Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 1435 

1This figure is based on the estimated 8,145 

operating companies that filed annual reports on 

Form 10–K, Form 20–F, or Form 40–F during the 

2013 fiscal year (the most recent data currently 

available), and the estimated 3,251 investment 

companies that filed periodic reports on Form N– 

SAR between June 1, 2013 and May 31, 2014 (the 

most recent data currently available). 

2This estimate is based on the issuer filings made 

with the Commission during the past three years 

that include a reference to the issuer’s QLCC. 

National Science Foundation Act, as 

amended (42 U.S.C. 1862n–5), and the 

Government in the Sunshine Act (5 

U.S.C. 552b), hereby gives notice of the 

scheduling of a teleconference for the 

transaction of National Science Board 

business, as follows: 

DATE AND TIME: Friday, January 16, 2015, 

10–11 a.m. EST. 

SUBJECT MATTER: SEI chair’s remarks, 

and discussion of the Companion 

Report to Science & Engineering 

Indicators 2014. 

STATUS: Open. 

This meeting will be held by 

teleconference. A public listening line 

will be available. Members of the public 

must contact the Board Office (call 703– 

292–7000 or send an email message to 

nationalsciencebrd@nsf.gov) at least 24 

hours prior to the teleconference for the 

public listening number. Please refer to 

the National Science Board Web site 

www.nsf.gov/nsb for additional 

information and schedule updates (time, 

place, subject matter or status of 

meeting) which may be found at 

http://www.nsf.gov/nsb/notices/. Point 

of contact for this meeting is Matt 

Wilson at mbwilson@nsf.gov. 

Ann Bushmiller, 

Senior Counsel to the National Science Board. 

[FR Doc. 2015–00237 Filed 1–7–15; 4:15 pm] 

BILLING CODE 7555–01–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: Reports of Evidence of Material 

Violations. 

SEC File No. 270–514, OMB Control No. 

3235–0572. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act (PRA) 

of 1995, 44 U.S.C. Sections 3501–3520, 

the Securities and Exchange 

Commission (‘‘Commission’’) is 

soliciting comments on the collection of 

information summarized below. The 

Commission plans to submit the 

existing collection of information to the 

Office of Management and Budget for 

extension of the previously approved 

collection of information discussed 

below. 

On February 6, 2003, the Commission 

published final rules, effective August 5, 

2003, entitled ‘‘Standards of 

Professional Conduct for Attorneys 

Appearing and Practicing Before the 

Commission in the Representation of an 

Issuer’’ (17 CFR 205.1–205.7). The 

information collection embedded in the 

rules is necessary to implement the 

Standards of Professional Conduct for 

Attorneys prescribed by the rule and 

required by Section 307 of the SarbanesOxley Act of 2002 (15 U.S.C. 7245). The 

rules impose an ‘‘up-the-ladder’’ 

reporting requirement when attorneys 

appearing and practicing before the 

Commission become aware of evidence 

of a material violation by the issuer or 

any officer, director, employee, or agent 

of the issuer. An issuer may choose to 

establish a qualified legal compliance 

committee (‘‘QLCC’’) as an alternative 

procedure for reporting evidence of a 

material violation. In the rare cases in 

which a majority of a QLCC has 

concluded that an issuer did not act 

appropriately, the QLCC may 

communicate the information to the 

Commission. The collection of 

information is, therefore, an important 

component of the Commission’s 

program to discourage violations of the 

federal securities laws and promote 

ethical behavior of attorneys appearing 

and practicing before the Commission. 

The respondents to this collection of 

information are attorneys who appear 

and practice before the Commission 

and, in certain cases, the issuer, and/or 

officers, directors and committees of the 

issuer. In providing quality 

representation to issuers, attorneys may 

report evidence of violations to others 

within the issuer, including the Chief 

Legal Officer, the Chief Executive 

Officer, and, where necessary, the 

directors. In addition, officers and 

directors investigate evidence of 

violations and report within the issuer 

the results of the investigation and the 

remedial steps they have taken or 

sanctions they have imposed. Except as 

discussed below, we therefore believe 

that the reporting requirements imposed 

by the rule are ‘‘usual and customary’’ 

activities that do not add to the burden 

that would be imposed by the collection 

of information. 

Certain aspects of the collection of 

information, however, may impose a 

burden. For an issuer to establish a 

QLCC, the QLCC must adopt written 

procedures for the confidential receipt, 

retention, and consideration of any 

report of evidence of a material 

violation. We estimate for purposes of 

the PRA that there are approximately 

11,396 issuers that are subject to the 

rules.1 Of these, we estimate that 

approximately 3.3 percent, or 373, have 

established or will establish a QLCC.2

Establishing the written procedures 

required by the rule should not impose 

a significant burden. We assume that an 

issuer would incur a greater burden in 

the year that it first establishes the 

procedures than in subsequent years, in 

which the burden would be incurred in 

updating, reviewing, or modifying the 

procedures. For purposes of the PRA, 

we assume that an issuer would spend 

6 hours every three-year period on the 

procedures. This would result in an 

average burden of 2 hours per year. 

Thus, we estimate for purposes of the 

PRA that the total annual burden 

imposed by the collection of 

information would be 746 hours. 

Assuming half of the burden hours will 

be incurred by outside counsel at a rate 

of $500 per hour would result in a cost 

of $186,500. 

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. 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 OMB control 

number. 

Written comments are requested 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[s] 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, Acting Director/Chief 

Information Officer, Securities and 

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

20549; or send an email to: PRA_

Mailbox@sec.gov. 


rljohnson on DSK3VPTVN1PROD with NOTICES
1436 Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 

1Applicants request that the order also extend to 

future registered UITs sponsored by the Depositor 

or an entity controlling, controlled by or under 

common control with the Depositor and their 

respective series (the future UITs, together with the 

Trust, are collectively the ‘‘Trusts’’ and the series 

of the Trusts are the ‘‘Series’’). All existing entities 

that currently intend to rely on the requested order 

are named as applicants. Any other entity that relies 

on the order in the future will comply with the 

terms and conditions of the application. 

Dated: January 5, 2015. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2015–00139 Filed 1–8–15; 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 15g–3, SEC File No. 270–346, OMB 

Control No. 3235–0392. 

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 existing collection of information 

provided for in Rule 15g–3—Broker or 

dealer disclosure of quotations and 

other information relating to the penny 

stock market (17 CFR 240.15g–3) under 

the Securities Exchange Act of 1934 (15 

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

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Rule 15g–3 requires that brokers and 

dealers disclose to customers current 

quotation prices or similar market 

information in connection with 

transactions in penny stocks. The 

purpose of the rule is to increase the 

level of disclosure to investors 

concerning penny stocks generally and 

specific penny stock transactions. 

The Commission estimates that 

approximately 221 broker-dealers will 

spend an average of 87 hours annually 

to comply with this rule. Thus, the total 

compliance burden is approximately 

19,245 burden-hours 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 shall have practical utility; 

(b) the accuracy of the agency’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information to be 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: January 5, 2015. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2015–00138 Filed 1–8–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

31404; File No. 812–14381] 

Morgan Stanley Smith Barney LLC and 

Morgan Stanley Global Investment 

Solutions; Notice of Application 

January 5, 2015 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of application for an 

order under section 12(d)(1)(J) of the 

Investment Company Act of 1940 

(‘‘Act’’) for an exemption from sections 

12(d)(1)(A), (B) and (C) of the Act, and 

under sections 6(c) and 17(b) of the Act 

for an exemption from section 17(a) of 

the Act. 

SUMMARY: Summary of the Application: 

Applicants request an order that would 

permit certain series of a unit 

investment trust (‘‘UIT’’) registered 

under the Act to acquire shares of 

registered management investment 

companies and unit investment trusts or 

series thereof (the ‘‘Funds’’) both within 

and outside the same group of 

investment companies. 

Applicants: Morgan Stanley Smith 

Barney LLC (the ‘‘Depositor’’), and 

Morgan Stanley Global Investment 

Solutions (‘‘MS GIS’’). 

DATES: Filing Date: The application was 

filed on October 22, 2014. 

Hearing or Notification of Hearing: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing by writing to the 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on January 29, 2015, and 

should be accompanied by proof of 

service on applicants in the form of an 

affidavit or, for lawyers, a certificate of 

service. Pursuant to rule 0–5 under the 

Act, hearing requests should state the 

nature of the writer’s interest, any facts 

bearing upon the desirability of a 

hearing on the matter, the reason for the 

request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

writing to the Commission’s Secretary. 

ADDRESSES: Secretary, U.S. Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

Applicants: 2000 Westchester Avenue, 

Purchase, NY 10577. 

FOR FURTHER INFORMATION CONTACT: 

Emerson S. Davis, Senior Counsel, at 

(202) 551–6868, or Daniele Marchesani, 

Branch Chief, at (202) 551–6821 

(Division of Investment Management, 

Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained via the Commission’s 

Web site by searching for the file 

number, or for an applicant using the 

Company name box, at http://

www.sec.gov/search/search.htm or by 

calling (202) 551–8090. 

Applicants’ Representations 

1. The Trust is a UIT registered under 

the Act.1 Each Series will be a series of 

a Trust and will offer units for sale to 

the public (‘‘Units’’). Each Series will be 

created pursuant to a trust agreement 

which will incorporate by reference a 

master trust agreement between the 

Depositor and a financial institution 

that satisfies the criteria in section 26(a) 

of the Act (the ‘‘Trustee’’). The 

Depositor is a broker dealer registered 

under the Securities Exchange Act of 

1934 and is a member of the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’). 

2. Applicants request relief to permit 

a Series to invest in registered 

investment companies or series thereof 

(‘‘Funds’’) that are (a) part of the same 

‘‘group of investment companies’’ (as 

that term is defined in section 

12(d)(1)(G) of the Act) as the Series 

(‘‘Affiliated Funds’’), and (b) not part of 


rljohnson on DSK3VPTVN1PROD with NOTICES