83_FR_16487 83 FR 16414 - Proposed Collection; Comment Request

83 FR 16414 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 73 (April 16, 2018)

Page Range16414-16415
FR Document2018-07790

Federal Register, Volume 83 Issue 73 (Monday, April 16, 2018) 
[Federal Register Volume 83, Number 73 (Monday, April 16, 2018)]
[Notices]
[Pages 16414-16415]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-07790]


-----------------------------------------------------------------------

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 13F
    SEC File No. 270-022, OMB Control No. 3235-0006

    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 (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 for extension and approval.
    Section 13(f) \1\ of the Securities Exchange Act of 1934 \2\ (the 
``Exchange Act'') empowers the Commission to: (1) Adopt rules that 
create a reporting and disclosure system to collect specific 
information; and (2) disseminate such information to the public. Rule 
13f-1 \3\ under the Exchange Act requires institutional investment 
managers that exercise investment discretion over accounts that have in 
the aggregate a fair market value of at least $100,000,000 of certain 
U.S. exchange-traded equity securities, as set forth in rule 13f-1(c), 
to file quarterly reports with the Commission on Form 13F.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78m(f).
    \2\ 15 U.S.C. 78a et seq.
    \3\ 17 CFR 240.13f-1.
    \4\ 17 CFR 249.325.
---------------------------------------------------------------------------

    The information collection requirements apply to institutional 
investment managers that meet the $100 million reporting threshold. 
Section 13(f)(6)(A) of the Exchange Act defines an ``institutional 
investment manager'' as any person, other than a natural person, 
investing in or buying and selling securities for its own account, and 
any person exercising investment discretion with respect to the account 
of any other person. Rule 13f-1(b) under the Exchange Act defines 
``investment discretion'' for purposes of Form 13F reporting.
    The reporting system required by Section 13(f) of the Exchange Act 
is intended, among other things, to create in the Commission a central 
repository of historical and current data about the investment 
activities of institutional investment managers, and to improve the 
body of factual data available to regulators and the public.
    The Commission staff estimates that 5,837 respondents make 
approximately 23,348 responses under the rule each year. The staff 
estimates that on average, Form 13F filers spend 80.8 hours/year to 
prepare and submit the report. In addition, the staff estimates that 
223 respondents file approximately 829 amendments each year. The staff 
estimates that on average, Form 13F filers spend 4 hours/year to 
prepare and submit amendments to Form 13F. The total annual burden of 
the rule's requirements for all respondents therefore is estimated to 
be 472,521.6 hours [(471,629.6 hours (5,837 filers x 80.8 hours)) + 
(892 (223 filers x 4 hours))].

[[Page 16415]]

    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act. The estimate is not derived 
from a comprehensive or even a representative survey or study of the 
costs of Commission rules. 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.
    Written comments are invited on: (a) Whether the collections of 
information are 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 burdens 
of the collections of information; (c) ways to enhance the quality, 
utility, and clarity of the information collected; and (d) ways to 
minimize the burdens of the collections 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].

    Dated: April 9, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-07790 Filed 4-13-18; 8:45 am]
 BILLING CODE 8011-01-P

16414 Federal Register / Vol. 83, No. 73 / Monday, April 16, 2018 / Notices SECURITIES AND EXCHANGE a representative survey or study of the on the collection of information COMMISSION costs of Commission rules or forms. The summarized below. The Commission Commission does not include in the plans to submit this existing collection Proposed Collection; Comment estimate of average burden hours the of information to the Office of Request time preparing registration statements Management and Budget for extension Upon Written Request, Copies and sales literature disclosure regarding and approval. the restrictions on redeem ability Section 13(f) 1 of the Securities Available From: Securities and imposed by Texas law. The estimate of Exchange Act of 1934 2 (the ‘‘Exchange Exchange Commission, Office of FOIA burden hours for completing the Act’’) empowers the Commission to: (1) Services, 100 F Street NE, Washington, relevant registration statements are Adopt rules that create a reporting and DC 20549–2736 reported on the separate PRA disclosure system to collect specific Extension: submissions for those statements. (See information; and (2) disseminate such Rule 6c–7, SEC File No. 270–269, OMB information to the public. Rule 13f–1 3 Control No. 3235–0276 the separate PRA submissions for Form N–3 (17 CFR 274.11b) and Form N–4 (17 under the Exchange Act requires Notice is hereby given that, pursuant CFR 274.11c).) institutional investment managers that to the Paperwork Reduction Act of 1995 The Commission requests written exercise investment discretion over (44 U.S.C. 3501 et seq.), the Securities comments on: (a) Whether the proposed accounts that have in the aggregate a fair and Exchange Commission (the collection of information is necessary market value of at least $100,000,000 of ‘‘Commission’’) is soliciting comments for the proper performance of the certain U.S. exchange-traded equity on the collection of information functions of the agency, including securities, as set forth in rule 13f-1(c), to summarized below. The Commission whether the information will have file quarterly reports with the plans to submit this existing collection practical utility; (b) the accuracy of the Commission on Form 13F.4 of information to the Office of agency’s estimate of the burden of the The information collection Management and Budget for extension collection of information; (c) ways to requirements apply to institutional and approval. enhance the quality, utility, and clarity investment managers that meet the $100 Rule 6c–7 (17 CFR 270.6c–7) under of the information collected; and (d) million reporting threshold. Section the Investment Company Act of 1940 ways to minimize the burden of the 13(f)(6)(A) of the Exchange Act defines (15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’) collection of information on an ‘‘institutional investment manager’’ provides exemption from certain respondents, including through the use as any person, other than a natural provisions of Sections 22(e) and 27 of of automated collection techniques or person, investing in or buying and the 1940 Act for registered separate other forms of information technology. selling securities for its own account, accounts offering variable annuity Consideration will be given to and any person exercising investment contracts to certain employees of Texas comments and suggestions submitted in discretion with respect to the account of institutions of higher education writing within 60 days of this any other person. Rule 13f–1(b) under participating in the Texas Optional publication. the Exchange Act defines ‘‘investment Retirement Program. There are Please direct your written comments discretion’’ for purposes of Form 13F approximately 50 registrants governed to Pamela Dyson, Director/Chief reporting. by Rule 6c–7. The burden of compliance Information Officer, Securities and The reporting system required by with Rule 6c–7, in connection with the Exchange Commission, C/O Remi Section 13(f) of the Exchange Act is registrants obtaining from a purchaser, Pavlik-Simon, 100 F Street NE, intended, among other things, to create prior to or at the time of purchase, a Washington, DC 20549; or send an email in the Commission a central repository signed document acknowledging the to: PRA_Mailbox@sec.gov. of historical and current data about the restrictions on redeem ability imposed investment activities of institutional by Texas law, is estimated to be Dated: April 9, 2018. investment managers, and to improve approximately 3 minutes of professional Eduardo A. Aleman, the body of factual data available to time per response for each of Assistant Secretary. regulators and the public. approximately 2,300 purchasers [FR Doc. 2018–07787 Filed 4–13–18; 8:45 am] The Commission staff estimates that annually (at an estimated $66 per BILLING CODE 8011–01–P 5,837 respondents make approximately hour),1 for a total annual burden of 115 23,348 responses under the rule each hours (at a total annual cost of $7,590). year. The staff estimates that on average, The estimate of average burden hours SECURITIES AND EXCHANGE Form 13F filers spend 80.8 hours/year is made solely for the purposes of the COMMISSION to prepare and submit the report. In Paperwork Reduction Act, and is not addition, the staff estimates that 223 derived from a comprehensive or even Proposed Collection; Comment respondents file approximately 829 Request amendments each year. The staff 1 $66/hour figure for a Compliance Clerk is based Upon Written Request, Copies Available estimates that on average, Form 13F on the Commission’s estimates concerning the allocation of burden hours and the relevant wage From: Securities and Exchange filers spend 4 hours/year to prepare and rates from the Commission’s consultations with Commission, Office of FOIA Services, submit amendments to Form 13F. The industry representatives and on salary information 100 F Street NE, Washington, DC total annual burden of the rule’s for the securities industry compiled by the requirements for all respondents Securities Industry and Financial Markets 20549–2736 therefore is estimated to be 472,521.6 Association’s Office Salaries in the Securities Extension: Form 13F hours [(471,629.6 hours (5,837 filers × srobinson on DSK3G9T082PROD with NOTICES Industry 2013. The estimated wage figures are SEC File No. 270–022, OMB Control No. modified by Commission staff to account for an 3235–0006 80.8 hours)) + (892 (223 filers × 4 1,800-hour work-year and multiplied by 2.93 to hours))]. account for bonuses, firm size, employee benefits, Notice is hereby given that, pursuant overhead, and adjusted to account for the effects of to the Paperwork Reduction Act of 1995 1 15 inflation. See Securities Industry and Financial U.S.C. 78m(f). Markets Association, Report on Management & (44 U.S.C. 3501, et seq.), the Securities 2 15 U.S.C. 78a et seq. Professional Earnings in the Securities Industry and Exchange Commission (the 3 17 CFR 240.13f–1. 2013. ‘‘Commission’’) is soliciting comments 4 17 CFR 249.325. VerDate Sep<11>2014 19:42 Apr 13, 2018 Jkt 244001 PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 E:\FR\FM\16APN1.SGM 16APN1

Federal Register / Vol. 83, No. 73 / Monday, April 16, 2018 / Notices 16415 The estimate of average burden hours Office of Management and Budget for 10,712 issuers that are subject to the is made solely for the purposes of the extension. rules.1 Of these, we estimate that Paperwork Reduction Act. The estimate On February 6, 2003, the Commission approximately 319, which is is not derived from a comprehensive or published final rules, effective August 5, approximately 3 percent, have even a representative survey or study of 2003, entitled ‘‘Standards of established or will establish a QLCC.2 the costs of Commission rules. An Professional Conduct for Attorneys Establishing the written procedures agency may not conduct or sponsor, and Appearing and Practicing Before the required by the rule should not impose a person is not required to respond to, Commission in the Representation of an a significant burden. We assume that an a collection of information unless it Issuer’’ (17 CFR 205.1–205.7). The issuer would incur a greater burden in displays a currently valid control information collection embedded in the the year that it first establishes the number. rules is necessary to implement the procedures than in subsequent years, in Written comments are invited on: (a) Standards of Professional Conduct for which the burden would be incurred in Whether the collections of information Attorneys prescribed by the rule and updating, reviewing, or modifying the are necessary for the proper required by Section 307 of the Sarbanes- procedures. For purposes of the PRA, performance of the functions of the Oxley Act of 2002 (15 U.S.C. 7245). The we assume that an issuer would spend Commission, including whether the rules impose an ‘‘up-the-ladder’’ 6 hours every three-year period on the information has practical utility; (b) the reporting requirement when attorneys procedures. This would result in an accuracy of the Commission’s estimate appearing and practicing before the average burden of 2 hours per year. of the burdens of the collections of Commission become aware of evidence Thus, we estimate for purposes of the of a material violation by the issuer or PRA that the total annual burden information; (c) ways to enhance the any officer, director, employee, or agent imposed by the collection of quality, utility, and clarity of the of the issuer. An issuer may choose to information would be 638 hours. information collected; and (d) ways to establish a qualified legal compliance Assuming half of the burden hours will minimize the burdens of the collections committee (‘‘QLCC’’) as an alternative be incurred by outside counsel at a rate of information on respondents, procedure for reporting evidence of a of $500 per hour would result in a cost including through the use of automated material violation. In the rare cases in of $159,500. collection techniques or other forms of which a majority of a QLCC has The estimate of average burden hours information technology. Consideration concluded that an issuer did not act is made solely for the purposes of the will be given to comments and appropriately, the information may be Paperwork Reduction Act, and is not suggestions submitted in writing within communicated to the Commission. The 60 days of this publication. derived from a comprehensive or even collection of information is, therefore, a representative survey or study. An Please direct your written comments an important component of the to Pamela Dyson, Director/Chief agency may not conduct or sponsor, and Commission’s program to discourage a person is not required to respond to, Information Officer, Securities and violations of the federal securities laws Exchange Commission, C/O Remi a collection of information unless it and promote ethical behavior of displays a currently valid OMB control Pavlik-Simon, 100 F Street NE, attorneys appearing and practicing Washington, DC 20549; or send an email number. before the Commission. Written comments are requested on: to: PRA_Mailbox@sec.gov. The respondents to this collection of (a) Whether the collection of Dated: April 9, 2018. information are attorneys who appear information is necessary for the proper Eduardo A. Aleman, and practice before the Commission performance of the functions of the Assistant Secretary. and, in certain cases, the issuer, and/or Commission, including whether the officers, directors and committees of the [FR Doc. 2018–07790 Filed 4–13–18; 8:45 am] issuer. We believe that, in providing information has practical utility; (b) the BILLING CODE 8011–01–P quality representation to issuers, accuracy of the Commission’s estimate attorneys report evidence of violations of the burden[s] of the collection of to others within the issuer, including information; (c) ways to enhance the SECURITIES AND EXCHANGE quality, utility, and clarity of the the Chief Legal Officer, the Chief COMMISSION information collected; and (d) ways to Executive Officer, and, where necessary, the directors. In addition, officers and minimize the burden of the collection of Proposed Collection; Comment information on respondents, including Request directors investigate evidence of violations and report within the issuer through the use of automated collection the results of the investigation and the techniques or other forms of information Upon Written Request, Copies Available remedial steps they have taken or technology. Consideration will be given From: Securities and Exchange sanctions they have imposed. Except as to comments and suggestions submitted Commission, Office of FOIA Services, discussed below, we therefore believe in writing within 60 days of this 100 F Street NE, Washington, DC that the reporting requirements imposed publication. 20549–2736. by the rule are ‘‘usual and customary’’ Please direct your written comments Reports of Evidence of Material Violations, to Pamela Dyson, Director/Chief SEC File No. 270–514, OMB Control No. activities that do not add to the burden that would be imposed by the collection Information Officer, Securities and 3235–0572 Exchange Commission, c/o Remi Pavlik- of information. Notice is hereby given that pursuant Certain aspects of the collection of 1 This figure is based on the estimated 7,625 to the Paperwork Reduction Act (PRA) information, however, may impose a srobinson on DSK3G9T082PROD with NOTICES operating companies that filed annual reports on of 1995, 44 U.S.C. Sections 3501–3520, burden. For an issuer to establish a Form 10–K, Form 20–F, or Form 40–F during the the Securities and Exchange QLCC, the QLCC must adopt written 2017 calendar year, and the estimated 3,087 Commission (‘‘Commission’’) is procedures for the confidential receipt, investment companies that filed periodic reports on soliciting comments on the collection of retention, and consideration of any Form N–SAR during that same time period. 2 This estimate is based on issuer-filings made information summarized below. The report of evidence of a material with the Commission between January 1, 2015 and Commission plans to submit the violation. We estimate for purposes of March 18, 2018 that include a reference to the existing collection of information to the the PRA that there are approximately issuer’s QLCC. VerDate Sep<11>2014 19:42 Apr 13, 2018 Jkt 244001 PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 E:\FR\FM\16APN1.SGM 16APN1


Document Created: 2018-04-14 02:19:28
Document Modified: 2018-04-14 02:19:28
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 Citation83 FR 16414 
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR