Federal Register / Vol. 82, No. 183 / Friday, September 22, 2017 / Notices 44479 

4The requested relief will not extend to any 

subadviser, other than a Wholly-Owned Subadviser, 

who is an affiliated person, as defined in section 

2(a)(3) of the Act, of the Subadvised Fund or of the 

Adviser, other than by reason of serving as a 

subadviser to one or more of the Subadvised Funds 

(‘‘Affiliated Subadviser’’). 

(each, a ‘‘Subadvisory Agreement’’ and 

collectively, the ‘‘Subadvisory 

Agreements’’) and materially amend 

Subadvisory Agreements without 

obtaining the shareholder approval 

required under section 15(a) of the Act 

and rule 18f–2 under the Act.4

Applicants also seek an exemption from 

the Disclosure Requirements to permit a 

Subadvised Fund to disclose (as both a 

dollar amount and a percentage of the 

Subadvised Fund’s net assets): (a) The 

aggregate fees paid to the Adviser and 

any Wholly-Owned Subadvisers; (b) the 

aggregate fees paid to Non-Affiliated 

Subadvisers, and (c) the fee paid to each 

Affiliated Subadviser. 

3. Applicants agree that any order 

granting the requested relief will be 

subject to the terms and conditions 

stated in the application. Such terms 

and conditions provide for, among other 

safeguards, appropriate disclosure to 

Subadvised Fund’s shareholders and 

notification about subadvisory changes 

and enhanced Board oversight to protect 

the interests of the Subadvised Fund’s 

shareholders. 

4. Section 6(c) of the Act provides that 

the Commission may exempt any 

person, security, or transaction or any 

class or classes of persons, securities, or 

transactions from any provisions of the 

Act, or any rule thereunder, if such 

relief is necessary or appropriate in the 

public interest and consistent with the 

protection of investors and purposes 

fairly intended by the policy and 

provisions of the Act. Applicants 

believe that the requested relief meets 

this standard because, as further 

explained in the application, the 

Investment Advisory Agreements will 

remain subject to shareholder approval, 

while the role of the Subadvisers is 

substantially equivalent to that of 

individual portfolio managers, so that 

requiring shareholder approval of 

Subadvisory Agreements would impose 

unnecessary delays and expenses on the 

Subadvised Fund. Applicants believe 

that the requested relief from the 

Disclosure Requirements meets this 

standard because it will improve the 

Adviser’s ability to negotiate fees paid 

to the Subadvisers that are more 

advantageous for the Subadvised Fund. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20176 Filed 9–21–17; 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 203–3, Form ADV–H, SEC File No. 

270–481, OMB Control No. 3235–0538 

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 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

The title for the collection of 

information is ‘‘Form ADV–H under the 

Investment Advisers Act of 1940.’’ Rule 

203–3 (17 CFR 275.203–3) under the 

Investment Advisers Act of 1940 (15 

U.S.C. 80b) requires that registered 

advisers requesting either a temporary 

or continuing hardship exemption 

submit the request on Form ADV–H. 

Rule 204–4 (17 CFR 275.204–4) under 

the Investment Advisers Act of 1940 

requires that exempt reporting advisers 

requesting a temporary hardship 

exemption submit the request on Form 

ADV–H. The purpose of this collection 

of information is to permit advisers to 

obtain a hardship exemption to not 

complete an electronic filing. The 

temporary hardship exemption that is 

available to registered advisers under 

rule 203–3 and exempt reporting 

advisers under rule 204–4 permits these 

advisers to make late filings due to 

unforeseen computer or software 

problems. The continuing hardship 

exemption available to registered 

advisers under rule 203–3 permits 

advisers to submit all required 

electronic filings on hard copy for data 

entry by the operator of the IARD. 

The Commission has estimated that 

compliance with the requirement to 

complete Form ADV–H imposes a total 

burden of approximately one hour for 

an adviser. Based on our experience, we 

estimate that we will receive two Form 

ADV–H filings annually from registered 

investment advisers and one Form 

ADV–H filing annually from exempt 

reporting advisers. Based on the 60 

minute per respondent estimate, the 

Commission estimates a total annual 

burden of 3 hours for this collection of 

information. 

Rule 203–3, rule 204–4, and Form 

ADV–H do not require recordkeeping or 

records retention. The collection of 

information requirements under the rule 

and form are mandatory. The 

information collected pursuant to the 

rule and Form ADV–H consists of filings 

with the Commission. These filings are 

not 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. 

The public may view the 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, Director/Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

100 F Street NE., Washington, DC 20549 

or send an email to: PRA_Mailbox@

sec.gov. Comments must be submitted to 

OMB within 30 days of this notice. 

Dated: September 19, 2017. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20217 Filed 9–21–17; 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 17Ab2–1, Form CA–1, SEC File No. 

270–203, OMB Control No. 3235–0195 

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 

44480 Federal Register / Vol. 82, No. 183 / Friday, September 22, 2017 / Notices 

collection of information provided for in 

Rule 17Ab2–1 (17 CFR 240.17Ab2–1) 

and Form CA–1: Registration of Clearing 

Agencies (17 CFR 249b.200) under the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). 

Rule 17Ab2–1 and Form CA–1 require 

clearing agencies to register with the 

Commission and to meet certain 

requirements with regard to, among 

other things, the clearing agency’s 

organization, capacities, and rules. The 

information is collected from the 

clearing agency upon the initial 

application for registration on Form 

CA–1. Thereafter, information is 

collected by amendment to the initial 

Form CA–1 when changes in 

circumstances that render certain 

information on Form CA–1 inaccurate, 

misleading, or incomplete necessitate 

modification of the information 

previously provided to the Commission. 

The Commission uses the information 

disclosed on Form CA–1 to (i) 

determine whether an applicant meets 

the standards for registration set forth in 

Section 17A of the Exchange Act, (ii) 

enforce compliance with the Exchange 

Act’s registration requirement, and (iii) 

provide information about specific 

registered clearing agencies for 

compliance and investigatory purposes. 

Without Rule 17Ab2–1, the Commission 

could not perform these duties as 

statutorily required. 

The Commission staff estimates that 

the average Form CA–1 requires 

approximately 130 hours to complete 

and submit for approval. This burden is 

composed primarily of a one-time 

reporting burden that reflects the 

applicant’s staff time (i.e. internal labor 

costs) to prepare and submit the Form 

to the Commission. This estimate 

includes the burden associated with 

filing amendments to Form CA–1, 

which is required when certain 

information contained in an applicant’s 

or registrant’s Form CA–1 becomes 

inaccurate, misleading, or incomplete. 

(The time burden related to preparing 

and submitting an amendment widely 

varies depending on the nature of the 

information that needs to be updated.) 

Since the Commission only receives an 

average of one submission per year, the 

aggregate annual burden associated with 

compliance with Rule 17Ab2–1 and 

Form CA–1 is 130 hours. The 

Commission staff estimates that 

compliance staff work at applicant or 

registrant clearing agencies to comply 

with Rule 17Ab2–1 and complete Form 

CA–1 will result in an internal cost of 

compliance, at an estimated hourly 

wage of $283, of $36,790 per year per 

clearing agency (130 hours × $283 per 

hour = $36,790 per year). Therefore, the 

aggregate annual internal cost of 

compliance for the approximately one 

clearing agency each year to comply 

with Rule 17Ab2–1 is also $36,790. The 

external costs associated with work on 

Form CA–1 include fees charged by 

outside lawyers and accountants to 

assist the applicant or registrant collect 

and prepare the information sought by 

the form (though such consultations are 

not required by the Commission) and 

are estimated to be approximately a total 

amount of $19,029 ($19,029 times one 

registrant per year). 

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, Director/Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

100 F Street NE., Washington, DC 

20549, or by sending an email to: PRA_

Mailbox@sec.gov. Comments must be 

submitted to OMB within 30 days of 

this notice. 

Dated: September 19, 2017. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20216 Filed 9–21–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–064, OMB Control No. 

3235–0067] 

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–11 

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–11 (17 CFR 239.18) is the 

registration statement form used to 

register securities issued by real estate 

investment trusts or by issuers whose 

business is primarily that of acquiring 

and holding for investment interests in 

real estate under the Securities Act of 

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

information filed with the Commission 

permits verification of compliance with 

securities law requirements and assures 

public availability and dissemination of 

such information. Information provided 

is mandatory. We estimate that Form S– 

11 takes approximately 779.04 hours per 

response and is filed by approximately 

64 issuers annually. In addition, we 

estimate that 25% of the 779.04 hours 

per response (194.76 hours) is prepared 

by the issuer for an annual reporting 

burden of 12,465 hours (194.76 hours 

per response × 64 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 the 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, Director/Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

100 F Street NE., Washington, DC 20549 

or send an email to: PRA_Mailbox@

sec.gov. Comments must be submitted to 

OMB within 30 days of this notice. 

Dated: September 19, 2017. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20220 Filed 9–21–17; 8:45 am] 

BILLING CODE 8011–01–P