30 Day Notice

Federal Register / Vol. 86, No. 75 / Wednesday, April 21, 2021 / Notices
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].

Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736

khammond on DSKJM1Z7X2PROD with NOTICES

Extension:
Credit Risk Retention—Regulation RR

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Credit Risk Retention (‘‘Regulation
RR’’) (17 CFR 246.1 through 246.22)
recordkeeping and disclosure
requirements implement Section 15G of
the Securities Exchange Act of 1934 (15
U.S.C. 78o–11) Section 15G clarifies the
scope and application of Section 306(a)
of the Sarbanes-Oxley Act of 2002 (15
U.S.C. 7244(a)). Section 306(a) of the
Sarbanes-Oxley Act requires, among
other things, an issuer to provide timely
notice to its directors and executive
officers and to the Commission of the
imposition of a blackout period that
would trigger a trading prohibition
under Section 306(a)(1) of the SarbanesOxley Act. Section 306(a)(1) prohibits
any director or executive officer of an
issuer of any equity security, from
directly or indirectly, purchasing,
selling or otherwise acquiring or
transferring any equity security of that
issuer during the blackout period with
respect to such equity security, if the
director or executive officer acquired
the equity security in connection with
his or her service or employment.
Approximately 1,647 issuers file using
Regulation RR responses and it takes
approximately 14.389 hours per
response. We estimate that 75% of the
14.389 hours per response (10.792
hours) is prepared by the registrant for
a total annual reporting burden of
17,774 hours (10.792 hours per response
× 1,647 responses).
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 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,

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Jkt 253001

Dated: April 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–08137 Filed 4–20–21; 8:45 am]
BILLING CODE 8011–01–P

20777

provide that the fidelity insurance
company will provide all funds covered
by the bond with a copy of the
agreement, a copy of any claim on the
bond, and notification of the terms of
the settlement of any claim prior to
execution of that settlement. Finally, a
fund that is insured by a joint bond
must enter into an agreement with all
other parties insured by the joint bond
regarding recovery under the bond.
Filings with the Commission

SECURITIES AND EXCHANGE
COMMISSION[SEC File No. 270–208,
OMB Control No. 3235–0213]
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 17g–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 (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 17g–1 (17 CFR 270.17g–1) under
the Investment Company Act of 1940
(the ‘‘Act’’) (15 U.S.C. 80a–17(g))
governs the fidelity bonding of officers
and employees of registered
management investment companies
(‘‘funds’’) and their advisers. Rule 17g–
1 requires, in part, the following:
Independent Directors’ Approval
The form and amount of the fidelity
bond must be approved by a majority of
the fund’s independent directors at least
once annually, and the amount of any
premium paid by the fund for any ‘‘joint
insured bond,’’ covering multiple funds
or certain affiliates, must be approved
by a majority of the fund’s independent
directors.
Terms and Provisions of the Bond
The amount of the bond may not be
less than the minimum amounts of
coverage set forth in a schedule based
on the fund’s gross assets. The bond
must provide that it shall not be
cancelled, terminated, or modified
except upon 60-days written notice to
the affected party and to the
Commission. In the case of a joint
insured bond, 60-days written notice
must also be given to each fund covered
by the bond. A joint insured bond must

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Upon the execution of a fidelity bond
or any amendment thereto, a fund must
file with the Commission within 10
days: (i) A copy of the executed bond or
any amendment to the bond, (ii) the
independent directors’ resolution
approving the bond, and (iii) a
statement as to the period for which
premiums have been paid on the bond.
In the case of a joint insured bond, a
fund must also file: (i) A statement
showing the amount the fund would
have been required to maintain under
the rule if it were insured under a single
insured bond; and (ii) the agreement
between the fund and all other insured
parties regarding recovery under the
bond. A fund must also notify the
Commission in writing within five days
of any claim or settlement on a claim
under the fidelity bond.
Notices to Directors
A fund must notify by registered mail
each member of its board of directors of:
(i) Any cancellation, termination, or
modification of the fidelity bond at least
45 days prior to the effective date; and
(ii) the filing or settlement of any claim
under the fidelity bond when
notification is filed with the
Commission.
Rule 17g–1’s independent directors’
annual review requirements, fidelity
bond content requirements, joint bond
agreement requirement, and the
required notices to directors are
designed to ensure the safety of fund
assets against losses due to the conduct
of persons who may obtain access to
those assets. These requirements also
seek to facilitate oversight of a fund’s
fidelity bond. The rule’s required filings
with the Commission are designed to
assist the Commission in monitoring
funds’ compliance with the fidelity
bond requirements.
Based on conversations with
representatives in the fund industry, the
Commission staff estimates that for each
of the estimated 2.200 active funds
(respondents),1 the average annual
1 Based on a review of fund filings for the threeyear period from 2018 to 2020, Commission staff

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Federal Register / Vol. 86, No. 75 / Wednesday, April 21, 2021 / Notices

paperwork burden associated with rule
17g–1’s requirements is two hours, one
hour each for a compliance attorney and
the board of directors as a whole. The
time spent by a compliance attorney
includes time spent filing reports with
the Commission for fidelity losses (if
any) as well as paperwork associated
with any notices to directors, and
managing any updates to the bond and
the joint agreement (if one exists). The
time spent by the board of directors as
a whole includes any time spent
initially establishing the bond, as well
as time spent on annual updates and
approvals. The Commission staff
therefore estimates the total ongoing
paperwork burden hours per year for all
funds required by rule 17g–1 to be 4,400
hours (2,200 funds × 2 hours = 4,400
hours). Commission staff continues to
estimate that the filing and reporting
requirements of rule 17g–1 do not entail
any external cost burdens.
These estimates of average burden
hours are made solely for the purposes
of the Paperwork Reduction Act. These
estimates are not derived from a
comprehensive or even a representative
survey or study of Commission rules.
The collection of information required
by Rule 17g–1 is mandatory and 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 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].

khammond on DSKJM1Z7X2PROD with NOTICES

Dated: April 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–08138 Filed 4–20–21; 8:45 am]
BILLING CODE 8011–01–P

estimates there are approximately 2,200 funds
(registered open- and closed-end funds, and
business development companies) that must
comply with the collections of information under
rule 17g–1, and which collectively submit an
estimated 2,597 filings on Form 17G annually.

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Jkt 253001

SECURITIES AND EXCHANGE
COMMISSION

Dated: April 16, 2021.
J. Lynn Taylor,
Assistant Secretary.

[SEC File No. 270–563, OMB Control No.
3235–0626]

[FR Doc. 2021–08227 Filed 4–20–21; 8:45 am]

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 17g–3

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 17g–3 (17 CFR 240.17g–3) under
the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (‘‘Exchange Act’’).
Rule 17g–3 contains certain reporting
requirements for NRSROs including
financial statements and information
concerning its financial condition that
the Commission, by rule, may prescribe
as necessary or appropriate in the public
interest or for the protection of
investors. Currently, there are 9 credit
rating agencies registered as NRSROs
with the Commission. The Commission
estimates that the total burden for
respondents to comply with Rule 17g–
3 is 3,285 hours.
An agency may not conduct or
sponsor a collection of information
unless it displays a currently valid OMB
control number. No person shall be
subject to any penalty for failing to
comply with a collection of information
subject to the PRA that does not display
a 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].

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BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–524, OMB Control No.
3235–0582]

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–PX

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 (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 30b1–4 (17 CFR 270.30b1–4)
under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) requires
every registered management
investment company, other than a small
business investment company registered
on Form N–5 (‘‘funds’’), to file a report
on Form N–PX not later than August 31
of each year. Funds use Form N–PX to
file annual reports with the Commission
containing their complete proxy voting
record for the most recent twelve-month
period ended June 30.
The Commission estimates that there
are approximately 2,207 funds
registered with the Commission,
representing approximately 11,890 fund
portfolios that are required to file Form
N–PX reports. The 11,890 portfolios are
comprised of approximately 6,392
portfolios holding equity securities,
2,857 portfolios holding no equity
securities, and 1,476 portfolios holding
fund securities (i.e., fund of funds).1 The
1 The estimate of 2,207 funds is based on the
number of management investment companies
currently registered with the Commission. The
Commission staff estimates that there are
approximately 6,392 portfolios that invest primarily
in equity securities, 804 ‘‘hybrid’’ or bond portfolios
that may hold some equity securities, 2,857 bond
portfolios that hold no equity securities, and 361
money market fund portfolios, and 1,476 fund of
funds, for a total of 11,890 portfolios required to file
Form N–PX reports. The staff has based its portfolio
estimates on a number of publications. See
Investment Company Institute, Trends in Mutual
Fund Investing (February 2020); Investment

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