83 FR 3460 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 17 (January 25, 2018)

Page Range		3460-3461
FR Document		2018-01340
Federal Register, Volume 83 Issue 17 (Thursday, January 25, 2018)
[Federal Register Volume 83, Number 17 (Thursday, January 25, 2018)]
[Notices]
[Pages 3460-3461]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-01340]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-516, OMB Control No. 3235-0574]


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 3a-8.

    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 (``Commission'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    Rule 3a-8 (17 CFR 270.3a-8) of the Investment Company Act of 1940 
(15 U.S.C. 80a) (the ``Act''), serves as a nonexclusive safe harbor 
from investment company status for certain research and development 
companies (``R&D companies'').
    The rule requires that the board of directors of an R&D company 
seeking to rely on the safe harbor adopt an appropriate resolution 
evidencing that the company is primarily engaged in a non-investment 
business and record that resolution contemporaneously in its minute 
books or comparable documents.\1\ An R&D company seeking to rely on the 
safe harbor must retain these records only as long as such

[[Page 3461]]

records must be maintained in accordance with state law.
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    \1\ Rule 3a-8(a)(6) (17 CFR 270.3a-8(6)).
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    Rule 3a-8 contains an additional requirement that is also a 
collection of information within the meaning of the PRA. The board of 
directors of a company that relies on the safe harbor under rule 3a-8 
must adopt a written policy with respect to the company's capital 
preservation investments. We expect that the board of directors will 
base its decision to adopt the resolution discussed above, in part, on 
investment guidelines that the company will follow to ensure its 
investment portfolio is in compliance with the rule's requirements.
    The collection of information imposed by rule 3a-8 is voluntary 
because the rule is an exemptive safe harbor, and therefore, R&D 
companies may choose whether or not to rely on it. The purposes of the 
information collection requirements in rule 3a-8 are to ensure that: 
(i) The board of directors of an R&D company is involved in determining 
whether the company should be considered an investment company and 
subject to regulation under the Act, and (ii) adequate records are 
available for Commission review, if necessary. Rule 3a-8 would not 
require the reporting of any information or the filing of any documents 
with the Commission.
    Commission staff estimates that there is no annual recordkeeping 
burden associated with the rule's requirements. Nevertheless, the 
Commission requests authorization to maintain an inventory of one 
burden hour for administrative purposes.
    Commission staff estimates that approximately 65,139 R&D companies 
may take advantage of rule 3a-8.\2\ Given that the board resolutions 
and investment guidelines will generally need to be adopted only once 
(unless relevant circumstances change),\3\ the Commission believes that 
all the R&D companies that existed prior to the adoption of rule 3a-8 
adopted their board resolutions and established written investment 
guidelines in 2003 when the rule was adopted. We expect that R&D 
companies formed subsequent to the adoption of rule 3a-8 would adopt 
the board resolution and investment guidelines simultaneously with 
their formation documents in the ordinary course of business.\4\ 
Therefore, we estimate that rule 3a-8 does not impose additional 
burdens.
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    \2\ See National Science Foundation/Division of Science 
Resources Statistics, Business Research and Development and 
Innovation Survey: 2013 (results published August 2, 2016).
    \3\ In the event of changed circumstances, the Commission 
believes that the board resolution and investment guidelines will be 
amended and recorded in the ordinary course of business and would 
not create additional time burdens.
    \4\ In order for these companies to raise sufficient capital to 
fund their product development stage, Commission staff believes that 
they will need to present potential investors with investment 
guidelines. Investors generally want to be assured that the 
company's funds are invested consistent with the goals of capital 
preservation and liquidity.
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    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 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: January 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01340 Filed 1-24-18; 8:45 am]
 BILLING CODE 8011-01-P
3460 Federal Register / Vol. 83, No. 17 / Thursday, January 25, 2018 / Notices

person is not required to respond to, a place its assets in the custody of a collection at the following website,
collection of information unless it member of a national securities www.reginfo.gov. Comments should be
displays a currently valid OMB control exchange. Rule 17f–1 requires, among directed to: (i) Desk Officer for the
number. other things, that an independent public Securities and Exchange Commission,
The public may view the background accountant verify the fund’s assets at the Office of Information and Regulatory
documentation for this information end of every annual and semi-annual Affairs, Office of Management and
collection at the following website, fiscal period, and at least one other time Budget, Room 10102, New Executive
www.reginfo.gov. Comments should be during the fiscal year as chosen by the Office Building, Washington, DC 20503,
directed to: (i) Desk Officer for the independent accountant. Requiring an or by sending an email to: Shagufta_
Securities and Exchange Commission, independent accountant to examine the Ahmed@omb.eop.gov; and (ii) Pamela
Office of Information and Regulatory fund’s assets in the custody of a member Dyson, Director/Chief Information
Affairs, Office of Management and of a national securities exchange assists Officer, Securities and Exchange
Budget, Room 10102, New Executive Commission staff in its inspection Commission, c/o Remi Pavlik-Simon,
Office Building, Washington, DC 20503, program and helps to ensure that the 100 F Street NE, Washington, DC 20549
or by sending an email to: Shagufta_ fund assets are subject to proper or send an email to: PRA_Mailbox@
Ahmed@omb.eop.gov; and (ii) Pamela auditing procedures. The accountant’s sec.gov. Comments must be submitted to
Dyson, Director/Chief Information certificate stating that it has made an OMB within 30 days of this notice.
Officer, Securities and Exchange examination, and describing the nature Dated: January 19, 2018.
Commission, c/o Remi Pavlik-Simon, and the extent of the examination, must Eduardo A. Aleman,
100 F Street NE, Washington, DC 20549 be attached to Form N–17f–1 and filed
Assistant Secretary.
or send an email to: PRA_Mailbox@ with the Commission promptly after
sec.gov. Comments must be submitted to [FR Doc. 2018–01339 Filed 1–24–18; 8:45 am]
each examination. The form facilitates
OMB within 30 days of this notice. the filing of the accountant’s certificates, BILLING CODE 8011–01–P

Dated: January 19, 2018. and increases the accessibility of the
Eduardo A. Aleman, certificates to both Commission staff
and interested investors. SECURITIES AND EXCHANGE
Assistant Secretary. COMMISSION
Commission staff estimates that it
[FR Doc. 2018–01337 Filed 1–24–18; 8:45 am]
takes: (i) 1 Hour of clerical time to [SEC File No. 270–516, OMB Control No.
BILLING CODE 8011–01–P prepare and file Form N–17f–1; and (ii) 3235–0574]
0.5 hour for the fund’s chief compliance
officer to review Form N–17f–1 prior to Submission for OMB Review;
SECURITIES AND EXCHANGE filing with the Commission, for a total Comment Request
COMMISSION of 1.5 hours. Each fund is required to Upon Written Request, Copies Available
[SEC File No. 270–316, OMB Control No. make 3 filings annually, for a total From: Securities and Exchange
3235–0359] annual burden per fund of Commission, Office of FOIA Services,
approximately 4.5 hours.1 Commission 100 F Street NE, Washington, DC
Submission for OMB Review; staff estimates that an average of 6 funds
Comment Request 20549–2736.
currently file Form N–17f–1 with the
Commission 3 times each year, for a Extension:
Upon Written Request, Copies Available Rule 3a–8.
From: Securities and Exchange total of 18 responses annually.2 The
Commission, Office of FOIA Services, total annual hour burden for Form N– Notice is hereby given that pursuant
100 F Street NE, Washington, DC 17f–1 is therefore estimated to be to the Paperwork Reduction Act of 1995
20549–2736. approximately 27 hours.3 (44 U.S.C. 3501 et seq.), the Securities
The estimate of average burden hours and Exchange Commission
Extension: (‘‘Commission’’) has submitted to the
Form N–17f–1.
is made solely for the purposes of the
Paperwork Reduction Act, and is not Office of Management and Budget a
Notice is hereby given that pursuant derived from a comprehensive or even request for extension of the previously
to the Paperwork Reduction Act of 1995 a representative survey or study of the approved collection of information
(44 U.S.C. 3501 et seq.), the Securities costs of Commission rules. Compliance discussed below.
and Exchange Commission (the with the collections of information Rule 3a–8 (17 CFR 270.3a–8) of the
‘‘Commission’’) has submitted to the required by Form N–17f–1 is mandatory Investment Company Act of 1940 (15
Office of Management and Budget a for funds that place their assets in the U.S.C. 80a) (the ‘‘Act’’), serves as a
request for extension of the previously custody of a national securities nonexclusive safe harbor from
approved collection of information exchange member. Responses will not investment company status for certain
discussed below. be kept confidential. An agency may not research and development companies
Form N–17f–1 (17 CFR 274.219) is conduct or sponsor, and a person is not (‘‘R&D companies’’).
entitled ‘‘Certificate of Accounting of required to respond to a collection of The rule requires that the board of
Securities and Similar Investments of a information unless it displays a directors of an R&D company seeking to
Management Investment Company in currently valid control number. rely on the safe harbor adopt an
the Custody of Members of National The public may view the background appropriate resolution evidencing that
Securities Exchanges.’’ The form serves documentation for this information the company is primarily engaged in a
as a cover sheet to the accountant’s
sradovich on DSK3GMQ082PROD with NOTICES

non-investment business and record
certificate that is required to be filed 1 This estimate is based on the following that resolution contemporaneously in its
periodically with the Commission calculation: (1.5 hours × 3 responses annually = 4.5 minute books or comparable
pursuant to rule 17f–1 (17 CFR 270.17f– hours). documents.1 An R&D company seeking
2 This estimate is based on a review of Form N–
1) under the Act, entitled ‘‘Custody of to rely on the safe harbor must retain
17f–1 filings made with the Commission over the
Securities with Members of National last three years. these records only as long as such
Securities Exchanges,’’ which sets forth 3 This estimate is based on the following

the conditions under which a fund may calculations: (4.5 hours × 6 funds = 27 total hours). 1 Rule 3a–8(a)(6) (17 CFR 270.3a–8(6)).

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Federal Register / Vol. 83, No. 17 / Thursday, January 25, 2018 / Notices 3461

records must be maintained in ordinary course of business.4 Therefore, Directors (the Board) will continue its
accordance with state law. we estimate that rule 3a–8 does not work in developing and implementing
Rule 3a–8 contains an additional impose additional burdens. the Unified Carrier Registration Plan
requirement that is also a collection of An agency may not conduct or and Agreement and to that end, may
information within the meaning of the sponsor, and a person is not required to consider matters properly before the
PRA. The board of directors of a respond to a collection of information Board. An agenda for this meeting is
company that relies on the safe harbor unless it displays a currently valid available at: https://ucrplan.org.
under rule 3a–8 must adopt a written control number. FOR FURTHER INFORMATION CONTACT: Mr.
policy with respect to the company’s The public may view the background Avelino Gutierrez, Chair, Unified
capital preservation investments. We documentation for this information Carrier Registration Board of Directors at
expect that the board of directors will collection at the following website, (505) 827–4565.
base its decision to adopt the resolution www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the Issued on: January 22, 2018.
discussed above, in part, on investment
Securities and Exchange Commission, Larry W. Minor,
guidelines that the company will follow
to ensure its investment portfolio is in Office of Information and Regulatory Associate Administrator, Office of Policy,
Affairs, Office of Management and Federal Motor Carrier Safety Administration.
compliance with the rule’s
requirements. Budget, Room 10102, New Executive [FR Doc. 2018–01454 Filed 1–23–18; 4:15 pm]
The collection of information Office Building, Washington, DC 20503, BILLING CODE 4910–EX–P
imposed by rule 3a–8 is voluntary or by sending an email to: Shagufta_
because the rule is an exemptive safe Ahmed@omb.eop.gov; and (ii) Pamela
harbor, and therefore, R&D companies Dyson, Director/Chief Information DEPARTMENT OF TRANSPORTATION
may choose whether or not to rely on it. Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon, Pipeline and Hazardous Materials
The purposes of the information
100 F Street NE, Washington, DC 20549 Safety Administration
collection requirements in rule 3a–8 are
to ensure that: (i) The board of directors or send an email to: PRA_Mailbox@ [Docket No. PHMSA–2017–0082]
of an R&D company is involved in sec.gov. Comments must be submitted to
determining whether the company OMB within 30 days of this notice. Pipeline Safety: Information Collection
should be considered an investment Dated: January 19, 2018. Activities
company and subject to regulation Eduardo A. Aleman, AGENCY: Pipeline and Hazardous
under the Act, and (ii) adequate records Assistant Secretary. Materials Safety Administration
are available for Commission review, if [FR Doc. 2018–01340 Filed 1–24–18; 8:45 am] (PHMSA), DOT.
necessary. Rule 3a–8 would not require BILLING CODE 8011–01–P ACTION: Notice and request for
the reporting of any information or the comments.
filing of any documents with the
Commission. DEPARTMENT OF TRANSPORTATION SUMMARY: On October 18, 2017, in
Commission staff estimates that there accordance with the Paperwork
is no annual recordkeeping burden Federal Motor Carrier Safety Reduction Act of 1995, the Pipeline and
associated with the rule’s requirements. Administration Hazardous Materials Safety
Nevertheless, the Commission requests Administration (PHMSA) published a
authorization to maintain an inventory Sunshine Act Meetings; Unified Carrier notice in the Federal Register to invite
of one burden hour for administrative Registration Plan Board of Directors comments on an information collection
purposes. under Office of Management and Budget
Commission staff estimates that AGENCY: Federal Motor Carrier Safety
(OMB) Control No. 2137–0629 to revise
approximately 65,139 R&D companies Administration (FMCSA), DOT.
Form PHMSA F 7100.1–1 Annual
may take advantage of rule 3a–8.2 Given ACTION: Notice of Unified Carrier
Report—Gas Distribution System, and
that the board resolutions and Registration Plan Board of Directors the instructions associated with this
investment guidelines will generally Meeting. Form.
need to be adopted only once (unless During the 60-day comment period,
TIME AND DATE: The meeting will be held
relevant circumstances change),3 the PHMSA received five comments in
on January 30, 2018, from 1:00 p.m. to
Commission believes that all the R&D response to this information collection
5:00 p.m., Central Standard Time.
companies that existed prior to the from the stakeholders. PHMSA is
PLACE: The meeting will be open to the
adoption of rule 3a–8 adopted their publishing this notice to respond to the
board resolutions and established public at the; Royal Sonesta New comments received and to announce
written investment guidelines in 2003 Orleans, 300 Bourbon Street, New
that the information collection will be
when the rule was adopted. We expect Orleans, LA 70130, and via conference
submitted to OMB for approval.
that R&D companies formed subsequent call. Those not attending the meeting in
DATES: Comments must be submitted on
to the adoption of rule 3a–8 would person may call toll-free; 1–877–422–
1931, passcode 2855443940, to listen or before February 26, 2018.
adopt the board resolution and ADDRESSES: Send comments regarding
investment guidelines simultaneously and participate in the meeting.
STATUS: Open to the public. the burden estimate, including
with their formation documents in the suggestions for reducing the burden, to
MATTERS TO BE CONSIDERED: The Unified
OMB, Attention: Desk Officer for the
sradovich on DSK3GMQ082PROD with NOTICES

2 See National Science Foundation/Division of Carrier Registration Plan Board of
Science Resources Statistics, Business Research and
Office of the Secretary of
Development and Innovation Survey: 2013 (results 4 In order for these companies to raise sufficient Transportation, 725 17th Street NW,
published August 2, 2016). capital to fund their product development stage, Washington, DC 20503. You may also
3 In the event of changed circumstances, the Commission staff believes that they will need to send comments by email to OIRA-
Commission believes that the board resolution and present potential investors with investment submission@omb.eop.gov.
investment guidelines will be amended and guidelines. Investors generally want to be assured
recorded in the ordinary course of business and that the company’s funds are invested consistent FOR FURTHER INFORMATION CONTACT:
would not create additional time burdens. with the goals of capital preservation and liquidity. Angela Dow by telephone at 202–366–

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Document Created: 2018-01-25 08:50:38
Document Modified: 2018-01-25 08:50:38
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 3460