82 FR 48545 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 200 (October 18, 2017)

Page Range		48545-48545
FR Document		2017-22542
Federal Register, Volume 82 Issue 200 (Wednesday, October 18, 2017)
[Federal Register Volume 82, Number 200 (Wednesday, October 18, 2017)]
[Notices]
[Page 48545]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-22542]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-574, OMB Control No. 3235-0648]


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 498

    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'') has submitted 
to the Office of Management and Budget (``OMB'') a request for 
extension of the previously approved collection of information 
discussed below.
    Rule 498 (17 CFR 230.498) under the Securities Act of 1933 (15 
U.S.C. 77a et seq.) (``Securities Act'') permits open-end management 
investment companies (``funds'') to satisfy their prospectus delivery 
obligations under the Securities Act by sending or giving key 
information directly to investors in the form of a summary prospectus 
(``Summary Prospectus'') and providing the statutory prospectus on a 
Web site. Upon an investor's request, funds are also required to send 
the statutory prospectus to the investor. In addition, under rule 498, 
a fund that relies on the rule to meet its statutory prospectus 
delivery obligations must make available, free of charge, the fund's 
current Summary Prospectus, statutory prospectus, statement of 
additional information, and most recent annual and semi-annual reports 
to shareholders at the Web site address specified in the required 
Summary Prospectus legend.\1\ A Summary Prospectus that complies with 
rule 498 is deemed to be a prospectus that is authorized under Section 
10(b) of the Securities Act and Section 24(g) of the Investment Company 
Act of 1940 (15 U.S.C. 80a-1 et seq.).
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    \1\ 17 CFR 270.498(e)(1).
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    The purpose of rule 498 is to enable a fund to provide investors 
with a Summary Prospectus containing key information necessary to 
evaluate an investment in the fund. Unlike many other federal 
information collections, which are primarily for the use and benefit of 
the collecting agency, this information collection is primarily for the 
use and benefit of investors. The information filed with the Commission 
also permits the verification of compliance with securities law 
requirements and assures the public availability and dissemination of 
the information.
    Based on an analysis of fund filings, the Commission estimates that 
approximately 10,532 portfolios are using a Summary Prospectus. The 
Commission estimates that the annual hourly burden per portfolio 
associated with the compilation of the information required on the 
cover page or the beginning of the Summary Prospectus is 0.5 hours, and 
estimates that the annual hourly burden per portfolio to comply with 
the Web site posting requirement is approximately 1 hour, requiring a 
total of 1.5 hours per portfolio per year.\2\ Thus the total annual 
hour burden associated with these requirements of the rule is 
approximately 15,798.\3\ The Commission estimates that the annual cost 
burden is approximately $15,900 per portfolio, for a total annual cost 
burden of approximately $167,458,800.\4\
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    \2\ 0.5 hours per portfolio + 1 hour per portfolio = 1.5 hours 
per portfolio. The Commission believes that funds that have opted to 
use the Summary Prospectus have already incurred the estimated one-
time hour burden to initially comply with rule 498, and therefore 
the estimated burden hours to initially comply with rule 498 and the 
associated costs are not included in these estimates.
    \3\ 1.5 hours per portfolio x 10,532 portfolios = 15,798 hours.
    \4\ $15,900 per portfolio x 9,082 portfolios = $144,403,800.
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    Estimates of the 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. Under rule 498, use of the Summary 
Prospectus is voluntary, but the rule's requirements regarding 
provision of the statutory prospectus upon investor request are 
mandatory for funds that elect to send or give a Summary Prospectus in 
reliance upon rule 498. The information provided under rule 498 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.
    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.

    October 12, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-22542 Filed 10-17-17; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 200 / Wednesday, October 18, 2017 / Notices 48545

2017–86, and should be submitted on or Company Act of 1940 (15 U.S.C. 80a–1 displays a currently valid OMB control
before November 8, 2017. et seq.). number.
For the Commission, by the Division of The purpose of rule 498 is to enable The public may view the background
Trading and Markets, pursuant to delegated a fund to provide investors with a documentation for this information
authority.18 Summary Prospectus containing key collection at the following Web site,
Eduardo A. Aleman, information necessary to evaluate an www.reginfo.gov. Comments should be
Assistant Secretary. investment in the fund. Unlike many directed to: (i) Desk Officer for the
[FR Doc. 2017–22538 Filed 10–17–17; 8:45 am] other federal information collections, Securities and Exchange Commission,
BILLING CODE 8011–01–P
which are primarily for the use and Office of Information and Regulatory
benefit of the collecting agency, this Affairs, Office of Management and
information collection is primarily for Budget, Room 10102, New Executive
SECURITIES AND EXCHANGE the use and benefit of investors. The Office Building, Washington, DC 20503,
COMMISSION information filed with the Commission or by sending an email to: Shagufta_
also permits the verification of Ahmed@omb.eop.gov; and (ii) Pamela
[SEC File No. 270–574, OMB Control No. compliance with securities law Dyson, Director/Chief Information
3235–0648]
requirements and assures the public Officer, Securities and Exchange
Submission for OMB Review; availability and dissemination of the Commission, c/o Remi Pavlik-Simon,
Comment Request information. 100 F Street NE., Washington, DC 20549
Based on an analysis of fund filings, or send an email to: PRA_Mailbox@
Upon Written Request, Copies Available the Commission estimates that sec.gov. Comments must be submitted to
From: Securities and Exchange approximately 10,532 portfolios are OMB within 30 days of this notice.
Commission, Office of FOIA Services, using a Summary Prospectus. The October 12, 2017.
100 F Street NE., Washington, DC Commission estimates that the annual
20549–2736 Eduardo A. Aleman,
hourly burden per portfolio associated
Assistant Secretary.
Extension: with the compilation of the information
required on the cover page or the [FR Doc. 2017–22542 Filed 10–17–17; 8:45 am]
Rule 498
beginning of the Summary Prospectus is BILLING CODE 8011–01–P
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995 0.5 hours, and estimates that the annual
(44 U.S.C. 3501 et seq.) (‘‘Paperwork hourly burden per portfolio to comply
with the Web site posting requirement SECURITIES AND EXCHANGE
Reduction Act’’), the Securities and COMMISSION
Exchange Commission (‘‘the is approximately 1 hour, requiring a
Commission’’) has submitted to the total of 1.5 hours per portfolio per year.2
Thus the total annual hour burden [Release No. 34–81859; File No. SR–
Office of Management and Budget BatsEDGA–2017–26]
(‘‘OMB’’) a request for extension of the associated with these requirements of
previously approved collection of the rule is approximately 15,798.3 The
Self-Regulatory Organizations; Bats
information discussed below. Commission estimates that the annual
EDGA Exchange, Inc.; Notice of Filing
Rule 498 (17 CFR 230.498) under the cost burden is approximately $15,900
and Immediate Effectiveness of a
Securities Act of 1933 (15 U.S.C. 77a et per portfolio, for a total annual cost
Proposed Rule Change To Amend
seq.) (‘‘Securities Act’’) permits open- burden of approximately $167,458,800.4
Certain Rules To Add New Optional
end management investment companies Estimates of the average burden hours
Functionality to Orders With a
(‘‘funds’’) to satisfy their prospectus are made solely for the purposes of the
Minimum Quantity Instruction
delivery obligations under the Securities Paperwork Reduction Act and are not
Act by sending or giving key derived from a comprehensive or even October 12, 2017.
information directly to investors in the a representative survey or study of the Pursuant to Section 19(b)(1) of the
form of a summary prospectus costs of Commission rules and forms. Securities Exchange Act of 1934 (the
(‘‘Summary Prospectus’’) and providing Under rule 498, use of the Summary ‘‘Act’’),1 and Rule 19b–4 thereunder,2
the statutory prospectus on a Web site. Prospectus is voluntary, but the rule’s notice is hereby given that on October
Upon an investor’s request, funds are requirements regarding provision of the 5, 2017, Bats EDGA Exchange, Inc.
also required to send the statutory statutory prospectus upon investor (‘‘Exchange’’ or ‘‘EDGA’’) filed with the
prospectus to the investor. In addition, request are mandatory for funds that Securities and Exchange Commission
under rule 498, a fund that relies on the elect to send or give a Summary (‘‘Commission’’) the proposed rule
rule to meet its statutory prospectus Prospectus in reliance upon rule 498. change as described in Items I and II
delivery obligations must make The information provided under rule below, which Items have been prepared
available, free of charge, the fund’s 498 will not be kept confidential. An by the Exchange. The Exchange has
current Summary Prospectus, statutory agency may not conduct or sponsor, and designated this proposal as a ‘‘non-
prospectus, statement of additional a person is not required to respond to, controversial’’ proposed rule change
information, and most recent annual a collection of information unless it pursuant to Section 19(b)(3)(A) of the
and semi-annual reports to shareholders Act 3 and Rule 19b–4(f)(6) thereunder,4
2 0.5 hours per portfolio + 1 hour per portfolio =
at the Web site address specified in the which renders it effective upon filing
1.5 hours per portfolio. The Commission believes
required Summary Prospectus legend.1 that funds that have opted to use the Summary
with the Commission. The Commission
A Summary Prospectus that complies is publishing this notice to solicit
ethrower on DSK3G9T082PROD with NOTICES

Prospectus have already incurred the estimated
with rule 498 is deemed to be a one-time hour burden to initially comply with rule comments on the proposed rule change
prospectus that is authorized under 498, and therefore the estimated burden hours to from interested persons.
initially comply with rule 498 and the associated
Section 10(b) of the Securities Act and costs are not included in these estimates.
Section 24(g) of the Investment 3 1.5 hours per portfolio × 10,532 portfolios = 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
15,798 hours.
18 17 CFR 200.30–3(a)(12). 4 $15,900 per portfolio × 9,082 portfolios = 3 15 U.S.C. 78s(b)(3)(A).
1 17 CFR 270.498(e)(1). $144,403,800. 4 17 CFR 240.19b–4(f)(6).

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Document Created: 2017-10-18 01:37:29
Document Modified: 2017-10-18 01:37:29
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 48545