82 FR 20403 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 82 (May 1, 2017)

Page Range		20403-20404
FR Document		2017-08766
Federal Register, Volume 82 Issue 82 (Monday, May 1, 2017)
[Federal Register Volume 82, Number 82 (Monday, May 1, 2017)]
[Notices]
[Pages 20403-20404]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-08766]


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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 203A-2(d), SEC File No. 270-630, OMB Control No. 3235-0689.

    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 
(``Commission'') has submitted to the Office of Management and Budget 
(``OMB'') a request for extension of the previously approved collection 
of information discussed below.
    The title of the collection of information is: ``Exemption for 
Certain Multi-State Investment Advisers (Rule 203A-2(d)).'' Its 
currently approved OMB control number is 3235-0689. 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.
    Pursuant to section 203A of the Investment Advisers Act of 1940 
(the ``Act'') (15 U.S.C. 80b-3a), an investment adviser that is 
regulated or required to be regulated as an investment adviser in the 
state in which it maintains its principal office and place of business 
is prohibited from registering with the Commission unless that adviser 
has at least $25 million in assets under management or advises a 
Commission-registered investment company. Section 203A also prohibits 
from Commission registration an adviser that: (i) Has assets under 
management between $25 million and $100 million; (ii) is required to be 
registered as an investment adviser with the state in which it 
maintains its principal office and place of business; and (iii) if 
registered, would be subject to examination as an adviser by that state 
(a ``mid-sized adviser''). A mid-sized adviser that otherwise would be 
prohibited may register with the Commission if it would be required to 
register with 15 or more states. Similarly, Rule 203A-2(d) under the 
Act (17 CFR 275.203a-2(d)) provides that the prohibition on 
registration with the Commission does not apply to an investment 
adviser that is required to register in 15 or more states. An 
investment adviser relying on this exemption also must: (i) Include a 
representation on Schedule D of Form ADV that the investment adviser 
has concluded that it must register as an investment adviser with the 
required number of states; (ii) undertake to withdraw from registration 
with the Commission if the adviser indicates on an annual updating 
amendment to Form ADV that it would be required by the laws of fewer 
than 15 states to register as an investment adviser with the state; and 
(iii) maintain in an easily accessible place a record of the states in 
which the investment adviser has determined it would, but for the 
exemption, be required to register for a period of not less than five 
years from the filing of a Form ADV relying on the rule.
    Respondents to this collection of information are investment 
advisers required to register in 15 or more states absent the exemption 
that rely on rule 203A-2(d) to register with the Commission. The 
information collected under rule 203A-2(d) permits the Commission's 
examination staff to determine an adviser's eligibility for 
registration with the Commission under this exemptive rule and is also 
necessary for the Commission staff to use in its examination and 
oversight program. This collection of information is codified at 17 CFR 
275.203a-2(d) and is mandatory to qualify for and maintain Commission 
registration eligibility under rule 203A-2(d). Responses to the 
recordkeeping requirements under rule 203A-2(d) in the context of the 
Commission's examination and oversight program are generally kept 
confidential.
    The estimated number of investment advisers subject to the 
collection of information requirements under the rule is 142. These 
advisers will incur an average one-time initial burden of approximately 
8 hours, and an average ongoing burden of approximately 8 hours per 
year, to keep records sufficient to demonstrate that they meet the 15-
state threshold. These estimates are based on an estimate that each 
year an investment adviser will spend approximately 0.5 hours creating 
a record of its determination whether it must register as an investment 
adviser with each of the 15 states required to rely on the exemption, 
and approximately 0.5 hours to maintain these records. Accordingly, we 
estimate that rule 203A-2(d) results in an annual aggregate burden of 
collection for SEC-registered investment advisers of a total of 1,136 
hours. 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 a representative survey or study of the costs of 
Commission rules and forms.

[[Page 20404]]

    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: April 25, 2017.
Eduardo Aleman,
Assistant Secretary.
[FR Doc. 2017-08766 Filed 4-28-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 82 / Monday, May 1, 2017 / Notices 20403

most cases, the trustee of the UIT is SECURITIES AND EXCHANGE ADV that the investment adviser has
responsible for preparing and sending COMMISSION concluded that it must register as an
the notices that must accompany a investment adviser with the required
capital gains distribution under rule Submission for OMB Review; number of states; (ii) undertake to
19b–1(c)(2). These notices require Comment Request withdraw from registration with the
limited preparation, the cost of which Upon Written Request, Copies Available Commission if the adviser indicates on
accounts for only a small, indiscrete From: Securities and Exchange an annual updating amendment to Form
portion of the comprehensive fee Commission, Office of FOIA Services, ADV that it would be required by the
charged by the trustee for its services to 100 F Street NE., Washington, DC laws of fewer than 15 states to register
the UIT. The staff believes that as a 20549–2736. as an investment adviser with the state;
matter of good business practice, and for and (iii) maintain in an easily accessible
tax preparation reasons, UITs would Extension: place a record of the states in which the
Rule 203A–2(d), SEC File No. 270–630, investment adviser has determined it
collect and distribute the capital gains OMB Control No. 3235–0689.
information required to be sent to would, but for the exemption, be
unitholders under rule 19b–1(c) even in Notice is hereby given that pursuant required to register for a period of not
the absence of the rule. The staff to the Paperwork Reduction Act of 1995 less than five years from the filing of a
estimates that the cost of preparing a (44 U.S.C. 3501 et seq.) the Securities Form ADV relying on the rule.
notice for a capital gains distribution and Exchange Commission Respondents to this collection of
under rule 19b–1(c)(2) is approximately (‘‘Commission’’) has submitted to the information are investment advisers
$50. There is no separate cost to mail Office of Management and Budget required to register in 15 or more states
the notices because they are mailed with (‘‘OMB’’) a request for extension of the absent the exemption that rely on rule
the capital gains distribution. Thus, the previously approved collection of 203A–2(d) to register with the
staff estimates that the capital gains information discussed below. Commission. The information collected
The title of the collection of under rule 203A–2(d) permits the
distribution notice requirement imposes
information is: ‘‘Exemption for Certain Commission’s examination staff to
an annual cost on UITs of
Multi-State Investment Advisers (Rule determine an adviser’s eligibility for
approximately $128,950.13 The staff
203A–2(d)).’’ Its currently approved registration with the Commission under
therefore estimates that the total cost
OMB control number is 3235–0689. An this exemptive rule and is also
imposed by rule 19b–1 is $160,950
agency may not conduct or sponsor, and necessary for the Commission staff to
($128,950 plus $20,000 (total cost
a person is not required to respond to use in its examination and oversight
associated with rule 19b–1(e)) equals
a collection of information unless it program. This collection of information
$148,950).
displays a currently valid control is codified at 17 CFR 275.203a–2(d) and
An agency may not conduct or
number. is mandatory to qualify for and maintain
sponsor, and a person is not required to
Pursuant to section 203A of the Commission registration eligibility
respond to, a collection of information Investment Advisers Act of 1940 (the
unless it displays a currently valid under rule 203A–2(d). Responses to the
‘‘Act’’) (15 U.S.C. 80b–3a), an recordkeeping requirements under rule
control number. investment adviser that is regulated or
The public may view the background 203A–2(d) in the context of the
required to be regulated as an Commission’s examination and
documentation for this information
investment adviser in the state in which oversight program are generally kept
collection at the following Web site,
it maintains its principal office and confidential.
www.reginfo.gov. Comments should be
place of business is prohibited from The estimated number of investment
directed to: (i) Desk Officer for the registering with the Commission unless
Securities and Exchange Commission, advisers subject to the collection of
that adviser has at least $25 million in information requirements under the rule
Office of Information and Regulatory assets under management or advises a
Affairs, Office of Management and is 142. These advisers will incur an
Commission-registered investment average one-time initial burden of
Budget, Room 10102, New Executive company. Section 203A also prohibits
Office Building, Washington, DC 20503, approximately 8 hours, and an average
from Commission registration an adviser ongoing burden of approximately 8
or by sending an email to: Shagufta_ that: (i) Has assets under management hours per year, to keep records
Ahmed@omb.eop.gov; and (ii) Pamela between $25 million and $100 million; sufficient to demonstrate that they meet
Dyson, Director/Chief Information (ii) is required to be registered as an the 15-state threshold. These estimates
Officer, Securities and Exchange investment adviser with the state in are based on an estimate that each year
Commission, c/o Remi Pavlik-Simon, which it maintains its principal office an investment adviser will spend
100 F Street NE., Washington, DC 20549 and place of business; and (iii) if approximately 0.5 hours creating a
or send an email to: PRA_Mailbox@ registered, would be subject to record of its determination whether it
sec.gov. Comments must be submitted to examination as an adviser by that state must register as an investment adviser
OMB within 30 days of this notice. (a ‘‘mid-sized adviser’’). A mid-sized with each of the 15 states required to
Dated: April 25, 2017. adviser that otherwise would be rely on the exemption, and
Eduardo A. Aleman, prohibited may register with the approximately 0.5 hours to maintain
Assistant Secretary. Commission if it would be required to these records. Accordingly, we estimate
[FR Doc. 2017–08764 Filed 4–28–17; 8:45 am] register with 15 or more states. that rule 203A–2(d) results in an annual
BILLING CODE 8011–01–P
Similarly, Rule 203A–2(d) under the Act aggregate burden of collection for SEC-
(17 CFR 275.203a–2(d)) provides that registered investment advisers of a total
srobinson on DSK5SPTVN1PROD with NOTICES

intervals. Additionally, a number of UITs are the prohibition on registration with the of 1,136 hours. Estimates of average
organized as grantor trusts, and therefore do not Commission does not apply to an burden hours are made solely for the
generally make capital gains distributions under investment adviser that is required to purposes of the Paperwork Reduction
rule 19b–1(c), or may not rely on rule 19b–1(c) as register in 15 or more states. An Act, and are not derived from a
they do not meet the rule’s requirements.
13 This estimate is based on the following investment adviser relying on this comprehensive or even a representative
calculation: 2,579 UITs multiplied by $50 equals exemption also must: (i) Include a survey or study of the costs of
$128,950. representation on Schedule D of Form Commission rules and forms.

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20404 Federal Register / Vol. 82, No. 82 / Monday, May 1, 2017 / Notices

The public may view the background concern, or any agreement to do any of 1 hour, at an estimated total annual cost
documentation for this information the foregoing (‘‘investments’’) made by a of $201.3 The Commission will not keep
collection at the following Web site, small business investment company responses on Form N–17D–1
www.reginfo.gov. Comments should be (‘‘SBIC’’) and an affiliated bank, confidential.
directed to: (i) Desk Officer for the provided that reports about the The estimate of average burden hours
Securities and Exchange Commission, investments are made on forms the is made solely for the purposes of the
Office of Information and Regulatory Commission may prescribe. Rule 17d–2 Paperwork Reduction Act, and is not
Affairs, Office of Management and (17 CFR 270.17d–2) designates Form N– derived from a comprehensive or even
Budget, Room 10102, New Executive 17D–1 (17 CFR 274.200) (‘‘form’’) as the a representative survey or study of the
Office Building, Washington, DC 20503, form for reports required by rule 17d– costs of Commission rules. An agency
or by sending an email to: Shagufta_ 1. may not conduct or sponsor, and a
Ahmed@omb.eop.gov; and (ii) Pamela SBICs and their affiliated banks use person is not required to respond to, a
Dyson, Director/Chief Information form N–17D–1 to report any collection of information unless it
Officer, Securities and Exchange contemporaneous investments in a displays a currently valid control
Commission, c/o Remi Pavlik-Simon, small business concern. The form number.
100 F Street NE., Washington, DC 20549 provides shareholders and persons The public may view the background
or send an email to: PRA_Mailbox@ seeking to make an informed decision documentation for this information
sec.gov. Comments must be submitted to about investing in an SBIC an collection at the following Web site,
OMB within 30 days of this notice. opportunity to learn about transactions www.reginfo.gov. Comments should be
of the SBIC that have the potential for directed to: (i) Desk Officer for the
Dated: April 25, 2017.
self dealing and other forms of Securities and Exchange Commission,
Eduardo Aleman, Office of Information and Regulatory
overreaching by affiliated persons at the
Assistant Secretary. Affairs, Office of Management and
expense of shareholders.
[FR Doc. 2017–08766 Filed 4–28–17; 8:45 am]
Form N–17D–1 requires SBICs and Budget, Room 10102, New Executive
BILLING CODE 8011–01–P their affiliated banks to report Office Building, Washington, DC 20503,
identifying information about the small or by sending an email to: Shagufta_
business concern and the affiliated Ahmed@omb.eop.gov; and (ii) Pamela
SECURITIES AND EXCHANGE Dyson, Director/Chief Information
bank. The report must include, among
COMMISSION Officer, Securities and Exchange
other things, the SBIC’s and affiliated
bank’s outstanding investments in the Commission, c/o Remi Pavlik-Simon,
Submission for OMB Review; 100 F Street NE., Washington, DC 20549
Comment Request small business concern, the use of the
proceeds of the investments made or send an email to: PRA_Mailbox@
Upon Written Request, Copies Available during the reporting period, any sec.gov. Comments must be submitted to
From: Securities and Exchange changes in the nature and amount of the OMB within 30 days of this notice.
Commission, Office of FOIA Services, affiliated bank’s investment, the name of Dated: April 25, 2017.
100 F Street NE., Washington, DC any affiliated person of the SBIC or the Eduardo A. Aleman,
20549–2736. affiliated bank (or any affiliated person Assistant Secretary.
Extension: of the affiliated person of the SBIC or [FR Doc. 2017–08762 Filed 4–28–17; 8:45 am]
Form N–17D–1, SEC File No. 270–231, the affiliated bank) who has any interest BILLING CODE 8011–01–P
OMB Control No. 3235–0229. in the transactions, the basis of the
Notice is hereby given that, pursuant affiliation, the nature of the interest, and
to the Paperwork Reduction Act of 1995 the consideration the affiliated person SECURITIES AND EXCHANGE
(44 U.S.C. 3501–3520), the Securities has received or will receive. COMMISSION
and Exchange Commission Up to two SBICs may file the form in
[Release No. 34–80520; File No. SR–FICC–
(‘‘Commission’’) has submitted to the any year.1 The Commission estimates
2017–802]
Office of Management and Budget a the burden of filling out the form is
request for extension of the previously approximately one hour per response Self-Regulatory Organizations; Fixed
approved collection of information and would likely be completed by an Income Clearing Corporation; Notice of
discussed below. accountant or other professional. Based Extension of Review Period of
Section 17(d) (15 U.S.C. 80a–17(d)) of on past filings, the Commission Advance Notice To Implement the
the Investment Company Act of 1940 estimates that no more than one SBIC is Capped Contingency Liquidity Facility
(‘‘Act’’) authorizes the Commission to likely to use the form each year. Most in the Government Securities Division
adopt rules that protect funds and their of the information requested on the form Rulebook
security holders from overreaching by should be readily available to the SBIC
affiliated persons when the fund and the or the affiliated bank in records kept in April 25, 2017.
affiliated person participate in any joint the ordinary course of business, or with On March 1, 2017, Fixed Income
enterprise or other joint arrangement or respect to the SBIC, pursuant to the Clearing Corporation (‘‘FICC’’) filed
profit-sharing plan. Rule 17d–1 under recordkeeping requirements under the with the Securities and Exchange
the Act (17 CFR 270.17d–1) prohibits Act. Commission staff estimates that it Commission (‘‘Commission’’) advance
funds and their affiliated persons from should take approximately one hour for notice SR–FICC–2017–802 (‘‘Advance
participating in a joint enterprise, unless an accountant or other professional to
srobinson on DSK5SPTVN1PROD with NOTICES

3 Commission staff estimates that the annual
an application regarding the transaction complete the form.2 The estimated total
burden would be incurred by a senior accountant
has been filed with and approved by the annual burden of filling out the form is with an average hourly wage rate of $201 per hour.
Commission. Paragraph (d)(3) of the rule This wage is from SIFMA’s Management &
1 As of December 31, 2016, two SBICs were
provides an exemption from this Professional Earnings in the Securities Industry
registered with the Commission. 2013, modified to account for an 1800-hour work-
requirement for any loan or advance of 2 This estimate of hours is based on past year and inflation, and multiplied by 5.35 to
credit to, or acquisition of securities or conversations with representatives of SBICs and account for bonuses, firm size, employee benefits,
other property of, a small business accountants that have filed the form. and overhead.

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Document Created: 2017-04-29 03:16:31
Document Modified: 2017-04-29 03:16:31
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 20403