Notice2021-24143
Submission for OMB Review; 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
November 5, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 212 (Friday, November 5, 2021)</title>
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[Federal Register Volume 86, Number 212 (Friday, November 5, 2021)]
[Notices]
[Page 61353]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-24143]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-253, OMB Control No. 3235-0260]
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 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'') has submitted to the Office of
Management and Budget a request for extension of the previously
approved collection of information discussed below.
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 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 1800-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 1800-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.
Complying with the collection of information requirements of the
rule is mandatory. The filings that the rule requires to be made with
the Commission are available to the public. 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: ><a href="http://www.reginfo.gov">www.reginfo.gov</a><. 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) ><a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>< and (ii) David Bottom,
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by
sending an email to: <a href="/cdn-cgi/l/email-protection#a4f4f6e5fbe9c5cdc8c6cbdce4d7c1c78ac3cbd2"><span class="__cf_email__" data-cfemail="257577647a68444c49474a5d655640460b424a53">[email protected]</span></a>.
Dated: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-24143 Filed 11-4-21; 8:45 am]
BILLING CODE 8011-01-P
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