81 FR 18919 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 63 (April 1, 2016)

Page Range		18919-18919
FR Document		2016-07355

Federal Register, Volume 81 Issue 63 (Friday, April 1, 2016)

[Federal Register Volume 81, Number 63 (Friday, April 1, 2016)]
[Notices]
[Page 18919]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-07355]


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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 17a-8. OMB Control No. 3235-0235, SEC File No. 270-225.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange 
Commission (the ``Commission'') has submitted to the Office of 
Management and Budget (``OMB'') a request for extension of the 
previously approved collection of information discussed below.
    Rule 17a-8 (17 CFR 270.17a-8) under the Investment Company Act of 
1940 (the ``Act'') (15 U.S.C. 80a) is entitled ``Mergers of affiliated 
companies.'' Rule 17a-8 exempts certain mergers and similar business 
combinations (``mergers'') of affiliated registered investment 
companies (``funds'') from prohibitions under section 17(a) of the Act 
(15 U.S.C. 80a-17(a)) on purchases and sales between a fund and its 
affiliates. The rule requires fund directors to consider certain issues 
and to record their findings in board minutes. The rule requires the 
directors of any fund merging with an unregistered entity to approve 
procedures for the valuation of assets received from that entity. These 
procedures must provide for the preparation of a report by an 
independent evaluator that sets forth the fair value of each such asset 
for which market quotations are not readily available. The rule also 
requires a fund being acquired to obtain approval of the merger 
transaction by a majority of its outstanding voting securities, except 
in certain situations, and requires any surviving fund to preserve 
written records describing the merger and its terms for six years after 
the merger (the first two in an easily accessible place).
    The average annual burden of meeting the requirements of rule 17a-8 
is estimated to be 7 hours for each fund. The Commission staff 
estimates that each year approximately 766 funds rely on the rule. The 
estimated total average annual burden for all respondents therefore is 
5,362 hours.
    The average cost burden of preparing a report by an independent 
evaluator in a merger with an unregistered entity is estimated to be 
$15,000. The average net cost burden of obtaining approval of a merger 
transaction by a majority of a fund's outstanding voting securities is 
estimated to be $100,000. The Commission staff estimates that each year 
approximately 0 mergers with unregistered entities occur and 
approximately 15 funds hold shareholder votes that would not otherwise 
have held a shareholder vote. The total annual cost burden of meeting 
these requirements is estimated to be $1,500,000.
    The estimates of average burden hours and average cost burdens 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. 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.
    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 29, 2016.
 Robert W. Errett,
 Deputy Secretary.
[FR Doc. 2016-07355 Filed 3-31-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 63 / Friday, April 1, 2016 / Notices 18919

and Exchange Commission, 100 F Street (44 U.S.C. 3501–3520), the Securities a comprehensive or even a
NE., Washington, DC 20549–1090. and Exchange Commission (the representative survey or study. An
All submissions should refer to File ‘‘Commission’’) has submitted to the agency may not conduct or sponsor, and
Number SR–BX–2016–019. This file Office of Management and Budget a person is not required to respond to,
number should be included on the (‘‘OMB’’) a request for extension of the a collection of information unless it
subject line if email is used. To help the previously approved collection of displays a currently valid OMB control
Commission process and review your information discussed below. number.
comments more efficiently, please use Rule 17a–8 (17 CFR 270.17a–8) under
the Investment Company Act of 1940 The public may view the background
only one method. The Commission will
(the ‘‘Act’’) (15 U.S.C. 80a) is entitled documentation for this information
post all comments on the Commission’s
‘‘Mergers of affiliated companies.’’ Rule collection at the following Web site,
Internet Web site (http://www.sec.gov/
17a–8 exempts certain mergers and www.reginfo.gov. Comments should be
rules/sro.shtml).
Copies of the submission, all similar business combinations directed to: (i) Desk Officer for the
subsequent amendments, all written (‘‘mergers’’) of affiliated registered Securities and Exchange Commission,
statements with respect to the proposed investment companies (‘‘funds’’) from Office of Information and Regulatory
rule change that are filed with the prohibitions under section 17(a) of the Affairs, Office of Management and
Commission, and all written Act (15 U.S.C. 80a–17(a)) on purchases Budget, Room 10102, New Executive
communications relating to the and sales between a fund and its Office Building, Washington, DC 20503,
proposed rule change between the affiliates. The rule requires fund or by sending an email to: Shagufta_
Commission and any person, other than directors to consider certain issues and Ahmed@omb.eop.gov; and (ii) Pamela
those that may be withheld from the to record their findings in board Dyson, Director/Chief Information
public in accordance with the minutes. The rule requires the directors Officer, Securities and Exchange
provisions of 5 U.S.C. 552, will be of any fund merging with an Commission, c/o Remi Pavlik-Simon,
available for Web site viewing and unregistered entity to approve
100 F Street NE., Washington, DC 20549
printing in the Commission’s Public procedures for the valuation of assets
or send an email to: PRA_Mailbox@
Reference Room, 100 F Street NE., received from that entity. These
procedures must provide for the sec.gov. Comments must be submitted to
Washington, DC 20549, on official OMB within 30 days of this notice.
business days between the hours of preparation of a report by an
10:00 a.m. and 3:00 p.m. Copies of the independent evaluator that sets forth the Dated: March 29, 2016.
fair value of each such asset for which Robert W. Errett,
filing also will be available for
market quotations are not readily Deputy Secretary.
inspection and copying at the principal
available. The rule also requires a fund
office of the Exchange. All comments [FR Doc. 2016–07355 Filed 3–31–16; 8:45 am]
being acquired to obtain approval of the
received will be posted without change; BILLING CODE 8011–01–P
merger transaction by a majority of its
the Commission does not edit personal
outstanding voting securities, except in
identifying information from
certain situations, and requires any
submissions. You should submit only SECURITIES AND EXCHANGE
surviving fund to preserve written
information that you wish to make COMMISSION
records describing the merger and its
available publicly. All submissions
terms for six years after the merger (the
should refer to File Number SR–BX– first two in an easily accessible place). [Release No. 34–77458; File No. SR–Phlx–
2016–019 and should be submitted on The average annual burden of meeting 2016–39]
or before April 22, 2016. the requirements of rule 17a–8 is
For the Commission, by the Division of estimated to be 7 hours for each fund. Self-Regulatory Organizations;
Trading and Markets, pursuant to delegated The Commission staff estimates that NASDAQ PHLX LLC; Notice of Filing
authority.44 each year approximately 766 funds rely and Immediate Effectiveness of
Robert W. Errett, on the rule. The estimated total average Proposed Rule Change To Adopt Rule
Deputy Secretary. annual burden for all respondents 3317 To Implement the Regulation
[FR Doc. 2016–07334 Filed 3–31–16; 8:45 am] therefore is 5,362 hours. NMS Plan To Implement a Tick Size
BILLING CODE 8011–01–P The average cost burden of preparing Pilot Program
a report by an independent evaluator in
a merger with an unregistered entity is March 28, 2016.
SECURITIES AND EXCHANGE estimated to be $15,000. The average net Pursuant to Section 19(b)(1) of the
COMMISSION cost burden of obtaining approval of a
Securities Exchange Act of 1934
merger transaction by a majority of a
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
Submission for OMB Review; fund’s outstanding voting securities is
Comment Request notice is hereby given that on March 23,
estimated to be $100,000. The
Commission staff estimates that each 2016, NASDAQ PHLX LLC
Upon Written Request, Copies Available (‘‘Exchange’’) filed with the Securities
year approximately 0 mergers with
From: Securities and Exchange and Exchange Commission (‘‘SEC’’ or
unregistered entities occur and
Commission, Office of FOIA Services, ‘‘Commission’’) the proposed rule
approximately 15 funds hold
100 F Street NE., Washington, DC change as described in Items I and II
shareholder votes that would not
asabaliauskas on DSK3SPTVN1PROD with NOTICES

20549–2736. below, which Items have been prepared
otherwise have held a shareholder vote.
Extension: The total annual cost burden of meeting by the Exchange. The Commission is
Rule 17a–8. OMB Control No. 3235–0235, these requirements is estimated to be publishing this notice to solicit
SEC File No. 270–225. $1,500,000. comments on the proposed rule change
Notice is hereby given that, pursuant The estimates of average burden hours from interested persons.
to the Paperwork Reduction Act of 1995 and average cost burdens are made
solely for the purposes of the Paperwork 1 15 U.S.C. 78s(b)(1).
44 17 CFR 200.30–3(a)(12). Reduction Act, and are not derived from 2 17 CFR 240.19b–4.

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Document Created: 2016-04-06 00:08:54
Document Modified: 2016-04-06 00:08:54

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		81 FR 18919