30 Day Notice

Federal Register / Vol. 85, No. 42 / Tuesday, March 3, 2020 / Notices

lotter on DSKBCFDHB2PROD with NOTICES

the board,1 total director time to adopt
the charter is 2 hours. Combined with
an estimated 1⁄2 hour of paralegal time
to prepare the charter for board review,
the staff estimates a total one-time
collection of information burden of 21⁄2
hours for each fund. Once a board
adopts an audit committee charter, the
charter is preserved as part of the fund’s
records. Commission staff estimates that
there is no annual hourly burden
associated with preserving the charter in
accordance with this rule.2
Because virtually all existing funds
have now adopted audit committee
charters, the annual one-time collection
of information burden associated with
adopting audit committee charters is
limited to the burden incurred by newly
established funds. Commission staff
estimates that fund sponsors establish
approximately 90 new funds each year,3
and that all of these funds will adopt an
audit committee charter in order to rely
on rule 32a–4. Thus, Commission staff
estimates that the annual one-time hour
burden associated with adopting an
audit committee charter under rule 32a–
4 is approximately225 hours.4
When funds adopt an audit committee
charter in order to rely on rule 32a–4,
they also may incur one-time costs
related to hiring outside counsel to
prepare the charter. Commission staff
estimates that those costs average
approximately $1,500 per fund. 5 As
noted above, Commission staff estimates
that approximately 90 new funds each
year will adopt an audit committee
charter in order to rely on rule 32a–4.
Thus, Commission staff estimates that
the ongoing annual cost burden
associated with rule 32a-4 in the future
will be approximately $135,000.6
These estimates of average costs are
made solely for the purposes of the
Paperwork Reduction Act. The
1 This estimate is based on staff experience and
on discussions with a representative of an entity
that surveys funds and calculates fund board
statistics based on responses to its surveys.
2 This estimate is based on staff experience and
discussions with funds regarding the hour burden
related to maintenance of the charter.
3 This estimate is based on the average number of
notifications of registration on Form N–8A filed
from2017 2019.
4 This estimate is based on the following
calculation: (2.5 burden hours for establishing
charter × 90 new funds = 225 burden hours).
5 Costs may vary based on the individual needs
of each fund. However, based on the staff’s
experience and conversations with outside counsel
that prepare these charters, legal fees related to the
preparation and adoption of an audit committee
charter usually average $1500 or less. The
Commission also understands that model audit
committee charters are available, which reduces the
costs associated with drafting a charter.
6 This estimate is based on the following
calculations: ($1500 cost of adopting charter × 90
newly established funds = $135,000).

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estimates are not derived from a
comprehensive or even a representative
survey or study of the costs of
Commission rules. The collections of
information required by rule 32a–4 are
necessary to obtain the benefits of the
rule. The Commission is seeking OMB
approval, because 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 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 estimates of the burdens
of the collections of information; (c)
ways to enhance the quality, utility, and
clarity of the information collected; and
(d) ways to minimize the burdens 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 David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
[email protected].
Dated: February 27, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–04351 Filed 3–2–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: To be published.
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, March 4, 2020

at 10:00 a.m.
The Open
Meeting scheduled for Wednesday,
March 4, 2020 at 10:00 a.m. has been
changed to Wednesday, March 4, 2020
at 11:00 a.m.

CHANGES IN THE MEETING:

CONTACT PERSON FOR MORE INFORMATION:

For further information and to ascertain
what, if any, matters have been added,
deleted or postponed, please contact the
Office of the Secretary at (202) 551–
5400.

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12633

Dated: February 28, 2020.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2020–04433 Filed 2–28–20; 4:15 pm]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–231, OMB Control No.
3235–0229]

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
Extension:
Form N–17D–1

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Section 17(d) (15 U.S.C. 80a–17(d)) of
the Investment Company Act of 1940
(‘‘Act’’) authorizes the Commission to
adopt rules that protect funds and their
security holders from overreaching by
affiliated persons when the fund and the
affiliated person participate in any joint
enterprise or other joint arrangement or
profit-sharing plan. Rule 17d–1 under
the Act (17 CFR 270.17d–1) prohibits
funds and their affiliated persons from
participating in a joint enterprise, unless
an application regarding the transaction
has been filed with and approved by the
Commission. Paragraph (d)(3) of the rule
provides an exemption from this
requirement for any loan or advance of
credit to, or acquisition of securities or
other property of, a small business
concern, or any agreement to do any of
the foregoing (‘‘investments’’) made by a
small business investment company
(‘‘SBIC’’) and an affiliated bank,
provided that reports about the
investments are made on forms the
Commission may prescribe. Rule 17d–2
(17 CFR 270.17d–2) designates Form N–
17D–1 (17 CFR 274.200) (‘‘form’’) as the
form for reports required by rule 17d–
1.
SBICs and their affiliated banks use
form N–17D–1 to report any
contemporaneous investments in a
small business concern. The form
provides shareholders and persons
seeking to make an informed decision
about investing in an SBIC an

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Federal Register / Vol. 85, No. 42 / Tuesday, March 3, 2020 / Notices

lotter on DSKBCFDHB2PROD with NOTICES

opportunity to learn about transactions
of the SBIC that have the potential for
self dealing and other forms of
overreaching by affiliated persons at the
expense of shareholders.
Form N–17D–1 requires SBICs and
their affiliated banks to report
identifying information about the small
business concern and the affiliated
bank. The report must include, among
other things, the SBIC’s and affiliated
bank’s outstanding investments in the
small business concern, the use of the
proceeds of the investments made
during the reporting period, any
changes in the nature and amount of the
affiliated bank’s investment, the name of
any affiliated person of the SBIC or the
affiliated bank (or any affiliated person
of the affiliated person of the SBIC or
the affiliated bank) who has any interest
in the transactions, the basis of the
affiliation, the nature of the interest, and
the consideration the affiliated person
has received or will receive.
There is one SBIC that may file the
form annually.1 The Commission
estimates the burden of filling out the
form is approximately one hour per
response and would likely be completed
by an accountant or other professional.
Based on past filings, the Commission
estimates that no more than one SBIC is
likely to use the form each year. Most
of the information requested on the form
should be readily available to the SBIC
or the affiliated bank in records kept in
the ordinary course of business, or with
respect to the SBIC, pursuant to the
recordkeeping requirements under the
Act. Commission staff estimates that it
should take approximately one hour for
an accountant or other professional to
complete the form.2 The estimated total
annual burden of filling out the form is
1 hour, at an estimated total annual cost
of $216.3 The Commission will not keep
responses on Form N–17D–1
confidential.
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. An agency
may not conduct or sponsor, and a
1 As of October 22, 2019, one SBIC was registered
with the Commission.
2 This estimate of hours is based on past
conversations with representatives of SBICs and
accountants that have filed the form.
3 The estimated wage figure is based on published
rates for Senior Accountants ($216). The $216/hour
figure for a Senior Account is from Securities
Industry and Financial Markets Association’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.

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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:
[email protected]; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected]. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: February 27, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–04349 Filed 3–2–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–187, OMB Control No.
3235–0211]

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.
Extension:
Rule 18f–1 and Form N–18f–1

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 18f–1 (17 CFR 270.18f–1)
enables a registered open-end
management investment company
(‘‘fund’’) that may redeem its securities
in-kind, by making a one-time election,
to commit to make cash redemptions
pursuant to certain requirements
without violating section 18(f) of the
Investment Company Act of 1940 (15
U.S.C. 80a–18(f)). A fund relying on the
rule must file Form N–18F–1 (17 CFR
274.51) to notify the Commission of this
election. The Commission staff

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estimates that 22 funds file Form N–
18F–1 annually, and that each response
takes one hour. Based on these
estimates, the total annual burden hours
associated with the rule is estimated to
be 22 hours. The estimated burden
hours associated with rule 18f–1 and
Form 18F–1 have decreased by 16 hours
from the current allocation of 38 hours.
This decrease is due to a decrease in the
estimated number of investment
companies filing Form N–18F–1
annually. There is no external cost
associated with this collection of
information.
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. The
collection of information required by
rule 18f–1 is necessary to obtain the
benefits of the rule. Responses to the
collection of information 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.
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:
[email protected]; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected]. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: February 27, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–04350 Filed 3–2–20; 8:45 am]
BILLING CODE 8011–01–P

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