16710 Federal Register / Vol. 80, No. 60 / Monday, March 30, 2015 / Notices 

22 17 CFR 200.30–3(a)(59). 

1See 15 U.S.C. 80a. 

2See 15 U.S.C. 80a–12(d)(1)(A). If an acquiring 

fund is not registered, these limitations apply only 

with respect to the acquiring fund’s acquisition of 

registered funds. 

3See 15 U.S.C. 80a–12(d)(1)(B). 

4See 17 CFR 270.12d1–1. 

5See rule 12d1–1(b)(1). 

6See 15 U.S.C. 80a–17(a), 15 U.S.C. 80a–17(d); 17 

CFR 270.17d–1. 

7An affiliated person of a fund includes any 

person directly or indirectly controlling, controlled 

by, or under common control with such other 

person. See 15 U.S.C. 80a–2(a)(3) (definition of 

‘‘affiliated person’’). Most funds today are organized 

by an investment adviser that advises or provides 

administrative services to other funds in the same 

complex. Funds in a fund complex are generally 

under common control of an investment adviser or 

other person exercising a controlling influence over 

the management or policies of the funds. See 15 

U.S.C. 80a–2(a)(9) (definition of ‘‘control’’). Not all 

advisers control funds they advise. The 

determination of whether a fund is under the 

control of its adviser, officers, or directors depends 

on all the relevant facts and circumstances. See 

Investment Company Mergers, Investment 

Company Act Release No. 25259 (Nov. 8, 2001) [66 

FR 57602 (Nov. 15, 2001)], at n.11. To the extent 

that an acquiring fund in a fund complex is under 

common control with a money market fund in the 

same complex, the funds would rely on the rule’s 

exemptions from section 17(a) and rule 17d–1. 

8See 15 U.S.C. 80a–2(a)(3)(A), (B). 

9See 17 CFR 270.2a–7. 

10See 15 U.S.C. 80a–17(a), 15 U.S.C. 80a–17(d), 

15 U.S.C. 80a–17(e), 15 U.S.C. 80a–18, 15 U.S.C. 

80a–22(e). 

11See 17 CFR 270.31a–1(b)(1), 17 CFR 270.31a– 

1(b)(2)(ii), 17 CFR 270.31a–1(b)(2)(iv), 17 CFR 

270.31a–1(b)(9). 

filing will also be available for 

inspection and copying at the NYSE’s 

principal office and on its Internet Web 

site at www.nyse.com. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NYSEMKT–2015–19 and should be 

submitted on or before April 20, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07135 Filed 3–27–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–526, OMB Control No. 

3235–0584] 

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: 

Rule 12d1–1. 

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. 

An investment company (‘‘fund’’) is 

generally limited in the amount of 

securities the fund (‘‘acquiring fund’’) 

can acquire from another fund 

(‘‘acquired fund’’). Section 12(d) of the 

Investment Company Act of 1940 (the 

‘‘Investment Company Act’’ or ‘‘Act’’) 1

provides that a registered fund (and 

companies it controls) cannot: 

• Acquire more than three percent of 

another fund’s securities; 

• invest more than five percent of its 

own assets in another fund; or 

• invest more than ten percent of its 

own assets in other funds in the 

aggregate.2

In addition, a registered open-end 

fund, its principal underwriter, and any 

registered broker or dealer cannot sell 

that fund’s shares to another fund if, as 

a result: 

• The acquiring fund (and any 

companies it controls) owns more than 

three percent of the acquired fund’s 

stock; or 

• all acquiring funds (and companies 

they control) in the aggregate own more 

than ten percent of the acquired fund’s 

stock.3

Rule 12d1–1 under the Act provides 

an exemption from these limitations for 

‘‘cash sweep’’ arrangements in which a 

fund invests all or a portion of its 

available cash in a money market fund 

rather than directly in short-term 

instruments.4 An acquiring fund relying 

on the exemption may not pay a sales 

load, distribution fee, or service fee on 

acquired fund shares, or if it does, the 

acquiring fund’s investment adviser 

must waive a sufficient amount of its 

advisory fee to offset the cost of the 

loads or distribution fees.5 The acquired 

fund may be a fund in the same fund 

complex or in a different fund complex. 

In addition to providing an exemption 

from section 12(d)(1) of the Act, the rule 

provides exemptions from section 17(a) 

of the Act and rule 17d–1 thereunder, 

which restrict a fund’s ability to enter 

into transactions and joint arrangements 

with affiliated persons.6 These 

provisions would otherwise prohibit an 

acquiring fund from investing in a 

money market fund in the same fund 

complex,7 and prohibit a fund that 

acquires five percent or more of the 

securities of a money market fund in 

another fund complex from making any 

additional investments in the money 

market fund.8

The rule also permits a registered 

fund to rely on the exemption to invest 

in an unregistered money market fund 

that limits its investments to those in 

which a registered money market fund 

may invest under rule 2a–7 under the 

Act, and undertakes to comply with all 

the other provisions of rule 2a–7.9 In 

addition, the acquiring fund must 

reasonably believe that the unregistered 

money market fund (i) operates in 

compliance with rule 2a–7, (ii) complies 

with sections 17(a), (d), (e), 18, and 

22(e) of the Act 10 as if it were a 

registered open-end fund, (iii) has 

adopted procedures designed to ensure 

that it complies with these statutory 

provisions, (iv) maintains the records 

required by rules 31a–1(b)(1), 31a– 

1(b)(2)(ii), 31a–1(b)(2)(iv), and 31a– 

1(b)(9); 11 and (v) preserves 

permanently, the first two years in an 

easily accessible place, all books and 

records required to be made under these 

rules. 

Rule 2a–7 contains certain collection 

of information requirements. An 

unregistered money market fund that 

complies with rule 2a–7 would be 

subject to these collection of 

information requirements. In addition, 

the recordkeeping requirements under 

rule 31a–1 with which the acquiring 

fund reasonably believes the 

unregistered money market fund 

complies are collections of information 

for the unregistered money market fund. 

The adoption of procedures by 

unregistered money market funds to 

ensure that they comply with sections 

17(a), (d), (e), 18, and 22(e) of the Act 

also constitute collections of 

information. By allowing funds to invest 

in registered and unregistered money 

market funds, rule 12d1–1 is intended 

to provide funds greater options for cash 

management. In order for a registered 

fund to rely on the exemption to invest 

in an unregistered money market fund, 

the unregistered money market fund 

must comply with certain collection of 

information requirements for registered 

money market funds. These 

requirements are intended to ensure that 

the unregistered money market fund has 

established procedures for collecting the 

information necessary to make adequate 

credit reviews of securities in its 

portfolio, as well as other recordkeeping 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 60 / Monday, March 30, 2015 / Notices 16711 

12Securities and Exchange Commission, Request 

for OMB Approval of Extension for Approved 

Collection for Rule 2a–7 under the Investment 

Company Act of 1940 (OMB Control No. 3235– 

0268) (approved October 13, 2009); Securities and 

Exchange Commission, Request for OMB Approval 

of Revision for Approved Collection for Rule 2a–7 

under the Investment Company Act of 1940 (OMB 

Control No. 3235–0268) (approved April 18, 2010). 

13This estimate is based on the number of 

applications seeking exemptions to invest in 

unregistered money market funds filed with the 

Commission in 2005 (40), adjusted by the 

percentage change in registered money market 

funds from 2005 to November 2011 (870 to 641, 

according to the Investment Company Institute). 

This estimate may be understated because 

applicants generally did not identify the name or 

number of unregistered money market funds in 

which registered funds intended to invest, and each 

application also applies to unregistered money 

market funds to be organized in the future. Because 

the Commission adopted rule 12d1–1 in June 2006, 

2005 is the last full year in which the Commission 

received applications seeking an exemption to 

invest in unregistered money market funds. 

14The estimate is based on the following 

calculations: (30 funds × 81 responses for 

documentation of credit analyses and other 

determinations) = 2,340 responses. (30 funds × 12 

responses for public Web site posting) = 360 

responses. 2,340 responses + 360 responses = 2,790 

responses. 

15This estimate is based on the following 

calculations: (30 funds × 410 hours for 

documentation of credit analyses and other 

determinations) = 12,300 hours. (30 funds × 4.4 

hours for public Web site posting) = 132 hours. 

12,300 hours + 132 hours = 12,432 hours. 

16This estimate is based on the following 

calculations: (30 funds × $79,130) = $2,373,900. (30 

funds × $12,584) = $377,520. $2,373,900 + $377,520 

= $2,751,420. 

17See 17 CFR 270.17a–9. 

18 Given the fact that exemptive applications are 

generally filed on behalf of fund complexes rather 

than individual funds, the staff estimates that each 

of the exemptive applications upon which its 

estimates of the number of unregistered money 

market funds is based represents a separate fund 

complex. See supra note 13. 

19The estimate is based on the following 

calculations: (30 fund complexes × 1 response for 

revision of procedures concerning stress testing) = 

30 responses. (30 fund complexes × 10 responses 

to provide stress testing reports) = 300 responses. 

(30 fund complexes × 10 responses to maintain 

stress testing reports) = 300 responses. (30 fund 

complexes x 1 response to maintain records of 

creditworthiness) = 30 responses. (30 fund 

complexes × 1 response for reporting of rule 17a– 

9 transactions) = 30 responses. 30 responses + 300 

responses + 300 responses + 30 responses + 30 

responses = 690 responses. 

20This estimate is based on the following 

calculations: (30 fund complexes × 7 hours for 

revision of procedures concerning stress testing) = 

210 hours. (30 fund complexes × 27 hours to 

provide stress testing reports) = 810 hours. (30 fund 

complexes × 0.2 hours to maintain stress testing 

reports) = 6 hours. (30 fund complexes × 2 hours 

to maintain records of creditworthiness) = 60 hours. 

(30 fund complexes × 1 hour for reporting of rule 

17a–9 transactions) = 30 hours. 210 hours + 810 

hours + 6 hours + 60 hours + 30 hours = 1,116 

hours. 

21This estimate is based on the following 

calculations: (30 fund complexes × $5,650 for 

revision of procedures concerning stress testing) = 

$169,500. (30 fund complexes × $69,990 to provide 

stress testing reports) = $2,099,700. (30 fund 

complexes × $103 to maintain stress testing reports) 

= $3,090. (30 fund complexes × $124 to maintain 

records of creditworthiness) = $3,720. (30 fund 

complexes × $305 for reporting of rule 17a–9 

transactions) = $9,150. $169,500 + $2,099,700 + 

$3,090 + $3,720 + $9,150 = $2,285,160. 

requirements that will assist the 

acquiring fund in overseeing the 

unregistered money market fund (and 

Commission staff in its examination of 

the unregistered money market fund’s 

adviser). 

The number of unregistered money 

market funds that would be affected by 

the proposal is an estimate based on the 

number of Commission exemptive 

applications that the Commission 

received in the past that sought relief for 

registered funds to purchase shares in 

an unregistered money market fund in 

excess of the section 12(d)(1) limits. The 

hour burden estimates for the condition 

that an unregistered money market fund 

comply with rule 2a–7 are based on the 

burden hours included in the 

Commission’s 2009 and 2010 PRA 

submissions regarding rule 2a–7 (‘‘rule 

2a–7 submissions’’).12 The estimated 

average burden hours in this collection 

of information are made solely for 

purposes of the Paperwork Reduction 

Act and are not derived from a 

quantitative, comprehensive or even 

representative survey or study of the 

burdens associated with Commission 

rules and forms. 

In the rule 2a–7 submissions, 

Commission staff made the following 

estimates with respect to aggregate 

annual hour and cost burdens for 

collections of information for each 

existing registered money market fund: 

Documentation of credit risk analyses, 

and determinations regarding 

adjustable rate securities, asset 

backed securities, and securities 

subject to a demand feature or 

guarantee: 

81 responses 

410 hours of professional time 

Cost: $79,130. 

Public Web site posting of monthly 

portfolio information: 

12 responses 

4.4 burden hours of professional time 

Cost: $12,584 

The staff estimates that registered 

funds currently invest in 30 

unregistered money market funds in 

excess of the statutory limits under rule 

12d1–1.13 Each of these unregistered 

money market funds engages in the 

collections of information described 

above. Accordingly, the staff estimates 

that unregistered money market funds 

complying with the collections of 

information described above engage in a 

total of 2790 annual responses under 

rule 12d1–1,14 the aggregate annual 

burden hours associated with these 

responses is 12,432,15 and the aggregate 

annual cost to funds is $2.75 million.16

In the rule 2a–7 submissions, 

Commission staff further estimated the 

aggregate annual hour and cost burdens 

for collections of information for fund 

complexes with registered money 

market funds as follows: 

Review and revise procedures 

concerning stress testing: 

1 response 

7 burden hours of professional and 

director time 

Cost: $5,650 

Draft, compile, and provide stress 

testing reports to board of directors: 

10 responses 

27 burden hours of director, 

professional, and support staff time 

Cost: $69,990 

Maintain records of stress testing reports 

to board of directors: 

10 responses 

0.2 burden hours of support staff time 

Cost: $103 

Maintain records of creditworthiness 

evaluations of repurchase 

counterparties: 

1 response 

2 burden hours of support staff time 

Cost: $124 

Reporting of rule 17a–9 transactions: 17

1 response 

1 burden hour of legal time 

Cost: $305 

In the rule 2a–7 submissions, 

Commission staff estimated that there 

are 163 fund complexes with 719 

registered money market funds subject 

to rule 2a–7. The staff estimates that 

there are 30 fund complexes with 

unregistered money market funds 

invested in by mutual funds in excess 

of the statutory limits under rule 

12d1–1.18 Each of these fund complexes 

engages in the collections of information 

described above. Accordingly, the staff 

estimates that these fund complexes 

complying with the collections of 

information described above engage in a 

total of 690 annual responses under rule 

12d1–1,19 the aggregate annual burden 

hours associated with these responses is 

1116,20 and the aggregate annual cost to 

funds is $2,285,160.21

In the rule 2a–7 submissions, the staff 

further estimated the aggregate annual 

burdens for registered money market 

funds that amend their board 

procedures as follows: 

Amendment of procedures designed to 

stabilize the fund’s net asset value: 

1 response 

2.4 burden hours of director time 

Cost: $2,340 

Consistent with the estimate in the 

rule 2a–7 submissions, Commission 

mstockstill on DSK4VPTVN1PROD with NOTICES

16712 Federal Register / Vol. 80, No. 60 / Monday, March 30, 2015 / Notices 

22The estimate is based on the following 

calculation: (8 funds × 1 response for board review 

and amendment of procedures) = 8 responses. 

23This estimate is based on the following 

calculation: (8 funds × 2.4 hours for review and 

amendment of procedures) = 19.2 hours. 

24This estimate is based on the following 

calculation: (8 funds × $2,340) = $18,720. 

25The estimate is based on the following 

calculations: (1 fund × 2 responses) + (1 fund × 1 

response) = 3 responses. 

26This estimate is based on the following 

calculations: (1 fund × 1 hour) + (1 fund × 1.5 

hours) = 2.5 hours. 

27This estimate is based on the following 

calculations: (1 fund × $270) + (1 fund × $405) = 

$675. 

28See supra note 13. 

29These estimates are based upon the following 

calculations: 2790 + 690 + 8+ 3 = 3,491 annual 

responses; 12,432 + 1116 + 19 + 2.5 = 13,569.5 

burden hours; and $2,751,420 + $2,285,160 + 

$18,720 + $675 = $5,055,975. 30See supra text accompanying note 28. 

staff estimates that approximately 1⁄4, or 

8, unregistered money market funds 

review and amend their board 

procedures each year. Accordingly, the 

staff estimates that unregistered money 

market funds complying with this 

collection of information requirement 

engage in a total of 8 annual responses 

under rule 12d1–1,22 the aggregate 

annual burden hours associated with 

these responses is 19,23 and the 

aggregate annual cost to funds to 

comply with this collection of 

information is $18,720.24

In the rule 2a–7 submissions, 

Commission staff further estimated the 

aggregate annual burdens for registered 

money market funds that experience an 

event of default or insolvency as 

follows: 

Written record of board determinations 

and actions related to failure of a 

security to meet certain eligibility 

standards or an event of default of 

default or insolvency: 

2 responses 

1 burden hour of legal time 

Cost: $270 

Notice to Commission of an event of 

default or insolvency: 

1 response 

1.5 burden hours of legal time 

Cost: $405 

Consistent with the estimate in the 

rule 2a–7 submissions, Commission 

staff estimates that approximately 2 

percent, or 1, unregistered money 

market fund experiences an event of 

default or insolvency each year. 

Accordingly, the staff estimates that one 

unregistered money market fund will 

comply with these collection of 

information requirements and engage in 

3 annual responses under rule 12d1–1,25

the aggregate annual burden hours 

associated with these responses is 2.5,26

and the aggregate annual cost to funds 

is $675.27

In the rule 2a–7 submissions, 

Commission staff further estimated the 

aggregate annual burdens for newly 

registered money market funds as 

follows: 

Establishment of written procedures 

designed to stabilize the fund’s net 

asset value and guidelines for 

delegating board authority for 

determinations under the rule: 

1 response 

15.5 hours of director, legal, and 

support staff time 

Cost: $5,610. 

Adopt procedures concerning stress 

testing: 

1 response per fund complex 

8.33 burden hours of professional and 

director time per fund complex 

Cost: $6,017 per fund complex 

Commission staff estimates that the 

proportion of unregistered money 

market funds that intend to newly 

undertake the collection of information 

burdens of rule 2a–7 will be similar to 

the proportion of money market funds 

that are newly registered. Because of the 

recent decrease in registered money 

market funds and the lack of newly 

registered money market funds, the staff 

believes that there will be no 

unregistered money market funds that 

will undertake the collections of 

information required for newly 

registered money market funds.28 As a 

result, the staff estimates that there will 

be no burdens associated with these 

collection of information requirements. 

Accordingly, the estimated total 

number of annual responses under rule 

12d1–1 for the collections of 

information described in the rule 2a–7 

submissions is 3,491, the aggregate 

annual burden hours associated with 

these responses is 13,570, and the 

aggregate cost to funds is $5.1 million.29

Rules 31a–1(b)(1), 31a–1(b)(2)(ii), 

31a–1(b)(2)(iv), and 31a–1(b)(9) require 

registered funds to keep certain records, 

which include journals and general and 

auxiliary ledgers, including ledgers for 

each portfolio security and each 

shareholder of record of the fund. Most 

of the records required to be maintained 

by the rule are the type that generally 

would be maintained as a matter of good 

business practice and to prepare the 

unregistered money market fund’s 

financial statements. Accordingly, 

Commission staff estimates that the 

requirements under rules 31a–1(b)(1), 

31a–1(b)(2)(ii), 31a–1(b)(2)(iv), and 31a– 

1(b)(9) would not impose any additional 

burden because the costs of maintaining 

these records would be incurred by 

unregistered money market funds in any 

case to keep books and records that are 

necessary to prepare financial 

statements for shareholders, to prepare 

the fund’s annual income tax returns, 

and as a normal business custom. 

Rule 12d1–1 also requires 

unregistered money market funds in 

which registered funds invest to adopt 

procedures designed to ensure that the 

unregistered money market funds 

comply with sections 17(a), (d), (e), and 

22(e) of the Act. This is a one-time 

collection of information requirement 

that applies to unregistered money 

market funds that intend to comply with 

the requirements of rule 12d1–1. As 

discussed above, Commission staff 

estimates that because of the recent 

decrease in registered money market 

funds and the lack of newly registered 

money market funds there will be no 

unregistered money market funds that 

will undertake the collections of 

information required for newly 

registered money market funds.30 For 

similar reasons, the Commission staff 

estimates that there will be no registered 

money market funds that will adopt 

procedures designed to ensure that the 

unregistered money market funds 

comply with sections 17(a), (d), (e), and 

22(e) of the Act. The staff concludes that 

there will be no burdens associated with 

these collection of information 

requirements. 

Commission staff further estimates 

that unregistered money market funds 

will incur costs to preserve records, as 

required under rule 2a–7. These costs 

will vary significantly for individual 

funds, depending on the amount of 

assets under fund management and 

whether the fund preserves its records 

in a storage facility in hard copy or has 

developed and maintains a computer 

system to create and preserve 

compliance records. In the rule 2a–7 

submissions, Commission staff 

estimated that the amount an individual 

money market fund may spend ranges 

from $100 per year to $300,000. We 

have no reason to believe the range is 

different for unregistered money market 

funds. The Commission does not have 

specific information on the amount of 

assets managed by unregistered money 

market funds or the proportion of those 

assets held in small, medium-sized, or 

large unregistered money market funds. 

Accordingly, Commission staff 

estimates that unregistered money 

market funds in which registered funds 

invest in reliance on rule 12d1–1 are 

similar to registered money market 

funds in terms of amount and 

distribution of assets under 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 60 / Monday, March 30, 2015 / Notices 16713 

31 In the rule 2a–7 submissions, the staff 

estimated that 757 registered money market funds 

have $3.8 trillion in assets under management, or 

$5 billion in assets under management per 

registered money market fund. The staff further 

estimated that 0.2% of those assets are held in small 

money market funds (funds with less than $50 

million in assets under management), 3% are held 

in medium-sized money market funds (funds with 

$50 million to $1 billion in assets under 

management), and the remaining assets are held in 

large money market funds (funds with more than 

$1 billion in assets under management). 

32This estimate is based on the following 

calculations: 30 unregistered money market funds 

× $5 billion = $150 billion. ($150 billion × 0.2% × 

$0.0051295) = $1.5 million for small funds. ($150 

billion × 3% × 0.0005041) = $2.3 million for 

medium-sized funds. ($150 billion × 96.8% × 

0.0000009) = $0.1 million for large funds. $1.5 

million + $2.3 million + $0.1 million = $3.9 million. 

The estimate of cost per dollar of assets is the same 

as that used in the rule 2a–7 submissions. See supra 

note 12. 

33This estimate is based on the following 

calculation: $150 billion × 0.0000132 = $1.98 

million. 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(ii). 

4 17 CFR 240.19b–4(f)(2). 

management.31 Based on a cost of 

$0.0051295 per dollar of assets under 

management for small funds, 

$0.0005041 per dollar of assets under 

management for medium-sized funds 

and $0.0000009 per dollar of assets 

under management for large funds, the 

staff estimates compliance with rule 

2–7 for these unregistered money 

market funds totals $3.9 million 

annually.32

Consistent with estimates made in the 

rule 2a–7 submissions, Commission 

staff estimates that unregistered money 

market funds also incur capital costs to 

create computer programs for 

maintaining and preserving compliance 

records for rule 2a–7 of $0.0000132 per 

dollar of assets under management. 

Based on the assets under management 

figures described above, staff estimates 

annual capital costs for all unregistered 

money market funds of $1.98 million.33

Commission staff further estimates 

that, even absent the requirements of 

rule 2a–7, money market funds would 

spend at least half of the amounts 

described above for record preservation 

($2.0 million) and for capital costs 

($0.99 million). Commission staff 

concludes that the aggregate annual 

costs of compliance with the rule are 

$2.0 million for record preservation and 

$0.99 million for capital costs. 

The collections of information 

required for unregistered money market 

funds by rule 12d1–1 are necessary in 

order for acquiring funds to able to 

obtain the benefits described above. 

Notices to the Commission 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 Web site, 

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 Remi Pavlik-Simon, 

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: March 24, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07128 Filed 3–27–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74568; File No. SR–FINRA– 

2015–006] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Section 4(c) of 

Schedule A to the FINRA By-Laws To 

Increase Qualification Examination 

Fees 

March 24, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder, 2

notice is hereby given that on March 10, 

2015, Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III below, which Items have been 

prepared by FINRA. FINRA has 

designated the proposed rule change as 

‘‘establishing or changing a due, fee or 

other charge’’ under Section 

19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 

4(f)(2) thereunder, 4 which renders the 

proposal effective upon receipt of this 

filing by the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

FINRA is proposing to amend Section 

4(c) of Schedule A to the FINRA ByLaws to increase qualification 

examination fees. 

Below is the text of the proposed rule 

change. Proposed new language is in 

italics; proposed deletions are in 

brackets. 

* * * * * 

SCHEDULE A TO THE BY-LAWS OF 

THE CORPORATION 

* * * * * 

Section 4—Fees 

(a) through (b) No Change. 

(c) The following fees shall be 

assessed to each individual who 

registers to take an examination as 

described below. These fees are in 

addition to the registration fee described 

in paragraph (b) and any other fees that 

the owner of an examination that FINRA 

administers may assess. 

Series 4 Registered Options Principal ............................................................................................................................................. [$100] $105 

Series 6 Investment Company Products/Variable Contracts Representative ................................................................................ [$95] $100 

Series 7 General Securities Representative ..................................................................................................................................... [$290] $305 

Series 9 General Securities Sales Supervisor—Options Module ................................................................................................... [$75] $80 

Series 10 General Securities Sales Supervisor—General Module ................................................................................................... [$120] $125 

Series 11 Assistant Representative—Order Processing .................................................................................................................... [$75] $80 

Series 14 Compliance Official ........................................................................................................................................................... [$335] $350 

Series 16 Supervisory Analyst ........................................................................................................................................................... [$230] $240 

Series 17 Limited Registered Representative .................................................................................................................................... [$75] $80 

Series 22 Direct Participation Programs Representative .................................................................................................................. [$95] $100 

Series 23 General Securities Principal Sales Supervisor Module ................................................................................................... [$95] $100 

Series 24 General Securities Principal .............................................................................................................................................. [$115] $120 

Series 26 Investment Company Products/Variable Contracts Principal ......................................................................................... [$95] $100 

Series 27 Financial and Operations Principal .................................................................................................................................. [$115] $120 

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