42962 Federal Register / Vol. 83, No. 165 / Friday, August 24, 2018 / Notices 

1Form N–23c–3, entitled ‘‘Notification of 

Repurchase Offer Pursuant to Rule 23c–3,’’ requires 

the fund to state its registration number, its full 

name and address, the date of the accompanying 

shareholder notification, and the type of offer being 

made (periodic, discretionary, or both). 

Administration’s commitment to 

improving service delivery. By 

qualitative feedback we mean 

information that provides useful 

insights on perceptions and opinions, 

but are not statistical surveys that yield 

quantitative results that can be 

generalized to the population of study. 

This feedback will provide insights into 

customer or stakeholder perceptions, 

experiences and expectations, provide 

an early warning of issues with service, 

or focus attention on areas where 

communication, training or changes in 

operations might improve delivery of 

products or services. These collections 

will allow for ongoing, collaborative and 

actionable communications between the 

SEC and its customers and stakeholders. 

It will also allow feedback to contribute 

directly to the improvement of program 

management. 

Feedback collected under this generic 

clearance will provide useful 

information, but it will not yield data 

that can be generalized to the overall 

population. This type of generic 

clearance for qualitative information 

will not be used for quantitative 

information collections that are 

designed to yield reliably actionable 

results, such as monitoring trends over 

time or documenting program 

performance. Depending on the degree 

of influence the results are likely to 

have, such collections may still be 

eligible for submission for other generic 

mechanisms that are designed to yield 

quantitative results. 

Below is the projected average 

estimates for the next three years: 

Expected Annual Number of 

activities: [10]. 

Respondents: [20,000]. 

Annual responses: [20,000]. 

Frequency of Response: Once per 

request. 

Average minutes per response: [10]. 

Burden hours: [3,500]. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information to be 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. 

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: Shagufta_

Ahmed@omb.eop.gov; and (ii) Pamela 

Dyson, Director/Chief Information 

Officer, Securities and Exchange 

Commission, c/o Candace Kenner, 100 F 

Street NE, Washington, DC 20549 or 

send an email to: PRA_Mailbox@

sec.gov. Comments must be submitted to 

OMB within 30 days of this notice. 

Dated: August 21, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18365 Filed 8–23–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; 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: 

Rule 23c–3 and Form N–23c–3, SEC File No. 

270–373, OMB Control No. 3235–0422 

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 (‘‘OMB’’) for 

extension and approval. 

Rule 23c–3 (17 CFR 270.23c–3) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a–1 et seq.) permits a 

registered closed-end investment 

company (‘‘closed-end fund’’ or ‘‘fund’’) 

that meets certain requirements to 

repurchase common stock of which it is 

the issuer from shareholders at periodic 

intervals, pursuant to repurchase offers 

made to all holders of the stock. The 

rule enables these funds to offer their 

shareholders a limited ability to resell 

their shares in a manner that previously 

was available only to open-end 

investment company shareholders. To 

protect shareholders, a closed-end fund 

that relies on rule 23c–3 must send 

shareholders a notification that contains 

specified information each time the 

fund makes a repurchase offer (on a 

quarterly, semi-annual, or annual basis, 

or, for certain funds, on a discretionary 

basis not more often than every two 

years). The fund also must file copies of 

the shareholder notification with the 

Commission (electronically through the 

Commission’s Electronic Data 

Gathering, Analysis, and Retrieval 

System (‘‘EDGAR’’)) on Form N–23c–3, 

a filing that provides certain 

information about the fund and the type 

of offer the fund is making.1 The fund 

must describe in its annual report to 

shareholders the fund’s policy 

concerning repurchase offers and the 

results of any repurchase offers made 

during the reporting period. The fund’s 

board of directors must adopt written 

procedures designed to ensure that the 

fund’s investment portfolio is 

sufficiently liquid to meet its repurchase 

obligations and other obligations under 

the rule. The board periodically must 

review the composition of the fund’s 

portfolio and change the liquidity 

procedures as necessary. The fund also 

must file copies of advertisements and 

other sales literature with the 

Commission as if it were an open-end 

investment company subject to Section 

24 of the Investment Company Act (15 

U.S.C. 80a–24) and the rules that 

implement Section 24. Rule 24b–3 

under the Investment Company Act (17 

CFR 270.24b–3), however, exempts the 

fund from that requirement if the 

materials are filed instead with the 

Financial Industry Regulatory Authority 

(‘‘FINRA’’). 

The requirement that the fund send a 

notification to shareholders of each offer 

is intended to ensure that a fund 

provides material information to 

shareholders about the terms of each 

offer. The requirement that copies be 

sent to the Commission is intended to 

enable the Commission to monitor the 

fund’s compliance with the notification 

requirement. The requirement that the 

shareholder notification be attached to 

Form N–23c–3 is intended to ensure 

that the fund provides basic information 

necessary for the Commission to process 

the notification and to monitor the 

fund’s use of repurchase offers. The 

requirement that the fund describe its 

current policy on repurchase offers and 

the results of recent offers in the annual 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 165 / Friday, August 24, 2018 / Notices 42963 

shareholder report is intended to 

provide shareholders current 

information about the fund’s repurchase 

policies and its recent experience. The 

requirement that the board approve and 

review written procedures designed to 

maintain portfolio liquidity is intended 

to ensure that the fund has enough cash 

or liquid securities to meet its 

repurchase obligations, and that written 

procedures are available for review by 

shareholders and examination by the 

Commission. The requirement that the 

fund file advertisements and sales 

literature as if it were an open-end fund 

is intended to facilitate the review of 

these materials by the Commission or 

FINRA to prevent incomplete, 

inaccurate, or misleading disclosure 

about the special characteristics of a 

closed-end fund that makes periodic 

repurchase offers. 

The Commission staff estimates that 

33 funds make use of rule 23c–3 

annually, including eight funds that are 

relying upon rule 23c–3 for the first 

time. The Commission staff estimates 

that on average a fund spends 89 hours 

annually in complying with the 

requirements of the rule and Form N– 

23c–3, with funds relying upon rule 

23c–3 for the first time incurring an 

additional one-time burden of 28 hours. 

The Commission therefore estimates the 

total annual hour burden of the rule’s 

and form’s paperwork requirements to 

be 3,161 hours. In addition to the 

burden hours, the Commission staff 

estimates that the average yearly cost to 

each fund that relies on rule 23c–3 to 

print and mail repurchase offers to 

shareholders is about $31,184.88. The 

Commission estimates total annual cost 

is therefore about $1,029,101. 

Estimates of average burden hours 

and costs are made solely for 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 the rule 

and form is mandatory only for those 

funds that rely on the rule in order to 

repurchase shares of the fund. The 

information provided to the 

Commission on Form N–23c–3 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. 

Written comments are invited on: (a) 

Whether the collection of information is 

necessary for the proper performance of 

the functions of the Commission, 

including whether the information has 

practical utility; (b) the accuracy of the 

Commission’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 Pamela Dyson, Chief Information 

Officer, Securities and Exchange 

Commission, c/o Candace Kenner, 100 F 

Street NE, Washington, DC 20549; or 

send an email to: PRA_Mailbox@

sec.gov. 

All submissions should refer to File 

Number 270–373. This file number 

should be included on the subject line 

if email is used. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov). 

All comments received will be posted 

without change; we do not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

Dated: August 21, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18361 Filed 8–23–18; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15640 and #15641; 

California Disaster Number CA–00289] 

Administrative Declaration of a 

Disaster for the State of California 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of CALIFORNIA dated 08/ 

10/2018. 

Incident: West Fire. 

Incident Period: 07/06/2018 through 

07/09/2018. 

DATES: Issued on 08/10/2018. 

Physical Loan Application Deadline 

Date: 10/09/2018. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 05/10/2019. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW, Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: California. 

Contiguous Counties: 

San Diego: Imperial, Orange, 

Riverside. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners With Credit Available Elsewhere ...................... 3.875 

Homeowners Without Credit 

Available Elsewhere .............. 1.938 

Businesses With Credit Available Elsewhere ...................... 7.220 

Businesses Without Credit 

Available Elsewhere .............. 3.610 

Non-Profit Organizations With 

Credit Available Elsewhere ... 2.500 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.500 

For Economic Injury: 

Businesses & Small Agricultural 

Cooperatives Without Credit 

Available Elsewhere .............. 3.610 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.500 

The number assigned to this disaster 

for physical damage is 15640 5 and for 

economic injury is 15641 0. 

The States which received an EIDL 

Declaration # are California. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Linda E. McMahon, 

Administrator. 

[FR Doc. 2018–18091 Filed 8–23–18; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15644 and #15645; 

Colorado Disaster Number CO–00100] 

Administrative Declaration of a 

Disaster for the State of Colorado 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of COLORADO dated 08/ 

10/2018. 


daltland on DSKBBV9HB2PROD with NOTICES