81 FR 26850 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 86 (May 4, 2016)

Page Range		26850-26851
FR Document		2016-10368
Federal Register, Volume 81 Issue 86 (Wednesday, May 4, 2016)
[Federal Register Volume 81, Number 86 (Wednesday, May 4, 2016)]
[Notices]
[Pages 26850-26851]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-10368]


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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 20a-1, SEC File No. 270-132, OMB Control No. 3235-0158

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange 
Commission has submitted to the Office of Management and Budget a 
request for extension of the previously approved collection of 
information discussed below.
    Rule 20a-1 (17 CFR 270.20a-1) was adopted under Section 20(a) of 
the Investment Company Act of 1940 (``1940 Act'') (15 U.S.C. 80a-20(a)) 
and concerns the solicitation of proxies, consents, and authorizations 
with respect to securities issued by registered investment companies 
(``Funds''). More specifically, rule 20a-1 under the 1940 Act (15 
U.S.C. 80a-1 et seq.) requires that the solicitation of a proxy, 
consent, or authorization with respect to a security issued by a Fund 
be in compliance with Regulation 14A (17 CFR 240.14a-1 et seq.), 
Schedule 14A (17 CFR 240.14a-101), and all other rules and regulations 
adopted pursuant to section 14(a) of the Securities Exchange Act of 
1934 (``1934 Act'') (15 U.S.C. 78n(a)). It also requires, in certain 
circumstances, a Fund's investment adviser or a prospective adviser, 
and certain affiliates of the adviser or prospective adviser, to 
transmit to the person making the solicitation the information 
necessary to enable that person to comply with the rules and 
regulations applicable to the solicitation. In addition, rule 20a-1 
instructs Funds that have made a public offering of securities and that 
hold security holder votes for which proxies, consents, or 
authorizations are not being solicited, to refer to section 14(c) of 
the 1934 Act (15 U.S.C. 78n(c)) and the information statement 
requirements set forth in the rules thereunder.
    The types of proposals voted upon by Fund shareholders include not 
only the typical matters considered in proxy solicitations made by 
operating companies, such as the election of directors, but also 
include issues that are unique to Funds, such as the approval of an 
investment advisory contract and the approval of changes in fundamental 
investment policies of the Fund. Through rule 20a-1, any person making 
a solicitation with respect to a security issued by a Fund must, 
similar to operating company solicitations, comply with the rules and 
regulations adopted pursuant to Section 14(a) of the 1934 Act. Some of 
those Section 14(a) rules and regulations, however, include provisions 
specifically related to Funds, including certain particularized 
disclosure requirements set forth in Item 22 of Schedule 14A under the 
1934 Act.
    Rule 20a-1 is intended to ensure that investors in Fund securities 
are provided with appropriate information upon which to base informed 
decisions regarding the actions for which Funds solicit proxies. 
Without rule 20a-1, Fund issuers would not be required to comply with 
the rules and regulations adopted under Section 14(a) of the 1934 Act, 
which are applicable to non-Fund issuers, including the provisions 
relating to the form of proxy and disclosure in proxy statements.
    The staff currently estimates that approximately 1,196 proxy 
statements are filed by Funds annually. Based on staff estimates and 
information from the industry, the staff estimates that the average 
annual burden associated with the preparation and submission of proxy 
statements is 85 hours per response, for a total annual burden of 
101,660 hours (1,196 responses x 85 hours per response = 101,660). In 
addition, the staff estimates the costs for purchased services, such as 
outside legal counsel, proxy statement mailing, and proxy tabulation 
services, to be approximately $30,000 per proxy solicitation.
    Rule 20a-1 does not involve any recordkeeping requirements. 
Providing the information required by the rule is mandatory and 
information provided under the rule 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 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

[[Page 26851]]

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: April 26, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-10368 Filed 5-3-16; 8:45 am]
 BILLING CODE 8011-01-P
26850 Federal Register / Vol. 81, No. 86 / Wednesday, May 4, 2016 / Notices

exchanges and national securities submitted to OMB within 30 days of The types of proposals voted upon by
associations that trade security futures this notice. Fund shareholders include not only the
products to establish listing standards Dated: April 28, 2016. typical matters considered in proxy
that, among other things, require that: (i) Robert W. Errett,
solicitations made by operating
Trading in such products not be readily companies, such as the election of
Deputy Secretary.
susceptible to price manipulation; and directors, but also include issues that
(ii) the market on which the security [FR Doc. 2016–10365 Filed 5–3–16; 8:45 am] are unique to Funds, such as the
futures product trades has in place BILLING CODE 8011–01–P approval of an investment advisory
procedures to coordinate trading halts contract and the approval of changes in
with the listing market for the security fundamental investment policies of the
or securities underlying the security SECURITIES AND EXCHANGE Fund. Through rule 20a–1, any person
futures product. Rule 6h–1 implements COMMISSION making a solicitation with respect to a
these statutory requirements and security issued by a Fund must, similar
Submission for OMB Review;
requires that (1) the final settlement to operating company solicitations,
Comment Request
price for each cash-settled security comply with the rules and regulations
futures product fairly reflect the Upon Written Request, Copies Available adopted pursuant to Section 14(a) of the
opening price of the underlying security From: Securities and Exchange 1934 Act. Some of those Section 14(a)
or securities, and (2) the exchanges and Commission, Office of FOIA Services, rules and regulations, however, include
associations trading security futures 100 F Street NE., Washington, DC provisions specifically related to Funds,
products halt trading in any security 20549–2736 including certain particularized
futures product for as long as trading in Extension: disclosure requirements set forth in Item
the underlying security, or trading in Rule 20a–1, SEC File No. 270–132, OMB 22 of Schedule 14A under the 1934 Act.
50% or more of the underlying Control No. 3235–0158 Rule 20a–1 is intended to ensure that
securities, is halted on the listing investors in Fund securities are
Notice is hereby given that, pursuant
market. provided with appropriate information
to the Paperwork Reduction Act of 1995
It is estimated that approximately 1 upon which to base informed decisions
(44 U.S.C. 3501–3520), the Securities
respondent, consisting of a designated regarding the actions for which Funds
and Exchange Commission has solicit proxies. Without rule 20a–1,
contract market not already registered as
a national securities exchange under submitted to the Office of Management Fund issuers would not be required to
Section 6(g) of the Exchange Act that and Budget a request for extension of comply with the rules and regulations
seeks to list or trade security futures the previously approved collection of adopted under Section 14(a) of the 1934
products, will incur an average burden information discussed below. Act, which are applicable to non-Fund
of 10 hours per year to comply with this Rule 20a–1 (17 CFR 270.20a–1) was issuers, including the provisions
rule, for a total burden of 10 hours. At adopted under Section 20(a) of the relating to the form of proxy and
an average cost per hour of Investment Company Act of 1940 disclosure in proxy statements.
approximately $387, the resultant total (‘‘1940 Act’’) (15 U.S.C. 80a–20(a)) and The staff currently estimates that
cost of compliance for the respondents concerns the solicitation of proxies, approximately 1,196 proxy statements
is $3,870 per year (1 respondent × 10 consents, and authorizations with are filed by Funds annually. Based on
hours/respondent × $387/hour). respect to securities issued by registered staff estimates and information from the
Compliance with Rule 6h–1 is investment companies (‘‘Funds’’). More industry, the staff estimates that the
mandatory. Any listing standards specifically, rule 20a–1 under the 1940 average annual burden associated with
established pursuant to Rule 6h–1 Act (15 U.S.C. 80a–1 et seq.) requires the preparation and submission of proxy
would be filed with the Commission as that the solicitation of a proxy, consent, statements is 85 hours per response, for
proposed rule changes pursuant to or authorization with respect to a a total annual burden of 101,660 hours
Section 19(b) of the Act and would be security issued by a Fund be in (1,196 responses × 85 hours per
published in the Federal Register. compliance with Regulation 14A (17 response = 101,660). In addition, the
An agency may not conduct or CFR 240.14a–1 et seq.), Schedule 14A staff estimates the costs for purchased
sponsor, and a person is not required to (17 CFR 240.14a–101), and all other services, such as outside legal counsel,
respond to, a collection of information rules and regulations adopted pursuant proxy statement mailing, and proxy
under the PRA unless it displays a to section 14(a) of the Securities tabulation services, to be approximately
currently valid OMB control number. Exchange Act of 1934 (‘‘1934 Act’’) (15 $30,000 per proxy solicitation.
The public may view background U.S.C. 78n(a)). It also requires, in certain Rule 20a–1 does not involve any
documentation for this information circumstances, a Fund’s investment recordkeeping requirements. Providing
collection at the following Web site: adviser or a prospective adviser, and the information required by the rule is
www.reginfo.gov. Comments should be certain affiliates of the adviser or mandatory and information provided
directed to: (i) Desk Officer for the prospective adviser, to transmit to the under the rule will not be kept
Securities and Exchange Commission, person making the solicitation the confidential.
Office of Information and Regulatory information necessary to enable that An agency may not conduct or
Affairs, Office of Management and person to comply with the rules and sponsor, and a person is not required to
Budget, Room 10102, New Executive regulations applicable to the respond to a collection of information
Office Building, Washington, DC 20503, solicitation. In addition, rule 20a–1 unless it displays a currently valid
asabaliauskas on DSK3SPTVN1PROD with NOTICES

or by sending an email to: Shagufta_ instructs Funds that have made a public control number.
Ahmed@omb.eop.gov; and (ii) Pamela offering of securities and that hold The public may view the background
Dyson, Director/Chief Information security holder votes for which proxies, documentation for this information
Officer, Securities and Exchange consents, or authorizations are not being collection at the following Web site,
Commission, c/o Remi Pavlik-Simon, solicited, to refer to section 14(c) of the www.reginfo.gov. Comments should be
100 F Street NE., Washington, DC 1934 Act (15 U.S.C. 78n(c)) and the directed to: (i) Desk Officer for the
20549, or by sending an email to: PRA_ information statement requirements set Securities and Exchange Commission,
Mailbox@sec.gov. Comments must be forth in the rules thereunder. Office of Information and Regulatory

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Federal Register / Vol. 81, No. 86 / Wednesday, May 4, 2016 / Notices 26851

Affairs, Office of Management and • Send an email message to rule- SECURITIES AND EXCHANGE
Budget, Room 10102, New Executive comments@sec.gov. Please include File COMMISSION
Office Building, Washington, DC 20503, Number 265–27 on the subject line; or
[Release No 34–77744; File No. SR–MSRB–
or by sending an email to: Shagufta_ 2016–04]
Ahmed@omb.eop.gov; and (ii) Pamela Paper Statements
Dyson, Director/Chief Information • Send paper statements to Brent J. Self-Regulatory Organizations;
Officer, Securities and Exchange Fields, Federal Advisory Committee Municipal Securities Rulemaking
Commission, c/o Remi Pavlik-Simon, Board; Order Granting Approval of a
Management Officer, Securities and
100 F Street NE., Washington, DC 20549 Proposed Rule Change Consisting of
Exchange Commission, 100 F Street NE.,
or send an email to: PRA_Mailbox@ Proposed Amendments to Rules G–12
Washington, DC 20549–1090.
sec.gov. Comments must be submitted to and G–15 To Define Regular-Way
OMB within 30 days of this notice. All submissions should refer to File No. Settlement for Municipal Securities
Dated: April 26, 2016. 265–27. This file number should be Transactions as Occurring on a Two-
Robert W. Errett, included on the subject line if email is Day Settlement Cycle and Technical
Deputy Secretary. used. To help us process and review Conforming Amendments
[FR Doc. 2016–10368 Filed 5–3–16; 8:45 am]
your statement more efficiently, please
April 29, 2016.
BILLING CODE 8011–01–P
use only one method. The Commission
will post all statements on the Advisory I. Introduction
Committee’s Web site (http:// On March 1, 2016, the Municipal
SECURITIES AND EXCHANGE www.sec.gov/spotlight/acsec- Securities Rulemaking Board (the
COMMISSION spotlight.shtml). ‘‘MSRB’’ or ‘‘Board’’) filed with the
Statements also will be available for Securities and Exchange Commission
[Release Nos. 33–10074; 34–77743; File No. Web site viewing and printing in the (the ‘‘SEC’’ or ‘‘Commission’’), pursuant
265–27] Commission’s Public Reference Room, to Section 19(b)(1) of the Securities
100 F Street NE., Washington, DC Exchange Act of 1934 (‘‘Act’’) 1 and Rule
SEC Advisory Committee on Small and 19b–4 thereunder,2 a proposed rule
20549, on official business days
Emerging Companies change consisting of proposed
between the hours of 10:00 a.m. and
AGENCY: Securities and Exchange 3:00 p.m. All statements received will amendments to the MSRB Rules G–12
Commission. be posted without change; we do not and G–15 to define regular-way
edit personal identifying information settlement for municipal securities
ACTION: Notice of meeting.
from submissions. You should submit transactions as occurring on a two-day
SUMMARY: The Securities and Exchange only information that you wish to make settlement cycle and technical
Commission Advisory Committee on conforming amendments (the ‘‘proposed
available publicly.
Small and Emerging Companies is rule change’’).
providing notice that it will hold a FOR FURTHER INFORMATION CONTACT: Julie The proposed rule change was
public meeting on Wednesday, May 18, Z. Davis, Senior Special Counsel, at published for comment in the Federal
2016, in Multi-Purpose Room LL–006 at (202) 551–3460, Office of Small Register on March 18, 2016.3 The
the Commission’s headquarters, 100 F Business Policy, Division of Corporation Commission received four comment
Street NE., Washington, DC. The Finance, Securities and Exchange letters on the proposed rule change.4
meeting will begin at 9:30 a.m. (EDT) Commission, 100 F Street NE., This order approves the proposed rule
and will be open to the public. The Washington, DC 20549–3628. change.
meeting will be webcast on the II. Description of the Proposed Rule
Commission’s Web site at www.sec.gov. SUPPLEMENTARY INFORMATION: In
accordance with Section 10(a) of the Change
Persons needing special
accommodations to take part because of Federal Advisory Committee Act, 5 The MSRB’s proposed rule change
a disability should notify the contact U.S.C.—App. 1, and the regulations consists of proposed amendments to
person listed below. The public is thereunder, Keith Higgins, Designated Rule G–12, on uniform practice, and
invited to submit written statements to Federal Officer of the Committee, has Rule G–15, on confirmation, clearance,
the Committee. The agenda for the ordered publication of this notice. settlement and other uniform practice
meeting includes matters relating to requirements with respect to
Dated: April 29, 2016.
rules and regulations affecting small and transactions with customers, to define
Brent J. Fields,
emerging companies under the federal
Committee Management Officer. 1 15 U.S.C. 78s(b)(1).
securities laws. 2 17
[FR Doc. 2016–10406 Filed 5–3–16; 8:45 am] CFR 240.19b–4.
DATES: The public meeting will be held 3 Securities Exchange Act Release No. 77364
BILLING CODE 8011–01–P
on Wednesday, May 18, 2016. Written (Mar. 14, 2016), 81 FR 14906 (Mar. 18, 2016) (the
statements should be received on or ‘‘Notice of Filing’’).
4 See Letters from Martin A. Burns, Chief Industry
before May 16, 2016.
Operations Officer, Investment Company Institute
ADDRESSES: The meeting will be held at (‘‘ICI’’), dated April 4, 2016 (‘‘ICI Letter’’); Michael
asabaliauskas on DSK3SPTVN1PROD with NOTICES

the Commission’s headquarters, 100 F Nicholas, Chief Executive Office, Bond Dealers of
Street NE., Washington, DC. Written America (‘‘BDA’’), dated April 8, 2016 (‘‘BDA
Letter’’); Leslie M. Norwood, Managing Director and
statements may be submitted by any of Associate General Counsel, Securities Industry
the following methods: Financial Markets Association (‘‘SIFMA’’), dated
April 8, 2016 (‘‘SIFMA Letter’’); David T. Bellaire,
Electronic Statements Executive Vice President & General Counsel,
Financial Services Institute (‘‘FSI’’), dated April 8,
• Use the Commission’s Internet 2016 (‘‘FSI Letter’’ and, together with the BDA
submission form (http://www.sec.gov/ Letter, the ICI Letter, and the SIFMA Letter, the
info/smallbus/acsec.shtml); or ‘‘Comment Letters’’).

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Document Created: 2016-05-04 01:23:10
Document Modified: 2016-05-04 01:23:10
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 26850