30 Day Notice

29408

Federal Register / Vol. 87, No. 93 / Friday, May 13, 2022 / Notices

2620

International Money Transfer Service-Outbound

***
2620.3

Prices

International Money Order
($)
Per
International
Money Order

49.65

Inquiry Fee

36.45

Vendor Assisted Electronic Money Transfer

Transfer Amount
Minimum
Amount

Maximum
Amount

Per
Transfer

($)

($)

($)

Electronic
Money
Transfer

0.01

750.00

69.30

750.01

1,500.00

100.25

Refund

0.01

1,500.00

151.90

Change of
Recipient

0.01

1,500.00

80.80

Electronic Money Transfer

[FR Doc. 2022–10377 Filed 5–12–22; 8:45 am]
BILLING CODE 7710–12–C

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–258, OMB Control No.
3235–0268]

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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 2a–7

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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 (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 2a–7 (17 CFR 270.2a–7) under
the Investment Company Act of 1940
(15 U.S.C. 80a) (the ‘‘Act’’) governs
money market funds. Money market
funds are open-end management
investment companies that differ from
other open-end management investment
companies in that they seek to maintain
a stable price per share, usually $1.00.
The rule exempts money market funds
from the valuation requirements of the

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Act, and, subject to certain risk-limiting
conditions, permits money market funds
to use the ‘‘amortized cost method’’ of
asset valuation or the ‘‘penny-rounding
method’’ of share pricing.
Rule 2a–7 also imposes certain
recordkeeping and reporting obligations
on money market funds. The board of
directors of a money market fund, in
supervising the fund’s operations, must
establish written procedures designed to
stabilize the fund’s net asset value
(‘‘NAV’’); establish written procedures
to test periodically the ability of the
fund to maintain a stable NAV based on
certain hypothetical events (‘‘stress
testing’’); review, revise, and approve
written procedures to stress test a fund’s
portfolio; and create a report to the fund
board documenting the results of stress

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Federal Register / Vol. 87, No. 93 / Friday, May 13, 2022 / Notices
testing. The board must also adopt
guidelines and procedures relating to
certain responsibilities it delegates to
the fund’s investment adviser. These
procedures and guidelines typically
address various aspects of the fund’s
operations. The fund must maintain and
preserve for six years a written copy of
both these procedures and guidelines.
The fund also must maintain and
preserve for six years a written record of
the board’s considerations and actions
taken in connection with the discharge
of its responsibilities, to be included in
the board’s minutes, including
determinations to impose any liquidity
fees or temporary suspension of
redemptions. In addition, the fund must
maintain and preserve for three years
written records of certain credit risk
analyses, evaluations with respect to
securities subject to demand features or
guarantees, evaluations with respect to
asset-backed securities not subject to
guarantees, and determinations with
respect to adjustable rate securities and
asset-backed securities. If the board
takes action with respect to defaulted
securities, events of insolvency, or
deviations in share price, the fund must
file with the Commission an exhibit to
Form N–CR describing the nature and
circumstances of the action. If any
portfolio security fails to meet certain
eligibility standards under the rule, the
fund also must identify those securities
in an exhibit to Form N–CR. After
certain events of default or insolvency
relating to a portfolio security, the fund
must notify the Commission of the event
and the actions the fund intends to take
in response to the situation.
A fund must also post certain periodic
information on the its website including
disclosure of portfolio holdings,
disclosure of daily and weekly liquid
assets and net shareholder flow,
disclosure of daily current NAV, and
disclosures of financial support received
by the fund, the imposition and removal
of liquidity fees, and the suspension and
resumption of fund redemptions. Lastly,
for funds that elect to be retail funds,
they must create written policies and
procedures reasonably designed to limit
all beneficial owners of the fund to
natural persons.
The recordkeeping requirements in
rule 2a–7 are designed to enable
Commission staff in its examinations of
money market funds to determine
compliance with the rule, as well as to
ensure that money market funds have
established procedures for collecting the
information necessary to make adequate
credit reviews of securities in their
portfolios. The reporting requirements
of rule 2a–7 are intended to assist
Commission staff in overseeing money

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market funds and reduce the likelihood
that a fund is unable to maintain a
stable NAV.
Commission staff estimates that there
are 320 money market funds (80 fund
complexes), all of which are subject to
rule 2a–7. Commission staff further
estimates that there will be
approximately 10 new money market
funds established each year.
Commission staff estimates that rule 2a–
7 contains the following collection of
information requirements:
• Record of credit risk analyses, and
determinations regarding adjustable rate
securities, asset-backed securities, assetbacked securities not subject to
guarantees, securities subject to a
demand feature or guarantee, and
counterparties to repurchase
agreements. Commission staff estimates
a total annual hour burden for 320 funds
to be 260,440 hours.
• Establishment of written procedures
designed to stabilize NAV and
guidelines and procedures for board
delegation of authority. Commission
staff estimates a total annual hour
burden for 10 new money market funds
to be 155 hours.
• Board review of procedures and
guidelines of any investment adviser or
officers to whom the fund’s board has
delegated responsibility under rule 2a–
7 and amendment of such procedures
and guidelines. Commission staff
estimates a total annual hour burden for
80 funds to be 400 hours.
• Records of the board’s
determination for imposing any
liquidity fees or temporary suspension
of redemptions. Commission staff
estimates a total annual hour burden for
2 funds to be 14 hours.
• Records of the board’s
determinations and actions related to
failure of a security to meet certain
eligibility standards or an event of
default or insolvency. Commission staff
estimates a total annual hour burden for
20 funds to be 50 hours.
• Establishment of written procedures
to test periodically the ability of the
fund to maintain a stable NAV per share
based on certain hypothetical events
(‘‘stress testing’’). Commission staff
estimates a total annual hour burden for
10 new money market funds to be 220
hours.
• Review, revise, and approve written
procedures to stress test a fund’s
portfolio. Commission staff estimates a
total annual hour burden for 80 fund
complexes to be 960 hours.
• Reports to fund boards on the
results of stress testing. Commission
staff estimates a total annual hour
burden for 80 fund complexes to be
4,000 hours.

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• Website disclosures of portfolio
holdings, of daily and weekly liquid
assets and net shareholder flow, of daily
current NAV, and disclosures of
financial support received by the fund,
the imposition and removal of liquidity
fees and the suspension and resumption
of fund redemptions. Commission staff
estimates a total annual hour burden for
320 funds to be 27,251 hours.
• For funds electing retail fund status,
written policies and procedures limiting
all beneficial owners of the fund to
natural persons. Commission staff
estimates a total annual hour burden for
2 funds to be 26 hours.
Thus, the Commission estimates the
total annual burden of the rule’s
information collection requirements is
293,516 hours.
The estimated total annual burden is
being decreased from 337,328 hours to
293,516 hours. This net decrease of
43,812 hours is attributable to a
combination of factors, including a
decrease in the number of money
market funds and fund complexes, and
updated information from money
market funds regarding hourly burdens,
including revised staff estimates of the
burden hours required to comply with
rule 2a–7.
Commission staff estimates that in
addition to the costs described in
section 12, money market funds will
incur costs to preserve records, as
required under rule 2a–7.1 These costs
will vary significantly for individual
funds, depending on the amount of
assets under fund management and
whether the fund preserves its records
in a storage facility in hard copy or has
developed and maintains a computer
system to create and preserve
compliance records.2 Commission staff
estimates that the amount an individual
fund may spend ranges from $100 per
year to $300,000. Based on a cost of
$0.0051295 per dollar of assets under
management for small funds,
$0.0005041 per dollar assets under
1 A significant portion of the recordkeeping
burden involves organizing information that the
funds already collect when initially purchasing
securities. In addition, when a money market fund
analyzes a security, the analysis need not be
presented in any particular format. Money market
funds therefore have a choice of methods for
maintaining these records that vary in technical
sophistication and formality. Accordingly, the cost
of preparing these documents may vary
significantly among individual funds. The burden
hours associated with filing reports to the
Commission as an exhibit to Form N–CR are
included in the PRA burden estimate for that form.
2 The amount assets under management in
individual money market funds ranges widely,
varying from below $50 million to well over $150
billion. We further note that the assets under
management figures were calculated based on net
assets at the fund level and not the sum of the
market values of the underlying funds.

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management for medium funds, and
$0.0000009 per dollar of assets under
management for large funds, the staff
estimates compliance with the record
storage requirements of rule 2a–7 costs
the fund industry approximately $33.0
million per year.3
Based on responses from individuals
in the money market fund industry, the
staff estimates that some of the largest
fund complexes have created computer
programs for maintaining and
preserving compliance records for rule
2a–7. Based on a cost of $0.0000132 per
dollar of assets under management for
large funds, the staff estimates that total
annualized capital/startup costs range
from $0 for small funds to $71.6 million
for all large funds.4 Commission staff
further estimates that, even absent the
requirements of rule 2a–7, money
market funds would spend at least half
of the amount for capital costs ($35.8
million) 5 and for record preservation
($16.5 million) 6 to establish and
maintain these records and the systems
for preserving them as a part of sound
business practices to ensure
diversification and minimal credit risk
in a portfolio for a fund that seeks to
maintain a stable price per share.
These estimates of burden hours and
costs are made solely for the purposes
of the Paperwork Reduction Act. The
estimates are not derived from a
comprehensive or even a representative
survey or study of Commission rules.
The collection of information under
Rule 2a–7 is mandatory. The
information provided by the rule is not
kept confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to, a collection of
3 The staff estimated the annual cost of preserving
the required books and records by identifying the
annual costs incurred by several funds and then
relating this total cost to the average net assets of
these funds during the year. With a total of $328.5
million under management in small funds, $52.4
billion under management in medium funds and
$5.4 trillion under management in large funds, the
costs of preservation were estimated as follows:
((0.0051295 × $328.5 million) + (0.0005041 × $52.4
billion) + (0.0000009 × $5.4 trillion) = $33.0
million. For purposes of this PRA submission,
Commission staff used the following categories for
fund sizes: (i) small–money market funds with $50
million or less in assets under management; (ii)
medium–money market funds with more than $50
million up to and including $1 billion in assets
under management; and (iii) large–money market
funds with more than $1 billion in assets under
management.
4 This estimate is based on the following
calculation: $0.0000132 × $5.4 trillion in assets
under management for large funds = $71.6 million.
5 This estimate is based on the following
calculation: $71.6 million in capital costs/2 = $35.8
million.
6 This estimate is based on the following
calculation: $33.0 million in record preservation
costs/2 = $16.5 million.

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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 by June 13, 2022 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission,
c/o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].
Dated: May 9, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10299 Filed 5–12–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–344, OMB Control No.
3235–0391]

annually. We estimate that 25% of the
17 hours (4.25 hours) is prepared by the
filer for an annual reporting burden of
4 hours (4.25 hours per response × 1
response).
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 by June 13, 2022 to (i)
www.reginfo.gov/public/do/PRAMain
and (ii) David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected].
Dated: May 9, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–10297 Filed 5–12–22; 8:45 am]

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 T–6

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 T–6 (17 CFR 269.9) is an
application for eligibility and
qualification for a foreign person or
corporation under the Trust Indenture
Act of 1939 (15 U.S.C. 77aaa et seq.).
Form T–6 provides the basis for
determining whether a foreign person or
corporation is eligible to serve as a
trustee for qualified indenture. Form T–
6 is filed on occasion. The information
collected must be filed with the
Commission and is publicly available.
Form T–6 takes approximately 17
burden hours per response and is filed
by approximately one respondent

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

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[SEC File No. 270–330, OMB Control No.
3235–0645]

Extension:
Interactive Data

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.
The ‘‘Interactive Data’’ collection of
information requires issuers filing
registration statements under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) and reports under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) to submit specified financial

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