[Federal Register Volume 82, Number 34 (Wednesday, February 22, 2017)]
[Notices]
[Pages 11386-11388]
[FR Doc No: 2017-03423]

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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 19b-1, SEC File No. 270-312, OMB Control No. 3235-0354.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
    Section 19(b) of the Investment Company Act of 1940 (the ``Act'')
(15 U.S.C. 80a-19(b)) authorizes the Commission to regulate registered

investment company (``fund'') distributions of long-term capital gains
made more frequently than once every twelve months. Accordingly, rule
19b-1 under the Act (17 CFR 270.19b-1) regulates the frequency of fund
distributions of capital gains. Rule 19b-1(c) states that the rule does
not apply to a unit investment trust (``UIT'') if it is engaged
exclusively in the business of investing in certain eligible securities
(generally, fixed-income securities), provided that: (i) The capital
gains distribution falls within one of five categories specified in the
rule \1\ and (ii) the distribution is accompanied by a report to the
unitholder that clearly describes the distribution as a capital gains
distribution (the ``notice requirement'').\2\ Rule 19b-1(e) permits a
fund to apply to the Commission for permission to distribute long-term
capital gains that would otherwise be prohibited by the rule if the
fund did not foresee the circumstances that created the need for the
distribution. The application must set forth the pertinent facts and
explain the circumstances that justify the distribution.\3\ An
application that meets those requirements is deemed to be granted
unless the Commission denies the request within 15 days after the
Commission receives the application.
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    \1\ 17 CFR 270.19b-1(c)(1).
    \2\ The notice requirement in rule 19b-1(c)(2) supplements the
notice requirement of section 19(a) [15 U.S.C. 80a-19(a)], which
requires any distribution in the nature of a dividend payment to be
accompanied by a notice disclosing the source of the distribution.
    \3\ Rule 19b-1(e) also requires that the application comply with
rule 0-2 [17 CFR 270.02] under the Act, which sets forth the general
requirements for papers and applications filed with the Commission
pursuant to the Act and rules thereunder.
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    Commission staff estimates that five funds will file an application
under rule 19b-1(e) each year.\4\ The staff understands that if a fund
files an application it generally uses outside counsel to prepare the
application. The cost burden of using outside counsel is discussed
below. The staff estimates that, on average, a fund's investment
adviser would spend approximately 4 hours to review an application,
including 3.5 hours by an assistant general counsel at a cost of $433
per hour and 0.5 hours by an administrative assistant at a cost of $74
per hour, and the fund's board of directors would spend an additional 1
hour at a cost of $4,465 per hour, for a total of 5 hours.\5\ Thus, the
staff estimates that the annual hour burden of the collection of
information imposed by rule 19b-1(e) would be approximately five hours
per fund, at a cost of $6017.50.\6\ Because the staff estimates that,
each year, five funds will file an application pursuant to rule 19b-
1(e), the total burden for the information collection is 40 hours at a
cost of $30,087.50.\7\
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    \4\ This estimate is based on the average number of applications
filed with the Commission pursuant to rule 19b-1(e) in the prior
three-year period.
    \5\ The estimate for assistant general counsels is from SIFMA's
Management & Professional Earnings in the Securities Industry 2013,
modified by Commission staff to account for an 1800-hour work-year
and inflation (as of January 2016) and multiplied by 5.35 to account
for bonuses, firm size, employee benefits and overhead. The estimate
for administrative assistants is from SIFMA's Office Salaries in the
Securities Industry 2013, modified by Commission staff to account
for an 1800-hour work-year and inflation (as of January 2016) and
multiplied by 2.93 to account for bonuses, firm size, employee
benefits and overhead. The staff previously estimated in 2009 that
the average cost of board of director time was $4,000 per hour for
the board as a whole, based on information received from funds and
their counsel. Adjusting for inflation, the staff estimates that the
current average cost of board of director time is approximately
$4,465.
    \6\ This estimate is based on the following calculations:
$1515.50 (3.5 hours x $433 = $1515.50) plus $37 (0.5 hours x $74 =
$37) plus $4465 equals $6017.50 (cost of one application).
    \7\ This estimate is based on the following calculation:
$6017.50 (cost of one application) multiplied by 5 applications =
$30,087.50 total cost.
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    Commission staff estimates that there is no hour burden associated
with complying with the collection of information component of rule
19b-1(c).
    As noted above, Commission staff understands that funds that file
an application under rule 19b-1(e) generally use outside counsel to
prepare the application.\8\ The staff estimates that, on average,
outside counsel spends 10 hours preparing a rule 19b-1(e) application,
including eight hours by an associate and two 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 staff therefore estimates that
the average cost of outside counsel preparation of the rule 19b-1(e)
exemptive application is $4,000.\9\ Because the staff estimates that,
each year, five funds will file an application pursuant to rule 19b-
1(e), the total annual cost burden imposed by the exemptive application
requirements of rule 19b-1(e) is estimated to be $20,000.\10\
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    \8\ This understanding is based on conversations with
representatives from the fund industry.
    \9\ This estimate is based on the following calculation: 10
hours multiplied by $400 per hour equals $4,000.
    \10\ This estimate is based on the following calculation: $4,000
multiplied by five (funds) equals $20,000.
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    The Commission staff estimates that there are approximately 2,579
UITs \11\ that may rely on rule 19b-1(c) to make capital gains
distributions. The staff estimates that, on average, these UITs rely on
rule 19b-1(c) once a year to make a capital gains distribution.\12\ In
most cases, the trustee of the UIT is responsible for preparing and
sending the notices that must accompany a capital gains distribution
under rule 19b-1(c)(2). These notices require limited preparation, the
cost of which accounts for only a small, indiscrete portion of the
comprehensive fee charged by the trustee for its services to the UIT.
The staff believes that as a matter of good business practice, and for
tax preparation reasons, UITs would collect and distribute the capital
gains information required to be sent to unitholders under rule 19b-
1(c) even in the absence of the rule. The staff estimates that the cost
of preparing a notice for a capital gains distribution under rule 19b-
1(c)(2) is approximately $50. There is no separate cost to mail the
notices because they are mailed with the capital gains distribution.
Thus, the staff estimates that the capital gains distribution notice
requirement imposes an annual cost on UITs of approximately
$128,950.\13\ The staff therefore estimates that the total cost imposed
by rule 19b-1 is $160,950 ($128,950 plus $20,000 (total cost associated
with rule 19b-1(e)) equals $148,950).
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    \11\ See 2016 Investment Company Fact Book, Investment Company
Institute, available at https://www.ici.org/pdf/2016_factbook.pdf.
    \12\ The number of times UITs rely on the rule to make capital
gains distributions depends on a wide range of factors and, thus,
can vary greatly across years and UITs. UITs may distribute capital
gains biannually, annually, quarterly, or at other intervals.
Additionally, a number of UITs are organized as grantor trusts, and
therefore do not generally make capital gains distributions under
rule 19b-1(c), or may not rely on rule 19b-1(c) as they do not meet
the rule's requirements.
    \13\ This estimate is based on the following calculation: 2,579
UITs multiplied by $50 equals $128,950.
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    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.
    Written comments are invited 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 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, 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<EMAIL_ADDRESS>
    Dated: February 15, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03423 Filed 2-21-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 77 (Friday, April 23, 2021)]
[Notices]
[Pages 21724-21726]
[FR Doc No: 2021-08520]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 4784-106]

Topsham Hydro Partners Limited Partnership; Notice of Application
Accepted for Filing, Soliciting Motions To Intervene and Protests,
Ready for Environmental Analysis, and Soliciting Comments,
Recommendations, Preliminary Terms and Conditions, and Preliminary
Fishway Prescriptions

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection.
    a. Type of Application: New Major License.
    b. Project No.: 4784-106.
    c. Date filed: August 31, 2020.
    d. Applicant: Topsham Hydro Partners Limited Partnership.
    e. Name of Project: Pejepscot Hydroelectric Project.
    f. Location: On the Androscoggin River in Sagadahoc, Cumberland,
and Androscoggin Counties in the village of Pejepscot and the town of
Topsham, Maine. The project does not affect federal lands.
    g. Filed Pursuant to: Federal Power Act 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Mr. Tom Uncher, Vice President, Topsham Hydro
Partners Limited Partnership, 339B Big Bay Rd, Queensbury, NY 12804,
Telephone: 1-518-743-2018<EMAIL_ADDRESS>    i. FERC Contact: Ryan Hansen, Telephone<PHONE_NUMBER>, and email
<EMAIL_ADDRESS>    j. Deadline for filing motions to intervene and protests, comments,
recommendations, preliminary terms and conditions, and preliminary
prescriptions: 60 days from the issuance date of this notice; reply
comments are due 105 days from the issuance date of this notice.
    The Commission strongly encourages electronic filing. Please file
motions to intervene, protests, comments, recommendations, preliminary
terms and conditions, and preliminary

fishway prescriptions using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You
must include your name and contact information at the end of your
comments. For assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, you may submit a paper copy.
Submissions sent via the U.S. Postal Service must be addressed to:
Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission, 888
First Street NE, Room 1A, Washington, DC 20426. Submissions sent via
any other carrier must be addressed to: Kimberly D. Bose, Secretary,
Federal Energy Regulatory Commission, 12225 Wilkins Avenue, Rockville,
Maryland 20852. The first page of any filing should include docket
number P-4784-106.
    The Commission's Rules of Practice require all intervenors filing
documents with the Commission to serve a copy of that document on each
person on the official service list for the project. Further, if an
intervenor files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency.
    k. This application has been accepted for filing and is now ready
for environmental analysis.
    l. Project Description: The existing Pejepscot Project consists of:
(1) A 560-foot-long, 47.5-foot-high rock and gravel-filled, timber crib
dam that is topped with a 5-foot-thick reinforced concrete slab; (2) a
spillway consisting of five, 96-foot-long by 3-foot-high steel bascule
gates; (3) a 225-acre, 3 mile-long reservoir at an elevation of 67.5
feet mean sea level (MSL); (4) a 97-foot-wide, 146-foot-long brick
masonry and concrete original powerhouse integral with the dam and
containing three horizontal Francis turbine-generator units with a
combined rated capacity of approximately 1.58 megawatts (MW); (5) a 60-
foot-wide by 115-foot-long concrete newer powerhouse also integral with
the dam southeast of the original powerhouse and containing a Kaplan
turbine and a generator with a rated capacity of approximately 12.3 MW;
(6) a vertical lift upstream fish passage facility consisting of a 20-
foot-long, 7-foot-wide steel hopper with a sloping bottom and an 8-
inch-wide, 8-foot-high V-trap inlet, a 6-foot-wide, 8-foot-high, 110-
foot-long metal flume, four attraction pumps with a combined capacity
of 160 cubic feet per second (cfs) and a viewing window; (7) a
downstream fish passage facility consisting of two 4-foot-wide steel
entry weirs with grizzly racks that pass fish through a 30-inch-
diameter, 185-foot-long and a 24-inch-diameter, 60-foot-long outlet
pipe; (8) a tailrace with a bulkhead-like gate that discharges water
into the Androscoggin River approximately 25 feet downstream of the
powerhouses; (9) two 900-foot-long, 15-kilovolt cable connections to
substations located north and south of the powerhouses, respectively;
and (10) appurtenant facilities.
    The project is operated in a run-of-river mode with an average
annual generation of 68.5 megawatt-hours.
    m. In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's website at http://www.ferc.gov using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document (i.e., P-
4784). At this time, the Commission has suspended access to the
Commission's Public Reference Room, due to the proclamation declaring a
National Emergency concerning the Novel Coronavirus Disease (COVID-19),
issued by the President on March 13, 2020. For assistance, contact FERC
Online Support.
    n. Anyone may submit comments, a protest, or a motion to intervene
in accordance with the requirements of Rules of Practice and Procedure,
18 CFR 385.210, .211, and .214. In determining the appropriate action
to take, the Commission will consider all protests or other comments
filed, but only those who file a motion to intervene in accordance with
the Commission's Rules may become a party to the proceeding. Any
comments, protests, or motions to intervene must be received on or
before the specified comment date for the particular application.
    All filings must (1) bear in all capital letters the title
``PROTEST'', ``MOTION TO INTERVENE'', ``COMMENTS,'' ``REPLY COMMENTS,''
``RECOMMENDATIONS,'' ``PRELIMINARY TERMS AND CONDITIONS,'' or
``PRELIMINARY FISHWAY PRESCRIPTIONS;'' (2) set forth in the heading the
name of the applicant and the project number of the application to
which the filing responds; (3) furnish the name, address, and telephone
number of the person protesting or intervening; and (4) otherwise
comply with the requirements of 18 CFR 385.2001 through 385.2005. All
comments, recommendations, terms and conditions or prescriptions must
set forth their evidentiary basis and otherwise comply with the
requirements of 18 CFR 4.34(b). Agencies may obtain copies of the
application directly from the applicant. A copy of any protest or
motion to intervene must be served upon each representative of the
applicant specified in the particular application. A copy of all other
filings in reference to this application must be accompanied by proof
of service on all persons listed in the service list prepared by the
Commission in this proceeding, in accordance with 18 CFR 4.34(b) and
385.2010.
    o. Procedural Schedule:
    The application will be processed according to the following
revised Hydro Licensing Schedule. Revisions to the schedule may be made
as appropriate.
    (For projects with draft and final NEPA documents):

------------------------------------------------------------------------
              Milestone                           Target date
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Filing of recommendations,             June 2021.
 preliminary terms and conditions,
 and preliminary fishway
 prescriptions.
Commission issues Draft EA or EIS....  December 2021.
Comments on Draft EA or EIS..........  January 2022.
Modified Terms and Conditions........  March 2022.
Commission Issues Final EA or EIS....  June 2022.
------------------------------------------------------------------------

    p. Final amendments to the application must be filed with the
Commission no later than 30 days from the issuance date of this notice.
    q. The applicant must file no later than 60 days following the date
of issuance of this notice: (1) A copy of the water quality
certification; (2) a copy of the request for certification, including
proof of the date on which the certifying agency received the request;
or (3) evidence of waiver of water quality certification. Please note
that the certification request must comply with 40 CFR 121.5(b),
including documentation that a pre-filing meeting request was submitted
to the certifying authority at least 30 days prior to submitting the
certification request. Please also note that the certification request
must be sent to the certifying authority and to the Commission
concurrently.

    Dated: April 19, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-08520 Filed 4-22-21; 8:45 am]
BILLING CODE 6717-01-P