[Federal Register Volume 83, Number 17 (Thursday, January 25, 2018)]
[Notices]
[Pages 3458-3459]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01338]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-512, OMB Control No. 3235-0570]
Submission for OMB Review; Comment Request
Upon Written Request, Copy Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736.
Extension:
Form N-CSR.
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'') has submitted to the Office of
Management and Budget (``OMB'') a request for extension of the
previously approved collection of information discussed below.
Form N-CSR (17 CFR 249.331 and 274.128) is a combined reporting
form used by registered management investment companies (``funds'') to
file certified shareholder reports under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act'') and the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange
Act''). Specifically, Form N-CSR is to be used for reports under
section 30(b)(2) of the Investment Company Act (15 U.S.C. 80a-29(b)(2))
and section 13(a) or 15(d) of the Exchange Act (15 U.S.C. 78m(a) and
78o(d)), filed pursuant to rule 30b2-1(a) under the Investment Company
Act (17 CFR 270.30b2-1(a)). Reports on Form N-CSR are to be filed with
the Securities and Exchange Commission (``Commission'') no later than
10 days after the transmission to stockholders of any report that is
required to be transmitted to stockholders under rule 30e-1 under the
Investment Company Act (17 CFR 270.30e-1). The information filed with
the Commission permits the verification of compliance with securities
law requirements and assures the public availability and dissemination
of the information.
The following estimates of average burden hours and costs are made
solely for purposes of the Paperwork Reduction Act of 1995 \1\ and are
not derived from a comprehensive or even representative survey or study
of the cost of Commission rules and forms. Compliance with Form N-CSR
is mandatory. Responses to the collection of information will not be
kept confidential.
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\1\ 44 U.S.C. 3501 et seq.
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The current total annual burden hour inventory for Form N-CSR is
172,899 hours.\2\ The hour burden estimates for preparing and filing
reports on Form N-CSR are based on the Commission's experience with the
contents of the form. The number of burden hours may vary depending on,
among other things, the complexity of the filing and whether
preparation of the reports is performed by internal staff or outside
counsel.
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\2\ This estimate is based on the following calculations:
172,899 hours = (11,856 management investment companies x 14.52 hour
burden per fund per year) + 750 additional hours for closed-end
funds.
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The Commission's new estimate of burden hours that will be imposed
by Form N-CSR is as follows:
[[Page 3459]]
Hour Burden for Reports on Form N-CSR
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Number of funds............................................ \3\ 11,856
Number of filings per fund per year........................ 2
Hour burden per fund per filing............................ 7.31
Hour burden per fund per year (7.31 hours per filing x 2 14.62
filings per year).........................................
Additional aggregate annual burden for closed-end funds.... \4\ 750
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Total annual hour burden............................... \5\ 174,085
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In total, the Commission estimates it will take 174,085 burden
hours per year for all funds to prepare and file reports on Form N-CSR.
Based on the Commission's estimate of 174,085 burden hours and an
estimated wage rate of approximately $324 per hour,\6\ the total
internal annual cost to registrants of the hour burden for complying
with Form N-CSR requirements is approximately $56 million.\7\
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\3\ This estimate is based on the following calculation: 11,856
management investment companies = (1,594 exchange-traded funds -
eight organized as unit investment trusts + 750 closed-end funds +
481 money market funds + 9,039 other mutual funds).
\4\ This estimate is based on the following calculation: 750
hours = (750 closed-end funds x 1 hour per closed-end fund).
\5\ This estimate is based on the following calculation: 174,085
hours = 750 hours + (11,856 funds x 14.62 burden hours per fund per
year).
\6\ The Commission's estimate concerning the wage rate is based
on salary information for the securities industry compiled by the
Securities Industry and Financial Markets Association. The estimated
wage figure is based on published rates for compliance attorneys and
senior programmers, modified to account for an 1,800-hour work year
and inflation; multiplied by 5.35 to account for bonuses, firm size,
employee benefits, and overhead; and adjusted to account for the
effects of inflation, yielding effective hourly rates of $340 and
$308, respectively. See Securities Industry and Financial Markets
Association, Report on Management & Professional Earnings in the
Securities Industry 2013. We estimate that compliance attorneys and
senior programmers would divide their time equally, yielding an
estimated hourly wage rate of $324. ($340 per hour for compliance
attorneys + $308 per hour for senior programmers) / 2 = $324 per
hour.
\7\ 174,085 hours x $324 per hour = $56,403,540 per year.
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Estimates of average burden hours and costs are made solely for the
purposes of the Paperwork Reduction Act, and are not derived from a
comprehensive or even representative survey or study of the costs of
Commission rules and forms. Compliance with the collection of
information requirements of Form N-CSR is mandatory. Responses to the
collection of information 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 the background documentation for this
information collection at the following website, www.reginfo.gov.
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:
[email protected]; and (ii) Pamela Dyson, Director/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]. Comments must be submitted to OMB within 30
days of this notice.
Dated: January 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01338 Filed 1-24-18; 8:45 am]
BILLING CODE 8011-01-P