83 FR 6057 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 29 (February 12, 2018)

Page Range		6057-6057
FR Document		2018-02795
Federal Register, Volume 83 Issue 29 (Monday, February 12, 2018)
[Federal Register Volume 83, Number 29 (Monday, February 12, 2018)]
[Notices]
[Page 6057]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-02795]


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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:
    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'') 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.
    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 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.
    Written comments are invited on: (a) Whether the collection of 
information is 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 burden of 
the collection of information; (c) ways to enhance the quality, 
utility, and clarity of the information collected; and (d) ways to 
minimize the burden of the collection 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: PRA_Mailbox@sec.gov.

    Dated: February 7, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-02795 Filed 2-9-18; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 29 / Monday, February 12, 2018 / Notices 6057

should be submitted on or before March respect to each repurchase, each fund respondents, including through the use
5, 2018. spends 2.5 hours to comply with the of automated collection techniques or
For the Commission, by the Division of rule’s written confirmation, asset other forms of information technology.
Trading and Markets, pursuant to delegated coverage disclosure and six month Consideration will be given to
authority.14 notice requirements. Thus, Commission comments and suggestions submitted in
Eduardo A. Aleman, staff estimates the total annual writing within 60 days of this
Assistant Secretary. respondent reporting burden is 910 publication.
[FR Doc. 2018–02721 Filed 2–9–18; 8:45 am]
hours.2 Commission staff further Please direct your written comments
estimates that the cost of the hourly to Pamela Dyson, Director/Chief
BILLING CODE 8011–01–P
burden per repurchase is $305 (one half Information Officer, Securities and
hour of a compliance attorney’s time at Exchange Commission, C/O Remi
SECURITIES AND EXCHANGE $345 per hour,3 and two hours of Pavlik-Simon, 100 F Street NE,
COMMISSION clerical time at $66 per hour 4). The total Washington, DC 20549; or send an email
annual cost for all funds is estimated to to: PRA_Mailbox@sec.gov.
Proposed Collection; Comment be $111,020.5 Dated: February 7, 2018.
Request In addition, the fund must file with Eduardo A. Aleman,
the Commission a copy of any written
Upon Written Request, Copies Available Assistant Secretary.
solicitation to purchase securities given
From: Securities and Exchange by or on behalf of the fund to 10 or more [FR Doc. 2018–02795 Filed 2–9–18; 8:45 am]
Commission, Office of FOIA Services, persons. The copy must be filed as an BILLING CODE 8011–01–P
100 F Street NE, Washington, DC exhibit to Form N–CSR (17 CFR
20549–2736. 249.331and 274.128).6 The burden
SECURITIES AND EXCHANGE
Extension: associated with filing Form N–CSR is
Rule 23c–1, SEC File No. 270–253, OMB COMMISSION
addressed in the submission related to
Control No. 3235–0260. that form. [Release No. 34–82635; File No. SR–
Notice is hereby given that, pursuant The estimate of average burden hours NYSENAT–2018–03]
to the Paperwork Reduction Act of 1995 is made solely for the purposes of the
(44 U.S.C. 350l–3520), the Securities Paperwork Reduction Act, and is not Self-Regulatory Organizations; NYSE
and Exchange Commission (the derived from a comprehensive or even National, Inc.; Notice of Filing and
‘‘Commission’’) is soliciting comments a representative survey or study of the Immediate Effectiveness of Proposed
on the collection of information costs of Commission rules and forms. Change To Amend Certain of the
summarized below. The Commission Written comments are invited on: (a) Governing Documents of Its
plans to submit this existing collection Whether the collection of information is Intermediate Parent Companies
of information to the Office of necessary for the proper performance of February 6, 2018.
Management and Budget for extension the functions of the Commission, Pursuant to Section 19(b)(1) 1 of the
and approval. including whether the information has Securities Exchange Act of 1934 (the
Rule 23c–1(a) under the Investment practical utility; (b) the accuracy of the ‘‘Act’’),2 and Rule 19b–4 thereunder,3
Company Act (17 CFR 270.23c–1(a)) Commission’s estimate of the burden of notice is hereby given that, on January
permits a closed-end fund to repurchase the collection of information; (c) ways to 29, 2018, NYSE National, Inc. (the
its securities for cash if, in addition to enhance the quality, utility, and clarity ‘‘Exchange’’ or ‘‘NYSE National’’) filed
the other requirements set forth in the of the information collected; and (d) with the Securities and Exchange
rule, the following conditions are met: ways to minimize the burden of the Commission (the ‘‘Commission’’) the
(i) Payment of the purchase price is collection of information on proposed rule change as described in
accompanied or preceded by a written Items I, II, and III below, which Items
confirmation of the purchase (‘‘written announced repurchases under Item 9, but only a have been prepared by the self-
confirmation’’); (ii) the asset coverage subset thereof (91 funds). We also estimate that
each of the 91 funds undertook an average of 4 regulatory organization. The
per unit of the security to be purchased repurchases annually (91 funds × 4 repurchases = Commission is publishing this notice to
is disclosed to the seller or his agent 364 repurchases annually). solicit comments on the proposed rule
(‘‘asset coverage disclosure’’); and (iii) if 2 This estimate is based on the following
change from interested persons.
the security is a stock, the fund has, calculation: 364 repurchases × 2.5 hours per
within the preceding six months, repurchase = 910 hours. I. Self-Regulatory Organization’s
informed stockholders of its intention to
3 The $345/hour figure for a compliance attorney
Statement of the Terms of Substance of
is from SIFMA’s Management & Professional the Proposed Rule Change
purchase stock (‘‘six month notice’’). Earnings in the Securities Industry 2013, modified
Commission staff estimates that 91 by Commission staff to account for an 1800-hour The Exchange proposes to amend
closed-end funds undertake a total of work-year and multiplied by 5.35 to account for certain of the governing documents of
bonuses, firm size, employee benefits and overhead
364 repurchases annually under rule (includes a CPI inflation adjustment from the 2013
its intermediate parent companies
23c–1.1 Staff estimates further that, with estimate). Intercontinental Exchange Holdings,
4 The $66/hour figure for a compliance clerk is Inc. (‘‘ICE Holdings’’), NYSE Holdings
14 17 CFR 200.30–3(a)(12). from SIFMA’s Office Salaries in the Securities LLC (‘‘NYSE Holdings’’) and NYSE
1 The number of closed-end funds that undertake Industry 2013, modified by Commission staff to Group, Inc. (‘‘NYSE Group’’) to make a
repurchases annually under rule 23c–1 is based on account for an 1800-hour work-year and multiplied
by 2.93 to account for bonuses, firm size, employee technical change updating the registered
information provided in response to Item 9 of Form
office and registered agent in the state
daltland on DSKBBV9HB2PROD with NOTICES

N–CSR from January 1, 2017 through December 31, benefits and overhead (includes a CPI inflation
2017. Although 136 closed-end funds made adjustment from the 2013 estimate). of Delaware. The proposed change is
5 This estimate is based on the following
disclosures regarding ‘‘publicly announced’’ available on the Exchange’s website at
repurchase plans in response to Item 9, not all calculation: 364 repurchases × $305 per repurchase
= $111,020.
www.nyse.com, at the principal office of
repurchases are made pursuant to rule 23c–1. We
estimate that approximately 30% of such closed- 6 In addition, Item 9 of Form N–CSR requires
1 15 U.S.C. 78s(b)(1).
end funds have not made repurchases pursuant to closed-end funds to disclose information similar to
2 15 U.S.C. 78a.
rule 23c–1. Therefore, our estimate does not include the information that was required in Form N–23C–
all 136 funds that made disclosures of publicly 1, which was discontinued in 2004. 3 17 CFR 240.19b–4.

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Document Created: 2018-11-01 08:42:41
Document Modified: 2018-11-01 08:42:41
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 6057