83 FR 34192 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 139 (July 19, 2018)

Page Range		34192-34192
FR Document		2018-15382
Federal Register, Volume 83 Issue 139 (Thursday, July 19, 2018)
[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Page 34192]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15382]


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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 6c-7; SEC File No. 270-269, OMB Control No. 3235-0276.

    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'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Rule 6c-7 (17 CFR 270.6c-7) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) (``1940 Act'') provides exemption from 
certain provisions of Sections 22(e) and 27 of the 1940 Act for 
registered separate accounts offering variable annuity contracts to 
certain employees of Texas institutions of higher education 
participating in the Texas Optional Retirement Program. There are 
approximately 50 registrants governed by Rule 6c-7. The burden of 
compliance with Rule 6c-7, in connection with the registrants obtaining 
from a purchaser, prior to or at the time of purchase, a signed 
document acknowledging the restrictions on redeem ability imposed by 
Texas law, is estimated to be approximately 3 minutes per response for 
each of approximately 2300 purchasers annually (at an estimated $66 per 
hour),\1\ for a total annual burden of 115 hours (at a total annual 
cost of $7,590).
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    \1\ $66/hour figure for a Compliance Clerk is based on the 
Commission's estimates concerning the allocation of burden hours and 
the relevant wage rates from the Commission's consultations with 
industry representatives and on salary information for the 
securities industry compiled by the Securities Industry and 
Financial Markets Association's Office Salaries in the Securities 
Industry 2013. The estimated wage figures are 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, overhead, and 
adjusted to account for the effects of inflation. See Securities 
Industry and Financial Markets Association, Report on Management & 
Professional Earnings in the Securities Industry 2013.
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    Rule 6c-7 requires that the separate account's registration 
statement under the Securities Act of 1933 (15 U.S.C. 77a et seq.) 
include a representation that Rule 6c-7 is being relied upon and is 
being complied with. This requirement enhances the Commission's ability 
to monitor utilization of and compliance with the rule. There are no 
recordkeeping requirements with respect to Rule 6c-7.
    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 or forms. The Commission does not include in the 
estimate of average burden hours the time preparing registration 
statements and sales literature disclosure regarding the restrictions 
on redeem ability imposed by Texas law. The estimate of burden hours 
for completing the relevant registration statements are reported on the 
separate PRA submissions for those statements. (See the separate PRA 
submissions for Form N-3 (17 CFR 274.11b) and Form N-4 (17 CFR 
274.11c).
    Complying with the collection of information requirements of the 
rules is necessary to obtain a benefit. 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: 
[email protected]; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Candace 
Kenner, 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: July 13, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15382 Filed 7-18-18; 8:45 am]
 BILLING CODE 8011-01-P
34192 Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices

Notice is hereby given that pursuant sec.gov. Comments must be submitted to of 115 hours (at a total annual cost of
to the Paperwork Reduction Act of 1995 OMB within 30 days of this notice. $7,590).
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Dated: July 13, 2018. Rule 6c–7 requires that the separate
Securities and Exchange Commission Eduardo A. Aleman, account’s registration statement under
(‘‘Commission’’) has submitted to the the Securities Act of 1933 (15 U.S.C. 77a
Assistant Secretary.
Office of Management and Budget et seq.) include a representation that
[FR Doc. 2018–15375 Filed 7–18–18; 8:45 am]
(‘‘OMB’’) a request for approval of Rule 6c–7 is being relied upon and is
extension of the previously approved BILLING CODE 8011–01–P
being complied with. This requirement
collection of information provided for in enhances the Commission’s ability to
Rule 17a–5(c), (17 CFR 240.17a–5(c)), monitor utilization of and compliance
under the Securities Exchange Act of SECURITIES AND EXCHANGE
COMMISSION with the rule. There are no
1934 (15 U.S.C. 78a et seq.). recordkeeping requirements with
Rule 17a–5(c) generally requires respect to Rule 6c–7.
Submission for OMB Review;
broker-dealers who carry customer
Comment Request The estimate of average burden hours
accounts to provide statements of the
is made solely for the purposes of the
broker-dealer’s financial condition to Upon Written Request, Copies Available
Paperwork Reduction Act, and is not
their customers. Paragraph (c)(5) of Rule From: Securities and Exchange
derived from a comprehensive or even
17a–5 provides a conditional exemption Commission, Office of FOIA Services,
a representative survey or study of the
from this requirement. A broker-dealer 100 F Street NE, Washington, DC
that elects to take advantage of the costs of Commission rules or forms. The
20549–2736.
exemption must publish its statements Commission does not include in the
Extension: estimate of average burden hours the
on its website in a prescribed manner, Rule 6c–7; SEC File No. 270–269, OMB
and must maintain a toll-free number time preparing registration statements
Control No. 3235–0276.
that customers can call to request a copy and sales literature disclosure regarding
Notice is hereby given that, pursuant the restrictions on redeem ability
of the statements.
The purpose of the Rule is to ensure to the Paperwork Reduction Act of 1995 imposed by Texas law. The estimate of
that customers of broker-dealers are (44 U.S.C. 3501 et seq.), the Securities burden hours for completing the
provided with information concerning and Exchange Commission (the relevant registration statements are
the financial condition of the firm that ‘‘Commission’’) has submitted to the reported on the separate PRA
may be holding the customers’ cash and Office of Management and Budget a submissions for those statements. (See
securities. The Commission, when request for extension of the previously the separate PRA submissions for Form
adopting the Rule in 1972, stated that approved collection of information N–3 (17 CFR 274.11b) and Form N–4 (17
the goal was to ‘‘directly’’ send a discussed below. CFR 274.11c).
customer essential information so that Rule 6c–7 (17 CFR 270.6c–7) under Complying with the collection of
the customer could ‘‘judge whether his the Investment Company Act of 1940 information requirements of the rules is
broker or dealer is financially sound.’’ (15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’) necessary to obtain a benefit. An agency
The Commission adopted the Rule in provides exemption from certain may not conduct or sponsor, and a
response to the failure of several broker- provisions of Sections 22(e) and 27 of person is not required to respond to, a
dealers holding customer funds and the 1940 Act for registered separate collection of information unless it
securities in the period between 1968 accounts offering variable annuity displays a currently valid control
and 1971. contracts to certain employees of Texas number.
The Commission estimates that institutions of higher education
The public may view the background
approximately 162 broker-dealer participating in the Texas Optional
documentation for this information
respondents carrying approximately 132 Retirement Program. There are
collection at the following website,
million public customer accounts incur approximately 50 registrants governed
www.reginfo.gov. Comments should be
a burden of approximately 161,037 by Rule 6c–7. The burden of compliance
directed to: (i) Desk Officer for the
hours per year to comply with the Rule. with Rule 6c–7, in connection with the
Securities and Exchange Commission,
An agency may not conduct or registrants obtaining from a purchaser,
Office of Information and Regulatory
sponsor, and a person is not required to prior to or at the time of purchase, a
Affairs, Office of Management and
respond to, a collection of information signed document acknowledging the
Budget, Room 10102, New Executive
under the PRA unless it displays a restrictions on redeem ability imposed
Office Building, Washington, DC 20503,
currently valid OMB control number. by Texas law, is estimated to be
or by sending an email to: Shagufta_
The public may view background approximately 3 minutes per response
Ahmed@omb.eop.gov; and (ii) Pamela
documentation for this information for each of approximately 2300
Dyson, Director/Chief Information
collection at the following website: purchasers annually (at an estimated
Officer, Securities and Exchange
www.reginfo.gov. Comments should be $66 per hour),1 for a total annual burden
Commission, c/o Candace Kenner, 100 F
directed to: (i) Desk Officer for the Street NE, Washington, DC 20549 or
1 $66/hour figure for a Compliance Clerk is based
Securities and Exchange Commission, send an email to: PRA_Mailbox@
on the Commission’s estimates concerning the
Office of Information and Regulatory allocation of burden hours and the relevant wage sec.gov. Comments must be submitted to
Affairs, Office of Management and rates from the Commission’s consultations with OMB within 30 days of this notice.
Budget, Room 10102, New Executive industry representatives and on salary information
Office Building, Washington, DC 20503, for the securities industry compiled by the Dated: July 13, 2018.
sradovich on DSK3GMQ082PROD with NOTICES

Securities Industry and Financial Markets Eduardo A. Aleman,
or by sending an email to: Shagufta_ Association’s Office Salaries in the Securities
Ahmed@omb.eop.gov; and (ii) Pamela Industry 2013. The estimated wage figures are Assistant Secretary.
Dyson, Director/Chief Information modified by Commission staff to account for an [FR Doc. 2018–15382 Filed 7–18–18; 8:45 am]
Officer, Securities and Exchange 1800-hour work-year and multiplied by 2.93 to BILLING CODE 8011–01–P
account for bonuses, firm size, employee benefits,
Commission, c/o Candace Kenner, 100 F overhead, and adjusted to account for the effects of
Street NE, Washington, DC 20549, or by inflation. See Securities Industry and Financial Professional Earnings in the Securities Industry
sending an email to: PRA_Mailbox@ Markets Association, Report on Management & 2013.

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Document Created: 2018-07-19 01:34:45
Document Modified: 2018-07-19 01:34:45
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 34192