60 day notice

daltland on DSKBBV9HB2PROD with NOTICES

Federal Register / Vol. 83, No. 178 / Thursday, September 13, 2018 / Notices
154 for the householding of
prospectuses relating to open-end
management investment companies that
are registered under the Investment
Company Act of 1940 (‘‘mutual funds’’)
must explain to investors who have
provided written or implied consent
how they can revoke their consent.3
Preparing and sending the notice and
the annual explanation of the right to
revoke are collections of information.
The rule allows issuers, underwriters,
or dealers to household prospectuses if
certain conditions are met. Among the
conditions with which a person relying
on the rule must comply are providing
notice to each investor that only one
prospectus will be sent to the household
and, in the case of issuers that are
mutual funds, providing to each
investor who consents to householding
an annual explanation of the right to
revoke consent to the delivery of a
single prospectus to multiple investors
sharing an address. The purpose of the
notice and annual explanation
requirements of the rule is to ensure that
investors who wish to receive
individual copies of prospectuses are
able to do so.
Although rule 154 is not limited to
mutual funds, the Commission believes
that it is used mainly by mutual funds
and by broker-dealers that deliver
prospectuses for mutual funds. The
Commission is unable to estimate the
number of issuers other than mutual
funds that rely on the rule.
The Commission estimates that, as of
August 2018, there are approximately
1,590 mutual funds, approximately 400
of which engage in direct marketing and
therefore deliver their own
prospectuses. Of the approximately 400
mutual funds that engage in direct
marketing, the Commission estimates
that approximately half of these mutual
funds (200) (i) do not send the implied
consent notice requirement because
they obtain affirmative written consent
to household prospectuses in the fund’s
account opening documentation; or (ii)
do not take advantage of the
householding provision because of
electronic delivery options which lessen
the economic and operational benefits
of rule 154 when compared with the
costs of compliance.
The Commission estimates that there
are approximately 175 broker-dealers
that carry customer accounts for the
remaining mutual funds and therefore
may be required to deliver mutual fund
prospectuses. The Commission
estimates that each affected brokerdealer will spend, on average, 20 hours
complying with the notice requirement
3 See

Rule 154(c).

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of the rule, for a total of 3,500 hours.
Therefore, the total number of
respondents for rule 154 is 475 (300 4
mutual funds plus 175 broker-dealers),
and the estimated total hour burden is
approximately 7,975 hours (4,300 hours
for mutual funds plus 3,675 hours for
broker-dealers).
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 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 burden of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden 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 Candace
Kenner, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: September 7, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–19881 Filed 9–12–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–335, OMB Control No.
3235–0381]

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

4 The Commission estimates that 200 mutual
funds prepare both the implied consent notice and
the annual explanation of the right to revoke
consent + 100 mutual funds that prepare only the
annual explanation of the right to revoke.

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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 this
request for extension of the previously
approved collection of information
discussed below.
Form 40–F (17 CFR 249.240f) is used
by certain Canadian issuers to register a
class of securities pursuant to Section
12(b) or (g) of the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) (15 U.S.C.
78l) or as an annual report pursuant to
Section 13(a) or 15(d) of the Exchange
Act (15 U.S.C. 78m(a) or 78o(d)). The
information required in the Form 40–F
is used by investors in making
investment decisions with respect to the
securities of such Canadian companies.
We estimate that Form 40–F takes
approximately 429.93 hours per
response and is filed by approximately
132 respondents. We estimate that 25%
of the 429.93 hours per response (107.48
hours) is prepared by the issuer for a
total reporting burden of 14,187 (107.48
hours per response × 132 responses).
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:
Lindsay.M.Abate@omb.eop.gov; 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: PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: September 7, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–19879 Filed 9–12–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

Extension:
Form 40–F

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Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange

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Federal Register / Vol. 83, No. 178 / Thursday, September 13, 2018 / Notices

Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736

daltland on DSKBBV9HB2PROD with NOTICES

Extension:
Rule 17Ad–13, SEC File No. 270–263;
OMB Control No. 3235–0275

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.) the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
provided for in Rule 17Ad–13 (17 CFR
240.17Ad–13). The Commission plans
to submit this existing collection of
information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 17Ad–13 (17 CFR 240.17Ad–13)
requires an annual study and evaluation
of internal accounting controls under
the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.). It requires
approximately 100 registered transfer
agents to obtain an annual report on the
adequacy of their internal accounting
controls from an independent
accountant. In addition, transfer agents
must maintain copies of any reports
prepared pursuant to Rule 17Ad–13
plus any documents prepared to notify
the Commission and appropriate
regulatory agencies in the event that the
transfer agent is required to take any
corrective action. These recordkeeping
requirements assist the Commission and
other regulatory agencies with
monitoring transfer agents and ensuring
compliance with the rule. Small transfer
agents are exempt from Rule 17Ad–13
as are transfer agents that service only
their own companies’ securities.
Approximately 100 independent,
professional transfer agents must file the
independent accountant’s report
annually. We estimate that the annual
internal time burden for each transfer
agent to comply with Rule 17Ad–13 by
submitting the report prepared by the
independent accountant to the
Commission is minimal. The time
required for the independent accountant
to prepare the accountant’s report varies
with each transfer agent depending on
the size and nature of the transfer
agent’s operations. The Commission
estimates that, on average, each report
can be completed by the independent
accountant in 120 hours, resulting in a
total of 12,000 external hours annually
(120 hours × 100 reports). The burden
was estimated using Commission review
of filed Rule 17Ad–13 reports and
Commission conversations with transfer
agents and accountants. The
Commission estimates that, on average,
120 hours are needed to perform the
study, prepare the report, and retain the

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required records on an annual basis.
Assuming an average hourly rate of an
independent accountant of $60, the
average total annual cost of the report is
$7,200. The total annual cost for the
approximate 100 respondents is
approximately $720,000.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the
performance of the functions of the
agency, including whether the
information will have any practical
utility; (b) the accuracy of the agency’s
estimate of the burden imposed by 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.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to: 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: PRA_
Mailbox@sec.gov.
Dated: September 7, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–19880 Filed 9–12–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–586, OMB Control No.
3235–0647]

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 204

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
provided for in Rule 204 (17 CFR

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242.204) under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 204(a) provides that a participant
of a registered clearing agency must
deliver securities to a registered clearing
agency for clearance and settlement on
a long or short sale in any equity
security by settlement date, or if a
participant of a registered clearing
agency has a fail to deliver position at
a registered clearing agency in any
equity security for a long or short sale
transaction in the equity security, the
participant shall, by no later than the
beginning of regular trading hours on
the applicable close-out date,
immediately close out its fail to deliver
positions by borrowing or purchasing
securities of like kind and quantity. For
a short sale transaction, the participant
must close out a fail to deliver by no
later than the beginning of regular
trading hours on the settlement day
following the settlement date. If a
participant has a fail to deliver that the
participant can demonstrate on its books
and records resulted from a long sale, or
that is attributable to bona-fide market
making activities, the participant must
close out the fail to deliver by no later
than the beginning of regular trading
hours on the third consecutive
settlement day following the settlement
date. Rule 204 is intended to help
further the Commission’s goal of
reducing fails to deliver by maintaining
the reductions in fails to deliver
achieved by the adoption of temporary
Rule 204T, as well as other actions
taken by the Commission. In addition,
Rule 204 is intended to help further the
Commission’s goal of addressing
potentially abusive ‘‘naked’’ short
selling in all equity securities.
The information collected under Rule
204 will continue to be retained and/or
provided to other entities pursuant to
the specific rule provisions and will be
available to the Commission and selfregulatory organization (‘‘SRO’’)
examiners upon request. The
information collected will continue to
aid the Commission and SROs in
monitoring compliance with these
requirements. In addition, the
information collected will aid those
subject to Rule 204 in complying with
its requirements. These collections of
information are mandatory.
Several provisions under Rule 204
will impose a ‘‘collection of
information’’ within the meaning of the
Paperwork Reduction Act.
I. Allocation Notification
Requirement: As of December 31, 2017,

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