[Federal Register Volume 77, Number 30 (Tuesday, February 14, 2012)]
[Notices]
[Page 8302]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-3339]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension:
Form 13F, SEC File No. 270-22, OMB Control No. 3235-0006.
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'') 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.
Section 13(f) \1\ of the Securities Exchange Act of 1934 \2\ (the
``Exchange Act'') empowers the Commission to: (1) Adopt rules that
create a reporting and disclosure system to collect specific
information; and (2) disseminate such information to the public. Rule
13f-1 \3\ under the Exchange Act requires institutional investment
managers that exercise investment discretion over accounts that have in
the aggregate a fair market value of at least $100,000,000 of certain
U.S. exchange-traded equity securities, as set forth in rule 13f-1(c),
to file quarterly reports with the Commission on Form 13F.\4\
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\1\ 15 U.S.C. 78m(f).
\2\ 15 U.S.C. 78a et seq.
\3\ 17 CFR 240.13f-1.
\4\ 17 CFR 249.325.
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The information collection requirements apply to institutional
investment managers that meet the $100 million reporting threshold.
Section 13(f)(6) of the Exchange Act defines an ``institutional
investment manager'' as any person, other than a natural person,
investing in or buying and selling securities for its own account, and
any person exercising investment discretion with respect to the account
of any other person. Rule 13f-1(b) under the Exchange Act defines
``investment discretion'' for purposes of Form 13F reporting.
The reporting system required by Section 13(f) of the Exchange Act
is intended, among other things, to create in the Commission a central
repository of historical and current data about the investment
activities of institutional investment managers, and to improve the
body of factual data available to regulators and the public.
The Commission staff estimates that 4,286 respondents make
approximately 17,144 responses under the rule each year. The staff
estimates that on average, Form 13F filers spend 98.8 hours/year to
prepare and submit the report. In addition, the staff estimates that
171 respondents file approximately 684 amendments each year. The staff
estimates that on average, Form 13F filers spend 4 hours/year to
prepare and submit amendments to Form 13F. The total annual burden of
the rule's requirements for all respondents therefore is estimated to
be 424,141 hours ((4,286 filers x 98.8 hours) + (171 filers x 4
hours)).
The estimate of average burden hours is 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. 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.
Written comments are invited on: (a) Whether the collections of
information are 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 burdens
of the collections of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens of the collections 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 Thomas Bayer, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an
email to: [email protected].
Dated: February 8, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-3339 Filed 2-13-12; 8:45 am]
BILLING CODE 8011-01-P