Federal Register / Vol. 75, No. 215 / Monday, November 8, 2010 / Notices 68631 

1 15 U.S.C. 77. In addition, the offering and 

selling of securities of investment companies 

(‘‘funds’’) that are not registered pursuant to the 

Investment Company Act of 1940 (‘‘Investment 

Company Act’’) is generally prohibited by U.S. 

securities laws. 15 U.S.C. 80a. 

2See Offer and Sale of Securities to Canadian 

Tax-Deferred Retirement Savings Accounts, Release 

Nos. 33–7860, 34–42905, IC–24491 (June 7, 2000) 

[65 FR 37672 (June 15, 2000)]. This rulemaking also 

included new Rule 7d-2 under the Investment 

Company Act, permitting foreign funds to offer 

securities to Canadian-U.S. Participants and sell 

securities to Canadian retirement accounts without 

registering as investment companies under the 

Investment Company Act. 17 CFR 270.7d-2. 

3 17 CFR 230.237. 

and Returned Volunteers to help 

understand which factors are driving 

recruitment attrition, as well as what 

information or education needs would 

increase the conversion ratio. An online 

survey will be conducted among 1,200 

Peace Corps applicants and Returned 

Peace Corps Volunteers including 300 

from each of the following segments: 

Inquire—complete an initial inquiry but 

do not begin or submit an application; 

Begin application—but either do not 

submit it or move forward; Submit 

complete application—but then elect 

not to proceed by stopping 

communication or actively withdrawing 

during the review process; Returned 

Peace Corps Volunteers—who recently 

closed Peace Corps service in the past 

two years. Including Returned Peace 

Corps Volunteers in the study will 

provide information to understand what 

is working in the application process 

and will help guide the strategies for 

correcting the conversion loss. There is 

no statutory or regulatory requirement 

for this information. 

Method: The information will be 

collected through an online survey. 

Title: Peace Corps Conversion Loss 

Survey. 

OMB Control Number: [To be 

assigned.] 

Type of Review: New. 

Affected Public: Former applicants to 

the Peace Corps and Returned Peace 

Corps Volunteers. 

Respondents’ obligation to reply: 

Voluntary. 

Estimate of the total number of 

respondents and the amount of time for 

an average respondent to respond: 

1,200. 

Estimated time to complete survey: 20 

minutes average on-line written 

response time. 

Estimate of the total public burden (in 

hours) associated with this collection: 

400 hours. 

Frequency of Response: 1 time. 

Estimated number of respondents: 

1,200. 

General description of collection: To 

understand which factors are driving 

recruitment attrition, as well as what 

information or education needs would 

increase the conversion ratio. 

Request for Comment: Peace Corps 

invites comments on whether the 

proposed collection of information is 

necessary for proper performance of the 

functions of the Peace Corps, including 

whether the information will have 

practical use; the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the information 

to be collected; and, ways to minimize 

the burden of the collection of 

information on those who respond, 

including through the use of automated 

collection techniques, when 

appropriate, and other forms of 

information technology. 

This notice issued in Washington, DC on 

November 3, 2010. 

Garry W. Stanberry, 

Deputy Associate Director for Management. 

[FR Doc. 2010–28128 Filed 11–5–10; 8:45 am] 

BILLING CODE 6051–01–P 

RAILROAD RETIREMENT BOARD 

Sunshine Act; Notice of Public Hearing 

Notice is hereby given that the 

Railroad Retirement Board, acting 

through its appointed Hearing 

Examiner, will hold a hearing on 

December 6, 2010, at 9 a.m., in Room 6A 

in the Bryan Simpson United States 

Courthouse at 300 North Hogan Street, 

Jacksonville, Florida 32202. The hearing 

will held at the order of the Board for 

the purpose of taking evidence on the 

question of whether certain individuals 

who performed service for CSX Real 

Property, Inc. prior to January 1, 2007, 

are covered employees under the 

Railroad Retirement and the Railroad 

Unemployment Insurance Acts. 

The entire hearing will be open to the 

public. The person to contact for more 

information is Karl Blank, Hearing 

Examiner, phone number (312) 751– 

4941, TDD (312) 751–4701. 

Dated: November 3, 2010. 

For the Board. 

Beatrice Ezerski, 

Secretary to the Board. 

[FR Doc. 2010–28215 Filed 11–4–10; 11:15 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Rule 237; SEC File No. 270–465; OMB 

Control No. 3235–0528. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350l–3520), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension and approval of 

the collection of information discussed 

below. 

In Canada, as in the United States, 

individuals can invest a portion of their 

earnings in tax-deferred retirement 

savings accounts (‘‘Canadian retirement 

accounts’’). These accounts, which 

operate in a manner similar to 

individual retirement accounts in the 

United States, encourage retirement 

savings by permitting savings on a taxdeferred basis. Individuals who 

establish Canadian retirement accounts 

while living and working in Canada and 

who later move to the United States 

(‘‘Canadian-U.S. Participants’’ or 

‘‘participants’’) often continue to hold 

their retirement assets in their Canadian 

retirement accounts rather than 

prematurely withdrawing (or ‘‘cashing 

out’’) those assets, which would result in 

immediate taxation in Canada. 

Once in the United States, however, 

these participants historically have been 

unable to manage their Canadian 

retirement account investments. Most 

securities that are ‘‘qualified 

investments’’ for Canadian retirement 

accounts are not registered under the 

U.S. securities laws. Those securities, 

therefore, generally cannot be publicly 

offered and sold in the United States 

without violating the registration 

requirement of the Securities Act of 

1933 (‘‘Securities Act’’).1

As a result of this registration 

requirement, Canadian-U.S. Participants 

previously were not able to purchase or 

exchange securities for their Canadian 

retirement accounts as needed to meet 

their changing investment goals or 

income needs. 

The Commission issued a rulemaking 

in 2000 that enabled Canadian-U.S. 

Participants to manage the assets in 

their Canadian retirement accounts by 

providing relief from the U.S. 

registration requirements for offers of 

securities of foreign issuers to CanadianU.S. Participants and sales to Canadian 

retirement accounts.2 Rule 237 under 

the Securities Act 3 permits securities of 

foreign issuers, including securities of 

foreign funds, to be offered to CanadianVerDate Mar<15>2010 18:02 Nov 05, 2010 Jkt 223001 PO 00000 Frm 00036 Fmt 4703 Sfmt 4703 E:\FR\FM\08NON1.SGM 08NON1

jlentini on DSKJ8SOYB1PROD with NOTICES
68632 Federal Register / Vol. 75, No. 215 / Monday, November 8, 2010 / Notices 

4This estimate is based on the following 

calculation: 3,700 equity issuers + 111 bond issuers 

= 3,811 total issuers. See World Federation of 

Exchanges, Number of Listed Issuers, available at 

http://www.world-exchanges.org/statistics/annual/ 

2009 (providing numbers of equity and fixedincome issuers on Canada’s Toronto Stock 

Exchange in 2009). 

5This estimate of respondents only includes 

foreign issuers. The number of respondents would 

be greater if foreign underwriters or broker-dealers 

draft stickers or supplements to add the required 

disclosure to existing offering documents. 

6The Commission’s estimate concerning the wage 

rate for attorney time is based on salary information 

for the securities industry compiled by the 

Securities Industry and Financial Markets 

Association (‘‘SIFMA’’). The $316 per hour figure for 

an attorney is from SIFMA’s Management & 

Professional Earnings in the Securities Industry 

2009, modified by Commission staff to account for 

an 1,800-hour work-year and multiplied by 5.35 to 

account for bonuses, firm size, employee benefits, 

and overhead. 

1 15 U.S.C. 78q(d). 

2 17 CFR 240.17d–2. 

3CBOE’s allocation of certain regulatory 

responsibilities under this Agreement is limited to 

the activities of the CBOE Stock Exchange, LLC, a 

facility of CBOE. 

U.S. Participants and sold to their 

Canadian retirement accounts without 

being registered under the Securities 

Act. 

Rule 237 requires written offering 

documents for securities offered and 

sold in reliance on the rule to disclose 

prominently that the securities are not 

registered with the Commission and are 

exempt from registration under the U.S. 

securities laws. The burden under the 

rule associated with adding this 

disclosure to written offering documents 

is minimal and is non-recurring. The 

foreign issuer, underwriter, or brokerdealer can redraft an existing prospectus 

or other written offering material to add 

this disclosure statement, or may draft 

a sticker or supplement containing this 

disclosure to be added to existing 

offering materials. In either case, based 

on discussions with representatives of 

the Canadian fund industry, the staff 

estimates that it would take an average 

of 10 minutes per document to draft the 

requisite disclosure statement. 

The Commission understands that 

there are approximately 3,811 Canadian 

issuers other than funds that may rely 

on Rule 237 to make an initial public 

offering of their securities to CanadianU.S. Participants.4 The staff estimates 

that in any given year approximately 38 

(or 1 percent) of those issuers are likely 

to rely on Rule 237 to make a public 

offering of their securities to 

participants, and that each of those 38 

issuers, on average, distributes 3 

different written offering documents 

concerning those securities, for a total of 

114 offering documents. 

The staff therefore estimates that 

during each year that Rule 237 is in 

effect, approximately 38 respondents 5

would be required to make 114 

responses by adding the new disclosure 

statements to approximately 114 written 

offering documents. Thus, the staff 

estimates that the total annual burden 

associated with the rule 237 disclosure 

requirement would be approximately 19 

hours (114 offering documents x 10 

minutes per document). The total 

annual cost of burden hours is estimated 

to be $6,004 (19 hours × $316 per hour 

of attorney time).6

In addition, issuers from foreign 

countries other than Canada could rely 

on Rule 237 to offer securities to 

Canadian-U.S. Participants and sell 

securities to their accounts without 

becoming subject to the registration 

requirements of the Securities Act. 

However, the staff believes that the 

number of issuers from other countries 

that rely on Rule 237, and that therefore 

are required to comply with the offering 

document disclosure requirements, is 

negligible. 

These burden hour estimates are 

based upon the Commission staff’s 

experience and discussions with the 

fund industry. The estimates of average 

burden hours are made solely for the 

purposes of the Paperwork Reduction 

Act. These estimates are not derived 

from a comprehensive or even a 

representative survey or study of the 

costs of Commission rules. 

Compliance with the collection of 

information requirements of the rule is 

mandatory and is necessary to comply 

with the requirements of the rule in 

general. 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. 

Background documentation for this 

information collection may be viewed at 

the following link, http:// 

www.reginfo.gov. Please direct general 

comments to the following persons: (i) 

Desk Officer for the Securities and 

Exchange Commission, Office of 

Management and Budget, Room 10102, 

New Executive Office Building, 

Washington, DC 20503 or send an email to Shagufta Ahmed at 

Shagufta_Ahmed@omb.eop.gov; 

Thomas Bayer, Director/CIO, Securities 

and Exchange Commission, C/O Remi 

Pavlik-Simon, 6432 General Green Way, 

Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov. 

Comments must be submitted to OMB 

within 30 days of this notice. 

November 1, 2010. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–28180 Filed 11–5–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63230; File No. 4–618] 

Program for Allocation of Regulatory 

Responsibilities Pursuant to Rule 17d– 

2; Notice of Filing of Proposed Plan for 

the Allocation of Regulatory 

Responsibilities Between BATS 

Exchange, Inc., BATS Y-Exchange, 

Inc., Chicago Board Options 

Exchange, Inc., Chicago Stock 

Exchange, Inc., EDGA Exchange, Inc., 

EDGX Exchange, Inc., Financial 

Industry Regulatory Authority, Inc., 

The NASDAQ Stock Market LLC, 

NASDAQ OMX BX, Inc., NASDAQ OMX 

PHLX LLC, National Stock Exchange, 

Inc., New York Stock Exchange LLC, 

NYSE Amex LLC, and NYSE Arca, Inc. 

Relating to Regulation NMS Rules 

November 2, 2010. 

Pursuant to Section 17(d) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 17d–2 thereunder,2

notice is hereby given that on October 

15, 2010, BATS Exchange, Inc. 

(‘‘BATS’’), BATS Y-Exchange, Inc. 

(‘‘BATS Y’’), Chicago Board Options 

Exchange, Inc. (‘‘CBOE’’) 3, Chicago 

Stock Exchange, Inc. (‘‘CHX’’), EDGA 

Exchange, Inc. (‘‘EDGA’’), EDGX 

Exchange, Inc. (‘‘EDGX’’), Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’), The NASDAQ Stock Market 

LLC (‘‘NASDAQ’’), NASDAQ OMX BX, 

Inc., NASDAQ OMX PHLX LLC 

(‘‘PHLX’’), National Stock Exchange, Inc. 

(‘‘NSX’’), New York Stock Exchange LLC 

(‘‘NYSE’’), NYSE Amex LLC (‘‘NYSE 

Amex’’), and NYSE Arca, Inc. (‘‘NYSE 

Arca’’) (together, the ‘‘Participating 

Organizations’’ or the ‘‘Parties’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’) a 

plan for the allocation of regulatory 

responsibilities with respect to certain 

Regulation NMS Rules listed in Exhibit 

A to the Plan (‘‘17d–2 Plan’’ or the 

‘‘Plan’’). The Commission is publishing 

this notice to solicit comments on the 

17d–2 Plan from interested persons. 


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