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