82 FR 44475 - Submission for OMB Review; Comment Request
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 183 (September 22, 2017)
Federal Register Volume 82, Issue 183 (September 22, 2017)
| Page Range | 44475-44476 | |
| FR Document | 2017-20221 |
[Federal Register Volume 82, Number 183 (Friday, September 22, 2017)] [Notices] [Pages 44475-44476] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-20221] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270-558, OMB Control No. 3235-0617] Submission for OMB Review; Comment Request Upon Written Request Copies Available From: Securities and Exchange Commission, Office of FOIA Services, Washington, DC 20549-2736 Extension: Rule 433 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 this request for extension of the previously approved collection of information discussed below. [[Page 44476]] Rule 433 (17 CFR 230.433) governs the use and filing of free writing prospectuses under the Securities Act of 1933 (15 U.S.C. 77a et seq.). The purpose of Rule 433 is to reduce the restrictions on communications that an issuer can make to investors during a registered offering of its securities, while maintaining important investor protections. A free writing prospectus meeting the conditions of Rule 433(d)(1) must be filed with the Commission and is publicly available. We estimate that it takes approximately 1.28 burden hours per response to prepare a free writing prospectus and that the information is filed by 2,906 respondents approximately 5.4026 times per year for a total of 15,700 responses. We estimate that 25% of the 1.28 burden hours per response (0.32 hours) is prepared by the issuer for total annual reporting burden of approximately 5,024 hours (0.32 hours x 15,700 responses). 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 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: September 19, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-20221 Filed 9-21-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 183 / Friday, September 22, 2017 / Notices 44475
www.sec.gov/search/search.htm or by for allocating loans across Funds, as investors and the purposes fairly
calling (202) 551–8090. well as review of the process in place to intended by the policy and provisions of
evaluate the liquidity implications for the Act. Section 12(d)(1)(J) of the Act
Summary of the Application
the Funds. A Fund’s aggregate provides that the Commission may
1. Applicants request an order that outstanding interfund loans will not exempt any person, security, or
would permit the applicants to exceed 15% of its net assets, and the transaction, or any class or classes of
participate in an interfund lending Fund’s loans to any one Fund will not persons, securities, or transactions, from
facility where each Fund could lend exceed 5% of the lending Fund’s net any provision of section 12(d)(1) if the
money directly to and borrow money assets.3 exemption is consistent with the public
directly from other Funds to cover 4. Applicants assert that the facility interest and the protection of investors.
unanticipated cash shortfalls, such as does not raise the concerns underlying Section 17(b) of the Act authorizes the
unanticipated redemptions or trade section 12(d)(1) of the Act given that the Commission to grant an order
fails.1 The Funds will not borrow under Funds are part of the same group of permitting a transaction otherwise
the facility for leverage purposes and investment companies and there will be prohibited by section 17(a) if it finds
the loans’ duration will be no more than no duplicative costs or fees to the that (a) the terms of the proposed
7 days.2 Funds.4 Applicants also assert that the transaction are fair and reasonable and
2. Applicants anticipate that the proposed transactions do not raise the do not involve overreaching on the part
proposed facility would provide a concerns underlying sections 17(a)(1), of any person concerned; (b) the
borrowing Fund with a source of 17(a)(3), 17(d) and 21(b) of the Act as proposed transaction is consistent with
liquidity at a rate lower than the bank the Funds would not engage in lending the policies of each registered
borrowing rate at times when the cash transactions that unfairly benefit investment company involved; and (c)
position of the Fund is insufficient to insiders or are detrimental to the Funds. the proposed transaction is consistent
meet temporary cash requirements. In Applicants state that the facility will with the general purposes of the Act.
addition, Funds making short-term cash offer both reduced borrowing costs and Rule 17d–1(b) under the Act provides
loans directly to other Funds would enhanced returns on loaned funds to all that in passing upon an application filed
earn interest at a rate higher than they participating Funds and each Fund under the rule, the Commission will
otherwise could obtain from investing would have an equal opportunity to consider whether the participation of
their cash in U.S. Treasury bills or borrow and lend on equal terms based the registered investment company in a
certain other short-term money market on an interest rate formula that is joint enterprise, joint arrangement or
instruments. Thus, applicants assert that objective and verifiable. With respect to profit sharing plan on the basis
the facility would benefit both the relief from section 17(a)(2) of the proposed is consistent with the
borrowing and lending Funds. Act, applicants note that any collateral provisions, policies and purposes of the
3. Applicants agree that any order pledged to secure an interfund loan Act and the extent to which such
granting the requested relief will be would be subject to the same conditions participation is on a basis different from
subject to the terms and conditions imposed by any other lender to a Fund or less advantageous than that of the
stated in the application. Among others, that imposes conditions on the quality other participants.
an Adviser, through a designated of or access to collateral for a borrowing
committee, would administer the (if the lender is another Fund) or the For the Commission, by the Division of
Investment Management, under delegated
facility as a disinterested fiduciary as same or better conditions (in any other authority.
part of its duties under the investment circumstance).5
Eduardo A. Aleman,
management agreements with the Funds 5. Applicants also believe that the
limited relief from section 18(f)(1) of the Assistant Secretary.
and would receive no additional fee as
compensation for its services in Act that is necessary to implement the [FR Doc. 2017–20177 Filed 9–21–17; 8:45 am]
connection with the administration of facility (because the lending Funds are BILLING CODE 8011–01–P
the facility. The facility would be not banks) is appropriate in light of the
subject to oversight and certain conditions and safeguards described in
approvals by the Funds’ Board, the application and because the Funds SECURITIES AND EXCHANGE
including, among others, approval of the would remain subject to the COMMISSION
interest rate formula and of the method requirement of section 18(f)(1) that all [SEC File No. 270–558, OMB Control No.
borrowings of a Fund, including 3235–0617]
1 Applicants request that the order apply to the combined interfund loans and bank
applicants and to any existing or future series of the borrowings, have at least 300% asset Submission for OMB Review;
Trust and any existing or future registered open-end coverage. Comment Request
management investment company or series thereof
6. Section 6(c) of the Act permits the
(each a ‘‘Fund’’) for which AQR, or an entity Upon Written Request Copies Available
controlling, controlled by, or under common Commission to exempt any persons or
From: Securities and Exchange
control with AQR or any successor thereto serves transactions from any provision of the
Commission, Office of FOIA Services,
as investment adviser (with AQR, each an Act if such exemption is necessary or
‘‘Adviser’’). For purposes of the requested order, Washington, DC 20549–2736
appropriate in the public interest and
‘‘successor’’ is limited to any entity that results Extension:
from a reorganization into another jurisdiction or a consistent with the protection of
Rule 433
change in the type of a business organization.
Although the applicants do not currently operate 3 Under certain circumstances, a borrowing Fund
Notice is hereby given that, pursuant
any money market funds, applicants request that will be required to pledge collateral to secure the to the Paperwork Reduction Act of 1995
the order also apply to any future Fund that is a loan.
money market fund that complies with rule 2a–7 of 4 Applicants state that the obligation to repay an (44 U.S.C. 3501 et seq.), the Securities
the Act (each a ‘‘Money Market Fund’’). Money interfund loan could be deemed to constitute a and Exchange Commission
Market Funds will not participate as borrowers security for the purposes of sections 17(a)(1) and (‘‘Commission’’) has submitted to the
under the interfund lending facility because such 12(d)(1) of the Act. Office of Management and Budget this
funds rarely need to borrow cash to meet 5 Applicants state that any pledge of securities to
redemptions. secure an interfund loan could constitute a
request for extension of the previously
2 Any Fund, however, will be able to call a loan purchase of securities for purposes of section approved collection of information
on one business day’s notice. 17(a)(2) of the Act. discussed below.
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![44476 Federal Register / Vol. 82, No. 183 / Friday, September 22, 2017 / Notices
Rule 433 (17 CFR 230.433) governs Rule 203–2 and Form ADV–W; SEC File required to respond to, a collection of
the use and filing of free writing No. 270–40, OMB Control No. 3235– information unless it displays a
prospectuses under the Securities Act of 0313 currently valid control number.
1933 (15 U.S.C. 77a et seq.). The Notice is hereby given that, pursuant The public may view the background
purpose of Rule 433 is to reduce the to the Paperwork Reduction Act of 1995 documentation for this information
restrictions on communications that an (44 U.S.C. 3501 et seq.), the Securities collection at the following Web site,
issuer can make to investors during a and Exchange Commission www.reginfo.gov. Comments should be
registered offering of its securities, (‘‘Commission’’) has submitted to the directed to: (i) Desk Officer for the
while maintaining important investor Office of Management and Budget Securities and Exchange Commission,
protections. A free writing prospectus (‘‘OMB’’) a request for extension of the Office of Information and Regulatory
meeting the conditions of Rule 433(d)(1) previously approved collection of Affairs, Office of Management and
must be filed with the Commission and information discussed below. Budget, Room 10102, New Executive
is publicly available. We estimate that it The title for the collection of Office Building, Washington, DC 20503,
takes approximately 1.28 burden hours information is ‘‘Rule 203–2 (17 CFR or by sending an email to: Shagufta_
per response to prepare a free writing 275.203–2) and Form ADV–W (17 CFR Ahmed@omb.eop.gov; and (ii) Pamela
prospectus and that the information is 279.2) under the Investment Advisers Dyson, Director/Chief Information
filed by 2,906 respondents Act of 1940 (15 U.S.C. 80b).’’ Rule 203– Officer, Securities and Exchange
approximately 5.4026 times per year for 2 under the Investment Advisers Act of Commission, c/o Remi Pavlik-Simon,
a total of 15,700 responses. We estimate 1940 establishes procedures for an 100 F Street NE., Washington, DC 20549
that 25% of the 1.28 burden hours per investment adviser to withdraw its or send an email to: PRA_Mailbox@
response (0.32 hours) is prepared by the registration or pending registration with sec.gov. Comments must be submitted to
issuer for total annual reporting burden the Commission. Rule 203–2 requires OMB within 30 days of this notice.
of approximately 5,024 hours (0.32 every person withdrawing from Dated: September 19, 2017.
hours × 15,700 responses). investment adviser registration with the Eduardo A. Aleman,
Commission to file Form ADV–W
An agency may not conduct or Assistant Secretary.
electronically on the Investment
sponsor, and a person is not required to Adviser Registration Depository [FR Doc. 2017–20218 Filed 9–21–17; 8:45 am]
respond to, a collection of information (‘‘IARD’’). The purpose of the BILLING CODE 8011–01–P
unless it displays a currently valid information collection is to notify the
control number. Commission and the public when an
SECURITIES AND EXCHANGE
The public may view the background investment adviser withdraws its
pending or approved SEC registration. COMMISSION
documentation for this information
collection at the following Web site, Typically, an investment adviser files a [SEC File No. 270–457, OMB Control No.
www.reginfo.gov . Comments should be Form ADV–W when it ceases doing 3235–0518]
directed to: (i) Desk Officer for the business or when it is ineligible to
Securities and Exchange Commission, remain registered with the Commission. Submission for OMB Review;
Office of Information and Regulatory The potential respondents to this Comment Request
Affairs, Office of Management and information collection are all Upon Written Request Copies Available
Budget, Room 10102, New Executive investment advisers registered with the From: Securities and Exchange
Office Building, Washington, DC 20503, Commission or have applications Commission, Office of FOIA Services,
or by sending an email to: Shagufta_ pending with the Commission. The 100 F Street NE., Washington, DC
Ahmed@omb.eop.gov; and (ii) Pamela Commission has estimated that 20549–2736
Dyson, Director/Chief Information compliance with the requirement to
complete Form ADV–W imposes a total Extension:
Officer, Securities and Exchange Form CB
Commission, c/o Remi Pavlik-Simon, burden of approximately 0.75 hours (45
100 F Street NE., Washington, DC 20549 minutes) for an adviser filing for full Notice is hereby given that, pursuant
or send an email to: PRA_Mailbox@ withdrawal and approximately 0.25 to the Paperwork Reduction Act of 1995
sec.gov. Comments must be submitted to hours (15 minutes) for an adviser filing (44 U.S.C. 3501 et seq.), the Securities
OMB within 30 days of this notice. for partial withdrawal. Based on and Exchange Commission
historical filings, the Commission (‘‘Commission’’) has submitted to the
Dated: September 19, 2017. Office of Management and Budget this
estimates that there are approximately
Eduardo A. Aleman, 741 respondents annually filing for full request for extension of the previously
Assistant Secretary. withdrawal and approximately 130 approved collection of information
[FR Doc. 2017–20221 Filed 9–21–17; 8:45 am] respondents annually filing for partial discussed below.
BILLING CODE 8011–01–P withdrawal. Based on these estimates, Form CB (17 CFR 239.800) is a
the total estimated annual burden document filed in connection with a
would be 588 hours ((741 respondents tender offer for a foreign private issuer.
SECURITIES AND EXCHANGE × .75 hours) + (130 respondents × .25 This form is used to report an issuer
COMMISSION hours)). tender offer conducted in compliance
Rule 203–2 and Form ADV–W do not with Exchange Act Rule 13e–4(h)(8) (17
Submission for OMB Review; require recordkeeping or records CFR 240.13e–4(h)(8)), a third-party
Comment Request retention. The collection of information tender offer conducted in compliance
requirements under the rule and form with Exchange Act Rule 14d–1(c) (17
Upon Written Request, Copies Available are mandatory. The information CFR 240.14d–1(c)) and a going private
From: Securities and Exchange collected pursuant to the rule and Form transaction conducted in accordance
Commission, Office of FOIA Services, ADV–W are filings with the with Rule 13e–3(g)(6) (17 CFR 240.13e–
100 F Street NE., Washington, DC Commission. These filings are not kept 3(g)(6)). Form CB is also used by a
20549–2736 confidential. An agency may not subject company pursuant to Exchange
Extension: conduct or sponsor, and a person is not Act Rule 14e–2(d) (17 CFR 240.14e–
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Document Created: 2017-09-22 01:52:52
Document Modified: 2017-09-22 01:52:52
| 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 44475 |
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