18664 Federal Register / Vol. 80, No. 66 / Tuesday, April 7, 2015 / Notices 

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 18 17 CFR 200.30–3(a)(12). 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 16 and Rule 19b–4(f)(6)(iii) 

thereunder.17 The Exchange represents 

that this proposed rule change will be 

implemented during the Second Quarter 

of 2015 subject to the issuance of an 

Equity Trader Alert that will provide at 

least 30 days of notice prior to the 

operative date for the respective 

amendments to Rule 4751(h). 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

Phlx–2015–32 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–Phlx–2015–32. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

offices of the Exchange. 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–Phlx– 

2015–32, and should be submitted on or 

before May 7, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07851 Filed 4–6–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission Investor Advisory 

Committee will hold a meeting on 

Thursday, April 9, 2015, in MultiPurpose Room LL–006 at the 

Commission’s headquarters, 100 F 

Street NE., Washington, DC. The 

meeting will begin at 9:30 a.m. (ET) and 

will be open to the public. Seating will 

be on a first-come, first-served basis. 

Doors will open at 9 a.m. Visitors will 

be subject to security checks. The 

meeting will be webcast on the 

Commission’s Web site at www.sec.gov. 

On March 18, 2015, the Commission 

issued notice of the Committee meeting 

(Release No. 33–9739), indicating that 

the meeting is open to the public 

(except during portions of the meeting 

reserved for meetings of the 

Committee’s subcommittees), and 

inviting the public to submit written 

comments to the Committee. This 

Sunshine Act notice is being issued 

because a quorum of the Commission 

may attend the meeting. 

The agenda for the meeting includes: 

Remarks from Commissioners; 

nomination of candidates for officer 

positions and election of officers; a 

discussion of the Commodity Futures 

Trading Commission’s investor behavior 

survey results; a discussion of 

background checks as a means to 

address elder financial abuse (which 

may include a recommendation); a 

discussion of proxy access and staff 

review of Rule 14a–8(i)(9) under the 

Securities Exchange Act of 1934 (which 

may include a recommendation); an 

update on the SEC proxy voting 

roundtable; an update on the 

recommendations of the SEC Advisory 

Committee on Small and Emerging 

Companies; and nonpublic 

subcommittee meetings. 

For further information, please 

contact the Office of the Secretary at 

(202) 551–5400. 

Dated: April 2, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08020 Filed 4–3–15; 11:15 am] 

BILLING CODE CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: Rule 17f–2. SEC File No. 270–233, 

OMB Control No. 3235–0223. 

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 (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 for extension 

and approval. 

Rule 17f–2 (17 CFR 270.17f–2), 

entitled ‘‘Custody of Investments by 

Registered Management Investment 

Company,’’ was adopted in 1940 under 

section 17(f) of the Investment Company 

Act of 1940 (15 U.S.C. 80a–17(f)) (the 

‘‘Act’’), and was last amended 

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Federal Register / Vol. 80, No. 66 / Tuesday, April 7, 2015 / Notices 18665 

1The rule generally requires all assets to be 

deposited in the safekeeping of a ‘‘bank or other 

company whose functions and physical facilities 

are supervised by Federal or State authority.’’ The 

fund’s securities must be physically segregated at 

all times from the securities of any other person. 

2The accountant must transmit to the 

Commission promptly after each examination a 

certificate describing the examination on Form N– 

17f–2. The third (scheduled) examination may 

coincide with the annual verification required for 

every fund by section 30(g) of the Act (15 U.S.C. 

80a–29(g)). 

3The 974 responses are: 1 (one) response to draft 

and adopt the resolution and 973 notations. 

Estimates of the number of hours are based on 

conversations with individuals in the fund 

industry. The actual number of hours may vary 

significantly depending on individual fund assets. 4This estimate is based on the following 

calculation: 0.5 (burden hours per fund) × $198 

(senior accountant’s hourly rate) = $99. Unless 

otherwise indicated, the hourly wage figures used 

herein are from the Securities Industry and 

Financial Markets Association’s Management & 

Professional Earnings in the Securities Industry 

2013, modified by Commission staff to account for 

an 1800-hour work-year and multiplied by 5.35 to 

account for bonuses, firm size, employee benefits 

and overhead. 

5The estimate for the cost of board time as a 

whole is derived from estimates made by the staff 

regarding typical board size and compensation that 

is based on information received from fund 

representatives and publicly available sources. 

6Respondents estimated that each fund makes 

974 responses on an annual basis and spends a total 

of 0.25 hours per response. The fund personnel 

involved are Accounts Payable Manager ($186 

hourly rate), Operations Manager ($334 hourly rate) 

and Accounting Manager ($265 hourly rate). The 

average hourly rate of these personnel is $262. The 

estimated cost of preparing notations is based on 

the following calculation: 974 × 0.25 × $262 = 

$63,797. 

7This estimate is based on the following 

calculation: 7 × $198 (senior accountant’s hourly 

rate) = $1386. 

8On average, each year approximately 188 funds 

filed Form N–17f–2 with the Commission during 

calendar years 2011–2013. 

9This estimate is based on the following 

calculation: 188 (funds) × 252 (total annual hourly 

burden per fund) = 47,376 hours for rule. The 

annual burden for rule 17f–2 does not include time 

spent preparing Form N–17f–2. The burden for 

Form N–17f–2 is included in a separate collection 

of information. 

10This estimate is based on the following 

calculation: $67,482 (total annual cost per fund) × 

188 funds = $12,686,616. 

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

2 17 CFR 240.19b–4. 

materially in 1947. Rule 17f–2 

establishes safeguards for arrangements 

in which a registered management 

investment company (‘‘fund’’) is 

deemed to maintain custody of its own 

assets, such as when the fund maintains 

its assets in a facility that provides 

safekeeping but not custodial services.1

The rule includes several recordkeeping 

or reporting requirements. The fund’s 

directors must prepare a resolution 

designating not more than five fund 

officers or responsible employees who 

may have access to the fund’s assets. 

The designated access persons (two or 

more of whom must act jointly when 

handling fund assets) must prepare a 

written notation providing certain 

information about each deposit or 

withdrawal of fund assets, and must 

transmit the notation to another officer 

or director designated by the directors. 

An independent public accountant must 

verify the fund’s assets three times each 

year, and two of those examinations 

must be unscheduled.2

Rule 17f–2’s requirement that 

directors designate access persons is 

intended to ensure that directors 

evaluate the trustworthiness of insiders 

who handle fund assets. The 

requirements that access persons act 

jointly in handling fund assets, prepare 

a written notation of each transaction, 

and transmit the notation to another 

designated person are intended to 

reduce the risk of misappropriation of 

fund assets by access persons, and to 

ensure that adequate records are 

prepared, reviewed by a responsible 

third person, and available for 

examination by the Commission. The 

requirement that auditors verify fund 

assets without notice twice each year is 

intended to provide an additional 

deterrent to the misappropriation of 

fund assets and to detect any 

irregularities. 

The Commission staff estimates that 

each fund makes 974 responses and 

spends an average of 252 hours annually 

in complying with the rule’s 

requirements.3 Commission staff 

estimates that on an annual basis it 

takes: (i) 0.5 hours of fund accounting 

personnel at a total cost of $99 to draft 

director resolutions; 4 (ii) 0.5 hours of 

the fund’s board of directors at a total 

cost of $2200 to adopt the resolution; 5

(iii) 244 hours for the fund’s accounting 

personnel at a total cost of $63,797 to 

prepare written notations of 

transactions; 6 and (iv) 7 hours for the 

fund’s accounting personnel at a total 

cost of $1386 to assist the independent 

public accountants when they perform 

verifications of fund assets.7

Commission staff estimates that 

approximately 188 funds file Form N– 

17f–2 each year.8 Thus, the total annual 

hour burden for rule 17f–2 is estimated 

to be 47,376 hours.9 Based on the total 

costs per fund listed above, the total 

cost of rule 17f–2’s collection of 

information requirements is estimated 

to be approximately $12.7 million.10

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 and forms. 

Complying with the collections of 

information required by rule 17f–2 is 

mandatory for those funds that maintain 

custody of their own assets. 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. 

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, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549; or send an email to: PRA_

Mailbox@sec.gov. 

Dated: April 1, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07852 Filed 4–6–15; 8:45 am] 

BILLING CODE CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74622; File No. SR– 

ISEGemini–2015–08] 

Self-Regulatory Organizations; ISE 

Gemini, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Share MemberDesignated Risk Settings in the 

Trading System With Clearing 

Members 

APRIL 1, 2015. Pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (the ‘‘Act’’),1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on March 30, 2015 ISE Gemini, LLC (the 

‘‘Exchange’’ or ‘‘ISE Gemini’’) filed with 

the Securities and Exchange 

Commission the proposed rule change, 

as described in Items I, II, and III below, 

which items have been prepared by the 

self-regulatory organization. The 

Commission is publishing this notice to 

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