82_FR_46305 82 FR 46115 - Proposed Collection; Comment Request

82 FR 46115 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 190 (October 3, 2017)

Page Range46115-46116
FR Document2017-21193

Federal Register, Volume 82 Issue 190 (Tuesday, October 3, 2017) 
[Federal Register Volume 82, Number 190 (Tuesday, October 3, 2017)]
[Notices]
[Pages 46115-46116]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-21193]


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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 17g-1 and Form NRSRO, SEC File No. 270-563, OMB Control No. 
3235-0625.

    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 approval of extension of the 
previously approved collection of information provided for in Rule 17g-
1, Form NRSRO and Instructions to Form NRSRO under the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.).\1\
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    \1\ See 17 CFR 240.17g-1 and 17 CFR 249b.300.
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    Rule 17g-1, Form NRSRO and the Instructions to Form NRSRO contain 
certain recordkeeping and disclosure requirements for NRSROs. 
Currently,

[[Page 46116]]

there are 10 credit rating agencies registered as NRSROs with the 
Commission. Based on staff experience and comments received during the 
60-day comment period soliciting comments on this collection of 
information, the Commission estimates that the revised ongoing annual 
burden for respondents to comply with Rule 17g-1 and Form NRSRO is 
2,750 hours. In addition, the Commission estimates an industry-wide 
annual external cost to NRSROs of $4,000 to comply with the 
requirements.
    The Commission 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.
    Background documentation for this information collection may be 
viewed 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 St 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 27, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-21193 Filed 10-2-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 190 / Tuesday, October 3, 2017 / Notices 46115 application, purchasers will be required the limits of section 12(d)(1)(B) of the Act if such exemption is necessary or to purchase Creation Units by Act. The application’s terms and appropriate in the public interest and depositing specified instruments conditions are designed to, among other consistent with the protection of (‘‘Deposit Instruments’’), and things, help prevent any potential (i) investors and the purposes fairly shareholders redeeming their shares undue influence over a Fund through intended by the policy and provisions of will receive specified instruments control or voting power, or in the Act. Section 12(d)(1)(J) of the Act (‘‘Redemption Instruments’’). The connection with certain services, provides that the Commission may Deposit Instruments and the transactions, and underwritings, (ii) exempt any person, security, or Redemption Instruments will each excessive layering of fees, and (iii) transaction, or any class or classes of correspond pro rata to the positions in overly complex fund structures, which persons, securities, or transactions, from the Fund’s portfolio (including cash are the concerns underlying the limits any provision of section 12(d)(1) if the positions) except as specified in the in sections 12(d)(1)(A) and (B) of the exemption is consistent with the public application. Act. interest and the protection of investors. 4. Because shares will not be 8. Applicants request an exemption Section 17(b) of the Act authorizes the individually redeemable, applicants from sections 17(a)(1) and 17(a)(2) of the Commission to grant an order request an exemption from section Act to permit a person who is an permitting a transaction otherwise 5(a)(1) and section 2(a)(32) of the Act affiliated person, as defined in section prohibited by section 17(a) if it finds that would permit the Funds to register 2(a)(3) of the Act (‘‘Affiliated Person’’), that (a) the terms of the proposed as open-end management investment or an affiliated person of an Affiliated transaction are fair and reasonable and companies and issue shares that are Person (‘‘Second-Tier Affiliate’’), of the do not involve overreaching on the part redeemable in Creation Units only. Funds, solely by virtue of certain of any person concerned; (b) the 5. Applicants also request an ownership interests, to effectuate proposed transaction is consistent with exemption from section 22(d) of the Act purchases and redemptions in-kind. The the policies of each registered and rule 22c–1 under the Act as deposit procedures for in-kind investment company involved; and (c) secondary market trading in shares will purchases of Creation Units and the the proposed transaction is consistent take place at negotiated prices, not at a redemption procedures for in-kind with the general purposes of the Act. current offering price described in a redemptions of Creation Units will be Fund’s prospectus, and not at a price the same for all purchases and For the Commission, by the Division of based on NAV. Applicants state that (a) Investment Management, Under delegated redemptions and Deposit Instruments authority. secondary market trading in shares does and Redemption Instruments will be not involve a Fund as a party and will valued in the same manner as those Eduardo A. Aleman, not result in dilution of an investment Portfolio Instruments currently held by Assistant Secretary. in shares, and (b) to the extent different the Funds. Applicants also seek relief [FR Doc. 2017–21228 Filed 10–2–17; 8:45 am] prices exist during a given trading day, from the prohibitions on affiliated BILLING CODE 8011–01–P or from day to day, such variances occur transactions in section 17(a) to permit a as a result of third-party market forces, Fund to sell its shares to and redeem its such as supply and demand. Therefore, shares from a Fund of Funds, and to SECURITIES AND EXCHANGE applicants assert that secondary market engage in the accompanying in-kind COMMISSION transactions in shares will not lead to transactions with the Fund of Funds.2 discrimination or preferential treatment The purchase of Creation Units by a Proposed Collection; Comment among purchasers. Finally, applicants Fund of Funds directly from a Fund will Request represent that share market prices will be accomplished in accordance with the Upon Written Request, Copies Available be disciplined by arbitrage policies of the Fund of Funds and will From: Securities and Exchange opportunities, which should prevent be based on the NAVs of the Funds. Commission, Office of FOIA Services, shares from trading at a material 9. Applicants also request relief to 100 F Street NE., Washington, DC discount or premium from NAV. permit a Feeder Fund to acquire shares 20549–2736. 6. With respect to Funds that hold of another registered investment non-U.S. Portfolio Instruments and that company managed by the Adviser Extension: effect creations and redemptions of having substantially the same Rule 17g–1 and Form NRSRO, SEC File No. Creation Units in kind, applicants investment objectives as the Feeder 270–563, OMB Control No. 3235–0625. request relief from the requirement Fund (‘‘Master Fund’’) beyond the Notice is hereby given that pursuant imposed by section 22(e) in order to limitations in section 12(d)(1)(A) and to the Paperwork Reduction Act of 1995 allow such Funds to pay redemption permit the Master Fund, and any (44 U.S.C. 3501 et seq.), the Securities proceeds within fifteen calendar days principal underwriter for the Master and Exchange Commission following the tender of Creation Units Fund, to sell shares of the Master Fund (‘‘Commission’’) has submitted to the for redemption. Applicants assert that to the Feeder Fund beyond the Office of Management and Budget the requested relief would not be limitations in section 12(d)(1)(B). (‘‘OMB’’) a request for approval of inconsistent with the spirit and intent of 10. Section 6(c) of the Act permits the extension of the previously approved section 22(e) to prevent unreasonable, Commission to exempt any persons or collection of information provided for in undisclosed or unforeseen delays in the transactions from any provision of the Rule 17g–1, Form NRSRO and asabaliauskas on DSKBBXCHB2PROD with NOTICES actual payment of redemption proceeds. Instructions to Form NRSRO under the 7. Applicants request an exemption to 2 The requested relief would apply to direct sales Securities Exchange Act of 1934 (15 permit Funds of Funds to acquire Fund of shares in Creation Units by a Fund to a Fund of Funds and redemptions of those shares. Applicants, U.S.C. 78a et seq.).1 shares beyond the limits of section moreover, are not seeking relief from section 17(a) Rule 17g–1, Form NRSRO and the 12(d)(1)(A) of the Act; and the Funds, for, and the requested relief will not apply to, Instructions to Form NRSRO contain and any principal underwriter for the transactions where a Fund could be deemed an certain recordkeeping and disclosure Affiliated Person, or a Second-Tier Affiliate, of a Funds, and/or any broker or dealer Fund of Funds because an investment adviser to the requirements for NRSROs. Currently, registered under the Exchange Act, to Funds is also an investment adviser to a Fund of sell shares to Funds of Funds beyond Funds. 1 See 17 CFR 240.17g–1 and 17 CFR 249b.300. VerDate Sep<11>2014 16:49 Oct 02, 2017 Jkt 244001 PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 E:\FR\FM\03OCN1.SGM 03OCN1

46116 Federal Register / Vol. 82, No. 190 / Tuesday, October 3, 2017 / Notices there are 10 credit rating agencies exemption from sections 17(a)(1) and hearing on the matter, the reason for the registered as NRSROs with the 17(a)(2) of the Act, and under section request, and the issues contested. Commission. Based on staff experience 12(d)(1)(J) for an exemption from Persons who wish to be notified of a and comments received during the 60- sections 12(d)(1)(A) and 12(d)(1)(B) of hearing may request notification by day comment period soliciting the Act. The requested order would writing to the Commission’s Secretary. comments on this collection of permit (a) index-based series of certain ADDRESSES: Secretary, Securities and information, the Commission estimates open-end management investment Exchange Commission, 100 F Street NE., that the revised ongoing annual burden companies (‘‘Funds’’) to issue shares Washington, DC 20549–1090; for respondents to comply with Rule redeemable in large aggregations Applicants: Devin F. Sullivan, Esq., 17g–1 and Form NRSRO is 2,750 hours. (‘‘Creation Units’’); (b) secondary market Wells Fargo Funds Management, LLC, In addition, the Commission estimates transactions in Fund shares to occur at 45 Fremont Street, 26th Floor, San an industry-wide annual external cost to negotiated market prices rather than at Francisco, CA 94105. NRSROs of $4,000 to comply with the net asset value (‘‘NAV’’); (c) certain FOR FURTHER INFORMATION CONTACT: requirements. Funds to pay redemption proceeds, Laura L. Solomon, Senior Counsel, at The Commission may not conduct or under certain circumstances, more than (202) 551–6915, or Daniele Marchesani, sponsor a collection of information seven days after the tender of shares for Assistant Chief Counsel at (202) 551– unless it displays a currently valid OMB redemption; (d) certain affiliated 6821 (Division of Investment control number. No person shall be persons of a Fund to deposit securities Management, Chief Counsel’s Office). subject to any penalty for failing to into, and receive securities from, the SUPPLEMENTARY INFORMATION: The comply with a collection of information Fund in connection with the purchase following is a summary of the subject to the PRA that does not display and redemption of Creation Units; (e) application. The complete application a valid OMB control number. certain registered management investment companies and unit may be obtained via the Commission’s Background documentation for this Web site by searching for the file information collection may be viewed at investment trusts outside of the same group of investment companies as the number, or for an applicant using the the following Web site: Company name box, at http:// www.reginfo.gov. Comments should be Funds (‘‘Funds of Funds’’) to acquire shares of the Funds; (f) certain Funds www.sec.gov/search/search.htm or by directed to: (i) Desk Officer for the calling (202) 551–8090. Securities and Exchange Commission, (‘‘Feeder Funds’’) to create and redeem Office of Information and Regulatory Creation Units in-kind in a master- Summary of the Application Affairs, Office of Management and feeder structure; and (g) certain Funds 1. Applicants request an order that Budget, Room 10102, New Executive to issue Shares in less than Creation would allow Funds to operate as index- Office Building, Washington, DC 20503, Unit size to investors participating in a based exchange traded funds (‘‘ETFs’’).1 or by sending an email to: Shagufta_ distribution reinvestment program. Fund shares will be purchased and Ahmed@omb.eop.gov; and (ii) Pamela Applicants: Wells Fargo Exchange- redeemed at their NAV in Creation Dyson, Director/Chief Information Traded Funds Trust (the ‘‘Trust’’), a Delaware statutory trust, which will Units (other than pursuant to a Officer, Securities and Exchange distribution reinvestment program), as Commission, c/o Remi Pavlik-Simon, register under the Act as an open-end management investment company with described in the application. All orders 100 F St NE., Washington, DC 20549 or to purchase Creation Units and all send an email to: PRA_Mailbox@ multiple series, Wells Fargo Funds Management, LLC (the ‘‘Initial redemption requests will be placed by sec.gov. Comments must be submitted to or through an ‘‘Authorized Participant’’, OMB within 30 days of this notice. Adviser’’), a Delaware limited liability company registered as an investment which will have signed a participant Dated: September 27, 2017. adviser under the Investment Advisers agreement with the Distributor. Shares Eduardo A. Aleman, Act of 1940, and Wells Fargo Funds will be listed and traded individually on Assistant Secretary. Distributor, LLC (the ‘‘Initial a national securities exchange, where [FR Doc. 2017–21193 Filed 10–2–17; 8:45 am] Distributor’’), a Delaware limited share prices will be based on the current liability company (together with any bid/offer market. Certain Funds may BILLING CODE 8011–01–P future distributor, the ‘‘Distributor’’). operate as Feeder Funds in a master- Filing Dates: The application was feeder structure. Any order granting the SECURITIES AND EXCHANGE filed on August 5, 2016, and amended requested relief would be subject to the COMMISSION on December 2, 2016, April 19, 2017, terms and conditions stated in the and September 15, 2017. application. [Investment Company Act Release No. Hearing or Notification of Hearing: An 2. Each Fund will hold investment 32836; 812–14681] positions selected to correspond closely order granting the requested relief will be issued unless the Commission orders to the performance of an Underlying Wells Fargo Exchange-Traded Funds Index. In the case of Self-Indexing Trust, et al. a hearing. Interested persons may request a hearing by writing to the 1 Applicants request that the order apply to the September 27, 2017. Commission’s Secretary and serving initial fund and any additional series of the Trust, AGENCY: Securities and Exchange applicants with a copy of the request, and any other existing or future open-end Commission (‘‘Commission’’). personally or by mail. Hearing requests management investment company or existing or asabaliauskas on DSKBBXCHB2PROD with NOTICES ACTION: Notice. should be received by the Commission future series thereof (each, included in the term by 5:30 p.m. on October 23, 2017, and ‘‘Fund’’), each of which will operate as an ETF, and their respective existing or future master funds, and Notice of an application for an order should be accompanied by proof of will track a specified index comprised of domestic under section 6(c) of the Investment service on applicants, in the form of an and/or foreign equity securities and/or domestic Company Act of 1940 (the ‘‘Act’’) for an affidavit, or for lawyers, a certificate of and/or foreign fixed income securities (each, an exemption from sections 2(a)(32), service. Pursuant to rule 0–5 under the ‘‘Underlying Index’’). Any Fund will (a) be advised by the Initial Adviser or an entity controlling, 5(a)(1), 22(d), and 22(e) of the Act and Act, hearing requests should state the controlled by, or under common control with the rule 22c–1 under the Act, under nature of the writer’s interest, any facts Initial Adviser (each, an ‘‘Adviser’’) and (b) comply sections 6(c) and 17(b) of the Act for an bearing upon the desirability of a with the terms and conditions of the application. VerDate Sep<11>2014 16:49 Oct 02, 2017 Jkt 244001 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 E:\FR\FM\03OCN1.SGM 03OCN1


Document Created: 2017-10-03 01:01:49
Document Modified: 2017-10-03 01:01:49
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 46115 
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