Notice2021-18697
Proposed Collection; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 31, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 166 (Tuesday, August 31, 2021)</title>
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[Federal Register Volume 86, Number 166 (Tuesday, August 31, 2021)]
[Notices]
[Pages 48786-48787]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-18697]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-253; OMB Control No. 3235-026]
Proposed Collection; 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 23c-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'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget for extension and approval.
Rule 23c-1(a) under the Investment Company Act (17 CFR 270.23c-
1(a)) permits a closed-end fund to repurchase its securities for cash
if, in addition to the other requirements set forth in the rule, the
following conditions are met: (i) Payment of the purchase price is
accompanied or preceded by a written confirmation of the purchase
(``written confirmation''); (ii) the asset coverage per unit of the
security to be purchased is disclosed to the seller or his agent
(``asset coverage disclosure''); and (iii) if the security is a stock,
the fund has, within the preceding six months, informed stockholders of
its intention to purchase stock (``six month notice''). Commission
staff estimates that 56 closed-end funds undertake a total of 224
repurchases annually under rule 23c-1.\1\ Staff estimates further that,
with respect to each repurchase, each fund spends 2.5 hours to comply
with the rule's written confirmation, asset coverage disclosure and six
month notice requirements. Thus, Commission staff estimates the total
annual respondent reporting burden is 560
[[Page 48787]]
hours.\2\ Commission staff further estimates that the cost of the
hourly burden per repurchase is approximately $330.50 (one half hour of
a compliance attorney's time at $373 per hour,\3\ and two hours of
clerical time at $72 per hour).\4\ The total annual cost for all funds
is estimated to be $185,080.\5\
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\1\ The number of closed-end funds that undertake repurchases
annually under rule 23c-1 is based on information provided in
response to Item C.7.i of Form N-CEN from January 1, 2020 through
December 31, 2020.
\2\ This estimate is based on the following calculation: 224
repurchases x 2.5 hours per repurchase = 560 hours.
\3\ The $373/hour figure for a compliance attorney is from
SIFMA's Management & Professional Earnings in the Securities
Industry 2013, updated for 2021, modified by Commission staff to
account for an 1,800-hour work-year and inflation, and multiplied by
5.35 to account for bonuses, firm size, employee benefits and
overhead.
\4\ The $72/hour figure for a compliance clerk is from SIFMA's
Office Salaries in the Securities Industry 2013, updated for 2021,
modified by Commission staff to account for an 1,800-hour work-year
and inflation, and multiplied by 2.93 to account for bonuses, firm
size, employee benefits and overhead.
\5\ This estimate is based on the following calculation: 560
repurchases x $330.5 per repurchase = $185,080.
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In addition, the fund must file with the Commission a copy of any
written solicitation to purchase securities given by or on behalf of
the fund to 10 or more persons. The copy must be filed as an exhibit to
Form N-CSR (17 CFR 249.331and 274.128).\6\ The burden associated with
filing Form N-CSR is addressed in the submission related to that form.
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\6\ In addition, Item 9 of Form N-CSR requires closed-end funds
to disclose information similar to the information that was required
in Form N-23C-1, which was discontinued in 2004.
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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 and forms.
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 estimate of the burden of
the collection of information; (c) ways to enhance the quality,
utility, and clarity of the information 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.
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:
<a href="/cdn-cgi/l/email-protection#306062716f7d51595c525f48704355531e575f46"><span class="__cf_email__" data-cfemail="227270637d6f434b4e404d5a625147410c454d54">[email protected]</span></a>.
Dated: August 25, 2021.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-18697 Filed 8-30-21; 8:45 am]
BILLING CODE 8011-01-P
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