82 FR 42167 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 171 (September 6, 2017)

Page Range		42167-42168
FR Document		2017-18858
Federal Register, Volume 82 Issue 171 (Wednesday, September 6, 2017)
[Federal Register Volume 82, Number 171 (Wednesday, September 6, 2017)]
[Notices]
[Pages 42167-42168]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-18858]


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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:
    Form N-PX, SEC File No. 270-524, OMB Control No. 3235-0582.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), the 
Securities and Exchange Commission (the ``Commission'') is soliciting 
comments on the collection of information summarized below. The 
Commission plans to submit this existing collection of information to 
the Office of Management and Budget (``OMB'') for extension and 
approval.
    Rule 30b1-4 (17 CFR 270.30b1-4) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) requires every registered management 
investment company, other than a small business investment company 
registered on Form N-5 (``funds''), to file a report on Form N-PX not 
later than August 31 of each year. Funds use Form N-PX to file annual 
reports with the Commission containing their complete proxy voting 
record for the most recent twelve-month period ended June 30.
    The Commission estimates that there are approximately 2,376 funds 
registered with the Commission, representing approximately 11,818 fund 
portfolios that are required to file Form N-PX reports. The 11,818 
portfolios are comprised of approximately 7,111 portfolios holding 
equity securities, 3,249 portfolios holding no equity securities, and 
1,458 portfolios holding fund securities (i.e., fund of funds).\1\ The 
currently approved burden of Form N-PX for portfolios holding equity 
securities is 7.2 hours per response, the current burden estimate for 
funds holding no equity securities is 0.17 hours (10 minutes) per 
response, and the current burden estimate for fund of funds is 1 hour 
per response. Therefore, the number of aggregate burden hours, when 
calculated using the current number of portfolios, is approximately 
53,210 hours.\2\ We continue to believe that these estimates for Form 
N-PX's current burden are appropriate. Based on the Commission's 
estimate of 53,210 burden hours and an estimated wage rate of 
approximately $345 per hour,\3\ the total cost to reporting persons of 
the hour burden for filing Form N-PX is approximately $18.44 
million.\4\
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    \1\ The estimate of 2,376 funds is based on the number of 
management investment companies currently registered with the 
Commission. The Commission staff estimates that there are 
approximately 6,385 portfolios that invest primarily in equity 
securities, 726 ``hybrid'' or bond portfolios that may hold some 
equity securities, 2,831 bond portfolios that hold no equity 
securities, and 418 money market fund portfolios, and 1,458 fund of 
funds, for a total of 11,818 portfolios required to file Form N-PX 
reports. The staff has based its portfolio estimates on a number of 
publications. See Investment Company Institute, Trends in Mutual 
Fund Investing (April 2017); Investment Company Institute, Closed-
End Fund Assets and Net Issuance (First Quarter 2017); Investment 
Company Institute, ETF Assets and Net Issuance (April 2017).
    \2\ (7,111 portfolios that hold equity securities x 7.2 hours 
per year) + (3,249 portfolios holding no equity securities x 0.17 
hours per year) + (1,458 portfolios holding fund securities x 1 hour 
per year) = 53,210 hours.
    \3\ The hourly wage figure for a compliance attorney is from the 
Securities Industry and Financial Markets Association's Management & 
Professional Salaries in the Securities Industry 2013, modified by 
Commission staff to account for an 1800-hour work-year and inflation 
and multiplied by 5.35 to account for bonuses, firm size, employee 
benefits and overhead.
    \4\ 53,210 hours x $345 per hour = $18,357,288.
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    The estimated cost burden of Form N-PX is $1,000 in external costs 
per portfolio holding equity securities that is paid to third-party 
service providers. External costs for portfolios holding no equity 
securities have previously been estimated to be zero because portfolios 
holding no equity securities generally have no proxy votes to report 
and therefore do not require third-party service providers to assist 
with proxy voting and preparing reports on Form N-PX. The estimated 
cost burden of Form N-PX for fund of funds is estimated to be $100 per 
portfolio because fund of funds generally either have no proxy votes to 
report; or if proxy votes are reported, they are generally limited in 
the number of securities and the number of voting matters relative to 
portfolios holding equity securities. Therefore, the aggregate cost 
burden, when calculated using the current number of portfolios, is 
approximately $7.3 million in external costs.\5\ We continue to believe 
that these estimates for Form N-PX's current cost burden are 
appropriate.
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    \5\ (7,111 portfolios holding equity securities x $1,000 per 
year) + (3,249 portfolios holding no equity securities x $0 per 
year) + (1,458 fund of funds x $100) = $7,256,800.
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    Estimates of average burden hours and costs are made solely for the 
purposes of the Paperwork Reduction Act and are not derived from a 
comprehensive or even representative survey or study of the costs of 
Commission rules and forms. Compliance with the collection of 
information requirements of Form N-PX is mandatory. Responses to the 
collection of information 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 OMB 
control number.
    Written comments are invited on: (a) Whether the collection of 
information is 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 burden 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].


[[Page 42168]]


    Dated: August 31, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-18858 Filed 9-5-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices 42167

communications relating to the of each year. Funds use Form N–PX to estimated to be zero because portfolios
proposed rule change between the file annual reports with the Commission holding no equity securities generally
Commission and any person, other than containing their complete proxy voting have no proxy votes to report and
those that may be withheld from the record for the most recent twelve-month therefore do not require third-party
public in accordance with the period ended June 30. service providers to assist with proxy
provisions of 5 U.S.C. 552, will be The Commission estimates that there voting and preparing reports on Form
available for Web site viewing and are approximately 2,376 funds N–PX. The estimated cost burden of
printing in the Commission’s Public registered with the Commission, Form N–PX for fund of funds is
Reference Room, 100 F Street NE., representing approximately 11,818 fund estimated to be $100 per portfolio
Washington, DC 20549 on official portfolios that are required to file Form because fund of funds generally either
business days between the hours of N–PX reports. The 11,818 portfolios are have no proxy votes to report; or if
10:00 a.m. and 3:00 p.m. Copies of the comprised of approximately 7,111 proxy votes are reported, they are
filing will also be available for portfolios holding equity securities, generally limited in the number of
inspection and copying at the principal 3,249 portfolios holding no equity securities and the number of voting
office of the Exchange. All comments securities, and 1,458 portfolios holding matters relative to portfolios holding
received will be posted without change; fund securities (i.e., fund of funds).1 The equity securities. Therefore, the
the Commission does not edit personal currently approved burden of Form N– aggregate cost burden, when calculated
identifying information from PX for portfolios holding equity using the current number of portfolios,
submissions. You should submit only securities is 7.2 hours per response, the is approximately $7.3 million in
information that you wish to make current burden estimate for funds external costs.5 We continue to believe
available publicly. All submissions holding no equity securities is 0.17 that these estimates for Form N–PX’s
should refer to File No. SR–BatsEDGX– hours (10 minutes) per response, and current cost burden are appropriate.
2017–35 and should be submitted on or the current burden estimate for fund of Estimates of average burden hours
before September 27, 2017. funds is 1 hour per response. Therefore, and costs are made solely for the
For the Commission, by the Division of the number of aggregate burden hours, purposes of the Paperwork Reduction
Trading and Markets, pursuant to delegated when calculated using the current Act and are not derived from a
authority.65 number of portfolios, is approximately comprehensive or even representative
Eduardo A. Aleman, 53,210 hours.2 We continue to believe survey or study of the costs of
Assistant Secretary. that these estimates for Form N–PX’s Commission rules and forms.
[FR Doc. 2017–18797 Filed 9–5–17; 8:45 am] current burden are appropriate. Based Compliance with the collection of
BILLING CODE 8011–01–P on the Commission’s estimate of 53,210 information requirements of Form N–PX
burden hours and an estimated wage is mandatory. Responses to the
rate of approximately $345 per hour,3 collection of information will not be
SECURITIES AND EXCHANGE the total cost to reporting persons of the kept confidential. An agency may not
COMMISSION hour burden for filing Form N–PX is conduct or sponsor, and a person is not
approximately $18.44 million.4 required to respond to, a collection of
Proposed Collection; Comment The estimated cost burden of Form N– information unless it displays a
Request PX is $1,000 in external costs per currently valid OMB control number.
Upon Written Request, Copies Available portfolio holding equity securities that Written comments are invited on: (a)
From: Securities and Exchange is paid to third-party service providers. Whether the collection of information is
Commission, Office of FOIA Services, External costs for portfolios holding no necessary for the proper performance of
100 F Street NE., Washington, DC equity securities have previously been the functions of the Commission,
20549–2736. including whether the information has
1 The estimate of 2,376 funds is based on the practical utility; (b) the accuracy of the
Extension: number of management investment companies Commission’s estimate of the burden of
Form N–PX, SEC File No. 270–524, OMB currently registered with the Commission. The
Control No. 3235–0582. Commission staff estimates that there are
the collection of information; (c) ways to
approximately 6,385 portfolios that invest primarily enhance the quality, utility, and clarity
Notice is hereby given that, pursuant in equity securities, 726 ‘‘hybrid’’ or bond portfolios of the information collected; and (d)
to the Paperwork Reduction Act of 1995 that may hold some equity securities, 2,831 bond ways to minimize the burden of the
(44 U.S.C. 3501 et seq.) (‘‘Paperwork portfolios that hold no equity securities, and 418
collection of information on
Reduction Act’’), the Securities and money market fund portfolios, and 1,458 fund of
funds, for a total of 11,818 portfolios required to file respondents, including through the use
Exchange Commission (the Form N–PX reports. The staff has based its portfolio of automated collection techniques or
‘‘Commission’’) is soliciting comments estimates on a number of publications. See other forms of information technology.
on the collection of information Investment Company Institute, Trends in Mutual
Consideration will be given to
summarized below. The Commission Fund Investing (April 2017); Investment Company
Institute, Closed-End Fund Assets and Net Issuance comments and suggestions submitted in
plans to submit this existing collection (First Quarter 2017); Investment Company Institute, writing within 60 days of this
of information to the Office of ETF Assets and Net Issuance (April 2017). publication.
Management and Budget (‘‘OMB’’) for 2 (7,111 portfolios that hold equity securities × 7.2
Please direct your written comments
extension and approval. hours per year) + (3,249 portfolios holding no
to Pamela Dyson, Director/Chief
Rule 30b1–4 (17 CFR 270.30b1–4) equity securities × 0.17 hours per year) + (1,458
portfolios holding fund securities x 1 hour per year) Information Officer, Securities and
asabaliauskas on DSKBBXCHB2PROD with NOTICES

under the Investment Company Act of = 53,210 hours. Exchange Commission, C/O Remi
1940 (15 U.S.C. 80a-1 et seq.) requires 3 The hourly wage figure for a compliance
Pavlik-Simon, 100 F Street NE.,
every registered management attorney is from the Securities Industry and
Washington, DC 20549; or send an email
investment company, other than a small Financial Markets Association’s Management &
Professional Salaries in the Securities Industry to: PRA_Mailbox@sec.gov.
business investment company registered
2013, modified by Commission staff to account for
on Form N–5 (‘‘funds’’), to file a report an 1800-hour work-year and inflation and 5 (7,111 portfolios holding equity securities ×
on Form N–PX not later than August 31 multiplied by 5.35 to account for bonuses, firm size, $1,000 per year) + (3,249 portfolios holding no
employee benefits and overhead. equity securities × $0 per year) + (1,458 fund of
65 17 CFR 200.30–3(a)(12). 4 53,210 hours × $345 per hour = $18,357,288. funds × $100) = $7,256,800.

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42168 Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices

Dated: August 31, 2017. Regulatory Authority, Inc. (‘‘FINRA’’); ‘‘Exchanges,’’ and, together with FINRA,
Eduardo A. Aleman, International Securities Exchange, LLC are referred to as the ‘‘SROs.’’
Assistant Secretary. (‘‘ISE’’); Investors Exchange LLC On June 1, 2017, the proposed rule
[FR Doc. 2017–18858 Filed 9–5–17; 8:45 am] (‘‘IEX’’); Miami International Securities changes submitted by Bats BZX, Bats
BILLING CODE 8011–01–P Exchange LLC (‘‘MIAX’’); MIAX PEARL, EDGX, BOX, C2, CBOE, FINRA, IEX,
LLC (‘‘PEARL’’); NYSE Arca, Inc. ISE, MIAX, and PEARL; both proposed
(‘‘NYSE Arca’’); and NYSE MKT LLC rule changes submitted by NYSE MKT;
SECURITIES AND EXCHANGE (‘‘NYSE MKT’’) (n/k/a NYSE American and one of the proposed rule changes
COMMISSION LLC) 1 filed with the Securities and submitted by NYSE Arca were
[Release No. 34–81499; File Nos. SR– Exchange Commission (‘‘Commission’’), published for comment in the Federal
BatsBZX–2017–37; SR–BatsEDGX–2017–23; pursuant to Section 19(b)(1) of the Register.8 On June 2, 2017, the proposed
SR–BOX–2017–17; SR–C2–2017–018; SR– Securities Exchange Act of 1934 rule change submitted by NYSE and the
CBOE–2017–041; SR–FINRA–2017–013; (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 other proposed rule change submitted
SR–ISE–2017–46; SR–IEX–2017–18; SR– by NYSE Arca were published for
MIAX–2017–20; SR–PEARL–2017–23; SR– proposed rule changes to eliminate or
comment in the Federal Register.9 On
NASDAQ–2017–055; SR–BX–2017–027; SR– modify certain rules that require the June 5, 2017, the proposed rule changes
Phlx–2017–43; SR–NYSE–2017–23; SR– collection or reporting of information
NYSEArca–2017–57; SR–NYSEArca–2017– submitted by NASDAQ, BX, and Phlx
that is duplicative of the information
59; SR–NYSEMKT–2017–29; SR–NYSEMKT– that will be collected by the were published for comment in the
2017–30] Federal Register.10
Consolidated Audit Trail (‘‘CAT’’)
Four comments were submitted to
Self-Regulatory Organizations; Bats established pursuant to the National
File Number SR–FINRA–2017–013.11
BZX Exchange, Inc.; Bats EDGX Market System Plan contemplated by
Rule 613 of Regulation NMS.4 On May On June 22, 2017, each of NASDAQ,
Exchange, Inc.; BOX Options BX, ISE, and Phlx filed an amendment
Exchange LLC; C2 Options Exchange, 22, 2017, the New York Stock Exchange
Incorporated; Chicago Board Options LLC (‘‘NYSE’’) filed with the 8 See Securities Exchange Act Release No. 80796
Exchange, Incorporated; Financial Commission a proposed rule change for (May 26, 2017), 82 FR 25374 (SR–BatsBZX–2017–
Industry Regulatory Authority, Inc.; the same purpose, and each of NYSE 37) (‘‘Bats BZX Notice’’); Securities Exchange Act
International Securities Exchange, Arca 5 and NYSE MKT filed an Release No. 80795 (May 26, 2017), 82 FR 25358
LLC; Investors Exchange LLC; Miami additional proposed rule change for the (SR–BatsEDGX–2017–23) (‘‘Bats EDGX Notice’’);
Securities Exchange Act Release No. 80789 (May
International Securities Exchange LLC; same purpose. On May 26, 2017, the 26, 2017), 82 FR 25492 (SR–BOX–2017–17) (‘‘BOX
MIAX PEARL, LLC; The NASDAQ Stock NASDAQ Stock Market LLC Notice’’); Securities Exchange Act Release No.
Market LLC; NASDAQ BX, Inc.; (‘‘NASDAQ’’) and NASDAQ PHLX LLC 80798 (May 26, 2017), 82 FR 25385 (SR–C2–2017–
NASDAQ PHLX LLC; New York Stock 018) (‘‘C2 Notice’’); Securities Exchange Act Release
(‘‘Phlx’’) filed with the Commission No. 80797 (May 26, 2017), 82 FR 25429 (SR–CBOE–
Exchange LLC; NYSE Arca, Inc.; NYSE proposed rule changes for the same 2017–041) (‘‘CBOE Notice’’); Securities Exchange
MKT LLC; Notice of Filing of purpose.6 On May 30, 2017, NASDAQ Act Release No. 80783 (May 26, 2017), 82 FR 25423
Amendment No. 1 by Bats BZX BX, Inc. (‘‘BX’’) filed with the (SR–FINRA–2017–013) (‘‘FINRA Notice’’);
Exchange, Inc.; Bats EDGX Exchange, Securities Exchange Act Release No. 80788 (May
Commission a proposed rule change for 26, 2017), 82 FR 25400 (SR–IEX–2017–18) (‘‘IEX
Inc.; BOX Options Exchange LLC; C2 the same purpose.7 In this notice and Notice’’); Securities Exchange Act Release No.
Options Exchange, Incorporated; order, all of these proposed rule changes 80787 (May 26, 2017), 82 FR 25469 (SR–ISE–2017–
Chicago Board Options Exchange, 46) (‘‘ISE Notice’’); Securities Exchange Act Release
are referred to collectively as the No. 80790 (May 26, 2017), 82 FR 25366 (SR–MIAX–
Incorporated; Financial Industry
‘‘Systems Retirement Proposals.’’ Bats 2017–20) (‘‘MIAX Notice’’); Securities Exchange Act
Regulatory Authority, Inc.; Investors
Exchange LLC; New York Stock BZX, Bats EDGX, BOX, BX, C2, CBOE, Release No. 80792 (May 26, 2017), 82 FR 25436
(SR–PEARL–2017–23) (‘‘PEARL Notice’’); Securities
Exchange LLC; NYSE Arca, Inc.; NYSE ISE, IEX, MIAX, PEARL, NASDAQ, Exchange Act Release No. 80791 (May 26, 2017), 82
MKT LLC, of Amendment Nos. 1 and 2 NYSE, NYSE Arca, NYSE MKT, and FR 25362 (SR–NYSEArca–2017–59) (‘‘NYSE Arca
by International Securities Exchange, Phlx are collectively referred to as the Notice 1’’); Securities Exchange Act Release No.
80793 (May 26, 2017), 82 FR 25443 (SR–
LLC; The NASDAQ Stock Market LLC; NYSEMKT–2017–29) (‘‘NYSE MKT Notice 1’’);
1 See Securities Exchange Act Release No. 80283
NASDAQ BX, Inc.; and NASDAQ PHLX Securities Exchange Act Release No. 80794 (May
(March 21, 2017), 82 FR 15244 (March 27, 2017) 26, 2017), 82 FR 25439 (SR–NYSEMKT–2017–30)
LLC, of Amendment No. 2 by MIAX (SR–NYSEMKT–2017–14). The name change was
PEARL, LLC, and of Amendment No. 3 not yet effective when NYSE MKT filed SR– (‘‘NYSE MKT Notice 2’’).
9 See Securities Exchange Act Release No. 80799
by Miami International Securities NYSEMKT–2017–29 and SR–NYSEMKT–2017–30.
(May 26, 2017), 82 FR 25635 (SR–NYSE–2017–23)
2 15 U.S.C. 78s(b)(1).
Exchange LLC; Order Instituting (‘‘NYSE Notice’’); Securities Exchange Act Release
3 17 CFR 240.19b–4.
Proceedings To Determine Whether To No. 80800 (May 26, 2017), 82 FR 25639 (SR–
4 17 CFR 242.613.
Approve or Disapprove the Proposed NYSEArca–2017–57) (‘‘NYSE Arca Notice 2’’).
5 Effective August 17, 2017, NYSE Arca amended, 10 See Securities Exchange Act Release No. 80813
Rule Changes, as Modified by among other things, certain rules of the Exchange (May 30, 2017), 82 FR 25820 (SR–NASDAQ–2017–
Amendments Thereto, To Eliminate to create a single rulebook. See Securities Exchange 055) (‘‘NASDAQ Notice’’); Securities Exchange Act
Requirements That Will Be Duplicative Act Release No. 81419 (August 17, 2017) (SR– Release No. 80814 (May 30, 2017), 82 FR 25872
of CAT NYSEArca–2017–40) (the ‘‘Arca Merger Filing’’). (SR–BX–2017–027) (‘‘BX Notice’’); Securities
NYSE Arca rule text references in this notice and Exchange Act Release No. 80811 (May 30, 2017), 82
August 30, 2017. order reflect rule numbering changes as a result of FR 25863 (SR–Phlx–2017–43) (‘‘Phlx Notice’’).
the Arca Merger Filing.
asabaliauskas on DSKBBXCHB2PROD with NOTICES

11 See letters from William H. Herbert, Managing
I. Introduction 6 Nasdaq and Phlx initially filed proposed rule
Director, Financial Information Forum, dated June
changes on May 15, 2017 (SR–NASDAQ–2017–050 22, 2017 (‘‘FIF Letter’’); Manisha Kimmel, Chief
On May 15, 2017, Bats BZX Exchange, and SR–PHLX–2017–38). On May 26, 2017, Nasdaq Regulatory Officer, Wealth Management, Thomson
Inc. (‘‘Bats BZX’’); Bats EDGX Exchange, and Phlx withdrew these filings and submitted new Reuters, dated June 22, 2017 (‘‘Thomson Reuters
Inc. (‘‘Bats EDGX’’); BOX Options proposed rule changes (SR–NASDAQ–2017–055 Letter’’); Marc R. Bryant, Senior Vice President,
Exchange LLC (‘‘BOX’’); C2 Options and SR–PHLX–2017–43). Deputy General Counsel, Fidelity Investments,
7 BX initially filed a proposed rule change on May dated June 22, 2017 (‘‘Fidelity Letter’’); and Ellen
Exchange, Incorporated (‘‘C2’’); Chicago 15, 2017 (SR–BX–2017–025). On May 30, 2017, BX Greene, Managing Director and Theodore R. Lazo,
Board Options Exchange, Incorporated withdrew that initial filing and submitted a new Managing Director and Associate General Counsel,
(‘‘CBOE’’); Financial Industry proposed rule change (SR–BX–2017–027). SIFMA, dated June 23, 2017 (‘‘SIFMA Letter’’).

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Document Created: 2017-09-06 00:56:54
Document Modified: 2017-09-06 00:56:54
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		82 FR 42167