82 FR 11962 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 37 (February 27, 2017)

Page Range		11962-11962
FR Document		2017-03773
Federal Register, Volume 82 Issue 37 (Monday, February 27, 2017)
[Federal Register Volume 82, Number 37 (Monday, February 27, 2017)]
[Notices]
[Page 11962]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03773]


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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 206(4)-6, SEC File No. 270-513, OMB Control No. 3235-0571.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission 
(the ``Commission'') is soliciting comments on the collections of 
information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    The title for the collection of information is ``Rule 206(4)-6'' 
under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.) 
(``Advisers Act'') and the collection has been approved under OMB 
Control No. 3235-0571. The Commission adopted rule 206(4)-6 (17 CFR 
275.206(4)-6), the proxy voting rule, to address an investment 
adviser's fiduciary obligation to clients who have given the adviser 
authority to vote their securities. Under the rule, an investment 
adviser that exercises voting authority over client securities is 
required to: (i) Adopt and implement written policies and procedures 
that are reasonably designed to ensure that the adviser votes client 
securities in the best interest of clients, including procedures to 
address any material conflict that may arise between the interests of 
the adviser and the client; (ii) disclose to clients how they may 
obtain information from the adviser on how the adviser has voted with 
respect to their securities; and (iii) describe to clients the 
adviser's proxy voting policies and procedures and, on request, furnish 
a copy of the policies and procedures to the requesting client. The 
rule is designed to assure that advisers that vote proxies for their 
clients vote those proxies in their clients' best interest and provide 
clients with information about how their proxies were voted.
    Rule 206(4)-6 contains ``collection of information'' requirements 
within the meaning of the Paperwork Reduction Act. The respondents are 
investment advisers registered with the Commission that vote proxies 
with respect to clients' securities. Advisory clients of these 
investment advisers use the information required by the rule to assess 
investment advisers' proxy voting policies and procedures and to 
monitor the advisers' performance of their proxy voting activities. The 
information required by Adviser's Act rule 204-2, a recordkeeping rule, 
also is used by the Commission staff in its examination and oversight 
program. Without the information collected under the rules, advisory 
clients would not have information they need to assess the adviser's 
services and monitor the adviser's handling of their accounts, and the 
Commission would be less efficient and effective in its programs.
    The estimated number of investment advisers subject to the 
collection of information requirements under the rule is 10,942. It is 
estimated that each of these advisers is required to spend on average 
10 hours annually documenting its proxy voting procedures under the 
requirements of the rule, for a total burden of 109,420 hours. We 
further estimate that on average, approximately 292 clients of each 
adviser would request copies of the underlying policies and procedures. 
We estimate that it would take these advisers 0.1 hours per client to 
deliver copies of the policies and procedures, for a total burden of 
319,506 hours. Accordingly, we estimate that rule 206(4)-6 results in 
an annual aggregate burden of collection for SEC-registered investment 
advisers of a total of 428,926 hours.
    Written comments are invited 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 collections of information; (c) ways to enhance the quality, 
utility, and clarity of the information collected; and (d) ways to 
minimize the burdens of the collections 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 a collection of 
information unless it displays a currently valid OMB control number. No 
person shall be subject to any penalty for failing to comply with a 
collection of information subject to the PRA that does not display a 
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: [email protected].

    Dated: February 21, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03773 Filed 2-24-17; 8:45 am]
 BILLING CODE 8011-01-P
11962 Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices

available publicly. All submissions the requesting client. The rule is 60 days of this publication. An agency
should refer to File Number SR–NYSE– designed to assure that advisers that may not conduct or sponsor a collection
2017–04, and should be submitted on or vote proxies for their clients vote those of information unless it displays a
before March 20, 2017. proxies in their clients’ best interest and currently valid OMB control number.
For the Commission, by the Division of provide clients with information about No person shall be subject to any
Trading and Markets, pursuant to delegated how their proxies were voted. penalty for failing to comply with a
authority.14 Rule 206(4)–6 contains ‘‘collection of collection of information subject to the
Eduardo A. Aleman, information’’ requirements within the PRA that does not display a valid OMB
Assistant Secretary. meaning of the Paperwork Reduction control number.
[FR Doc. 2017–03803 Filed 2–24–17; 8:45 am]
Act. The respondents are investment Please direct your written comments
advisers registered with the Commission to Pamela Dyson, Director/Chief
BILLING CODE 8011–01–P
that vote proxies with respect to clients’ Information Officer, Securities and
securities. Advisory clients of these Exchange Commission, C/O Remi
SECURITIES AND EXCHANGE investment advisers use the information Pavlik-Simon, 100 F Street NE.,
COMMISSION required by the rule to assess Washington, DC 20549; or send an email
investment advisers’ proxy voting to: PRA_Mailbox@sec.gov.
Proposed Collection; Comment policies and procedures and to monitor Dated: February 21, 2017.
Request the advisers’ performance of their proxy Eduardo A. Aleman,
voting activities. The information
Upon Written Request, Copies Available Assistant Secretary.
required by Adviser’s Act rule 204–2, a
From: Securities and Exchange recordkeeping rule, also is used by the [FR Doc. 2017–03773 Filed 2–24–17; 8:45 am]
Commission, Office of FOIA Services, Commission staff in its examination and BILLING CODE 8011–01–P
100 F Street NE., Washington, DC oversight program. Without the
20549–2736. information collected under the rules,
SECURITIES AND EXCHANGE
Extension: advisory clients would not have
Rule 206(4)–6, SEC File No. 270–513, OMB COMMISSION
information they need to assess the
Control No. 3235–0571. adviser’s services and monitor the [Release No. 34–80071; File No. SR–ICEEU–
Notice is hereby given that pursuant adviser’s handling of their accounts, and 2017–001]
to the Paperwork Reduction Act of 1995 the Commission would be less efficient
(44 U.S.C. 3501 et seq.) the Securities and effective in its programs. Self-Regulatory Organizations; ICE
and Exchange Commission (the The estimated number of investment Clear Europe Limited; Notice of Filing
‘‘Commission’’) is soliciting comments advisers subject to the collection of and Immediate Effectiveness of a
on the collections of information information requirements under the rule Proposed Rule Change Relating to
summarized below. The Commission is 10,942. It is estimated that each of Certain Charges and Rates of Return
plans to submit these existing these advisers is required to spend on Applicable to Margin and Guaranty
collections of information to the Office average 10 hours annually documenting Fund Deposits
of Management and Budget (‘‘OMB’’) for its proxy voting procedures under the February 21, 2017.
extension and approval. requirements of the rule, for a total Pursuant to Section 19(b)(1) of the
The title for the collection of burden of 109,420 hours. We further Securities Exchange Act of 1934
information is ‘‘Rule 206(4)–6’’ under estimate that on average, approximately (‘‘Act’’),1 and Rule 19b–4 thereunder,2
the Investment Advisers Act of 1940 (15 292 clients of each adviser would notice is hereby given that on February
U.S.C. 80b–1 et seq.) (‘‘Advisers Act’’) request copies of the underlying policies 7, 2017, ICE Clear Europe Limited (‘‘ICE
and the collection has been approved and procedures. We estimate that it Clear Europe’’) filed with the Securities
under OMB Control No. 3235–0571. The would take these advisers 0.1 hours per and Exchange Commission
Commission adopted rule 206(4)–6 (17 client to deliver copies of the policies (‘‘Commission’’) the proposed rule
CFR 275.206(4)–6), the proxy voting and procedures, for a total burden of changes described in Items I, II, and III
rule, to address an investment adviser’s 319,506 hours. Accordingly, we below, which Items have been prepared
fiduciary obligation to clients who have estimate that rule 206(4)–6 results in an primarily by ICE Clear Europe. ICE Clear
given the adviser authority to vote their annual aggregate burden of collection Europe filed the proposed rule changes
securities. Under the rule, an for SEC-registered investment advisers pursuant to Section 19(b)(3)(A) of the
investment adviser that exercises voting of a total of 428,926 hours. Act,3 and Rule 19b–4(f)(2) thereunder,4
authority over client securities is Written comments are invited on: (a)
so that the proposal was effective upon
required to: (i) Adopt and implement Whether the collections of information
filing with the Commission. The
written policies and procedures that are are necessary for the proper
Commission is publishing this notice to
reasonably designed to ensure that the performance of the functions of the
solicit comments on the proposed rule
adviser votes client securities in the best Commission, including whether the
change from interested persons.
interest of clients, including procedures information has practical utility; (b) the
to address any material conflict that accuracy of the Commission’s estimate I. Self-Regulatory Organization’s
may arise between the interests of the of the burdens of the collections of Statement of the Terms of Substance of
adviser and the client; (ii) disclose to information; (c) ways to enhance the the Proposed Rule Change
clients how they may obtain quality, utility, and clarity of the The principal purpose of the
information collected; and (d) ways to
mstockstill on DSK3G9T082PROD with NOTICES

information from the adviser on how the proposed rule change is for ICE Clear
adviser has voted with respect to their minimize the burdens of the collections Europe to modify certain specified
securities; and (iii) describe to clients of information on respondents, charges and rates of return applicable to
the adviser’s proxy voting policies and including through the use of automated
procedures and, on request, furnish a collection techniques or other forms of 1 15 U.S.C. 78s(b)(1).
copy of the policies and procedures to information technology. Consideration 2 17 CFR 240.19b–4.
will be given to comments and 3 15 U.S.C. 78s(b)(3)(A).
14 17 CFR 200.30–3(a)(12). suggestions submitted in writing within 4 17 CFR 240.19b–4(f)(2).

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Document Created: 2017-02-25 01:05:27
Document Modified: 2017-02-25 01:05:27
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		82 FR 11962