30 day notice

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Federal Register / Vol. 85, No. 133 / Friday, July 10, 2020 / Notices

stock split; or (3) a rights or other
subscription offering.
There are approximately 7,341
respondents per year. These
respondents make a total of
approximately 28,407 responses per
year. Each response takes approximately
10 minutes to complete. Thus, the total
compliance burden per year is
approximately 4,735 hours. The total
internal labor cost of compliance for
respondents associated with providing
notice under Rule 10b–17 is
approximately $348,412 per year.
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 to be 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
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 Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
[email protected].
Dated: July 2, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–14751 Filed 7–9–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

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30 Day Notice—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 482 SEC File No. 270–508, OMB
Control No. 3235–0565

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Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (‘‘Commission’’)
has submitted to the Office of
Management and Budget (‘‘OMB’’) a
request for extension of the previously
approved collection of information
discussed below.
Like most issuers of securities, when
an investment company (‘‘fund’’) 1 offers
its shares to the public, its promotional
efforts become subject to the advertising
restrictions of the Securities Act of 1933
(15 U.S.C. 77) (the ‘‘Securities Act’’). In
recognition of the particular problems
faced by funds that continually offer
securities and wish to advertise their
securities, the Commission has
previously adopted advertising safe
harbor rules. The most important of
these is rule 482 (17 CFR 230.482) under
the Securities Act, which, under certain
circumstances, permits funds to
advertise investment performance data,
as well as other information. Rule 482
advertisements are deemed to be
‘‘prospectuses’’ under Section 10(b) of
the Securities Act (15 U.S.C. 77j(b)).
Rule 482 contains certain
requirements regarding the disclosure
that funds are required to provide in
qualifying advertisements. These
requirements are intended to encourage
the provision to investors of information
that is balanced and informative,
particularly in the area of investment
performance. For example, a fund is
required to include disclosure advising
investors to consider the fund’s
investment objectives, risks, charges and
expenses, and other information
described in the fund’s prospectus, and
highlighting the availability of the
fund’s prospectus and, if applicable, its
summary prospectus. In addition, rule
482 advertisements that include
performance data of open-end funds or
insurance company separate accounts
offering variable annuity contracts are
required to include certain standardized
performance information, information
about any sales loads or other
nonrecurring fees, and a legend warning
that past performance does not
guarantee future results. Such funds
including performance information in
rule 482 advertisements are also
required to make available to investors
month-end performance figures via
website disclosure or by a toll-free
telephone number, and to disclose the
availability of the month-end
1 ‘‘Investment company’’ refers to both
investment companies registered under the
Investment Company Act of 1940 (‘‘Investment
Company Act’’) (15 U.S.C. 80a–1 et seq.) and
business development companies.

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performance data in the advertisement.
The rule also sets forth requirements
regarding the prominence of certain
disclosures, requirements regarding
advertisements that make tax
representations, requirements regarding
advertisements used prior to the
effectiveness of the fund’s registration
statement, requirements regarding the
timeliness of performance data, and
certain required disclosures by money
market funds.
Rule 482 advertisements must be filed
with the Commission or, in the
alternative, with the Financial Industry
Regulatory Authority (‘‘FINRA’’).2 This
information collection differs from
many other federal information
collections that are primarily for the use
and benefit of the collecting agency.
Rule 482 contains requirements that
are intended to encourage the provision
to investors of information that is
balanced and informative, particularly
in the area of investment performance.
The Commission is concerned that in
the absence of such provisions fund
investors may be misled by deceptive
rule 482 advertisements and may rely
on less-than-adequate information when
determining in which funds they should
invest money. As a result, the
Commission believes it is beneficial for
funds to provide investors with
balanced information in fund
advertisements in order to allow
investors to make better-informed
decisions.
The Commission estimates that
41,265 3 responses to rule 482 are filed
annually by 2,877 investment
companies offering approximately
12,476 portfolios, or approximately 3.3
responses per portfolio annually.4 The
burden associated with rule 482 is
presently estimated to be 5.16 hours per
response. The annual hourly burden is
therefore approximately 212,927 hours.5
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
2 See note to rule 482(h) under the Securities Act,
which states that ‘‘these advertisements, unless
filed with [FINRA], are required to be filed in
accordance with the requirements of § 230.497.’’
See also rule 24b–3 under the Investment Company
Act (17 CFR 270.24b–3), which provides that any
sales material, including rule 482 advertisements,
shall be deemed filed with the Commission for
purposes of Section 24(b) of the Investment
Company Act upon filing with FINRA.
3 This estimated number of responses to rule 482
is composed of 41,003 responses filed with FINRA
and 262 responses filed with the Commission in
2019.
4 41,265 responses ÷ 12,476 portfolios = 3.3
responses per portfolio.
5 41,265 responses × 5.16 hours per response =
212,927 hours.

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Federal Register / Vol. 85, No. 133 / Friday, July 10, 2020 / Notices
costs of Commission rules and forms.
The provision of information under rule
482 is necessary to obtain the benefits
of the safe harbor offered by the rule.
The information provided under rule
482 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 OMB control
number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) www.reginfo.gov/public/do/
PRAMain and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission,
c/o Cynthia Roscoe, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].

and (10) and 17 CFR 200.402(a)(3),
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and
(a)(10), permit consideration of the
scheduled matters at the closed meeting.
The subject matter of the closed
meeting will consist of the following
topic:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Resolution of litigation claims; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting agenda items that
may consist of adjudicatory,
examination, litigation, or regulatory
matters.
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.

Dated: July 2, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.

BILLING CODE 8011–01–P

Federal Register CITATION OF PREVIOUS
ANNOUNCEMENT: 85 FR 40354, July 6,
2020

the Paperwork Reduction Act (PRA)
requires agencies to submit proposed
reporting and recordkeeping
requirements to OMB for review and
approval, and to publish a notice in the
Federal Register notifying the public
that the agency has made such a
submission. This notice also allows an
additional 30 days for public comments.
DATES: Submit comments on or before
August 10, 2020.
ADDRESSES: Comments should refer to
the information collection by name and/
or OMB Control Number and should be
sent to Agency Clearance Officer, Curtis
Rich, Small Business Administration,
409 3rd Street SW, 5th Floor,
Washington, DC 20416; and SBA Desk
Officer, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Curtis Rich, Agency Clearance Officer,
(202) 205–7030, [email protected].
Copies: A copy of the Form OMB 83–
1, supporting statement, and other
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
SUPPLEMENTARY INFORMATION: This
revised information collection is
submitted to SBA by lenders that are
applying for participation in SBA’s
Community Advantage Pilot Program.
SBA uses the information to evaluate
the lenders eligibility and qualifications
for participation in the pilot program.

PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, July 8, 2020 at

Summary of Information Collection

Dated: July 8, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–15032 Filed 7–8–20; 4:15 pm]

SECURITIES AND EXCHANGE
COMMISSION

[FR Doc. 2020–14755 Filed 7–9–20; 8:45 am]
BILLING CODE 8011–01–P

Sunshine Act Meeting; Cancellation
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings

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TIME AND DATE:

2:00 p.m. on Wednesday,

July 15, 2020.
PLACE: The meeting will be held via
remote means and/or at the
Commission’s headquarters, 100 F
Street NE, Washington, DC 20549.
STATUS: This meeting will be closed to
the public.
MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
In the event that the time, date, or
location of this meeting changes, an
announcement of the change, along with
the new time, date, and/or place of the
meeting will be posted on the
Commission’s website at https://
www.sec.gov.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)

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2:00 p.m.
The Closed
Meeting scheduled for Wednesday, July
8, 2020 at 2:00 p.m., has been cancelled.
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
CHANGES IN THE MEETING:

Title: Community Advantage Lender
Participation Application.
Description of Respondents: Lenders
applying for participation in SBA’s
Community Advantage Pilot Program.
Form Number: 2301.
Annual Responses: 5.
Annual Burden: 40.

Dated: July 7, 2020.
Vanessa A. Countryman,
Secretary.

Curtis Rich,
Management Analyst.

[FR Doc. 2020–14989 Filed 7–8–20; 11:15 am]

BILLING CODE 8026–03–P

[FR Doc. 2020–14806 Filed 7–9–20; 8:45 am]

BILLING CODE 8011–01–P

SURFACE TRANSPORTATION BOARD
SMALL BUSINESS ADMINISTRATION

[Docket No. FD 36418]

Reporting and Recordkeeping
Requirements Under OMB Review

Alabama & Gulf Coast Railway LLC—
Temporary Trackage Rights
Exemption—The Kansas City Southern
Railway Company

Small Business Administration.
30-Day notice.

AGENCY:
ACTION:

The Small Business
Administration (SBA) is publishing this
notice to comply with requirements of

SUMMARY:

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Alabama & Gulf Coast Railway LLC
(AGR), a Class III railroad, has filed a
verified notice of exemption under 49
CFR 1180.2(d)(8) for the acquisition of

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