[Federal Register Volume 79, Number 131 (Wednesday, July 9, 2014)]
[Notices]
[Pages 39001-39002]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-16040]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copy Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension:
Form N-PX, OMB Control No. 3235-0582, SEC File No. 270-524
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) 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.
The title for the collection of information is ``Form N-PX (17 CFR
274.129) under the Investment Company Act of 1940, Annual Report of
Proxy Voting Record.'' Rule 30b1-4 (17 CFR 270.30b1-4) under the
Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) requires every
registered management investment company, other than a small business
investment company registered on Form N-5 (``Funds''), to file Form N-
PX not later than August 31 of each year. Funds use Form N-PX to file
annual reports with the Commission containing their complete proxy
voting record for the most recent twelve-month period ended June 30.
The Commission estimates that there are approximately 2,500 Funds
registered with the Commission, representing approximately 10,000 Fund
portfolios, which are required to file Form N-PX.\1\ The 10,000
portfolios
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are comprised of 6,200 portfolios holding equity securities and 3,800
portfolios holding no equity securities. The staff estimates that
portfolios holding no equity securities require approximately a 0.17
hour burden per response and those holding equity securities require
7.2 hours per response. The overall estimated annual burden is
therefore approximately 45,300 hours ((6,200 responses x 7.2 hours per
response for equity holding portfolios) + (3,800 responses x 0.17 hours
per response for non-equity holding portfolios)). Based on the
estimated wage rate, the total cost to the industry of the hour burden
for complying with Form N-PX would be approximately $14.5 million.
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\1\ The estimate of 2,500 Funds is based on the number of
management investment companies currently registered with the
Commission. We estimate, based on data from the Investment Company
Institute and other sources, that there are approximately 5,700 Fund
portfolios that invest primarily in equity securities, 500
``hybrid'' or bond portfolios that may hold some equity securities,
3,200 bond Funds that hold no equity securities, and 600 money
market Funds, for a total of 10,000 portfolios required to file Form
N-PX.
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The Commission also estimates that portfolios holding equity
securities will bear an external cost burden of $1,000 per portfolio to
prepare and update Form N-PX. Based on this estimate, the Commission
estimates that the total annualized cost burden for Form N-PX is $6.2
million (6,200 responses x $1,000 per response = $6,200,000).
The collection of information under Form N-PX is mandatory. The
information provided under the form is not 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.
Written comments are invited on: (a) Whether the proposed
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 of 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. 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, Chief
Information Officer, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send an email
to: [email protected].
Dated: July 3, 2014.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014-16040 Filed 7-8-14; 8:45 am]
BILLING CODE 8011-01-P