[Federal Register: March 25, 2010 (Volume 75, Number 57)]
[Rules and Regulations]
[Page 14356-14359]
[DOCID:fr25mr10-8]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

44 CFR Part 64

[Docket ID FEMA-2010-000; Internal Agency Docket No. FEMA-8123]

Suspension of Community Eligibility

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Final rule.

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SUMMARY: This rule identifies communities, where the sale of flood
insurance has been authorized under the National Flood Insurance
Program (NFIP), that are scheduled for suspension on the effective
dates listed within this rule because of noncompliance with the
floodplain management requirements of the program. If the Federal
Emergency Management Agency (FEMA) receives documentation that the
community has adopted the required floodplain management measures prior
to the effective suspension date given in this rule, the suspension
will not occur and a notice of this will be provided by publication in
the Federal Register on a subsequent date.

DATES: Effective Dates: The effective date of each community's
scheduled suspension is the third date (``Susp.'') listed in the third
column of the following tables.

FOR FURTHER INFORMATION CONTACT: If you want to determine whether a
particular community was suspended on the suspension date or for
further information, contact David Stearrett, Mitigation Directorate,
Federal Emergency Management Agency, 500 C Street, SW., Washington, DC
20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The NFIP enables property owners to purchase
flood insurance which is generally not otherwise available. In return,
communities agree to adopt and administer local floodplain management
aimed at protecting lives and new construction from future flooding.
Section 1315 of the National Flood Insurance Act of 1968, as amended,
42 U.S.C. 4022, prohibits flood insurance coverage as authorized under
the NFIP, 42 U.S.C. 4001 et seq.; unless an appropriate public body
adopts adequate floodplain management measures with effective
enforcement measures. The communities listed in this document no longer
meet that statutory requirement for compliance with program
regulations, 44 CFR part 59. Accordingly, the communities will be
suspended on the effective date in the third column. As of that date,
flood insurance will no longer be available in the community. However,
some of these communities may adopt and submit the required
documentation of legally enforceable floodplain management measures
after this rule is published but prior to the actual suspension date.
These communities will not be suspended and will continue their
eligibility for the sale of insurance. A notice withdrawing the
suspension of the communities will be published in the Federal
Register.
    In addition, FEMA has identified the Special Flood Hazard Areas
(SFHAs) in these communities by publishing a Flood Insurance Rate Map
(FIRM). The date of the FIRM, if one has been published, is indicated
in the fourth column of the table. No direct Federal financial
assistance (except assistance pursuant to the Robert T. Stafford
Disaster Relief and Emergency Assistance Act not in connection with a
flood) may legally be provided for construction or acquisition of
buildings in identified SFHAs for communities not participating in the
NFIP and identified for more than a year, on FEMA's initial flood
insurance map of the community as having flood-prone areas (section
202(a) of the Flood Disaster Protection Act of 1973, 42 U.S.C. 4106(a),
as amended). This prohibition against certain types of Federal
assistance becomes effective for the communities listed on the date
shown in the last column. The Administrator finds that notice and
public comment under 5 U.S.C. 553(b) are impracticable and unnecessary
because communities listed in this final rule have been adequately
notified.
    Each community receives 6-month, 90-day, and 30-day notification
letters addressed to the Chief Executive Officer stating that the
community will be suspended unless the required floodplain management
measures are met prior to the effective suspension date. Since these
notifications were made, this final rule may take effect within less
than 30 days.
    National Environmental Policy Act. This rule is categorically
excluded from the requirements of 44 CFR part 10, Environmental
Considerations. No environmental impact assessment has been prepared.
    Regulatory Flexibility Act. The Administrator has determined that
this rule is exempt from the requirements of the Regulatory Flexibility
Act because the National Flood Insurance Act of 1968, as amended, 42
U.S.C. 4022, prohibits flood insurance coverage unless an appropriate
public body adopts adequate floodplain management measures with
effective enforcement measures. The communities listed no longer comply
with the statutory requirements, and after the effective date, flood
insurance will no longer be available in the communities unless
remedial action takes place.
    Regulatory Classification. This final rule is not a significant
regulatory action under the criteria of section 3(f) of Executive Order
12866 of September 30, 1993, Regulatory Planning and Review, 58 FR
51735.
    Executive Order 13132, Federalism. This rule involves no policies
that have federalism implications under Executive Order 13132.
    Executive Order 12988, Civil Justice Reform. This rule meets the
applicable standards of Executive Order 12988.
    Paperwork Reduction Act. This rule does not involve any collection
of information for purposes of the Paperwork Reduction Act, 44 U.S.C.
3501 et seq.

List of Subjects in 44 CFR Part 64

    Flood insurance, Floodplains.

0
Accordingly, 44 CFR part 64 is amended as follows:

PART 64--[AMENDED]

0
1. The authority citation for part 64 continues to read as follows:

    Authority:  42 U.S.C. 4001 et seq.; Reorganization Plan No. 3 of
1978, 3 CFR, 1978 Comp.; p. 329; E.O. 12127, 44 FR 19367, 3 CFR,
1979 Comp.; p. 376.

Sec.  64.6  [Amended]

0
2. The tables published under the authority of Sec.  64.6 are amended
as follows:

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                                                 Effective date
                                                 authorization/
                                   Community    cancellation of    Current effective map   Date certain Federal
       State and location             No.        sale of flood             date            assistance no longer
                                                  insurance in                              available in SFHAs
                                                   community
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            Region I

Rhode Island:
    Jamestown, Town of, Newport        445399  November 20,       Apr. 2, 2010..........  Apr. 5, 2010.
     County.                                    1970, Emerg;
                                                April 21, 1972,
                                                Reg; April 5,
                                                2010, Susp..
    Little Compton, Town of,           440035  May 9, 1975,       ......do..............   Do.
     Newport County.                            Emerg; August
                                                17, 1981, Reg;
                                                April 5, 2010,
                                                Susp..
    Middletown, Town of,               445401  September 11,      ......do..............   Do.
     Newport County.                            1970, Emerg;
                                                April 9, 1971,
                                                Reg; April 5,
                                                2010, Susp..
    Newport, City of, Newport          445403  June 19, 1970,     ......do..............   Do.
     County.                                    Emerg; December
                                                4, 1970, Reg;
                                                April 5, 2010,
                                                Susp..
    Portsmouth, Town of,               445405  July 30, 1971,     ......do..............   Do.
     Newport County.                            Emerg; August
                                                24, 1973, Reg;
                                                April 5, 2010,
                                                Susp..
    Tiverton, Town of, Newport         440012  August 18, 1972,   ......do..............   Do.
     County.                                    Emerg; May 2,
                                                1977, Reg; April
                                                5, 2010, Susp..

           Region II

New York:
    Dansville, Village of,             360383  April 17, 1973,    ......do..............   Do.
     Livingston County.                         Emerg; November
                                                1, 1978, Reg;
                                                April 5, 2010,
                                                Susp..
    Sparta, Town of, Livingston        361288  March 6, 1980,     ......do..............   Do.
     County.                                    Emerg; August
                                                27, 1982, Reg;
                                                April 5, 2010,
                                                Susp..

            Region V

Illinois:
    Andalusia, Village of, Rock        170583  February 18,       ......do..............   Do.
     Island County.                             1975, Emerg;
                                                January 20,
                                                1982, Reg; April
                                                5, 2010, Susp..
    Amboy, City of, Lee County.        170414  April 8, 1975,     ......do..............   Do.
                                                Emerg; April 15,
                                                1988, Reg; April
                                                5, 2010, Susp..
    Carbon Cliff, Village of,          170584  May 23, 1975,      ......do..............   Do.
     Rock Island County.                        Emerg; June 1,
                                                1982, Reg; April
                                                5, 2010, Susp..
    Coal Valley, Village of,           170585  September 26,      ......do..............   Do.
     Rock Island and Henry                      1974, Emerg;
     Counties.                                  December 4,
                                                1979, Reg; April
                                                5, 2010, Susp..
    Cordova, Village of, Rock          170586  April 18, 1975,    ......do..............   Do.
     Island County.                             Emerg; December
                                                1, 1981, Reg;
                                                April 5, 2010,
                                                Susp..
    East Moline, City of, Rock         170587  March 5, 1976,     ......do..............   Do.
     Island County.                             Emerg; October
                                                15, 1982, Reg;
                                                April 5, 2010,
                                                Susp..
    Hillsdale, Village of, Rock        170589  February 11,       ......do..............   Do.
     Island County.                             1974, Emerg;
                                                July 19, 1982,
                                                Reg; April 5,
                                                2010, Susp..
    Lee County, Unincorporated         170413  June 6, 1975,      ......do..............   Do.
     Areas.                                     Emerg; April 15,
                                                1988, Reg; April
                                                5, 2010, Susp..
    Milan, Village of, Rock            170590  April 3, 1975,     ......do..............   Do.
     Island County.                             Emerg; March 18,
                                                1980, Reg; April
                                                5, 2010, Susp..
    Moline, City of, Rock              170591  March 4, 1975,     ......do..............   Do.
     Island County.                             Emerg; February
                                                1, 1980, Reg;
                                                April 5, 2010,
                                                Susp..
    Nelson, Village of, Lee            170418  September 30,      ......do..............   Do.
     County.                                    1976, Emerg;
                                                April 15, 1988,
                                                Reg; April 5,
                                                2010, Susp..
    Reynolds, Village of, Rock         170883  March 24, 1998,    ......do..............   Do.
     Island and Mercer Counties.                Emerg; October
                                                18, 2002, Reg;
                                                April 5, 2010,
                                                Susp..
    Rochelle, City of, Lee and         170532  March 7, 1975,     ......do..............   Do.
     Ogle Counties.                             Emerg; August
                                                19, 1986, Reg;
                                                April 5, 2010,
                                                Susp..
    Rock Island, City of, Rock         175171  July 9, 1971,      ......do..............   Do.
     Island County.                             Emerg; June 9,
                                                1972, Reg; April
                                                5, 2010, Susp..
    Rock Island County,                170582  May 14, 1971,      ......do..............   Do.
     Unincorporated Areas.                      Emerg; August 2,
                                                1982, Reg; April
                                                5, 2010, Susp..
    Steward, Village of, Lee           170420  October 10, 1975,  ......do..............   Do.
     County.                                    Emerg; September
                                                1, 1987, Reg;
                                                April 5, 2010,
                                                Susp..

           Region VI

Texas:
    Athens, City of, Henderson         480324  April 10, 1975,    ......do..............   Do.
     County.                                    Emerg; May 5,
                                                1981, Reg; April
                                                5, 2010, Susp..
    Chandler, City of,                 480326  March 5, 1976,     ......do..............   Do.
     Henderson County.                          Emerg; October
                                                24, 1978, Reg;
                                                April 5, 2010,
                                                Susp..
    Enchanted Oaks, Town of,           481634  June 20, 1990,     ......do..............   Do.
     Henderson County.                          Emerg; September
                                                27, 1991, Reg;
                                                April 5, 2010,
                                                Susp..
    Henderson County,                  481174  April 8, 1987,     ......do..............   Do.
     Unincorporated Areas.                      Emerg; September
                                                27, 1991, Reg;
                                                April 5, 2010,
                                                Susp..
    Mabank, City of, Henderson         480414  February 22,       ......do..............   Do.
     and Kaufman Counties.                      1977, Emerg;
                                                August 8, 1978,
                                                Reg; April 5,
                                                2010, Susp..

           Region VII

Iowa:
    Alburnett, City of, Linn           190692  March 2, 1976,     ......do..............   Do.
     County.                                    Emerg; June 1,
                                                1987, Reg; April
                                                5, 2010, Susp..
    Cedar Rapids, City of, Linn        190187  August 13, 1971,   ......do..............   Do.
     County.                                    Emerg; December
                                                15, 1982, Reg;
                                                April 5, 2010,
                                                Susp..
    Center Point, City of, Linn        190439  October 27, 1977,  ......do..............   Do.
     County.                                    Emerg; July 5,
                                                1982, Reg; April
                                                5, 2010, Susp..
    Central City, City of, Linn        190188  January 8, 1976,   ......do..............   Do.
     County.                                    Emerg; December
                                                15, 1982, Reg;
                                                April 5, 2010,
                                                Susp..
    Coggon, City of, Linn              190189  May 9, 1975,       ......do..............   Do.
     County.                                    Emerg; July 16,
                                                1984, Reg; April
                                                5, 2010, Susp..
    Ely, City of, Linn County..        190440  April 29, 1991,    ......do..............   Do.
                                                Emerg; February
                                                17, 1993, Reg;
                                                April 5, 2010,
                                                Susp..
    Fairfax, City of, Linn             190190  January 20, 1975,  ......do..............   Do.
     County.                                    Emerg; September
                                                19, 1984, Reg;
                                                April 5, 2010,
                                                Susp..
    Hiawatha, City of, Linn            190441  August 3, 1976,    ......do..............   Do.
     County.                                    Emerg; February
                                                3, 1982, Reg;
                                                April 5, 2010,
                                                Susp..
    Linn County, Unincorporated        190829  January 5, 1979,   ......do..............   Do.
     Areas.                                     Emerg; December
                                                15, 1982, Reg;
                                                April 5, 2010,
                                                Susp..
    Lisbon, City of, Linn              190607  March 23, 1978,    ......do..............   Do.
     County.                                    Emerg; June 10,
                                                1980, Reg; April
                                                5, 2010, Susp..
    Marion, City of, Linn              190191  June 30, 1975,     ......do..............   Do.
     County.                                    Emerg; July 5,
                                                1982, Reg; April
                                                5, 2010, Susp..
    Mount Vernon, City of, Linn        190192  December 10,       ......do..............   Do.
     County.                                    1975, Emerg;
                                                June 10, 1980,
                                                Reg; April 5,
                                                2010, Susp..
    Palo, City of, Linn County.        190442  June 25, 1976,     ......do..............   Do.
                                                Emerg; November
                                                17, 1982, Reg;
                                                April 5, 2010,
                                                Susp..
    Robins, City of, Linn              190443  January 16, 1978,  ......do..............   Do.
     County.                                    Emerg; July 5,
                                                1982, Reg; April
                                                5, 2010, Susp..
    Springville, City of, Linn         190444  N/A, Emerg; March  ......do..............   Do.
     County.                                    30, 2009, Reg;
                                                April 5, 2010,
                                                Susp..
    Walker, City of, Linn              190445  October 25, 2007,  ......do..............   Do.
     County.                                    Emerg; April 5,
                                                2010, Reg; April
                                                5, 2010, Susp..
Missouri:
    Laddonia, City of, Audrain         290017  August 1, 1975,    ......do..............   Do.
     County.                                    Emerg; August
                                                24, 1984, Reg;
                                                April 5, 2010,
                                                Susp..
    Mexico, City of, Audrain           295267  March 19, 1971,    ......do..............   Do.
     County.                                    Emerg; May 26,
                                                1972, Reg; April
                                                5, 2010, Susp..
    Vandalia, City of, Audrain         290020  July 15, 1975,     ......do..............   Do.
     County.                                    Emerg; February
                                                4, 1988, Reg;
                                                April 5, 2010,
                                                Susp..
Nebraska:
    Ashland, City of, Saunders         310196  December 4, 1974,  ......do..............   Do.
     County.                                    Emerg; November
                                                3, 1982, Reg;
                                                April 5, 2010,
                                                Susp..
    Cedar Bluffs, Village of,          310356  April 4, 1975,     ......do..............   Do.
     Saunders County.                           Emerg; September
                                                24, 1984, Reg;
                                                April 5, 2010,
                                                Susp..
    Ceresco, Village of,               310197  July 18, 1975,     ......do..............   Do.
     Saunders and Lancaster                     Emerg; July 3,
     Counties.                                  1986, Reg; April
                                                5, 2010, Susp..
    Ithaca, Village of,                310198  November 12,       ......do..............   Do.
     Saunders County.                           1975, Emerg; May
                                                1, 1987, Reg;
                                                April 5, 2010,
                                                Susp..
    Leshara, Village of,               310199  January 29, 2009,  ......do..............   Do.
     Saunders County.                           Emerg; April 5,
                                                2010, Reg; April
                                                5, 2010, Susp..
    Malmo, Village of, Saunders        310200  April 25, 1975,    ......do..............   Do.
     County.                                    Emerg; September
                                                4, 1986, Reg;
                                                April 5, 2010,
                                                Susp..
    Prague, Village of,                310202  N/A, Emerg;        ......do..............   Do.
     Saunders County.                           December 29,
                                                2000, Reg; April
                                                5, 2010, Susp..
    Saunders County,                   310195  April 6, 1973,     ......do..............   Do.
     Unincorporated Areas.                      Emerg; December
                                                1, 1978, Reg;
                                                April 5, 2010,
                                                Susp..
    Valparaiso, Village of,            310203  September 16,      ......do..............   Do.
     Saunders County.                           1975, Emerg;
                                                June 3, 1986,
                                                Reg; April 5,
                                                2010, Susp..
    Wahoo, City of, Saunders           310204  August 25, 1972,   ......do..............   Do.
     County.                                    Emerg; December
                                                1, 1977, Reg;
                                                April 5, 2010,
                                                Susp..
    Weston, Village of,                310205  October 24, 1979,  ......do..............   Do.
     Saunders County.                           Emerg; July 3,
                                                1985, Reg; April
                                                5, 2010, Susp..
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Do. = Ditto.
Code for reading third column: Emerg.--Emergency; Reg.--Regular; Susp.--Suspension.

    Dated: March 16, 2010.
Sandra K. Knight,
Deputy Federal Insurance and Mitigation Administrator, Mitigation,
Department of Homeland Security, Federal Emergency Management Agency.
[FR Doc. 2010-6632 Filed 3-24-10; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register Volume 78, Number 74 (Wednesday, April 17, 2013)]
[Notices]
[Pages 22919-22921]
[FR Doc No: 2013-08976]

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SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy,Washington, DC
20549-0213.

Extension: Rule 7d-1.
    OMB Control No. 3235-0311, SEC File No. 270-176.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange
Commission (the ``Commission'') is soliciting comments on the
collections of information summarized below. The Commission plans to
submit these existing collection of information to the Office of
Management and Budget for extension and approval.
    Section 7(d) of the Investment Company Act of 1940 (15 U.S.C. 80a-
7(d)) (the ``Act'' or ``Investment Company Act'') requires an
investment company (``fund'') organized outside the United States
(``foreign fund'') to obtain an order from the Commission allowing the
fund to register under the Act before making a public offering of its
securities through the United States mail or any means of interstate
commerce. The Commission may issue an order only if it finds that it is
both legally and practically feasible effectively to enforce the
provisions of the Act against the foreign fund, and that the
registration of the fund is consistent with the public interest and
protection of investors.
    Rule 7d-1 (17 CFR 270.7d-1) under the Act, which was adopted in
1954, specifies the conditions under which a Canadian management
investment company (``Canadian fund'') may request an order from the
Commission permitting it to register under the Act. Although rule 7d-1
by its terms applies only to Canadian funds, other foreign funds
generally have agreed to comply with the requirements of rule 7d-1 as a
prerequisite to receiving an order

permitting those foreign funds' registration under the Act.
    The rule requires a Canadian fund that wishes to register to file
an application with the Commission that contains various undertakings
and agreements by the fund. The requirement of the Canadian fund to
file an application is a collection of information under the Paperwork
Reduction Act. Certain of the undertakings and agreements, in turn,
impose the following additional information collection requirements:
    (1) The fund must file with the Commission agreements between the
fund and its directors, officers, and service providers requiring them
to comply with the fund's charter and bylaws, the Act, and certain
other obligations relating to the undertakings and agreements in the
application;
    (2) the fund and each of its directors, officers, and investment
advisers that is not a U.S. resident, must file with the Commission an
irrevocable designation of the fund's custodian in the United States as
agent for service of process;
    (3) the fund's charter and bylaws must provide that (a) the fund
will comply with certain provisions of the Act applicable to all funds,
(b) the fund will maintain originals or copies of its books and records
in the United States, and (c) the fund's contracts with its custodian,
investment adviser, and principal underwriter, will contain certain
terms, including a requirement that the adviser maintain originals or
copies of pertinent records in the United States;
    (4) the fund's contracts with service providers will require that
the provider perform the contract in accordance with the Act, the
Securities Act of 1933 (15 U.S.C. 77a), and the Securities Exchange Act
of 1934 (15 U.S.C. 78a), as applicable; and
    (5) the fund must file, and periodically revise, a list of persons
affiliated with the fund or its adviser or underwriter.
    As noted above, under section 7(d) of the Act the Commission may
issue an order permitting a foreign fund's registration only if the
Commission finds that ``by reason of special circumstances or
arrangements, it is both legally and practically feasible effectively
to enforce the provisions of the (Act).'' The information collection
requirements are necessary to assure that the substantive provisions of
the Act may be enforced as a matter of contract right in the United
States or Canada by the fund's shareholders or by the Commission.
    Rule 7d-1 also contains certain information collection requirements
that are associated with other provisions of the Act. These
requirements are applicable to all registered funds and are outside the
scope of this request.
    The Commission believes that one foreign fund is registered under
rule 7d-1 and currently active. Apart from requirements under the Act
applicable to all registered funds, rule 7d-1 imposes ongoing burdens
to maintain records in the United States, and to update, as necessary,
certain fund agreements, designations of the fund's custodian as
service agent, and the fund's list of affiliated persons. The
Commission staff estimates that each year under the rule, the active
registrant and its directors, officers, and service providers engage in
the following collections of information and associated burden hours:

For the fund and its investment adviser to maintain records in the
United States: \1\
---------------------------------------------------------------------------

    \1\ The rule requires an applicant and its investment adviser to
maintain records in the United States (which, without the
requirement, might be maintained in Canada or another foreign
jurisdiction), which facilitates routine inspections and any special
investigations of the fund by Commission staff. The registrant and
its investment adviser, however, already maintain the registrant's
records in the United States and in no other jurisdiction.
Therefore, maintenance of the registrant's records in the United
States does not impose an additional burden beyond that imposed by
other provisions of the Act. Those provisions are applicable to all
registered funds and the compliance burden of those provisions is
outside the scope of this request.
---------------------------------------------------------------------------

    0 hours: 0 minutes of compliance clerk time.
 For the fund to update its list of affiliated persons:
    2 hours: 2 hours of support staff time.
 For new officers, directors, and service providers to enter
into and file agreements requiring them to comply with the fund's
charter and bylaws, the Act, and certain other obligations:
    0.5 hours: 7.5 minutes of director time;
    2.5 minutes of officer time;
    20 minutes of support staff time.
 For new officers, directors, and investment advisers who are
not residents of the United States to file irrevocable designation of
the fund's custodian as agent for process of service:
    0.25 hours: 5 minutes of director time;
    10 minutes of support staff time.

    Based on the estimates above, the Commission estimates that the
total annual burden of the rule's paperwork requirements is 2.75
hours.\2\ We estimate that directors perform 0.21 hours of these burden
hours at a total cost of $945,\3\ officers perform 0.04 of these burden
hours at a total cost of 17.32,\4\ and support staff perform 2.5 of
these burden hours at a total cost of $150.\5\ Thus, the Commission
estimates the aggregate annual cost of these burden hours associated
with rule 7d-1 is $1112.32.\6\
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    \2\ This estimate is based on the following calculation: (0 + 2
+ 0.5 + 0.25) = 2.75 hours.
    \3\ The director estimates are based on the following
calculations: (7.5 minutes + 5 minutes)/60 minutes per hour = 0.21
hours; and 0.21 hours x $4500/hour = $945. The per hour cost
estimate is based on estimated hourly compensation for each board
member of $500 and an average board size of 9 members.
    \4\ The officer estimates are based on the following
calculations: 2.5 minutes/60 minutes per hour = 0.04 hours; 0.04
hours x $433/hour = $17.32. The per hour cost estimate, as well as
other internal time cost estimates for management and professional
earnings, is based on the figure for chief compliance officers found
in SIFMA's Management & Professional Earnings in the Securities
Industry 2011, modified by Commission staff to account for an 1800-
hour work-year and multiplied by 5.35 to account for bonuses, firm
size, employee benefits and overhead.
    \5\ The support staff estimates are based on the following
calculations: 2 hours + 20 minutes + 10 minutes = 2.5 hours; and 2.5
hours x $60/hour = $150. The per hour cost estimate, as well as
other internal time cost estimates for office salaries, is based on
the figure for compliance clerks found in SIFMA's Management &
Professional Earnings in the Securities Industry 2011, modified by
Commission staff to account for an 1800-hour work-year and
multiplied by 2.93 to account for bonuses, firm size, employee
benefits and overhead.
    \6\ This estimate is based on the following calculation:
$1112.32 = $945 + $17.32 + $150.
---------------------------------------------------------------------------

    If a fund were to file an application under the rule, the
Commission estimates that the rule would impose initial information
collection burdens (for filing an application, preparing the specified
charter, bylaw, and contract provisions, designations of agents for
service of process, and an initial list of affiliated persons, and
establishing a means of keeping records in the United States) of
approximately 90 hours for the fund and its associated persons. The
Commission is not including these hours in its calculation of the
annual burden because no foreign fund has applied under rule 7d-1 to
register under the Act in the last three years.
    After registration, a Canadian fund may file a supplemental
application seeking special relief designed for the fund's particular
circumstances. Rule 7d-1 does not mandate these applications. The
active registrant has filed a substantive supplemental application in
the past three years. Therefore, the Commission staff estimates that
the rule would impose an additional collection information burden of 5
hours on a fund to comply with the Commission's application process at
a cost of $5957.\7\ The staff

understands that funds also obtain assistance from outside counsel to
comply with the Commission's application process and the cost burden of
using outside counsel is set forth below.
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    \7\ The staff estimates that, on average, the fund's investment
adviser spends approximately 4 hours to review an application,
including 3.5 hours by an assistant general counsel at a cost of
$407 per hour, 0.5 hours by an administrative assistant, at a cost
of $65 per hour, and the fund's board of directors spends an
additional 1 hour at a cost of $4500 per hour for a total of 5
hours, at a total cost of $5957. This estimate is based on the
following calculation: (3.5 hours x $407 per hour) + (0.5 hours x
$65 per hour) + (1 hour x $4500 per hour) = $5957.
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    Therefore, the Commission staff estimates that the aggregate annual
burden hours of the collection of information associated with rule 7d-1
is 7.75 hours, at a cost of $7069.32.\8\ The estimates of burden hours
are made solely for the purposes of the Paperwork Reduction Act. The
estimates are not derived from a comprehensive or even a representative
survey or study of Commission rules and forms.
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    \8\ These estimates are based on the following calculations:
2.75 + 5 = 7.75 hours; $1112.32 + $5957 = $7069.32.
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    If a Canadian or other foreign fund in the future applied to
register under the Act under rule 7d-1, the fund initially might have
capital and start-up costs (not including hourly burdens) of an
estimated $17,280 to comply with the rule's initial information
collection requirements. These costs include legal and processing-
related fees for preparing the required documentation (such as the
application, charter, bylaw, and contract provisions, designations for
service of process, and the list of affiliated persons). Other related
costs would include fees for establishing arrangements with a custodian
or other agent for maintaining records in the United States, copying
and transportation costs for records, and the costs of purchasing or
leasing computer equipment, software, or other record storage equipment
for records maintained in electronic or photographic form.
    The Commission expects that a fund and its sponsors would incur
these costs immediately, and that the annualized cost of the
expenditures would be $17,280 in the first year. Some expenditures
might involve capital improvements, such as computer equipment, having
expected useful lives for which annualized figures beyond the first
year would be meaningful.
    These annualized figures are not provided, however, because, in
most cases, the expenses would be incurred immediately rather than on
an annual basis. The Commission is not including these costs in its
calculation of the annualized capital/start-up costs because no fund
has applied under rule 7d-1 to register under the Act pursuant to rule
7d-1 in the last three years.
    As indicated above, a Canadian or fund may file a supplemental
application seeking special relief designed for the fund's particular
circumstances. Rule 7d-1 does not mandate these applications. The
active registrant filed a substantive supplemental application in the
past three years. As noted above, the staff understands that funds
generally use outside counsel to prepare the application. The staff
estimates that outside counsel spends 10 hours preparing a supplemental
application, including 8 hours by an associate and 2 hours by a
partner. Outside counsel billing arrangements and rates vary based on
numerous factors, but the staff has estimated the average cost of
outside counsel as $400 per hour, based on information received from
funds, intermediaries and their counsel. The Commission staff therefore
estimates that the fund would obtain assistance from outside counsel at
a cost of $4000.\9\
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    \9\ This estimate is based on the following calculation: 10
hours x $400 per hour = $4000.
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    We request written comment on: (a) Whether the collections of
information are 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 burdens
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 Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an
email to<EMAIL_ADDRESS>
    Dated: April 11, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-08976 Filed 4-16-13; 8:45 am]
BILLING CODE 8011-01-P