82 FR 53542 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 220 (November 16, 2017)

Page Range		53542-53542
FR Document		2017-24753
Federal Register, Volume 82 Issue 220 (Thursday, November 16, 2017)
[Federal Register Volume 82, Number 220 (Thursday, November 16, 2017)]
[Notices]
[Page 53542]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24753]


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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:
    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'') has submitted 
to the Office of Management and Budget (``OMB'') a request for 
extension of the previously approved collection of information 
discussed below.
    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 by5.35 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.
    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: November 9, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24753 Filed 11-15-17; 8:45 am]
 BILLING CODE 8011-01-P
53542 Federal Register / Vol. 82, No. 220 / Thursday, November 16, 2017 / Notices

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
Persons submitting comments are currently approved burden of Form N– aggregate cost burden, when calculated
cautioned that we do not redact or edit PX for portfolios holding equity using the current number of portfolios,
personal identifying information from securities is 7.2 hours per response, the is approximately $7.3 million in
comment submissions. You should current burden estimate for funds external costs.5 We continue to believe
submit only information that you wish holding no equity securities is 0.17 that these estimates for Form N–PX’s
to make available publicly. All hours (10 minutes) per response, and current cost burden are appropriate.
submissions should refer to File the current burden estimate for fund of
Number SR–BatsBYX–2017–28, and funds is 1 hour per response. Therefore, Estimates of average burden hours
should be submitted on or before the number of aggregate burden hours, and costs are made solely for the
December 7, 2017. when calculated using the current purposes of the Paperwork Reduction
For the Commission, by the Division of number of portfolios, is approximately Act and are not derived from a
Trading and Markets, pursuant to delegated 53,210 hours.2 We continue to believe comprehensive or even representative
authority.13 that these estimates for Form N–PX’s survey or study of the costs of
Eduardo A. Aleman, current burden are appropriate. Based Commission rules and forms.
Assistant Secretary. on the Commission’s estimate of 53,210 Compliance with the collection of
[FR Doc. 2017–24783 Filed 11–15–17; 8:45 am] burden hours and an estimated wage information requirements of Form N–PX
BILLING CODE 8011–01–P rate of approximately $345 per hour,3 is mandatory. Responses to the
the total cost to reporting persons of the collection of information will not be
hour burden for filing Form N–PX is kept confidential. An agency may not
SECURITIES AND EXCHANGE approximately $18.44 million.4 conduct or sponsor, and a person is not
COMMISSION The estimated cost burden of Form N– required to respond to, a collection of
PX is $1,000 in external costs per information unless it displays a
Submission for OMB Review; portfolio holding equity securities that currently valid OMB control number.
Comment Request is paid to third-party service providers.
External costs for portfolios holding no The public may view the background
Upon Written Request, Copies Available documentation for this information
From: Securities and Exchange equity securities have previously been
estimated to be zero because portfolios collection at the following Web site,
Commission, Office of FOIA Services, www.reginfo.gov. Comments should be
100 F Street NE., Washington, DC holding no equity securities generally
have no proxy votes to report and directed to: (i) Desk Officer for the
20549–2736 Securities and Exchange Commission,
therefore do not require third-party
Extension: Office of Information and Regulatory
service providers to assist with proxy
Form N–PX; SEC File No. 270–524, OMB Affairs, Office of Management and
Control No. 3235–0582 voting and preparing reports on Form
N–PX. The estimated cost burden of Budget, Room 10102, New Executive
Notice is hereby given that, pursuant Form N–PX for fund of funds is Office Building, Washington, DC 20503,
to the Paperwork Reduction Act of 1995 estimated to be $100 per portfolio or by sending an email to: Shagufta_
(44 U.S.C. 3501 et seq.) (‘‘Paperwork because fund of funds generally either Ahmed@omb.eop.gov; and (ii) Pamela
Reduction Act’’), the Securities and have no proxy votes to report; or if Dyson, Director/Chief Information
Exchange Commission (the proxy votes are reported, they are Officer, Securities and Exchange
‘‘Commission’’) has submitted to the generally limited in the number of Commission, c/o Remi Pavlik-Simon,
Office of Management and Budget
(‘‘OMB’’) a request for extension of the 100 F Street NE., Washington, DC 20549
1 The estimate of 2,376 funds is based on the
previously approved collection of or send an email to: PRA_Mailbox@
number of management investment companies
information discussed below. currently registered with the Commission. The sec.gov. Comments must be submitted to
Rule 30b1–4 (17 CFR 270.30b1–4) Commission staff estimates that there are OMB within 30 days of this notice.
approximately 6,385 portfolios that invest primarily
under the Investment Company Act of in equity securities, 726 ‘‘hybrid’’ or bond portfolios Dated: November 9, 2017.
1940 (15 U.S.C. 80a–1 et seq.) requires that may hold some equity securities, 2,831 bond Eduardo A. Aleman,
every registered management portfolios that hold no equity securities, and 418
money market fund portfolios, and 1,458 fund of Assistant Secretary.
investment company, other than a small
funds, for a total of 11,818 portfolios required to file [FR Doc. 2017–24753 Filed 11–15–17; 8:45 am]
business investment company registered Form N–PX reports. The staff has based its portfolio
on Form N–5 (‘‘funds’’), to file a report estimates on a number of publications. See
BILLING CODE 8011–01–P
on Form N–PX not later than August 31 Investment Company Institute, Trends in Mutual
of each year. Funds use Form N–PX to Fund Investing (April 2017); Investment Company
file annual reports with the Commission Institute, Closed-End Fund Assets and Net Issuance
(First Quarter 2017); Investment Company Institute,
containing their complete proxy voting ETF Assets and Net Issuance (April 2017).
record for the most recent twelve-month 2 (7,111 portfolios that hold equity securities × 7.2

period ended June 30. hours per year) + (3,249 portfolios holding no
The Commission estimates that there equity securities × 0.17 hours per year) + (1,458
portfolios holding fund securities × 1 hour per year)
asabaliauskas on DSKBBXCHB2PROD with NOTICES

are approximately 2,376 funds
= 53,210 hours.
registered with the Commission, 3 The hourly wage figure for a compliance
representing approximately 11,818 fund attorney is from the Securities Industry and
portfolios that are required to file Form Financial Markets Association’s Management &
N–PX reports. The 11,818 portfolios are Professional Salaries in the Securities Industry
2013, modified by Commission staff to account for
comprised of approximately 7,111 an 1800-hour work-year and inflation and 5 (7,111 portfolios holding equity securities ×
portfolios holding equity securities, multiplied by5.35 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
13 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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Document Created: 2017-11-16 03:53:07
Document Modified: 2017-11-16 03:53:07
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 53542