Submission for OMB Review; Comment Request
Federal Register, Volume 83 Issue 17 (Thursday, January 25, 2018)
Federal Register Volume 83, Number 17 (Thursday, January 25, 2018)
Notices
Page 3460
From the Federal Register Online via the Government Publishing Office www.gpo.gov
FR Doc No: 2018-01339
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SECURITIES AND EXCHANGE COMMISSION
SEC File No. 270-316, OMB Control No. 3235-0359
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549-2736.
Extension:
Form N-17f-1.
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 a request for extension of the previously approved collection of information discussed below.
Form N-17f-1 (17 CFR 274.219) is entitled ``Certificate of Accounting of Securities and Similar Investments of a Management Investment Company in the Custody of Members of National Securities Exchanges.'' The form serves as a cover sheet to the accountant's certificate that is required to be filed periodically with the Commission pursuant to rule 17f-1 (17 CFR 270.17f-1) under the Act, entitled ``Custody of Securities with Members of National Securities Exchanges,'' which sets forth the conditions under which a fund may place its assets in the custody of a member of a national securities exchange. Rule 17f-1 requires, among other things, that an independent public accountant verify the fund's assets at the end of every annual and semi-annual fiscal period, and at least one other time during the fiscal year as chosen by the independent accountant. Requiring an independent accountant to examine the fund's assets in the custody of a member of a national securities exchange assists Commission staff in its inspection program and helps to ensure that the fund assets are subject to proper auditing procedures. The accountant's certificate stating that it has made an examination, and describing the nature and the extent of the examination, must be attached to Form N-17f-1 and filed with the Commission promptly after each examination. The form facilitates the filing of the accountant's certificates, and increases the accessibility of the certificates to both Commission staff and interested investors.
Commission staff estimates that it takes: (i) 1 Hour of clerical time to prepare and file Form N-17f-1; and (ii) 0.5 hour for the fund's chief compliance officer to review Form N-17f-1 prior to filing with the Commission, for a total of 1.5 hours. Each fund is required to make 3 filings annually, for a total annual burden per fund of approximately 4.5 hours.\1\ Commission staff estimates that an average of 6 funds currently file Form N-17f-1 with the Commission 3 times each year, for a total of 18 responses annually.\2\ The total annual hour burden for Form N-17f-1 is therefore estimated to be approximately 27 hours.\3\
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\1\ This estimate is based on the following calculation: (1.5 hours x 3 responses annually = 4.5 hours).
\2\ This estimate is based on a review of Form N-17f-1 filings made with the Commission over the last three years.
\3\ This estimate is based on the following calculations: (4.5 hours x 6 funds = 27 total hours).
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The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Compliance with the collections of information required by Form N-17f-1 is mandatory for funds that place their assets in the custody of a national securities exchange member. Responses 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 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. 2018-01339 Filed 1-24-18; 8:45 am
BILLING CODE 8011-01-P
