60 Day Notice

Federal Register / Vol. 84, No. 156 / Tuesday, August 13, 2019 / Notices
should refer to File Number SR–CBOE–
2019–039 and should be submitted on
or before September 3, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–17233 Filed 8–12–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–507, OMB Control No.
3235–0563]

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

jspears on DSK3GMQ082PROD with NOTICES

Extension:
Rule 17a–10

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’) the
Securities and Exchange Commission
(the ‘‘Commission’’) is soliciting
comments on the collections of
information summarized below. The
Commission plans to submit these
existing collections of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Section 17(a) of the Investment
Company Act of 1940 (15 U.S.C. 80a–1
et seq.) (the ‘‘Act’’), generally prohibits
affiliated persons of a registered
investment company (‘‘fund’’) from
borrowing money or other property
from, or selling or buying securities or
other property to or from, the fund or
any company that the fund controls.1
Section 2(a)(3) of the Act defines
‘‘affiliated person’’ of a fund to include
its investment advisers.2 Rule 17a–10
(17 CFR 270.17a–10) permits (i) a
subadviser 3 of a fund to enter into
transactions with funds the subadviser
does not advise but that are affiliated
persons of a fund that it does advise
(e.g., other funds in the fund complex),
and (ii) a subadviser (and its affiliated
persons) to enter into transactions and
arrangements with funds the subadviser
does advise, but only with respect to
discrete portions of the subadvised fund
9 17

CFR 200.30–3(a)(12).
U.S.C. 80a–17(a).
2 15 U.S.C. 80a–2(a)(3)(E).
3 As defined in rule 17a–10(b)(2). 17 CFR
270.17a–10(b)(2).
1 15

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for which the subadviser does not
provide investment advice.
To qualify for the exemptions in rule
17a–10, the subadvisory relationship
must be the sole reason why section
17(a) prohibits the transaction. In
addition, the advisory contracts of the
subadviser entering into the transaction,
and any subadviser that is advising the
purchasing portion of the fund, must
prohibit the subadvisers from consulting
with each other concerning securities
transactions of the fund, and limit their
responsibility to providing advice with
respect to discrete portions of the fund’s
portfolio.4 This requirement regarding
the prohibitions and limitations in
advisory contracts of subadvisers
relying on the rule constitutes a
collection of information under the
PRA.5
The staff assumes that all existing
funds with subadvisory contracts
amended those contracts to comply with
the adoption of rule 17a–10 in 2003,
which conditioned certain exemptions
upon these contractual alterations, and
therefore there is no continuing burden
for those funds.6 However, the staff
assumes that all newly formed
subadvised funds, and funds that enter
into new contracts with subadvisers,
will incur the one-time burden by
amending their contracts to add the
terms required by the rule.
Based on an analysis of fund filings,
the staff estimates that approximately
221 funds enter into new subadvisory
agreements each year.7 Based on
discussions with industry
representatives, the staff estimates that
it will require approximately 3 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
17a–10. Because these additional
clauses are identical to the clauses that
a fund would need to insert in their
subadvisory contracts to rely on rules
4 17

CFR 270.17a–10(a)(2).
U.S.C. 3501.
6 Transactions of Investment Companies With
Portfolio and Subadviser Affiliates, Investment
Company Act Release No. 25888 (Jan. 14, 2003) [68
FR 3153, (Jan. 22, 2003)]. We assume that funds
formed after 2003 that intended to rely on rule 17a–
10 would have included the required provision as
a standard element in their initial subadvisory
contracts.
7 Based on data from Morningstar, as of March
2019, there are 12,407 registered funds (open-end
funds, closed-end funds (including interval funds),
and exchange-traded funds), 4,609 funds of which
have subadvisory relationships (approximately
37%). Based on data from the 2019 ICI publications,
597 new funds were established in 2018 (582 openend funds and exchange-traded funds (from the
2019 ICI Fact Book) + 15 closed-end funds (from the
ICI Research Perspective, April 2019)). 597 new
funds × 37% = 221 funds.
5 44

PO 00000

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Fmt 4703

Sfmt 4703

40117

10f–3 (17 CFR 270.10f–3), 12d3–1 (17
CFR 270.12d3–1), and 17e–1 (17 CFR
270.17e–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 among all
four rules. Therefore, we estimate that
the burden allocated to rule 17a-10 for
this contract change would be 0.75
hours.8 Assuming that all 221 funds that
enter into new subadvisory contracts
each year make the modification to their
contract required by the rule, we
estimate that the rule’s contract
modification requirement will result in
166 burden hours annually, with an
associated cost of approximately
$68,890.9
The estimate of average burden hours
is made solely for the purposes of the
PRA. The estimate is not derived from
a comprehensive or even a
representative survey or study of the
costs of Commission rules. Complying
with this collection of information
requirement is necessary to obtain the
benefit of relying on rule 17a–10.
Responses will not be kept confidential.
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.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’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.
8 This estimate is based on the following
calculation: 3 hours ÷ 4 rules = 0.75 hours.
9 These estimates are based on the following
calculations: (0.75 hours × 221 portfolios = 166
burden hours); ($415 per hour × 166 hours =
$68,890 total cost). The Commission’s estimates
concerning the wage rates for attorney time are
based on salary information for the securities
industry compiled by the Securities Industry and
Financial Markets Association. The estimated wage
figure is based on published rates for in-house
attorneys, modified to account for a 1,800-hour
work-year and inflation, and multiplied by 5.35 to
account for bonuses, firm size, employee benefits,
and overhead, yielding an effective hourly rate of
$415. See Securities Industry and Financial Markets
Association, Report on Management & Professional
Earnings in the Securities Industry 2013.

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40118

Federal Register / Vol. 84, No. 156 / Tuesday, August 13, 2019 / Notices

Please direct your written comments
to Charles Riddle, Acting 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_
[email protected].
Dated: August 7, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–17237 Filed 8–12–19; 8:45 am]
BILLING CODE 8011–01–P

SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #16074 and #16075;
CALIFORNIA Disaster Number CA–00308]

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

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AGENCY:

SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of CALIFORNIA dated 08/
07/2019.
Incident: Earthquakes.
Incident Period: 07/04/2019 through
07/12/2019.
DATES: Issued on 08/07/2019.
Physical Loan Application Deadline
Date: 10/07/2019.
Economic Injury (EIDL) Loan
Application Deadline Date: 05/07/2020.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
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
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Kern, San
Bernardino.
Contiguous Counties:
California: Inyo, Kings, Los Angeles,
Orange, Riverside, San Luis Obispo,
Santa Barbara, Tulare, Ventura.
Arizona: La Paz, Mohave.
Nevada: Clark.
The Interest Rates are:

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409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
3.875 Administrator’s disaster declaration,
applications for disaster loans may be
1.938
filed at the address listed above or other
8.000 locally announced locations.
The following areas have been
4.000 determined to be adversely affected by
the disaster:
2.750 Primary Parishes: Lincoln
Contiguous Counties:
Louisiana: Bienville, Claiborne,
2.750
Jackson, Ouachita, Union.
The Interest Rates are:

Percent
For Physical Damage:
Homeowners with Credit Available Elsewhere ......................
Homeowners without Credit
Available Elsewhere ..............
Businesses with Credit Available Elsewhere ......................
Businesses
without
Credit
Available Elsewhere ..............
Non-Profit Organizations with
Credit Available Elsewhere ...
Non-Profit Organizations without Credit Available Elsewhere .....................................
For Economic Injury:
Businesses & Small Agricultural
Cooperatives without Credit
Available Elsewhere ..............
Non-Profit Organizations without Credit Available Elsewhere .....................................

2.750

The number assigned to this disaster
for physical damage is 16074 2 and for
economic injury is 16075 0.
The States which received an EIDL
Declaration # are California, Arizona,
Nevada.
(Catalog of Federal Domestic Assistance
Number 59008)
Christopher Pilkerton,
Acting Administrator.
[FR Doc. 2019–17270 Filed 8–12–19; 8:45 am]
BILLING CODE 8026–03–P

SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #16076 and #16077;
Louisiana Disaster Number LA–00091]

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

Frm 00099

Fmt 4703

Sfmt 4703

For Physical Damage:
Homeowners with Credit Available Elsewhere ......................
Homeowners without Credit
Available Elsewhere ..............
Businesses with Credit Available Elsewhere ......................
Businesses
without
Credit
Available Elsewhere ..............
Non-Profit Organizations with
Credit Available Elsewhere ...
Non-Profit Organizations without Credit Available Elsewhere .....................................
For Economic Injury:
Businesses & Small Agricultural
Cooperatives Without Credit
Available Elsewhere ..............
Non-Profit Organizations Without Credit Available Elsewhere .....................................

4.125
2.063
8.000
4.000
2.750
2.750

4.000
2.750

The number assigned to this disaster
for physical damage is 16076 C and for
economic injury is 16077 0.
The State which received an EIDL
Declaration # is Louisiana.
(Catalog of Federal Domestic Assistance
Number 59008)

SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of Louisiana dated 08/08/
2019.
Incident: Severe Storms and
Tornadoes.
Incident Period: 04/24/2019 through
04/25/2019.
DATES: Issued on 08/08/2019.
Physical Loan Application Deadline
Date: 10/07/2019.
Economic Injury (EIDL) Loan
Application Deadline Date: 05/08/2020.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,

PO 00000

Percent

4.000

Christopher Pilkerton,
Acting Administrator.
[FR Doc. 2019–17318 Filed 8–12–19; 8:45 am]
BILLING CODE 8026–03–P

SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #15927 and #15928;
Nebraska Disaster Number NE–00074]

Presidential Declaration Amendment of
a Major Disaster for Public Assistance
Only for the State of Nebraska
U.S. Small Business
Administration.
ACTION: Amendment 5.
AGENCY:

SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Nebraska (FEMA–4420–DR),
dated 04/05/2019.

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