80 FR 79364 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 244 (December 21, 2015)

Page Range		79364-79365
FR Document		2015-31930
Federal Register, Volume 80 Issue 244 (Monday, December 21, 2015)
[Federal Register Volume 80, Number 244 (Monday, December 21, 2015)]
[Notices]
[Pages 79364-79365]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-31930]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-297, OMB Control No. 3235-0336]


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-14.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), 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 (``OMB'') for extension and 
approval.
    Form N-14 (17 CFR 239.23) is the form for registration under the 
Securities Act of 1933 (15 U.S.C. 77a et seq.) (``Securities Act'') of 
securities issued by management investment companies registered under 
the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) 
(``Investment Company Act'') and business development companies as 
defined by

[[Page 79365]]

Section 2(a)(48) of the Investment Company Act in: (1) A transaction of 
the type specified in rule 145(a) under the Securities Act (17 CFR 
230.145(a)); (2) a merger in which a vote or consent of the security 
holders of the company being acquired is not required pursuant to 
applicable state law; (3) an exchange offer for securities of the 
issuer or another person; (4) a public reoffering or resale of any 
securities acquired in an offering registered on Form N-14; or (5) two 
or more of the transactions listed in (1) through (4) registered on one 
registration statement. The principal purpose of Form N-14 is to make 
material information regarding securities to be issued in connection 
with business combination transactions available to investors. 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 such information. Without 
the registration statement requirement, material information may not 
necessarily be available to investors.
    We estimate that approximately 124 funds each file one new 
registration statement on Form N-14 annually, and that 68 funds each 
file one amendment to a registration statement on Form N-14 annually. 
Based on conversations with fund representatives, we estimate that the 
reporting burden is approximately 620 hours per respondent for a new 
Form N-14 registration statement and 300 hours per respondent for 
amending the Form N-14 registration statement. This time is spent, for 
example, preparing and reviewing the registration statements. 
Accordingly, we calculate the total estimated annual internal burden of 
responding to Form N-14 to be approximately 97,280 hours. In addition 
to the burden hours, based on conversations with fund representatives, 
we estimate that the total cost burden of compliance with the 
information collection requirements of Form N-14 is approximately 
$27,500 for preparing and filing an initial registration statement on 
Form N-14 and approximately $16,000 for preparing and filing an 
amendment to a registration statement on Form N-14. This includes, for 
example, the cost of goods and services purchased to prepare and update 
registration statements on Form N-14, such as for the services of 
outside counsel. Accordingly, we calculate the total estimated annual 
cost burden of responding to Form N-14 to be approximately $4,498,000.
    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 representative survey or study of the costs of Commission rules 
and forms. The collection of information under Form N-14 is mandatory. 
The information provided under Form N-14 will not be 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 OMB 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 Commission'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, 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: December 15, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-31930 Filed 12-18-15; 8:45 am]
BILLING CODE 8011-01-P
79364 Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices

B. Self-Regulatory Organization’s examination should be developed at a public in accordance with the
Statement on Burden on Competition later date. For these reasons, the provisions of 5 U.S.C. 552, will be
FINRA does not believe that the Commission believes waiving the 30- available for Web site viewing and
proposed rule change will result in any day operative delay is consistent with printing in the Commission’s Public
burden on competition that is not the protection of investors and the Reference Room, 100 F Street NE.,
necessary or appropriate in furtherance public interest. Accordingly, the Washington, DC 20549 on official
of the purposes of the Act. The Commission hereby waives the business days between the hours of
proposed rule change will allow eligible operative delay and designates the 10:00 a.m. and 3:00 p.m. Copies of such
registrants to complete a firm-element proposal operative upon filing.13 filing also will be available for
continuing education program that will At any time within 60 days of the inspection and copying at the principal
qualify them to engage in a security filing of the proposed rule change, the office of FINRA. All comments received
futures business in lieu of a Commission summarily may will be posted without change; the
qualification examination. temporarily suspend such rule change if Commission does not edit personal
it appears to the Commission that such identifying information from
C. Self-Regulatory Organization’s action is: (i) Necessary or appropriate in submissions. You should submit only
Statement on Comments on the the public interest; (ii) for the protection information that you wish to make
Proposed Rule Change Received From of investors; or (iii) otherwise in available publicly. All submissions
Members, Participants, or Others furtherance of the purposes of the Act. should refer to File Number SR–FINRA–
Written comments were neither If the Commission takes such action, the 2015–052, and should be submitted on
solicited nor received. Commission shall institute proceedings or before January 11, 2016.
to determine whether the proposed rule For the Commission, by the Division of
III. Date of Effectiveness of the
Proposed Rule Change and Timing for should be approved or disapproved. Trading and Markets, pursuant to delegated
Commission Action authority.14
IV. Solicitation of Comments
Robert W. Errett,
Because the foregoing proposed rule Interested persons are invited to Deputy Secretary.
change does not: (i) Significantly affect submit written data, views, and [FR Doc. 2015–31921 Filed 12–18–15; 8:45 am]
the protection of investors or the public arguments concerning the foregoing,
BILLING CODE 8011–01–P
interest; (ii) impose any significant including whether the proposed rule
burden on competition; and (iii) become change is consistent with the Act.
operative for 30 days from the date on Comments may be submitted by any of SECURITIES AND EXCHANGE
which it was filed, or such shorter time the following methods: COMMISSION
as the Commission may designate, it has
become effective pursuant to section Electronic Comments [SEC File No. 270–297, OMB Control No.
19(b)(3)(A)(iii) of the Act 9 and • Use the Commission’s Internet 3235–0336]
subparagraph (f)(6) of Rule 19b–4 comment form (http://www.sec.gov/
thereunder.10 Proposed Collection; Comment
rules/sro.shtml); or
A proposed rule change filed under Request
• Send an email to rule-comments@
Rule 19b–4(f)(6) normally does not sec.gov. Please include File Number SR– Upon Written Request, Copies Available
become operative prior to 30 days after FINRA–2015–052 on the subject line. From: Securities and Exchange
the date of filing.11 Rule 19b–4(f)(6)(iii), Commission, Office of FOIA Services,
however, permits the Commission to Paper Comments
100 F Street NE., Washington, DC
designate a shorter time if such action • Send paper comments in triplicate 20549–2736.
is consistent with the protection of to Secretary, Securities and Exchange Extension:
investors and the public interest.12 The Commission, 100 F Street NE., Form N–14.
Exchange has asked the Commission to Washington, DC 20549–1090.
waive the 30-day operative delay so that Notice is hereby given that, pursuant
All submissions should refer to File to the Paperwork Reduction Act of 1995
the proposal may become operative Number SR–FINRA–2015–052. This file
immediately upon filing. The Exchange (44 U.S.C. 3501 et seq.) (‘‘Paperwork
number should be included on the Reduction Act’’), the Securities and
has stated that waiver of the operative subject line if email is used. To help the
delay is necessary in order to implement Exchange Commission (the
Commission process and review your ‘‘Commission’’) is soliciting comments
the proposed rule change by December comments more efficiently, please use
31, 2015. The Commission notes that on the collection of information
only one method. The Commission will summarized below. The Commission
very few individuals are involved in the post all comments on the Commission’s
sale of security futures products and the plans to submit this existing collection
Internet Web site (http://www.sec.gov/ of information to the Office of
regulators have decided that continuing rules/sro.shtml). Copies of the
education sufficiently mitigates the risk Management and Budget (‘‘OMB’’) for
submission, all subsequent extension and approval.
of trading these products. FINRA, in amendments, all written statements
coordination with NFA, will continue to Form N–14 (17 CFR 239.23) is the
with respect to the proposed rule form for registration under the
monitor security futures volume and the change that are filed with the
number of persons taking the Security Securities Act of 1933 (15 U.S.C. 77a et
Commission, and all written seq.) (‘‘Securities Act’’) of securities
Futures Training Modules, as well as communications relating to the
mstockstill on DSK4VPTVN1PROD with NOTICES

the number of disciplinary matters and issued by management investment
proposed rule change between the companies registered under the
complaints involving security futures, Commission and any person, other than
in considering whether a qualification Investment Company Act of 1940 (15
those that may be withheld from the U.S.C. 80a–1 et seq.) (‘‘Investment
9 15 U.S.C. 78s(b)(3)(A)(iii). 13 For purposes only of waiving the 30-day
Company Act’’) and business
10 17 CFR 240.19b–4(f)(6). operative delay, the Commission has considered the development companies as defined by
11 17 CFR 240.19b–4(f)(6)(iii).
proposed rule’s impact on efficiency, competition,
12 Id. and capital formation. See 15 U.S.C. 78c(f). 14 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices 79365

Section 2(a)(48) of the Investment Paperwork Reduction Act and are not ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Company Act in: (1) A transaction of the derived from a comprehensive or even notice is hereby given that on December
type specified in rule 145(a) under the representative survey or study of the 4, 2015, New York Stock Exchange LLC
Securities Act (17 CFR 230.145(a)); (2) a costs of Commission rules and forms. (‘‘NYSE’’ or the ‘‘Exchange’’) filed with
merger in which a vote or consent of the The collection of information under the Securities and Exchange
security holders of the company being Form N–14 is mandatory. The Commission (the ‘‘Commission’’) the
acquired is not required pursuant to information provided under Form N–14 proposed rule change as described in
applicable state law; (3) an exchange will not be kept confidential. An agency Items I and II below, which Items have
offer for securities of the issuer or may not conduct or sponsor, and a been prepared by the self-regulatory
another person; (4) a public reoffering or person is not required to respond to, a organization. The Commission is
resale of any securities acquired in an collection of information unless it publishing this notice to solicit
offering registered on Form N–14; or (5) displays a currently valid OMB control comments on the proposed rule change
two or more of the transactions listed in number. from interested persons.
(1) through (4) registered on one Written comments are invited on: (a)
registration statement. The principal I. Self-Regulatory Organization’s
Whether the proposed collection of
purpose of Form N–14 is to make Statement of the Terms of Substance of
information is necessary for the proper
material information regarding the Proposed Rule Change
performance of the functions of the
securities to be issued in connection agency, including whether the The Exchange proposes to (1) amend
with business combination transactions information will have practical utility; Rule 13 to eliminate Good til Cancelled
available to investors. The information (b) the accuracy of the Commission’s (‘‘GTC’’) Orders and Stop Orders, and
required to be filed with the estimate of the burden of the collection (2) make conforming changes to Rules
Commission permits verification of of information; (c) ways to enhance the 49, 61, 70, 104, 109, 115A, 116, 118,
compliance with securities law quality, utility, and clarity of the 123, 123A, 123C, 123D, 1000, 1004 and
requirements and assures the public information collected; and (d) ways to 6140. The text of the proposed rule
availability and dissemination of such minimize the burden of the collection of change is available on the Exchange’s
information. Without the registration information on respondents, including Web site at www.nyse.com, at the
statement requirement, material through the use of automated collection principal office of the Exchange, and at
information may not necessarily be techniques or other forms of information the Commission’s Public Reference
available to investors. technology. Consideration will be given Room.
We estimate that approximately 124 to comments and suggestions submitted
funds each file one new registration II. Self-Regulatory Organization’s
in writing within 60 days of this Statement of the Purpose of, and
statement on Form N–14 annually, and publication.
that 68 funds each file one amendment Statutory Basis for, the Proposed Rule
Please direct your written comments Change
to a registration statement on Form N– to Pamela Dyson, Director/Chief
14 annually. Based on conversations Information Officer, Securities and In its filing with the Commission, the
with fund representatives, we estimate Exchange Commission, C/O Remi self-regulatory organization included
that the reporting burden is Pavlik-Simon, 100 F Street NE., statements concerning the purpose of,
approximately 620 hours per Washington, DC 20549; or send an email and basis for, the proposed rule change
respondent for a new Form N–14 to: PRA_Mailbox@sec.gov. and discussed any comments it received
registration statement and 300 hours per on the proposed rule change. The text
respondent for amending the Form N– Dated: December 15, 2015. of those statements may be examined at
14 registration statement. This time is Robert W. Errett, the places specified in Item IV below.
spent, for example, preparing and Deputy Secretary. The Exchange has prepared summaries,
reviewing the registration statements. [FR Doc. 2015–31930 Filed 12–18–15; 8:45 am] set forth in sections A, B, and C below,
Accordingly, we calculate the total BILLING CODE 8011–01–P of the most significant parts of such
estimated annual internal burden of statements.
responding to Form N–14 to be
approximately 97,280 hours. In addition SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
to the burden hours, based on COMMISSION Statement of the Purpose of, and the
conversations with fund representatives, Statutory Basis for, the Proposed Rule
we estimate that the total cost burden of Change
[Release No. 34–76649; File No. SR–NYSE–
compliance with the information 2015–60] 1. Purpose
collection requirements of Form N–14 is
The Exchange proposes to amend
approximately $27,500 for preparing Self-Regulatory Organizations; New
Rule 13 to eliminate GTC Orders (which
and filing an initial registration York Stock Exchange LLC; Notice of
are also defined as ‘‘Open’’ Orders) and
statement on Form N–14 and Filing and Immediate Effectiveness of
Stop Orders, and make conforming
approximately $16,000 for preparing Proposed Rule Change To Amend Rule
changes to Rules 49, 61, 70, 104, 109,
and filing an amendment to a 13 To Eliminate Good til Cancelled
115A, 116, 118, 123, 123A, 123C, 123D,
registration statement on Form N–14. (‘‘GTC’’) Orders and Stop Orders, and
This includes, for example, the cost of 1000, 1004, and 6140. The Exchange
Make Conforming Changes to Rules
goods and services purchased to prepare proposes to eliminate these order types
49, 61, 70, 104, 109, 115A, 116, 118,
in order to streamline its rules and
mstockstill on DSK4VPTVN1PROD with NOTICES

and update registration statements on 123, 123A, 123C, 123D, 1000, 1004 and
Form N–14, such as for the services of reduce complexity among its order type
6140
outside counsel. Accordingly, we offerings.4
calculate the total estimated annual cost December 15, 2015.
2 15 U.S.C. 78a.
burden of responding to Form N–14 to Pursuant to section 19(b)(1) 1 of the 3 17 CFR 240.19b–4.
be approximately $4,498,000. Securities Exchange Act of 1934 (the 4 See, e.g., Mary Jo White, Chair, Securities and
Estimates of average burden hours are Exchange Commission, Speech at the Sandler
made solely for the purposes of the 1 15 U.S.C. 78s(b)(1). Continued

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Document Created: 2015-12-19 02:56:51
Document Modified: 2015-12-19 02:56:51
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 79364