Form S-8 30 Day Federal Register Notice

Federal Register / Vol. 86, No. 137 / Wednesday, July 21, 2021 / Notices

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recordkeeping facilitates the
Commission staff’s review of Rule
10f–3 transactions during routine fund
inspections and, when necessary, in
connection with enforcement actions.
The staff estimates that approximately
953 funds engage in at least one Rule
10f–3 transaction each year, for a total
of 953 such transactions.3 Rule 10f–3
requires that the purchasing fund create
a written record of each transaction that
includes, among other things, from
whom the securities were purchased
and the terms of the transaction. The
staff estimates that it takes an average
fund approximately 30 minutes per
transaction and, and, in the aggregate,
approximately 477 hours 4 for funds to
comply with this portion of the rule.
The funds also must maintain and
preserve these transactional records in
accordance with the rule’s
recordkeeping requirement, and the staff
estimates that it takes a fund
approximately 20 minutes per
transaction, and, in the aggregate,
approximately 318 hours 5 annually for
funds to comply with this portion of the
rule.
In addition, fund boards must, no less
than quarterly, examine each of these
transactions to ensure that they comply
with the fund’s policies and procedures.
The information or materials upon
which the board relied to come to this
determination also must be maintained
and the staff estimates that it takes a
fund 1 hour per quarter and, in the
aggregate, approximately 3,812 hours 6
annually for funds to comply with this
rule requirement.
The staff estimates that reviewing and
revising as needed written procedures
for Rule 10f–3 transactions takes, on
average for each fund, two hours of a
compliance attorney’s time per year.7
Thus, annually, in the aggregate, the
staff estimates that funds spend a total
of approximately 1,906 hours 8 on
monitoring and revising Rule 10f–3
procedures.
Based on an analysis of Form N–CEN
filings, the staff estimates that
approximately 146 new funds enter into
3 These estimates are based on data from Form
N–CEN filings with the Commission.
4 This estimate is based on the following
calculation: (0.5 hours × 953 = 477 hours).
5 This estimate is based on the following
calculations: (20 minutes × 953 transactions =
19,060 minutes; 19,060 minutes/60 = 318 hours).
6 This estimate is based on the following
calculation: (1 hour per quarter × 4 quarters × 953
funds = 3,812 hours).
7 These averages take into account the fact that in
most years, fund attorneys and boards spend little
or no time modifying procedures and in other years,
they spend significant time doing so.
8 This estimate is based on the following
calculation: (953 funds × 2 hours = 1,906 hours).

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subadvisory agreements each year.9 The
staff estimates that it will require
approximately 0.75 hours to draft and
execute additional clauses in
subadvisory contracts in order for new
funds and subadvisers to be able to rely
on the exemptions in Rule 10f–3.10
Assuming that all 146 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
110 burden hours annually for new
funds.11
The staff estimates, therefore, that
Rule 10f–3 imposes an information
collection burden of 6,623 hours.12
Written comments are invited on: (a)
Whether the collections of information
are 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 estimate
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].
9 Based on information in Form N–CEN filings,
we estimate that approximately 139 new open-end
funds and 7 new closed-end funds, or a total of 146
new funds enter into new subadvisory agreements
each year (139 + 7 = 146 new funds). We
understand that existing funds may also enter into
new subadvisory agreements, but in many cases
would benefit from having previously drafted Rule
10f–3 clauses in prior or existing subadvisory
contracts.
10 Because such clauses are identical to the
clauses that a fund would need to insert in their
subadvisory contracts to rely on Rules 12d3–1, 17a–
10, and 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
to all four rules. Therefore, we estimate that the
burden allocated to Rule 10f–3 for this contract
change would be 0.75 hours (3 hours ÷ 4 rules =
0.75 hours).
11 These estimates are based on the following
calculations: (0.75 hours × 146 portfolios = 110
burden hours).
12 This estimate is based on the following
calculation: (477 hours + 318 hours + 3,812 hours
+ 1,906 hours + 110 hours = 6,623 total burden
hours).

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Dated: July 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–15437 Filed 7–20–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–66, OMB Control No.
3235–0066]

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 S–8

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.
Form S–8 (17 CFR 239.16b) under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) is the primary registration
statement used by eligible registrants to
register securities to be issued in
connection with an employee benefit
plan. Form S–8 provides verification of
compliance with securities law
requirements and assures the public
availability and dissemination of such
information. The likely respondents will
be companies. The information must be
filed with the Commission on occasion.
Form S–8 is a public document. All
information provided is mandatory. We
estimate that Form S–8 takes
approximately 24 hours per response to
prepare and is filed by approximately
2,140 respondents. In addition, we
estimate that 50% of the preparation
time (13.5 hours) is completed in-house
by the filer for a total annual reporting
burden of 28,890 hours (13.5 hours per
response × 2,140 responses).
An agency may 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

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38524

Federal Register / Vol. 86, No. 137 / Wednesday, July 21, 2021 / Notices

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].
Dated: July 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–15433 Filed 7–20–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

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].
Dated: July 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.

[SEC File No. 270–50, OMB Control No.
3235–0060]

[FR Doc. 2021–15429 Filed 7–20–21; 8:45 am]

jbell on DSKJLSW7X2PROD with NOTICES

Submission for OMB Review;
Comment Request

BILLING CODE 8011–01–P

Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736

SECURITIES AND EXCHANGE
COMMISSION

Extension:
Form 8–K

Submission for OMB Review;
Comment Request

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 a
request for extension of the previously
approved collection of information
discussed below.
Form 8–K (17 CFR 249.308) is filed by
issuers to satisfy their current reporting
obligations pursuant to Section 13 and
15(d) of the Securities Exchange Act of
1934 (15 U.S.C. 78m and 78o(d)) in
connection with the occurrence of
significant corporate events. The
purpose of Form 8–K is to provide
investors with prompt disclosure of
material information so that investors
will be able to make investment and
voting decisions better informed and
receive information more timely. We
estimate that Form 8–K takes 9.2145
hours per response and is filed by
118,387 responses annually. We
estimate that 75% of the 9.2145 hours
per response (6.91087 hours) is
prepared by the issuer for a total annual
reporting burden of 818,158 hours
(6.91087 hours per response × 118,387
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.

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[SEC File No. 270–610, OMB Control No.
3235–0707]

a total annual reporting burden of 2,076
hours (346 hours per response × 6
responses).
An agency may 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].
Dated: July 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–15434 Filed 7–20–21; 8:45 am]
BILLING CODE 8011–01–P

Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736

SECURITIES AND EXCHANGE
COMMISSION

Extension:
Form SF–1

Submission for OMB Review;
Comment Request

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.
Form SF–1 (17 CFR 239.44) is the
registration statement for non-shelf
issuers of assets-backed securities
register a public offering of their
securities under the Securities Act of
1933 (15 U.S.C. 77a et seq.). The
information collected is intended to
ensure that the information required to
be filed by the Commission permits
verification of compliance with
securities law requirements and assures
the public availability of such
information in the asset-backed
securities market. Form SF–1 takes
approximately 1,384 hours per response
and is filed by approximately 6
respondents. We estimate that 25% of
the 1,384 hours per response (346
hours) is prepared by the registrant for

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[SEC File No. 270–544, OMB Control No.
3235–0604]

Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Form 10–D

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.
Form 10–D is a periodic report used
by asset-backed issuers to file
distribution and pool performance
information pursuant to Rule 13a–17 (17
CFR 240.13a–17) or Rule 15d–17 (17
CFR 240.15d–17) of the Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
(15 U.S.C. 78a et seq.). The form is
required to be filed within 15 days after
each required distribution date on the
asset-backed securities, as specified in

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