60 Day Notice

lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 89, No. 121 / Monday, June 24, 2024 / Notices
spend approximately 373 hours 5 at an
internal cost of $97,595 documenting
these transactions.6
The funds also must maintain and
preserve these transactional records in
accordance with the rule’s
recordkeeping requirement, and the staff
estimates that it takes a fund
approximately 20 minutes per
transaction at a time cost of $28 per
transaction to comply with this part of
the rule.7 The staff estimates that
annually, in the aggregate, funds spend
approximately 248 hours 8 at a cost of
$20,832 to comply with this aspect of
Rule 10f–3’s recordkeeping
requirements.9
In addition, fund boards must, no less
than quarterly, examine each of these
transactions to ensure that they comply
with the fund’s policies and procedures.
The information or materials upon
which the board relied in making its
determination also must be maintained.
The staff estimates that it takes a fund
1 hour per quarter at a cost of $262 per
quarter to comply with the maintenance
requirement of the rule.10 Thus
annually, in the aggregate, funds spend
approximately 2,980 hours 11 annually
at a total internal cost of $780,760 to
comply with this recordkeeping
requirement.12
The staff further estimates that
reviewing and revising as needed
written procedures for Rule 10f–3
transactions takes, on average for each
fund, two hours of a compliance
attorney’s time at a cost of
approximately $880 13 per year.14 Thus,
annually, in the aggregate, the staff
estimates that funds spend a total of

approximately 1,490 hours 15 at a cost of
approximately $655,600 16 on
monitoring and revising Rule 10f–3
procedures.
Based on an analysis of Form N–CEN
filings, the staff estimates that
approximately 589 new funds enter into
sub-advisory agreements each year.17
Based on discussions with industry
representatives, the staff estimates that
it will require approximately 0.75
attorney hours to draft and execute
additional clauses in new subadvisory
contracts in order for funds and
subadvisers to be able to rely on the
exemptions in Rule 10f–3.18 Assuming
that all 589 new funds that enter into
new subadvisory contracts each year
make the modification to their
subadvisory contracts required by the
rule, we estimate that Rule 10f–3’s
subadvisory contract requirement will
require a total of 442 burden hours
annually for new funds, with an
associated aggregate internal cost of
approximately $221,200.19
The staff estimates that complying
with Rule 10f–3’s requirements imposes
an internal burden of 5,408 hours at an
internal cost of approximately
$1,755,155. This estimate does not
include the time spent to report a fund’s
reliance on Rule 10f–3 on Form N–CEN,
which is subject to a separate PRA
information collection.
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s

for bonuses, firm size, employee benefits and
overhead.
5 This estimate is based on the following
calculation: (0.5 hours × 745 transactions =
approximately, 373 hours).
6 This estimate is based on the following
calculation: (745 transactions × $131 = $97,595).
7 The wage figure of $28 is one third of an average
compliance clerk’s hourly wage rate of $84 ($84 ÷
3 = $28).
8 This estimate is based on the following
calculations: (20 minutes × 745 transactions =
14,900 minutes; 14,900 minutes/60 = 248 hours).
9 This estimate is based on the following
calculation: (248 hours × $84 = $20,832).
10 The staff estimates that a compliance clerk
spends half an hour preparing the report and a
compliance attorney spends half an hour reviewing
the report, for a blended hourly wage rate of $262
per hour. See supra note 4.
11 This estimate is based on the following
calculation: (1 hour per quarter × 4 quarters × 745
funds = 2,980 hours).
12 This estimate is based on the following
calculation: (2,980 hours × $262 = $780,760).
13 This estimate is based on the following
calculation: (2 hours × $440 = $880).
14 These averages take into account the fact that
in most years, fund attorneys and boards spend
little or no time modifying procedures and in other
years, they spend significant time doing so.

15 This estimate is based on the following
calculation: (745 funds × 2 hours = 1,490 hours).
16 This estimate is based on the following
calculation: (745 funds × $880 = $655,600).
17 Based on the average number of subadvisory
agreements entered into by funds during fiscal years
2021–2023, as filed with the Commission on Form
N–CEN, we estimate that approximately 559 new
open-end funds and 30 new closed-end funds, or a
total of 589 new funds enter into new subadvisory
agreements each year (559 + 30 = 589 new funds);
we understand that existing funds may also enter
into new subadvisory agreements, but in many
cases would benefit from having previously drafted
Rule 10f–3 clauses in prior or existing subadvisory
contracts.
18 Because such clauses are identical to the
clauses that a fund would need to insert in their
subadvisory contracts to rely on Rules 12d3–1, 17a–
10, and 17e–1, and because we believe that funds
that use one such rule generally use all of these
rules, we apportion this 3 hour time burden equally
to all four rules; therefore, we estimate that the
burden allocated to Rule 10f–3 for this contract
change would be 0.75 hours (3 hours ÷ 4 rules =
.75 hours/rule); the staff further estimates that the
average hourly wage rate for an attorney to perform
this service is $375/hour.
19 These estimates are based on the following
calculations: (0.75 hours × 589 new funds =
approximately 442 burden hours); ($500 per hour
× 442 hours = approximately, $221,200 total cost).

VerDate Sep<11>2014

18:55 Jun 21, 2024

Jkt 262001

PO 00000

Frm 00097

Fmt 4703

Sfmt 4703

52529

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
by August 23, 2024.
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: David Bottom, Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549 or
send an email to: PRA_Mailbox@
sec.gov.
Dated: June 17, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–13701 Filed 6–21–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–433, OMB Control No.
3235–0489]

Proposed Collection; Comment
Request; Extension: Rule 17a–6
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA
Services, 100 F Street NE,
Washington, DC 20549–2736
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 17a–6 (17 CFR
240.17a–6) 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 17a–6 permits national securities
exchanges, national securities
associations, registered clearing
agencies, and the Municipal Securities
Rulemaking Board (‘‘MSRB’’)
(collectively, ‘‘SROs’’) to destroy or
convert to microfilm or other recording
media records maintained under Rule
17a–1, if they have filed a record
destruction plan with the Commission
and the Commission has declared the
plan effective.

E:\FR\FM\24JNN1.SGM

24JNN1

lotter on DSK11XQN23PROD with NOTICES1

52530

Federal Register / Vol. 89, No. 121 / Monday, June 24, 2024 / Notices

There are currently 36 SROs: 25
national securities exchanges, 1 national
securities association, the MSRB, and 9
registered clearing agencies. Of the 36
SROs, only 2 SRO respondents have
filed a record destruction plan with the
Commission. The staff calculates that
the preparation and filing of a new
record destruction plan should take 160
hours. Further, any existing SRO record
destruction plans may require revision,
over time, in response to, for example,
changes in document retention
technology, which the Commission
estimates will take much less than the
160 hours estimated for a new plan. The
Commission estimates that each SRO
that has filed a destruction plan will
spend approximately 30 hours per year
making required revisions. Thus, the
total annual time burden is estimated to
be approximately 60 hours per year
based on two respondents (30 hours per
respondent × 2 respondents).
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
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 by
August 23, 2024.
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: David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
Mailbox@sec.gov.

SMALL BUSINESS ADMINISTRATION

Dated: June 17, 2024.
Sherry R. Haywood,
Assistant Secretary.

For Physical Damage:
Non-Profit Organizations with
Credit Available Elsewhere
Non-Profit Organizations without Credit Available Elsewhere ...................................
For Economic Injury:
Non-Profit Organizations without Credit Available Elsewhere ...................................

[FR Doc. 2024–13700 Filed 6–21–24; 8:45 am]
BILLING CODE 8011–01–P

VerDate Sep<11>2014

18:55 Jun 21, 2024

Jkt 262001

[Disaster Declaration #20399 and #20400;
HAWAII Disaster Number HI–20005]

Presidential Declaration of a Major
Disaster for Public Assistance Only for
the State of Hawaii
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:

The number assigned to this disaster
for physical damage is 203996 and for
economic injury is 204000.
(Catalog of Federal Domestic Assistance
Number 59008)
Francisco Sa´nchez, Jr.,
Associate Administrator, Office of Disaster
Recovery & Resilience.
[FR Doc. 2024–13769 Filed 6–21–24; 8:45 am]
BILLING CODE 8026–09–P

This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of HAWAII (FEMA–4793—
DR), dated 06/17/2024.
Incident: Severe Storms, Flooding,
and Landslides.
Incident Period: 04/11/2024 through
04/14/2024.
DATES: Issued on 06/17/2024.
Physical Loan Application Deadline
Date: 08/16/2024.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/17/2025.
ADDRESSES: Visit the MySBA Loan
Portal at https://lending.sba.gov to
apply for a disaster assistance loan.
FOR FURTHER INFORMATION CONTACT:
Alan Escobar, Office of Disaster
Recovery & Resilience, U.S. Small
Business Administration, 409 3rd Street
SW, Suite 6050, Washington, DC 20416,
(202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
06/17/2024, Private Non-Profit
organizations that provide essential
services of a governmental nature may
file disaster loan applications online
using the MySBA Loan Portal https://
lending.sba.gov or other locally
announced locations. Please contact the
SBA disaster assistance customer
service center by email at
disastercustomerservice@sba.gov or by
phone at 1–800–659–2955 for further
assistance.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Kauai.
The Interest Rates are:
SUMMARY:

PO 00000

Frm 00098

Fmt 4703

Sfmt 4703

SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #20384 and #20385;
Louisiana Disaster Number LA–20004]

Administrative Declaration of a
Disaster for the State of Louisiana
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:

This is a notice of an
Administrative declaration of a disaster
for the State of Louisiana dated 06/17/
2024.
Incident: Severe Weather and
Tornado.
Incident Period: 05/13/2024.
DATES: Issued on 06/17/2024.
Physical Loan Application Deadline
Date: 08/16/2024.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/17/2025.
ADDRESSES: Visit the MySBA Loan
Portal at https://lending.sba.gov to
apply for a disaster assistance loan.
FOR FURTHER INFORMATION CONTACT:
Vanessa Morgan, Office of Disaster
Recovery & Resilience, U.S. Small
Business Administration, 409 3rd Street
SW, Suite 6050, Washington, DC 20416,
(202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
submitted online using the MySBA
Loan Portal https://lending.sba.gov or
other locally announced locations.
Please contact the SBA disaster
assistance customer service center by
email at disastercustomerservice@
sba.gov or by phone at 1–800–659–2955
Percent
for further assistance.
The following areas have been
determined to be adversely affected by
3.250 the disaster:
Primary Parish: St. Martin
3.250 Contiguous Parishes:
Louisiana: Assumption, Iberia,
Iberville, Lafayette, Pointe Coupee,
St. Landry, St. Mary
3.250
The Interest Rates are:
SUMMARY:

E:\FR\FM\24JNN1.SGM

24JNN1