Notice2023-24953
Submission for OMB Review; Comment Request; Extension: Rule0-2
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 13, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 217 (Monday, November 13, 2023)</title>
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[Federal Register Volume 88, Number 217 (Monday, November 13, 2023)]
[Notices]
[Pages 77624-77625]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-24953]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-572, OMB Control No. 3235-0636]
Submission for OMB Review; Comment Request; Extension: Rule 0-2
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736.
[[Page 77625]]
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 a request for extension of the previously approved collection of
information discussed below.
Several sections of the Investment Company Act of 1940 (``Act'' or
``Investment Company Act'') \1\ give the Securities and Exchange
Commission (``Commission'') the authority to issue orders granting
exemptions from the Act's provisions. The section that grants broadest
authority is section 6(c), which provides the Commission with authority
to conditionally or unconditionally exempt persons, securities or
transactions from any provision of the Investment Company Act, or the
rules or regulations thereunder, if and to the extent that such
exemption is necessary or appropriate in the public interest and
consistent with the protection of investors and the purposes fairly
intended by the policy and provisions of the Act.\2\ Congress enacted
section 6(c) to give the Commission the flexibility to address
unforeseen or changed circumstances in the investment company industry.
Rule 0-2 under the Investment Company Act,\3\ entitled ``General
Requirements of Papers and Applications,'' prescribes general
instructions for filing an application seeking exemptive relief with
the Commission.
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\1\ 15 U.S.C. 80a-1 et seq.
\2\ 15 U.S.C. 80a-6(c).
\3\ 17 CFR 270.0-2.
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Rule 0-2(c)(1) requires that every application for an order for
which a form is not specifically prescribed and which is executed by a
corporation, partnership or other company and filed with the Commission
contain a statement of the applicable provisions of the articles of
incorporation, bylaws or similar documents, relating to the right of
the person signing and filing such application to take such action on
behalf of the applicant, and a statement that all such requirements
have been complied with and that the person signing and filing the
application is fully authorized to do so. If such authorization is
dependent on resolutions of stockholders, directors, or other bodies,
such resolutions must be attached as an exhibit to or quoted in the
application. Any amendment to the application must contain a similar
statement as to the applicability of the original statement of
authorization. When any application or amendment is signed by an agent
or attorney, rule 0-2(c)(1) requires that the power of attorney
evidencing his authority to sign shall state the basis for the agent's
authority and shall be filed with the Commission. Every application
subject to rule 0-2 must be verified by the person executing the
application by executing an instrument in substantially the form
specified in the rule. Each application subject to rule 0-2 must state
the reasons why the applicant is deemed to be entitled to the action
requested, the name and address of each applicant, and the name and
address of any person to whom any questions regarding the application
should be directed. Electronic filing of all applications for orders
under the Investment Company Act is mandatory. Each application subject
to rule 0-2 is a one-time request and the rule itself does not impose
any ongoing obligations or burdens on the part of an applicant.
Based on historical filing data and estimates of the annual number
of filings, the staff estimates that the Commission will receive
roughly 112 applications for an exemptive order per year, and that each
such applications will take an average of 20.25 hours of in-house
attorney time as well as total external costs of $92,000.
These estimates of average costs are made solely for the purposes
of the Paperwork Reduction Act. The estimate is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules.
This collection of information is necessary to obtain a benefit and
will not be kept confidential. 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 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
by December 13, 2023 to (i) <a href="/cdn-cgi/l/email-protection#2a67687204656768046563786b04796f69754e4f594175454c4c43494f586a454748044f455a044d455c"><span class="__cf_email__" data-cfemail="88c5cad0a6c7c5caa6c7c1dac9a6dbcdcbd7ecedfbe3d7e7eeeee1ebedfac8e7e5eaa6ede7f8a6efe7fe">[email protected]</span></a>
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: <a href="/cdn-cgi/l/email-protection#db8b899a8496bab2b7b9b4a39ba8beb8f5bcb4ad"><span class="__cf_email__" data-cfemail="5f0f0d1e00123e36333d30271f2c3a3c71383029">[email protected]</span></a>.
Dated: November 7, 2023.
Christina Z. Milnor,
Assistant Secretary.
[FR Doc. 2023-24953 Filed 11-9-23; 8:45 am]
BILLING CODE 8011-01-P
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