Federal Register / Vol. 82, No. 220 / Thursday, November 16, 2017 / Notices 53539 

percent (3,108) actually rely on at least one 

exemptive rules annually. 

8We assume that the independent directors of the 

remaining two-thirds of those funds will choose not 

to have counsel, or will rely on counsel who has 

not recently represented the fund’s management 

organizations or control persons. In both 

circumstances, it would not be necessary for the 

fund’s independent directors to make a 

determination about their counsel’s independence. 

9The estimated hourly wages used in this PRA 

analysis were derived from the Securities Industry 

and Financial Markets Association Reports on 

Management and Professional Earnings in the 

Securities Industry (2013) (modified to account for 

an 1800-hour work year and multiplied by 5.35 to 

account for bonuses, firm size, employee benefits 

and overhead) (adjusted for inflation), and Office 

Salaries in the Securities Industry (2013) (modified 

to account for an 1800-hour work year and 

multiplied by 2.93 to account for bonuses, firm size, 

employee benefits and overhead) (adjusted for 

inflation). 

10 (518 × $292/hour) + (259 × $66/hour) = 

$168,350. 

1A company might not be prepared to elect to be 

subject to Sections 55 through 65 of the 1940 Act 

because its capital structure or management 

compensation plan is not yet in compliance with 

the requirements of those sections. 

assume that the independent directors 

of approximately one-third (1,036) of 

those funds would need to make the 

required determination in order for their 

counsel to meet the definition of 

independent legal counsel.8 We 

estimate that each of these 1,036 funds 

would be required to spend, on average, 

0.75 hours annually to comply with the 

recordkeeping requirement associated 

with this determination, for a total 

annual burden of approximately 777 

hours. Based on this estimate, the total 

annual cost for all funds’ compliance 

with this rule is approximately 

$168,350. To calculate this total annual 

cost, the Commission staff assumed that 

approximately two-thirds of the total 

annual hour burden (518 hours) would 

be incurred by a compliance manager 

with an average hourly wage rate of 

$292 per hour,9 and one-third of the 

annual hour burden (259 hours) would 

be incurred by compliance clerk with an 

average hourly wage rate of $66 per 

hour.10

These burden hour estimates are 

based upon the Commission staff’s 

experience and discussions with the 

fund industry. The estimates of average 

burden hours are made solely for the 

purposes of the Paperwork Reduction 

Act. These estimates are not derived 

from a comprehensive or even a 

representative survey or study of the 

costs of Commission rules. 

Compliance with the collection of 

information requirements of the rule is 

mandatory and is necessary to comply 

with the requirements of the rule in 

general. 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: November 9, 2017. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–24755 Filed 11–15–17; 8:45 am] 

BILLING CODE 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: 

Form N–6F; SEC File No. 270–185, OMB 

Control No. 3235–0238 

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. 

The title for the collection of 

information is ‘‘Form N–6F (17 CFR 

274.15), Notice of Intent to Elect to be 

Subject to Sections 55 through 65 of the 

Investment Company Act of 1940.’’ The 

purpose of Form N–6F is to notify the 

Commission of a company’s intent to 

file a notification of election to become 

subject to Sections 55 through 65 of the 

Investment Company Act of 1940 (15 

U.S.C. 80a–1 et seq.) (‘‘1940 Act’’). 

Certain companies may have to make a 

filing with the Commission before they 

are ready to elect to be regulated as a 

business development company.1 A 

company that is excluded from the 

definition of ‘‘investment company’’ by 

Section 3(c)(1) because it has fewer than 

one hundred shareholders and is not 

making a public offering of its securities 

may lose such an exclusion solely 

because it proposes to make a public 

offering of securities as a business 

development company. Such company, 

under certain conditions, would not 

lose its exclusion if it notifies the 

Commission on Form N–6F of its intent 

to make an election to be regulated as 

a business development company. The 

company only has to file a Form N–6F 

once. 

The Commission estimates that on 

average approximately 12 companies 

file these notifications each year. Each 

of those companies need only make a 

single filing of Form N–6F. The 

Commission further estimates that this 

information collection imposes burden 

of 0.5 hours, resulting in a total annual 

PRA burden of 6 hours. Based on the 

estimated wage rate, the total cost to the 

industry of the hour burden for 

complying with Form N–6F would be 

approximately $2,070. 

The collection of information under 

Form N–6F is mandatory. The 

information provided under the form is 

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 OMB 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: November 9, 2017. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–24754 Filed 11–15–17; 8:45 am] 

BILLING CODE 8011–01–P 


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