Federal Register / Vol. 86, No. 137 / Wednesday, July 21, 2021 / Notices 38523 

3These estimates are based on data from Form 

N–CEN filings with the Commission. 

4This estimate is based on the following 

calculation: (0.5 hours × 953 = 477 hours). 

5This estimate is based on the following 

calculations: (20 minutes × 953 transactions = 

19,060 minutes; 19,060 minutes/60 = 318 hours). 

6This estimate is based on the following 

calculation: (1 hour per quarter × 4 quarters × 953 

funds = 3,812 hours). 

7These averages take into account the fact that in 

most years, fund attorneys and boards spend little 

or no time modifying procedures and in other years, 

they spend significant time doing so. 

8This estimate is based on the following 

calculation: (953 funds × 2 hours = 1,906 hours). 

9Based on information in Form N–CEN filings, 

we estimate that approximately 139 new open-end 

funds and 7 new closed-end funds, or a total of 146 

new funds enter into new subadvisory agreements 

each year (139 + 7 = 146 new funds). We 

understand that existing funds may also enter into 

new subadvisory agreements, but in many cases 

would benefit from having previously drafted Rule 

10f–3 clauses in prior or existing subadvisory 

contracts. 

10Because such clauses are identical to the 

clauses that a fund would need to insert in their 

subadvisory contracts to rely on Rules 12d3–1, 17a– 

10, and 17e–1, and because we believe that funds 

that use one such rule generally use all of these 

rules, we apportion this 3 hour time burden equally 

to all four rules. Therefore, we estimate that the 

burden allocated to Rule 10f–3 for this contract 

change would be 0.75 hours (3 hours ÷ 4 rules = 

0.75 hours). 

11These estimates are based on the following 

calculations: (0.75 hours × 146 portfolios = 110 

burden hours). 

12This estimate is based on the following 

calculation: (477 hours + 318 hours + 3,812 hours 

+ 1,906 hours + 110 hours = 6,623 total burden 

hours). 

recordkeeping facilitates the 

Commission staff’s review of Rule 

10f–3 transactions during routine fund 

inspections and, when necessary, in 

connection with enforcement actions. 

The staff estimates that approximately 

953 funds engage in at least one Rule 

10f–3 transaction each year, for a total 

of 953 such transactions.3 Rule 10f–3 

requires that the purchasing fund create 

a written record of each transaction that 

includes, among other things, from 

whom the securities were purchased 

and the terms of the transaction. The 

staff estimates that it takes an average 

fund approximately 30 minutes per 

transaction and, and, in the aggregate, 

approximately 477 hours 4 for funds to 

comply with this portion of the rule. 

The funds also must maintain and 

preserve these transactional records in 

accordance with the rule’s 

recordkeeping requirement, and the staff 

estimates that it takes a fund 

approximately 20 minutes per 

transaction, and, in the aggregate, 

approximately 318 hours 5 annually for 

funds to comply with this portion of the 

rule. 

In addition, fund boards must, no less 

than quarterly, examine each of these 

transactions to ensure that they comply 

with the fund’s policies and procedures. 

The information or materials upon 

which the board relied to come to this 

determination also must be maintained 

and the staff estimates that it takes a 

fund 1 hour per quarter and, in the 

aggregate, approximately 3,812 hours 6

annually for funds to comply with this 

rule requirement. 

The staff estimates that reviewing and 

revising as needed written procedures 

for Rule 10f–3 transactions takes, on 

average for each fund, two hours of a 

compliance attorney’s time per year.7

Thus, annually, in the aggregate, the 

staff estimates that funds spend a total 

of approximately 1,906 hours 8 on 

monitoring and revising Rule 10f–3 

procedures. 

Based on an analysis of Form N–CEN 

filings, the staff estimates that 

approximately 146 new funds enter into 

subadvisory agreements each year.9 The 

staff estimates that it will require 

approximately 0.75 hours to draft and 

execute additional clauses in 

subadvisory contracts in order for new 

funds and subadvisers to be able to rely 

on the exemptions in Rule 10f–3.10

Assuming that all 146 funds that enter 

into new subadvisory contracts each 

year make the modification to their 

contract required by the rule, we 

estimate that the rule’s contract 

modification requirement will result in 

110 burden hours annually for new 

funds.11

The staff estimates, therefore, that 

Rule 10f–3 imposes an information 

collection burden of 6,623 hours.12

Written comments are invited on: (a) 

Whether the collections of information 

are 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 burdens of the collections of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burdens of the collections 

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 David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Cynthia 

Roscoe, 100 F Street NE, Washington, 

DC 20549; or send an email to: PRA_

Mailbox@sec.gov. 

Dated: July 15, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15437 Filed 7–20–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–66, OMB Control No. 

3235–0066] 

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: 

Form S–8 

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 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Form S–8 (17 CFR 239.16b) under the 

Securities Act of 1933 (15 U.S.C. 77a et 

seq.) is the primary registration 

statement used by eligible registrants to 

register securities to be issued in 

connection with an employee benefit 

plan. Form S–8 provides verification of 

compliance with securities law 

requirements and assures the public 

availability and dissemination of such 

information. The likely respondents will 

be companies. The information must be 

filed with the Commission on occasion. 

Form S–8 is a public document. All 

information provided is mandatory. We 

estimate that Form S–8 takes 

approximately 24 hours per response to 

prepare and is filed by approximately 

2,140 respondents. In addition, we 

estimate that 50% of the preparation 

time (13.5 hours) is completed in-house 

by the filer for a total annual reporting 

burden of 28,890 hours (13.5 hours per 

response × 2,140 responses). 

An agency may 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 background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 


jbell on DSKJLSW7X2PROD with NOTICES
38524 Federal Register / Vol. 86, No. 137 / Wednesday, July 21, 2021 / Notices 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to (i) www.reginfo.gov/public/do/ 

PRAMain and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, 

c/o Cynthia Roscoe, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: July 15, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15433 Filed 7–20–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–50, OMB Control No. 

3235–0060] 

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: 

Form 8–K 

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 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Form 8–K (17 CFR 249.308) is filed by 

issuers to satisfy their current reporting 

obligations pursuant to Section 13 and 

15(d) of the Securities Exchange Act of 

1934 (15 U.S.C. 78m and 78o(d)) in 

connection with the occurrence of 

significant corporate events. The 

purpose of Form 8–K is to provide 

investors with prompt disclosure of 

material information so that investors 

will be able to make investment and 

voting decisions better informed and 

receive information more timely. We 

estimate that Form 8–K takes 9.2145 

hours per response and is filed by 

118,387 responses annually. We 

estimate that 75% of the 9.2145 hours 

per response (6.91087 hours) is 

prepared by the issuer for a total annual 

reporting burden of 818,158 hours 

(6.91087 hours per response × 118,387 

responses). 

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 background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to (i) www.reginfo.gov/public/do/ 

PRAMain and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, 

c/o Cynthia Roscoe, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: July 15, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15429 Filed 7–20–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–610, OMB Control No. 

3235–0707] 

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: 

Form SF–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 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Form SF–1 (17 CFR 239.44) is the 

registration statement for non-shelf 

issuers of assets-backed securities 

register a public offering of their 

securities under the Securities Act of 

1933 (15 U.S.C. 77a et seq.). The 

information collected is intended to 

ensure that the information required to 

be filed by the Commission permits 

verification of compliance with 

securities law requirements and assures 

the public availability of such 

information in the asset-backed 

securities market. Form SF–1 takes 

approximately 1,384 hours per response 

and is filed by approximately 6 

respondents. We estimate that 25% of 

the 1,384 hours per response (346 

hours) is prepared by the registrant for 

a total annual reporting burden of 2,076 

hours (346 hours per response × 6 

responses). 

An agency may 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 background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to (i) www.reginfo.gov/public/do/ 

PRAMain and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, 

c/o Cynthia Roscoe, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: July 15, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15434 Filed 7–20–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–544, OMB Control No. 

3235–0604] 

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: 

Form 10–D 

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 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Form 10–D is a periodic report used 

by asset-backed issuers to file 

distribution and pool performance 

information pursuant to Rule 13a–17 (17 

CFR 240.13a–17) or Rule 15d–17 (17 

CFR 240.15d–17) of the Securities 

Exchange Act of 1934 (‘‘Exchange Act’’) 

(15 U.S.C. 78a et seq.). The form is 

required to be filed within 15 days after 

each required distribution date on the 

asset-backed securities, as specified in 


jbell on DSKJLSW7X2PROD with NOTICES