83 FR 17697 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 78 (April 23, 2018)

Page Range		17697-17698
FR Document		2018-08402
Federal Register, Volume 83 Issue 78 (Monday, April 23, 2018)
[Federal Register Volume 83, Number 78 (Monday, April 23, 2018)]
[Notices]
[Pages 17697-17698]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-08402]


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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:
    Rule 23c-1, SEC File No. 270-253, OMB Control No. 3235-0260

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l-3520), the Securities and Exchange 
Commission (the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Rule 23c-1(a) under the Investment Company Act (17 CFR 270.23c-
1(a)) permits a closed-end fund to repurchase its securities for cash 
if, in addition to the other requirements set forth in the rule, the 
following conditions are met: (i) Payment of the purchase price is 
accompanied or preceded by a written confirmation of the purchase 
(``written confirmation''); (ii) the asset coverage per unit of the 
security to be purchased is disclosed to the seller or his agent 
(``asset coverage disclosure''); and (iii) if the security is a stock, 
the fund has, within the preceding six months, informed stockholders of 
its intention to purchase stock (``six month notice''). Commission 
staff estimates that 91 closed-end funds undertake a total of 364 
repurchases annually under rule 23c-1.\1\ Staff estimates further that, 
with respect to each repurchase, each fund spends 2.5 hours to comply 
with the rule's written confirmation, asset coverage disclosure and six 
month notice requirements. Thus, Commission staff estimates the total 
annual respondent reporting burden is 910

[[Page 17698]]

hours.\2\ Commission staff further estimates that the cost of the 
hourly burden per repurchase is $305 (one half hour of a compliance 
attorney's time at $345 per hour,\3\ and two hours of clerical time at 
$66 per hour \4\). The total annual cost for all funds is estimated to 
be $111,020.\5\
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    \1\ The number of closed-end funds that undertake repurchases 
annually under rule 23c-1 is based on information provided in 
response to Item 9 of Form N-CSR from January 1, 2017 through 
December 31, 2017. Although 136 closed-end funds made disclosures 
regarding ``publicly announced'' repurchase plans in response to 
Item 9, not all repurchases are made pursuant to rule 23c-1. We 
estimate that approximately 30% of such closed-end funds have not 
made repurchases pursuant to rule 23c-1. Therefore, our estimate 
does not include all 136 funds that made disclosures of publicly 
announced repurchases under Item 9, but only a subset thereof (91 
funds). We also estimate that each of the 91 funds undertook an 
average of 4 repurchases annually (91 funds x 4 repurchases = 364 
repurchases annually).
    \2\ This estimate is based on the following calculation: 364 
repurchases x 2.5 hours per repurchase = 910 hours.
    \3\ The $345/hour figure for a compliance attorney is from 
SIFMA's Management & Professional Earnings in the Securities 
Industry 2013, modified by Commission staff to account for an 1800-
hour work-year and multiplied by 5.35 to account for bonuses, firm 
size, employee benefits and overhead (includes a CPI inflation 
adjustment from the 2013 estimate).
    \4\ The $66/hour figure for a compliance clerk is from SIFMA's 
Office Salaries in the Securities Industry 2013, modified by 
Commission staff to account for an 1800-hour work-year and 
multiplied by 2.93 to account for bonuses, firm size, employee 
benefits and overhead (includes a CPI inflation adjustment from the 
2013 estimate).
    \5\ This estimate is based on the following calculation: 364 
repurchases x $305 per repurchase = $111,020.
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    In addition, the fund must file with the Commission a copy of any 
written solicitation to purchase securities given by or on behalf of 
the fund to 10 or more persons. The copy must be filed as an exhibit to 
Form N-CSR (17 CFR 249.331and 274.128).\6\ The burden associated with 
filing Form N-CSR is addressed in the submission related to that form.
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    \6\ In addition, Item 9 of Form N-CSR requires closed-end funds 
to disclose information similar to the information that was required 
in Form N-23C-1, which was discontinued in 2004.
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    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules and forms.
    Complying with the collection of information requirements of the 
rule is mandatory. The filings that the rule requires to be made with 
the Commission are available to the public. 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 website, 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: 
Shagufta_Ahmed@omb.eop.gov; 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: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: April 18, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-08402 Filed 4-20-18; 8:45 am]
 BILLING CODE P
Federal Register / Vol. 83, No. 78 / Monday, April 23, 2018 / Notices 17697

burden on competition; and (iii) become Comments may be submitted by any of SECURITIES AND EXCHANGE
operative for 30 days from the date on the following methods: COMMISSION
which it was filed, or such shorter time
as the Commission may designate, it has Electronic Comments Submission for OMB Review;
become effective pursuant to Section • Use the Commission’s internet Comment Request
19(b)(3)(A)(iii) of the Act 7 and comment form (http://www.sec.gov/
subparagraph (f)(6) of Rule 19b–4 rules/sro.shtml); or Upon Written Request, Copies Available
thereunder.8 From: Securities and Exchange
A proposed rule change filed under • Send an email to rule-comments@ Commission, Office of FOIA Services,
Rule 19b–4(f)(6) 9 normally does not sec.gov. Please include File Number SR– 100 F Street NE, Washington, DC
become operative prior to 30 days after BX–2018–013 on the subject line. 20549–2736
the date of the filing. However, Rule
Paper Comments Extension:
19b–4(f)(6)(iii) 10 permits the
Rule 23c–1, SEC File No. 270–253, OMB
Commission to designate a shorter time • Send paper comments in triplicate Control No. 3235–0260
if such action is consistent with the to Secretary, Securities and Exchange
protection of investors and the public Commission, 100 F Street NE, Notice is hereby given that, pursuant
interest. The Exchange has requested Washington, DC 20549–1090. to the Paperwork Reduction Act of 1995
that the Commission to waive the 30- (44 U.S.C. 350l-3520), the Securities and
day operative delay so that the proposal All submissions should refer to File
Number SR–BX–2018–013. This file Exchange Commission (the
will become operative upon filing. The
number should be included on the ‘‘Commission’’) has submitted to the
Exchange stated that removing the
duplicative CAT Rules, as discussed subject line if email is used. To help the Office of Management and Budget a
above, will bring greater clarity to its Commission process and review your request for extension of the previously
rulebook and will eliminate any comments more efficiently, please use approved collection of information
potential confusion to the benefit of its only one method. The Commission will discussed below.
members and investors. Therefore, the post all comments on the Commission’s Rule 23c–1(a) under the Investment
Commission believes that waiver of the internet website (http://www.sec.gov/ Company Act (17 CFR 270.23c–1(a))
30-day operative delay is consistent rules/sro.shtml). Copies of the permits a closed-end fund to repurchase
with the protection of investors and the submission, all subsequent its securities for cash if, in addition to
public interest. Accordingly, the amendments, all written statements the other requirements set forth in the
Commission hereby waives the with respect to the proposed rule rule, the following conditions are met:
operative delay and designates the change that are filed with the (i) Payment of the purchase price is
proposed rule change as operative upon Commission, and all written accompanied or preceded by a written
filing.11 communications relating to the confirmation of the purchase (‘‘written
At any time within 60 days of the proposed rule change between the confirmation’’); (ii) the asset coverage
filing of the proposed rule change, the Commission and any person, other than per unit of the security to be purchased
Commission summarily may those that may be withheld from the is disclosed to the seller or his agent
temporarily suspend such rule change if public in accordance with the (‘‘asset coverage disclosure’’); and (iii) if
it appears to the Commission that such provisions of 5 U.S.C. 552, will be the security is a stock, the fund has,
action is: (i) Necessary or appropriate in
available for website viewing and within the preceding six months,
the public interest; (ii) for the protection
printing in the Commission’s Public informed stockholders of its intention to
of investors; or (iii) otherwise in
Reference Room, 100 F Street NE, purchase stock (‘‘six month notice’’).
furtherance of the purposes of the Act.
Washington, DC 20549, on official Commission staff estimates that 91
If the Commission takes such action, the
Commission shall institute proceedings business days between the hours of closed-end funds undertake a total of
to determine whether the proposed rule 10:00 a.m. and 3:00 p.m. Copies of the 364 repurchases annually under rule
should be approved or disapproved. filing also will be available for 23c–1.1 Staff estimates further that, with
inspection and copying at the principal respect to each repurchase, each fund
IV. Solicitation of Comments office of the Exchange. All comments spends 2.5 hours to comply with the
Interested persons are invited to received will be posted without change. rule’s written confirmation, asset
submit written data, views, and Persons submitting comments are coverage disclosure and six month
arguments concerning the foregoing, cautioned that we do not redact or edit notice requirements. Thus, Commission
including whether the proposed rule personal identifying information from staff estimates the total annual
change is consistent with the Act. comment submissions. You should respondent reporting burden is 910
submit only information that you wish
7 15 U.S.C. 78s(b)(3)(A)(iii). to make available publicly. All 1 The number of closed-end funds that undertake
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– submissions should refer to File repurchases annually under rule 23c–1 is based on
4(f)(6)(iii) requires the Exchange to give the Number SR–BX–2018–013 and should information provided in response to Item 9 of Form
Commission written notice of the Exchange’s intent N–CSR from January 1, 2017 through December 31,
to file the proposed rule change, along with a brief be submitted on or before May 14, 2018.
2017. Although 136 closed-end funds made
description and text of the proposed rule change, For the Commission, by the Division of disclosures regarding ‘‘publicly announced’’
at least five business days prior to the date of filing repurchase plans in response to Item 9, not all
of the proposed rule change, or such shorter time Trading and Markets, pursuant to delegated
repurchases are made pursuant to rule 23c–1. We
as designated by the Commission. The Exchange authority.12 estimate that approximately 30% of such closed-
amozie on DSK30RV082PROD with NOTICES

has satisfied this requirement. Eduardo A. Aleman, end funds have not made repurchases pursuant to
9 17 CFR 240.19b–4(f)(6).
rule 23c–1. Therefore, our estimate does not include
10 17 CFR 240.19b–4(f)(6)(iii). Assistant Secretary. all 136 funds that made disclosures of publicly
11 For purposes only of waiving the 30-day [FR Doc. 2018–08356 Filed 4–20–18; 8:45 am] announced repurchases under Item 9, but only a
operative delay, the Commission has also BILLING CODE 8011–01–P
subset thereof (91 funds). We also estimate that
considered the proposed rule’s impact on each of the 91 funds undertook an average of 4
efficiency, competition, and capital formation. See repurchases annually (91 funds × 4 repurchases =
15 U.S.C. 78c(f). 12 17 CFR 200.30–3(a)(12). 364 repurchases annually).

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Document Created: 2018-04-21 00:32:35
Document Modified: 2018-04-21 00:32:35
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		83 FR 17697