
Upon Written Request, Copies Available
(‘‘OMB’’) for extension and approval. Simon, 100 F Street NE., Washington,
From: Securities and Exchange
Rule 17Ad–16 requires a registered DC 20549, or send an email to: PRA_
Commission, Office of FOIA Services,
transfer agent to provide written notice Mailbox@sec.gov.
100 F Street NE., Washington, DC
to the appropriate qualified registered Dated: October 28, 2015. 20549–2736.
securities depository when assuming or Robert W. Errett,
terminating transfer agent services on Extension: Rule 206(4)–2; SEC File No. 270–
Deputy Secretary. 217, OMB Control No. 3235–0241.
behalf of an issuer or when changing its
[FR Doc. 2015–27905 Filed 11–2–15; 8:45 am]
name or address. In addition, transfer Notice is hereby given that pursuant
BILLING CODE 8011–01–P
agents that provide such notice shall to the Paperwork Reduction Act of 1995
maintain such notice for a period of at (44 U.S.C. 3501 et seq.), the Securities
least two years in an easily accessible and Exchange Commission
SECURITIES AND EXCHANGE
place. This rule addresses the problem (‘‘Commission’’) is soliciting comments
COMMISSION
of certificate transfer delays caused by on the collection of information
transfer requests that are directed to the Sunshine Act Meeting summarized below. The Commission
wrong transfer agent or the wrong plans to submit this collection of
address. Notice is hereby given, pursuant to information to the Office of
We estimate that the transfer agent the provisions of the Government in the Management and Budget (‘‘OMB’’) for
industry submits 6,970 Rule 17Ad–16 Sunshine Act, Public Law 94–409, that extension and approval.
notices to appropriate qualified the Securities and Exchange Rule 206(4)–2 (17 CFR 275.206(4)–2)
registered securities depositories. The Commission will hold a Closed Meeting under the Investment Advisers Act of
staff estimates that the average amount on Thursday, November 5, 2015 at 2 1940 (15 U.S.C. 80b–1 et seq.) governs
of time necessary to create and submit p.m. the custody of funds or securities of
each notice is approximately 15 minutes Commissioners, Counsel to the clients by Commission-registered
per notice. Accordingly, the estimated Commissioners, the Secretary to the investment advisers. Rule 206(4)–2
total industry burden is 1,743 hours per Commission, and recording secretaries requires each registered investment
year (15 minutes multiplied by 6,970 will attend the Closed Meeting. Certain adviser that has custody of client funds
notices filed annually). staff members who have an interest in or securities to maintain those client
Because the information needed by the matters also may be present. funds or securities with a broker-dealer,
transfer agents to properly notify the The General Counsel of the bank or other ‘‘qualified custodian.’’ 1
appropriate registered securities Commission, or her designee, has The rule requires the adviser to
depository is readily available to them certified that, in her opinion, one or promptly notify clients as to the place
and the report is simple and more of the exemptions set forth in 5 and manner of custody, after opening an
straightforward, the cost is relatively U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) account for the client and following any
minimal. The average internal and 17 CFR 200.402(a)(3), (5), (7), 9(ii) changes.2 If an adviser sends account
compliance cost to prepare and send a and (10), permit consideration of the statements to its clients, it must insert
notice is approximately $7.50 (15 scheduled matter at the Closed Meeting. a legend in the notice and in subsequent
minutes at $30 per hour). This yields an Commissioner Piwowar, as duty account statements sent to those clients
industry-wide internal compliance cost officer, voted to consider the items urging them to compare the account
estimate of $52,275 (6,970 notices listed for the Closed Meeting in closed statements from the custodian with
multiplied by $7.50 per notice). session. those from the adviser.3 The adviser
Written comments are invited on: (a) The subject matter of the Closed also must have a reasonable basis, after
whether the proposed collection of Meeting will be: due inquiry, for believing that the
information is necessary for the proper Institution and settlement of
qualified custodian maintaining client
performance of the functions of the injunctive actions;
Institution and settlement of funds and securities sends account
Commission, including whether the statements directly to the advisory
information shall have practical utility; administrative proceedings;
Adjudicatory matters; clients, and undergo an annual surprise
(b) the accuracy of the Commission’s examination by an independent public
Resolution of litigation claims; and
estimates of the burden of the proposed accountant to verify client assets
Other matters relating to enforcement
collection of information; (c) ways to pursuant to a written agreement with
proceedings.
enhance the quality, utility, and clarity At times, changes in Commission the accountant that specifies certain
of the information collected; and (d) priorities require alterations in the duties.4 Unless client assets are
ways to minimize the burden of the scheduling of meeting items. maintained by an independent
collection of information on For further information and to custodian (i.e., a custodian that is not
respondents, including through the use ascertain what, if any, matters have been the adviser itself or a related person),
of automated collection techniques or added, deleted or postponed, please the adviser also is required to obtain or
mstockstill on DSK4VPTVN1PROD with NOTICES

other forms of information technology. contact the Office of the Secretary at receive a report of the internal controls
Consideration will be given to (202) 551–5400. relating to the custody of those assets
comments and suggestions submitted in from an independent public accountant
Dated: October 29, 2015.
writing within 60 days of this
publication. Robert W. Errett, 1 Rule 206(4)–2(a)(1).
An agency may not conduct or Deputy Secretary. 2 Rule 206(4)–2(a)(2).
sponsor, and a person is not required to [FR Doc. 2015–28027 Filed 10–30–15; 11:15 am] 3 Rule 206(4)–2(a)(2).

respond to, a collection of information BILLING CODE 8011–01–P 4 Rule 206(4)–2(a)(3), (4).

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Document Created: 2018-03-01 11:32:26
Document Modified: 2018-03-01 11:32:26

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 67818