Federal Register / Vol. 79, No. 231 / Tuesday, December 2, 2014 / Notices 71463 

1See Securities Exchange Act Release No. 98 

(February 12, 1935). 

2See Securities Exchange Act Release No. 7011 

(February 5, 1963), 28 FR 1506 (February 16, 1963). 

3Rule 12d2–2 prescribes the circumstances under 

which a security may be delisted from an exchange 

and withdrawn from registration under Section 

12(b) of the Act, and provides the procedures for 

taking such action. 

4 In fact, some exchanges do not file any trading 

suspension reports in a given year. 

Thus each potential respondent would 

incur on average one burden hour in 

complying with the Rule. 

The Commission staff estimates that 

there could be as many as 18 responses 

annually and that each respondent’s 

related cost of compliance with Rule 

12f–1 would be $199.00, or, the cost of 

one hour of professional work of a 

paralegal needed to complete the 

application. The total annual related 

reporting cost for all potential 

respondents, therefore, is $3,582 (18 

responses × $199.00 per response). 

Compliance with Rule 12f–1 is 

mandatory. Rule 12f–1 does not have a 

record retention requirement per se. 

However, responses made pursuant to 

Rule 12f–1 are subject to the 

recordkeeping requirements of Rules 

17a–3 and 17a–4 of the Act. Information 

received in response to Rule 12f–1 shall 

not be kept confidential; the information 

collected is public information. 

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 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. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: Pamela Dyson, Acting 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: November 25, 2014. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28306 Filed 12–1–14; 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 12d2–1; SEC File No. 270–98, OMB 

Control No. 3235–0081. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

provided for in Rule 12d2–1(17 CFR 

240.12d2–1) under the Securities 

Exchange Act of 1934 (15 U.S.C. 78b et 

seq.) (‘‘Act’’). The Commission plans to 

submit this existing collection of 

information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

On February 12, 1935, the 

Commission adopted Rule 12d2–1 1

(‘‘Suspension of Trading’’) to establish 

the procedures by which a national 

securities exchange may suspend from 

trading a security that is listed and 

registered on the exchange under 

Section 12(d) of the Act.2 Under Rule 

12d2–1, an exchange is permitted to 

suspend from trading a listed security in 

accordance with its rules, and must 

promptly notify the Commission of any 

such suspension, along with the 

effective date and the reasons for the 

suspension. 

Any such suspension may be 

continued until such time as the 

Commission may determine that the 

suspension is designed to evade the 

provisions of Section 12(d) of the Act 

and Rule 12d2–2 thereunder.3 During 

the continuance of such suspension 

under Rule 12d2–1, the exchange is 

required to notify the Commission 

promptly of any change in the reasons 

for the suspension. Upon the restoration 

to trading of any security suspended 

under Rule 12d2–1, the exchange must 

notify the Commission promptly of the 

effective date of such restoration. 

The trading suspension notices serve 

a number of purposes. First, they inform 

the Commission that an exchange has 

suspended from trading a listed security 

or reintroduced trading in a previously 

suspended security. They also provide 

the Commission with information 

necessary for it to determine that the 

suspension has been accomplished in 

accordance with the rules of the 

exchange, and to verify that the 

exchange has not evaded the 

requirements of Section 12(d) of the Act 

and Rule 12d2–2 thereunder by 

improperly employing a trading 

suspension. Without Rule 12d2–1, the 

Commission would be unable to fully 

implement these statutory 

responsibilities. 

There are 18 national securities 

exchanges that are subject to Rule 12d2– 

1. The burden of complying with Rule 

12d2–1 is not evenly distributed among 

the exchanges, however, since there are 

many more securities listed on the New 

York Stock Exchange, Inc., the 

NASDAQ Stock Market, and the 

NYSEMKT LLC than on the other 

exchanges.4 However, for purposes of 

this filing, the Commission staff has 

assumed that the number of responses is 

evenly divided among the exchanges. 

There are approximately 1,600 

responses under Rule 12d2–1 for the 

purpose of suspension of trading from 

the national securities exchanges each 

year, and the resultant aggregate annual 

reporting hour burden would be, 

assuming on average one-half reporting 

hour per response, 800 annual burden 

hours for all exchanges. The related 

internal compliance costs associated 

with these burden hours are $159,200 

per year. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’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. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 


rljohnson on DSK3VPTVN1PROD with NOTICES
71464 Federal Register / Vol. 79, No. 231 / Tuesday, December 2, 2014 / Notices 

1 44 U.S.C. 3501–3520. 

2The rule defines a Financial Intermediary as: (i) 

Any broker, dealer, bank, or other person that holds 

securities issued by the fund in nominee name; (ii) 

a unit investment trust or fund that invests in the 

fund in reliance on section 12(d)(i)(E) of the Act; 

and (iii) in the case of a participant directed 

employee benefit plan that owns the securities 

issued by the fund, a retirement plan’s 

administrator under section 316(A) of the Employee 

Retirement Security Act of 1974 (29 U.S.C. 

1002(16)(A) or any person that maintains the plans’ 

participant records. Financial Intermediary does not 

include any person that the fund treats as an 

individual investor with respect to the fund’s 

policies established for the purpose of eliminating 

or reducing any dilution of the value of the 

outstanding securities issued by the fund. Rule 22c– 

2(c)(1). 

Please direct your written comments 

to: Pamela Dyson, Acting 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: November 25, 2014. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28305 Filed 12–1–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

Washington, DC 20549–2736. 

Extension: 

Rule 15c1–5, SEC File No. 270–422, OMB 

Control No. 3235–0471. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the previously approved 

collection of information provided for in 

Rule 15c1–5 (17 CFR 240.15c1–5) under 

the Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.). 

Rule 15c1–5 states that any brokerdealer controlled by, controlling, or 

under common control with the issuer 

of a security that the broker-dealer is 

trying to sell to or buy from a customer 

must give the customer written 

notification disclosing the control 

relationship at or before completion of 

the transaction. The Commission 

estimates that 223 respondents collect 

information annually under Rule 15c1– 

5 and that each respondent would 

spend approximately 10 hours per year 

collecting this information (2,230 hours 

in aggregate). There is no retention 

period requirement under Rule 15c1–5. 

This Rule does not involve the 

collection of confidential information. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

The public may view 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, Acting Director/Chief 

Information Officer, Securities and 

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

DC 20549 or by sending an email to 

PRA_Mailbox@sec.gov. Comments must 

be submitted within 30 days of this 

notice. 

Dated: November 25, 2014. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28308 Filed 12–1–14; 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 FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Rule 22c–2; SEC File No. 270–541, OMB 

Control No. 3235–0620. 

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. 

Rule 22c–2 (17 CFR 270.22c–2) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a) (the ‘‘Investment 

Company Act’’ or ‘‘Act’’) requires the 

board of directors (including a majority 

of independent directors) of most 

registered open-end investment 

companies (‘‘funds’’) to either approve a 

redemption fee of up to two percent or 

determine that imposition of a 

redemption fee is not necessary or 

appropriate for the fund. Rule 22c–2 

also requires a fund to enter into written 

agreements with their financial 

intermediaries (such as broker-dealers 

and retirement plan administrators) 

under which the fund, upon request, 

can obtain certain shareholder identity 

and trading information from the 

intermediaries. The written agreement 

must also allow the fund to direct the 

intermediary to prohibit further 

purchases or exchanges by specific 

shareholders that the fund has 

identified as being engaged in 

transactions that violate the fund’s 

market timing policies. These 

requirements enable funds to obtain the 

information that they need to monitor 

the frequency of short-term trading in 

omnibus accounts and enforce their 

market timing policies. 

The rule includes three ‘‘collections 

of information’’ within the meaning of 

the Paperwork Reduction Act of 1995 

(‘‘PRA’’).1 First, the rule requires boards 

to either approve a redemption fee of up 

to two percent or determine that 

imposition of a redemption fee is not 

necessary or appropriate for the fund. 

Second, funds must enter into 

information sharing agreements with all 

of their ‘‘financial intermediaries’’ 2 and 

maintain a copy of the written 

information sharing agreement with 

each intermediary in an easily 

accessible place for six years. Third, 

pursuant to the information sharing 

agreements, funds must have systems 

that enable them to request frequent 

trading information upon demand from 

their intermediaries, and to enforce any 

restrictions on trading required by funds 

under the rule. 

The collections of information created 

by rule 22c–2 are necessary for funds to 

effectively assess redemption fees, 

enforce their policies in frequent 

trading, and monitor short-term trading, 

including market timing, in omnibus 

accounts. These collections of 

information are mandatory for funds 

that redeem shares within seven days of 

purchase. The collections of information 

also are necessary to allow Commission 

staff to fulfill its examination and 

oversight responsibilities. 

Rule 22c–2(a)(1) requires the board of 

directors of all registered investment 

companies and series thereof (except for 

money market funds, ETFs, or funds 

that affirmatively permit short-term 

trading of its securities) to approve a 

redemption fee for the fund, or instead 

make a determination that a redemption 

fee is either not necessary or appropriate 


rljohnson on DSK3VPTVN1PROD with NOTICES