Notice2025-03279
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
February 28, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 39 (Friday, February 28, 2025)</title>
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[Federal Register Volume 90, Number 39 (Friday, February 28, 2025)]
[Notices]
[Pages 10963-10964]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-03279]
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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 of
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
[[Page 10964]]
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 200 funds rely on the rule. The
estimated total average annual burden for all respondents therefore is
1,400 hours.
The average cost burden of preparing a report by an independent
evaluator in a merger with an unregistered entity is estimated to be
$16,180. 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 $131,302. The Commission staff estimates that each year
approximately 24 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 $3,151,248.
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.
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.
Written comments are invited on: (a) whether this collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (b) the accuracy of the agency's estimate of the burden
imposed by 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.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202412-3235-011">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202412-3235-011</a> or send an email comment to
<a href="/cdn-cgi/l/email-protection#2f626d770160626d0160667d6e017c6a6c704b4a5c4470404949464c4a5d6f40424d014a405f01484059"><span class="__cf_email__" data-cfemail="b1fcf3e99ffefcf39ffef8e3f09fe2f4f2eed5d4c2daeeded7d7d8d2d4c3f1dedcd39fd4dec19fd6dec7">[email protected]</span></a> within 30 days of the day
after publication of this notice by March 31, 2025.
Dated: February 25, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-03279 Filed 2-27-25; 8:45 am]
BILLING CODE 8011-01-P
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