Notice2022-07054
Submission for OMB Review; Comment Request; Extension: Rule 17a-8
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
April 4, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 64 (Monday, April 4, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 64 (Monday, April 4, 2022)]
[Notices]
[Page 19565]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07054]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-225, OMB Control No. 3235-0235]
Submission for OMB Review; Comment Request; Extension: Rule 17a-8
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), 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 17a-8 (17 CFR 270.17a-8) under the Investment Company Act of
1940 (the ``Act'') (15 U.S.C. 80a-1 et seq.) is entitled ``Mergers f
affiliated companies.'' Rule 17a-8 exempts certain mergers and similar
business combinations (``mergers'') of affiliated registered investment
companies (``funds'') from prohibitions under section 17(a) of the Act
(15 U.S.C. 80a-17(a)) on purchases and sales between a fund and its
affiliates. The rule requires fund directors to consider certain issues
and to record their findings in board minutes. The rule requires the
directors of any fund merging with an unregistered entity to approve
procedures for the valuation of assets received from that entity. These
procedures must provide for the preparation of a report by an
independent evaluator that sets forth the fair value of each such asset
for which market quotations are not readily available. The rule also
requires a fund being acquired to obtain approval of the merger
transaction by a majority of its outstanding voting securities, except
in certain situations, and requires any surviving fund to preserve
written records describing the merger and its terms for six years after
the merger (the first two in an easily accessible place).
The average annual burden of meeting the requirements of rule 17a-8
is estimated to be 7 hours for each fund. The Commission staff
estimates that each year approximately 384 funds rely on the rule. The
estimated total average annual burden for all respondents therefore is
2,688 hours.
The average cost burden of preparing a report by an independent
evaluator in a merger with an unregistered entity is estimated to be
$15,000. The average net cost burden of obtaining approval of a merger
transaction by a majority of a fund's outstanding voting securities is
estimated to be $100,000. The Commission staff estimates that each year
approximately 59 funds hold shareholder votes that would not otherwise
have held a shareholder vote. The total annual cost burden of meeting
these requirements is estimated to be $5,900,000.
The estimates of average burden hours and average cost burdens are
made solely for the purposes of the Paperwork Reduction Act, and are
not derived from a comprehensive or even a representative survey or
study. 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 OMB control number.
The public may view the background documentation for this
information collection at the following website, <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Comments should be directed to: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503, or by sending an email to:
<a href="/cdn-cgi/l/email-protection#266a4f484255475f086b08674447524366494b440843495608414950"><span class="__cf_email__" data-cfemail="531f3a3d3720322a7d1e7d1231322736133c3e317d363c237d343c25">[email protected]</span></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 send an email to:
<a href="/cdn-cgi/l/email-protection#baeae8fbe5f7dbd3d6d8d5c2fac9dfd994ddd5cc"><span class="__cf_email__" data-cfemail="edbdbfacb2a08c84818f8295ad9e888ec38a829b">[email protected]</span></a>. Written comments and recommendations for the
proposed information collection should be sent within 30 days of
publication of this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find
this particular information collection by selecting ``Currently under
30-day Review--Open for Public Comments'' or by using the search
function.
Dated: March 30, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-07054 Filed 4-1-22; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on April 4, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.