Registered management investment
companies use Form N-PX (17 CFR 274.129) to file annual reports
with the Commission containing their complete proxy voting record
for the most recent twelve-month period ended June 30. The proposed
rule and form amendments under the Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.) (Exchange Act) would, if adopted, require
an institutional investment manager that is subject to Section
13(f) of the Exchange Act (15 U.S.C. 78m(f)) to report annually how
it voted proxies relating to executive compensation matters as
required by Section 14A of the Exchange Act, which was added by the
Dodd‑Frank Wall Street Reform and Consumer Protection Act (Pub. L.
111-203, 124 Stat. 1376 (2010)).
US Code:
15
USC 80a-29 Name of Law: Investment Company Act of 1940
PL:
Pub.L. 111 - 203 951(d) Name of Law: Dodd-Frank Wall Street
Reform and Consumer Protection Act
PL: Pub.L. 111 - 203 951(d) Name of Law:
Dodd-Frank Wall Street Reform and Consumer Protection Act
Previously, the Commission
estimated an annual total hour burden of approximately 89,824 hours
for Form N PX. The Commission now estimates 89,603 total burden
hours, a net decrease of 221 burden hours per year for Form N PX
from the previous submission. This change is due to the reduction
in estimated burden of Form N PX for fund portfolios holding equity
securities from 14.4 hours to 7.2 hours and the increase in the
number of non-equity holding portfolios from 3,200 to 3,900
(resulting in 45,303 burden hours), the addition of 1.5 burden
hours for fund portfolios holding equity securities to comply with
the proposed amendments (resulting in an addition of 9,300 burden
hours), and the addition of 8.7 burden hours for institutional
investment managers to review filings on Form N-PX made under the
proposed amendments and the addition of 1.0 burden hours per
amendments to review confidential treatment-related amendments to
filings on Form N-PX made under the proposal (resulting in an
addition of 35,000 burden hours). Previously the Commission
estimated no external cost burden for Form N-PX. Now the Commission
estimates total annual external cost burden of $10,200,000. The
change in the estimated cost burden is due to the Commissions
understanding that most funds would hire third party service
providers, such as proxy advisory firms, to assist with the
administrative tasks associated with voting, recording voting
decisions, and preparing the reports to be filed on Form N PX,
resulting in a revised external cost estimate of $6,200,000 in the
aggregate for funds. Additionally, the proposed amendments would
result in estimated external costs of $4,000,000 for institutional
investment managers, resulting in total annual external costs for
all reporting persons (both funds and institutional investment
managers) to comply with the requirements of Form N PX of
approximately $10,200,000.
No
No
No
Yes
No
Uncollected
Alberto Zapata 202
551-6944
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form SEC-2451 Form N-PX under the Investment Company Act of 1940, Annual Report of Proxy Voting Record
Supporting Statement for Form N-PX 2010-11-01.doc
Form N-PX under the Investment Company Act of 1940, Annual Report of Proxy Voting Record