49802 Federal Register / Vol. 76, No. 155 / Thursday, August 11, 2011 / Notices 

1Rule 32a–4(a). 

2Rule 32a–4(b). 

3Rule 32a–4(c). 

using the Internet (Filing Online) 

pursuant to Commission rules 9(a) and 

10(a) at the Commission’s Web site, 

http://www.prc.gov, unless a waiver is 

obtained. See 39 CFR 3001.9(a) and 

3001.10(a). Instructions for obtaining an 

account to file documents online may be 

found on the Commission’s Web site or 

by contacting the Commission’s docket 

section at prc-dockets@prc.gov or via 

telephone at 202–789–6846. 

The Commission reserves the right to 

redact personal information which may 

infringe on an individual’s privacy 

rights from documents filed in this 

proceeding. 

Intervention. Persons, other than 

Petitioner and respondent, wishing to be 

heard in this matter are directed to file 

a notice of intervention. See 39 CFR 

3001.111(b). Notices of intervention in 

this case are to be filed on or before 

August 30, 2011. A notice of 

intervention shall be filed using the 

Internet (Filing Online) at the 

Commission’s Web site unless a waiver 

is obtained for hardcopy filing. See 39 

CFR 3001.9(a) and 3001.10(a). 

Further procedures. By statute, the 

Commission is required to issue its 

decision within 120 days from the date 

it receives the appeal. See 39 U.S.C. 

404(d)(5). A procedural schedule has 

been developed to accommodate this 

statutory deadline. In the interest of 

expedition, in light of the 120-day 

decision schedule, the Commission may 

request the Postal Service or other 

participants to submit information or 

memoranda of law on any appropriate 

issue. As required by the Commission 

rules, if any motions are filed, responses 

are due 7 days after any such motion is 

filed. See 39 CFR 3001.21. 

It is ordered: 

1. The Postal Service shall file the 

applicable administrative record 

regarding this appeal no later than 

August 18, 2011. 

2. Any responsive pleading by the 

Postal Service to this notice is due no 

later than August 18, 2011. 

3. The procedural schedule listed 

below is hereby adopted. 

4. Pursuant to 39 U.S.C. 505, Emmett 

Rand Costich is designated officer of the 

Commission (Public Representative) to 

represent the interests of the general 

public. 

5. The Secretary shall arrange for 

publication of this notice and order in 

the Federal Register. 

By the Commission. 

Ruth Ann Abrams, 

Acting Secretary. 

PROCEDURAL SCHEDULE

August 18, 2011 .............................. Deadline for the Postal Service to file the applicable administrative record in this appeal. 

August 18, 2011 .............................. Deadline for the Postal Service to file any responsive pleading. 

August 30, 2011 .............................. Deadline for notices to intervene (see 39 CFR 3001.111(b)). 

September 7, 2011 ......................... Deadline for Petitioner’s Form 61 or initial brief in support of petition (see 39 CFR 3001.115(a) and (b)). 

September 27, 2011 ....................... Deadline for answering brief in support of the Postal Service (see 39 CFR 3001.115(c)). 

October 12, 2011 ............................ Deadline for reply briefs in response to answering briefs (see 39 CFR 3001.115(d)). 

October 19, 2011 ............................ Deadline for motions by any party requesting oral argument; the Commission will schedule oral argument 

only when it is a necessary addition to the written filings (see 39 CFR 3001.116). 

November 23, 2011 ........................ Expiration of the Commission’s 120-day decisional schedule (see 39 U.S.C. 404(d)(5)). 

[FR Doc. 2011–20420 Filed 8–10–11; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL SERVICE 

Board of Governors; Sunshine Act 

Meeting 

Board Votes To Close July 25, 2011, 

Meeting. 

By telephone vote on July 25, 2011, a 

majority of the members of the Board of 

Governors of the United States Postal 

Service met and voted unanimously to 

close to public observation its meeting 

held in Washington, DC, via 

teleconference. The Board determined 

that no earlier public notice was 

possible. 

ITEMS CONSIDERED: 

1. Strategic Issues. 

2. Financial Matters. 

3. Pricing. 

4. Personnel Matters and 

Compensation Issues. 

GENERAL COUNSEL CERTIFICATION: The 

General Counsel of the United States 

Postal Service has certified that the 

meeting was properly closed under the 

Government in the Sunshine Act. 

CONTACT PERSON FOR MORE INFORMATION: 

Requests for information about the 

meeting should be addressed to the 

Secretary of the Board, Julie S. Moore, 

at (202) 268–4800. 

Julie S. Moore, 

Secretary. 

[FR Doc. 2011–20612 Filed 8–9–11; 4:15 pm] 

BILLING CODE 7710–12–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 20549–0004. 

Extension: 

Rule 32a–4; SEC File No. 270–473; OMB 

Control No. 3235–0530. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350l et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

requests for extension of the previously 

approved collections of information 

discussed below. 

Section 32(a)(2) of the Investment 

Company Act (15 U.S.C. 80a–31(a)(2)) 

requires that shareholders of a registered 

investment management or face-amount 

certificate company (collectively, 

‘‘funds’’) ratify or reject the selection of 

the fund’s independent public 

accountant. Rule 32a–4 (17 CFR 

270.32a–4) exempts funds from this 

requirement if (i) The fund’s board of 

directors establishes an audit committee 

composed solely of independent 

directors with responsibility for 

overseeing the fund’s accounting and 

auditing processes,1 (ii) the fund’s board 

of directors adopts an audit committee 

charter setting forth the committee’s 

structure, duties, powers and methods 

of operation, or sets forth such 

provisions in the fund’s charter or 

bylaws,2 and (iii) the fund maintains a 

copy of such an audit committee 

charter, and any modifications to the 

charter, permanently in an easily 

accessible place.3

Each fund that chooses to rely on rule 

32a–4 incurs two collection of 

information burdens. The first, related 

to the board of directors’ adoption of the 


srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 76, No. 155 / Thursday, August 11, 2011 / Notices 49803 

4This estimate is based on staff discussions with 

a staff representative of an entity that surveys funds 

and calculates fund board statistics based on 

responses to its surveys. 

5No hour burden related to such maintenance of 

the charter was identified by the funds the 

Commission staff surveyed. Commission staff 

understands that many audit committee charters 

have been significantly revised after their adoption 

in response to the Sarbanes-Oxley Act (Pub. L. 107– 

204, 116 Stat. 745) and other developments. 

However, the costs associated with these revisions 

are not attributable to the requirements of rule 

32a–4. 

6This estimate is based on the number of Form 

N–8As filed from January 2010 through December 

2010. 

7This estimate is based on the following 

calculation: (3.0 burden hours for establishing 

charter × 117 new funds = 351 burden hours). 

8Costs may vary based on the individual needs 

of each fund. However, based on the staff’s 

conversations with outside counsel that prepare 

these charters, legal fees related to the preparation 

and adoption of an audit committee charter usually 

average $1500 or less. The Commission also 

understands that the ICI has prepared a model audit 

committee charter, which most legal professionals 

use when establishing audit committees, thereby 

reducing the costs associated with drafting a 

charter. 

9This estimate is based on the following 

calculations: ($1500 cost of adopting charter × 117 

newly established funds = $175,500). 

audit committee charter, occurs once, 

when the committee is established. The 

second, related to the fund’s 

maintenance and preservation of a copy 

of the charter in an easily accessible 

place, is an ongoing annual burden. The 

information collection requirement in 

rule 32a–4 enables the Commission to 

monitor the duties and responsibilities 

of an independent audit committee 

formed by a fund relying on the rule. 

Commission staff estimates that, on 

average, the board of directors takes 15 

minutes to adopt the audit committee 

charter. Commission staff has estimated 

that with an average of 8 directors on 

the board,4 total director time to adopt 

the charter is 2 hours. Combined with 

an estimated 1 hour of paralegal time to 

prepare the charter for board review, the 

staff estimates a total one-time 

collection of information burden of 3 

hours for each fund. Once a board 

adopts an audit committee charter, a 

fund generally maintains it in a file 

cabinet or as a computer file. 

Commission staff has estimated that 

there is no annual hourly burden 

associated with maintaining the charter 

in this form.5

Because virtually all funds extant 

have now adopted audit committee 

charters, the annual one-time collection 

of information burden associated with 

adopting audit committee charters is 

limited to the burden incurred by newly 

established funds. Commission staff 

estimates that fund sponsors establish 

approximately 117 new funds each 

year,6 and that all of these funds will 

adopt an audit committee charter in 

order to rely on rule 32a–4. Thus, 

Commission staff estimates that the 

annual one-time hour burden associated 

with adopting an audit committee 

charter under rule 32a–4 going forward 

will be approximately 351 hours.7

As noted above, all funds that rely on 

rule 32a–4 are subject to the ongoing 

collection of information requirement to 

preserve a copy of the charter in an 

easily accessible place. This ongoing 

requirement, which Commission staff 

has estimated has no hourly burden, 

applies to all funds that have adopted 

an audit committee charter and 

continue to maintain it. 

When funds adopt an audit committee 

charter in order to rely on rule 32a–4, 

they also may incur one-time costs 

related to hiring outside counsel to 

prepare the charter. Commission staff 

estimates that those costs average 

approximately $1500 per fund.8

Commission staff understands that 

virtually all funds now rely on rule 32a– 

4 and have adopted audit committee 

charters, and thus estimates that the 

annual cost burden related to hiring 

outside legal counsel is limited to newly 

established funds. 

As noted above, Commission staff 

estimates that approximately 117 new 

funds each year will adopt an audit 

committee charter in order to rely on 

rule 32a–4. Thus, Commission staff 

estimates that the ongoing annual cost 

burden associated with rule 32a–4 in 

the future will be approximately 

$175,500.9

The 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 a representative 

survey or study of the costs of 

Commission rules and forms. 

The collections of information 

required by rule 32a–4 are necessary to 

obtain the benefits of the rule. The 

Commission is seeking OMB approval, 

because 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 Web site, 

http://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, D.C. 20503, or by sending 

an e-mail to: 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

Thomas Bayer, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, 

Alexandria, VA 22312 or send an e-mail 

to: PRA_Mailbox@sec.gov . Comments 

must be submitted to OMB within 30 

days of this notice. 

Dated: August 8, 2011. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–20419 Filed 8–10–11; 8:45 am] 

BILLING CODE 8011–01–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 20549–2833. 

Extension: 

Rule 30b1–5; SEC File No. 270–520; OMB 

Control No. 3235–0577. 

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. 

Rule 30b1–5 (17 CFR 270.30b1–5) 

under the Investment Company Act of 

1940 (15 U.S.C. 80a–1 et seq.) (the 

‘‘Investment Company Act’’) requires 

registered management investment 

companies, other than small business 

investment companies registered on 

Form N–5 (17 CFR 239.24 and 274.5) 

(‘‘funds’’), to file a quarterly report via 

the Commission’s EDGAR system on 

Form N–Q (17 CFR 249.332 and 

274.130), not more than sixty calendar 

days after the close of each first and 

third fiscal quarter, containing their 

complete portfolio holdings. The 

purpose of the collection of information 

required by rule 30b1–5 is to meet the 

disclosure requirements of the 

Investment Company Act and to provide 

investors with information necessary to 

evaluate an interest in the fund by 

improving the transparency of 

information about the fund’s portfolio 

holdings. 

The Commission estimates that there 

are 2,580 management investment 

companies, with a total of 

approximately 9,160 portfolios, that are 


srobinson on DSK4SPTVN1PROD with NOTICES