81 FR 8766 - Proposed Collection; Comment Request;

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 34 (February 22, 2016)

Page Range		8766-8766
FR Document		2016-03520
Federal Register, Volume 81 Issue 34 (Monday, February 22, 2016)
[Federal Register Volume 81, Number 34 (Monday, February 22, 2016)]
[Notices]
[Page 8766]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-03520]


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SECURITIES AND EXCHANGE COMMISSION


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:
    Rule 0-2, SEC File No. 270-572, OMB Control No. 3235-0636.

    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'') is soliciting comments on the 
collections of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    Several sections of the Investment Company Act of 1940 (``Act'' or 
``Investment Company Act'') \1\ give the Commission the authority to 
issue orders granting exemptions from the Act's provisions. The section 
that grants broadest authority is section 6(c), which provides the 
Commission with authority to conditionally or unconditionally exempt 
persons, securities or transactions from any provision of the 
Investment Company Act, or the rules or regulations thereunder, if and 
to the extent that such exemption is necessary or appropriate in the 
public interest and consistent with the protection of investors and the 
purposes fairly intended by the policy and provisions of the Act.\2\
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    \1\ 15 U.S.C. 80a-1 et seq.
    \2\ 15 U.S.C. 80a-6(c).
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    Rule 0-2 under the Investment Company Act,\3\ entitled ``General 
Requirements of Papers and Applications,'' prescribes general 
instructions for filing an application seeking exemptive relief with 
the Commission for which a form is not specifically prescribed. Rule 0-
2 requires that each application filed with the commission have (a) a 
statement of authorization to file and sign the application on behalf 
of the applicant, (b) a verification of application and statements of 
fact, (c) a brief statement of the grounds for application, and (d) the 
name and address of each applicant and of any person to whom questions 
should be directed. The Commission uses the information required by 
rule 0-2 to decide whether the applicant should be deemed to be 
entitled to the action requested by the application.
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    \3\ 17 CFR 270.0-2.
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    Applicants for orders can include registered investment companies, 
affiliated persons of registered investment companies, and issuers 
seeking to avoid investment company status, among other entities. 
Commission staff estimates that it receives approximately 184 
applications per year under the Act. Although each application 
typically is submitted on behalf of multiple entities, the entities in 
the vast majority of cases are related companies and are treated as a 
single respondent for purposes of this analysis.
    The time to prepare an application depends on the complexity and/or 
novelty of the issues covered by the application. We estimate that the 
Commission receives 25 of the most time-consuming applications 
annually, 125 applications of medium difficulty, and 34 of the least 
difficult applications. Based on conversations with applicants, we 
estimate that in-house counsel would spend from ten to fifty hours 
helping to draft and review an application. We estimate a total annual 
hour burden to all respondents of 5,340 hours [(50 hours x 25 
applications) + (30 hours x 125 applications) + (10 hours x 34 
applications)].
    Much of the work of preparing an application is performed by 
outside counsel. The cost outside counsel charges applicants depends on 
the complexity of the issues covered by the application and the time 
required for preparation. Based on conversations with attorneys who 
serve as outside counsel, the cost ranges from approximately $10,000 
for preparing a well-precedented, routine application to approximately 
$150,000 to prepare a complex and/or novel application. This 
distribution gives a total estimated annual cost burden to applicants 
of filing all applications of $14,090,000 [(25 x $150,000) + (125 x 
$80,000) + (34 x $10,000)].
    We request written comment on: (a) Whether the collections of 
information are necessary for the proper performance of the functions 
of the Commission, including whether the information has practical 
utility; (b) the accuracy of the Commission's estimate of the burdens 
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: February 16, 2016.
 Brent J. Fields,
Secretary.
[FR Doc. 2016-03520 Filed 2-19-16; 8:45 am]
 BILLING CODE P
8766 Federal Register / Vol. 81, No. 34 / Monday, February 22, 2016 / Notices

qualifies as a ‘‘financial institution’’ or ‘‘Investment Company Act’’) 1 give the application. We estimate a total annual
‘‘creditor’’ under Regulation S–ID (as Commission the authority to issue hour burden to all respondents of 5,340
discussed above, certain collections of orders granting exemptions from the hours [(50 hours × 25 applications) + (30
information under Regulation S–ID are Act’s provisions. The section that grants hours × 125 applications) + (10 hours ×
mandatory only for financial broadest authority is section 6(c), which 34 applications)].
institutions or creditors that offer or provides the Commission with authority
Much of the work of preparing an
maintain covered accounts). Responses to conditionally or unconditionally
exempt persons, securities or application is performed by outside
will not be kept confidential. An agency
may not conduct or sponsor, and a transactions from any provision of the counsel. The cost outside counsel
person is not required to respond to, a Investment Company Act, or the rules or charges applicants depends on the
collection of information unless it regulations thereunder, if and to the complexity of the issues covered by the
displays a currently valid control extent that such exemption is necessary application and the time required for
number. or appropriate in the public interest and preparation. Based on conversations
consistent with the protection of with attorneys who serve as outside
The public may view the background
investors and the purposes fairly counsel, the cost ranges from
documentation for this information
intended by the policy and provisions of approximately $10,000 for preparing a
collection at the following Web site:
the Act.2 well-precedented, routine application to
www.reginfo.gov. Comments should be Rule 0–2 under the Investment
directed to: (i) Desk Officer for the approximately $150,000 to prepare a
Company Act,3 entitled ‘‘General complex and/or novel application. This
Securities and Exchange Commission, Requirements of Papers and
Office of Information and Regulatory distribution gives a total estimated
Applications,’’ prescribes general annual cost burden to applicants of
Affairs, Office of Management and instructions for filing an application
Budget, Room 10102, New Executive filing all applications of $14,090,000
seeking exemptive relief with the [(25 × $150,000) + (125 × $80,000) + (34
Office Building, Washington, DC 20503, Commission for which a form is not
or by sending an email to: Shagufta_ × $10,000)].
specifically prescribed. Rule 0–2
Ahmed@omb.eop.gov; and (ii) Pamela requires that each application filed with We request written comment on: (a)
Dyson, Director/Chief Information the commission have (a) a statement of Whether the collections of information
Officer, Securities and Exchange authorization to file and sign the are necessary for the proper
Commission, c/o Remi Pavlik-Simon, application on behalf of the applicant, performance of the functions of the
100 F Street NE., Washington, DC 20549 (b) a verification of application and Commission, including whether the
or send an email to: PRA_Mailbox@ statements of fact, (c) a brief statement information has practical utility; (b) the
sec.gov. Comments must be submitted to of the grounds for application, and (d) accuracy of the Commission’s estimate
OMB within 30 days of this notice. the name and address of each applicant of the burdens of the collection of
Dated: February 16, 2016. and of any person to whom questions information; (c) ways to enhance the
Brent J. Fields, should be directed. The Commission quality, utility, and clarity of the
Secretary. uses the information required by rule 0– information collected; and (d) ways to
[FR Doc. 2016–03519 Filed 2–19–16; 8:45 am]
2 to decide whether the applicant minimize the burden of the collection of
should be deemed to be entitled to the information on respondents, including
BILLING CODE 8011–01–P
action requested by the application. through the use of automated collection
Applicants for orders can include
techniques or other forms of information
registered investment companies,
SECURITIES AND EXCHANGE technology. Consideration will be given
affiliated persons of registered
COMMISSION to comments and suggestions submitted
investment companies, and issuers
seeking to avoid investment company in writing within 60 days of this
Proposed Collection; Comment publication.
Request; status, among other entities.
Commission staff estimates that it Please direct your written comments
Upon Written Request, Copies Available receives approximately 184 applications to Pamela Dyson, Director/Chief
From: Securities and Exchange per year under the Act. Although each Information Officer, Securities and
Commission, Office of FOIA Services, application typically is submitted on Exchange Commission, C/O Remi
100 F Street NE., Washington, DC behalf of multiple entities, the entities Pavlik-Simon, 100 F Street NE.,
20549–2736. in the vast majority of cases are related Washington, DC 20549; or send an email
companies and are treated as a single to: PRA_Mailbox@sec.gov.
Extension:
respondent for purposes of this analysis.
Rule 0–2, SEC File No. 270–572, OMB Dated: February 16, 2016.
The time to prepare an application
Control No. 3235–0636. Brent J. Fields,
depends on the complexity and/or
Notice is hereby given that, pursuant novelty of the issues covered by the Secretary.
to the Paperwork Reduction Act of 1995 application. We estimate that the [FR Doc. 2016–03520 Filed 2–19–16; 8:45 am]
(44 U.S.C. 3501–3520), the Securities Commission receives 25 of the most BILLING CODE P
and Exchange Commission (the time-consuming applications annually,
‘‘Commission’’) is soliciting comments 125 applications of medium difficulty,
on the collections of information and 34 of the least difficult applications.
mstockstill on DSK4VPTVN1PROD with NOTICES

summarized below. The Commission Based on conversations with applicants,
plans to submit this existing collection we estimate that in-house counsel
of information to the Office of would spend from ten to fifty hours
Management and Budget for extension helping to draft and review an
and approval.
1 15 U.S.C. 80a–1 et seq.
Several sections of the Investment 2 15 U.S.C. 80a–6(c).
Company Act of 1940 (‘‘Act’’ or 3 17 CFR 270.0–2.

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Document Created: 2016-02-19 23:56:57
Document Modified: 2016-02-19 23:56:57
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 8766