[Federal Register Volume 79, Number 202 (Monday, October 20, 2014)]
[Notices]
[Page 62702]
[FR Doc No: 2014-24750]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket Number FRA-2014-0095]

Notice of Application for Approval of Discontinuance or
Modification of a Railroad Signal System

    In accordance with Part 235 of Title 49 Code of Federal Regulations
and 49 U.S.C. 20502(a), this document provides the public notice that
by a document dated September 5, 2014, the Wisconsin Central Limited
(WC) petitioned the Federal Railroad Administration (FRA) seeking
approval for the discontinuance or modification of a signal system. FRA
assigned the petition Docket Number FRA-2014-0095.
    Applicant: Wisconsin Central Limited, Mr. Thomas L. Brasseur,
Manager S&C, Engineering Department, Southern Region, 1625 Depot
Street, Stevens Point, WI 54481.
    WC, a subsidiary of Canadian National Railway (CN), seeks approval
of the proposed discontinuance and removal of a traffic control system
(TCS) between Milepost (MP) 162.9, South Ranier, and MP 161.8, Van
Lynn, on the Rainy Subdivision, Ranier, MN. TCS will be removed and
listed limits will be operated per CN's U.S. Operating Rules, Rule 520,
Yard limits. New TCS limits will begin and end at Van Lynn.
    The reason given for the proposed changes is to allow Canadian
train crews more headroom to avoid blocking Spruce Street in Ranier.
Currently, Canadian train crews cannot operate into United States TCS
territory; therefore, Canadian crews have to be relieved by a United
States crew to move the train. This changing of crews adds to the
length of time that Spruce Street is blocked. In addition, U.S. Customs
and Border Protection has a new inspection facility and requires more
room to remove containers for inspection. This creates the need for a
crew change to move the train far enough for this action to take place.
    A copy of the petition, as well as any written communications
concerning the petition, is available for review online at
www.regulations.gov and in person at the U.S. Department of
Transportation's Docket Operations Facility, 1200 New Jersey Avenue
SE., W12-140, Washington, DC 20590. The Docket Operations Facility is
open from 9 a.m. to 5 p.m., Monday through Friday, except Federal
Holidays.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment, they should notify FRA, in
writing, before the end of the comment period and specify the basis for
their request.
    All communications concerning these proceedings should identify the
appropriate docket number and may be submitted by any of the following
methods:
     Web site: http://www.regulations.gov. Follow the online
instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue, SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue SE., Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal Holidays.
    Communications received by December 4, 2014 will be considered by
FRA before final action is taken. Comments received after that date
will be considered as far as practicable.
    Anyone is able to search the electronic form of any written
communications and comments received into any of our dockets by the
name of the individual submitting the comment (or signing the document,
if submitted on behalf of an association, business, labor union, etc.).
See http://www.regulations.gov/#!privacyNotice for the privacy notice
of regulations.gov or interested parties may review DOT's complete
Privacy Act Statement in the Federal Register published on April 11,
2000 (65 FR 19477).

    Issued in Washington, DC, on October 14, 2014.
Ron Hynes,
Director, Office of Technical Oversight.
[FR Doc. 2014-24750 Filed 10-17-14; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register: February 17, 2009 (Volume 74, Number 30)]
[Notices]
[Page 7498-7499]
[DOCID:fr17fe09-160]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

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

Extension:
    Form 8-K; OMB Control No. 3235-0060; SEC File No. 270-50.

    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'') 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.
    Form 8-K (17 CFR 249.308) is filed by issuers to satisfy their
current reporting obligations pursuant to Sections 13 and 15(d) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m and 78o(d)) in
connection with the occurrence of

significant corporate events. The purpose of Form 8-K is to provide
investors with prompt disclosure of material information so that
investors will be able to make investment and voting decisions better
informed and receive information more timely. We estimate that Form 8-K
takes 5 hours per response and is filed by 13,200 issuers 8.2 times
annually for a total of 108,424 responses annually. We estimate that
75% of the 5 hours per response (3.75 hours) is prepared by the issuer
for a total annual reporting burden of 406,590 hours (3.75 hours per
response x 108,424 responses).
    Written comments are invited on: (a) Whether this collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (b) the accuracy of the agency's estimate of the burden
imposed by 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 Charles Boucher, Director/
CIO, Securities and Exchange Commission, C/O Shirley Martinson, 6432
General Green Way, Alexandria, Virginia 22312; or send an e-mail to:
<EMAIL_ADDRESS>
    Dated: February 10, 2009.
Florence E. Harmon
Deputy Secretary.
 [FR Doc. E9-3238 Filed 2-13-09; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 78 (Tuesday, April 25, 2017)]
[Notices]
[Pages 19066-19067]
[FR Doc No: 2017-08308]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2017-N-0001]

Food and Drug Administration Small Business and Industry
Assistance Regulatory Education for Industry Spring Conference; Public
Conference

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of public conference.

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SUMMARY: The Food and Drug Administration (FDA) Center for Drug
Evaluation and Research (CDER), together with the Center for Devices
and Radiological Health (CDRH), is sponsoring a 2-day public conference
entitled ``FDA Small Business and Industry Assistance Regulatory
Education for Industry (REdI) Spring Conference.'' The goal of this
public conference is to provide direct, relevant, and helpful
information on the key aspects of drug and medical device regulations
in order to increase regulatory certainty and predictability for
pharmaceutical and/or medical device industry. Our primary audience is
that of small manufacturers of drug and/or medical devices who want to
learn about how FDA approaches the regulation of drugs and medical
devices and for whom increased certainty and predictability will help
to decrease the regulatory burdens that can be associated with a lack
of understanding of, or familiarity with, FDA's drug and medical device
regulations. However, anyone involved in the pharmaceutical and/or
medical device industry may attend.

DATES: The public conference will be held May 9 and 10, 2017, from 8:30
a.m. to 4:30 p.m. See the SUPPLEMENTARY INFORMATION section for
registration information.

ADDRESSES: The public conference will be held in the High Ballroom,
located on the Lobby Level of the Renaissance Atlanta Midtown Hotel,
866 W. Peachtree St. NW., Atlanta, GA 30308. The hotel's phone number
is<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Brenda Stodart, Center for Drug
Evaluation and Research, Food and Drug Administration, 10001 New
Hampshire Ave., Silver Spring, MD 20993-0002,<PHONE_NUMBER>, email:
<EMAIL_ADDRESS>or Elias Mallis, Center for Devices and
Radiological Health, 10903 New Hampshire Ave., Silver Spring, MD 20993-
0002,<PHONE_NUMBER>, email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    FDA is announcing a public conference entitled ``FDA Small Business
and Industry Assistance Regulatory Education for Industry Spring
Conference.'' This public conference is intended to increase the drug
and medical device industry's awareness of applicable FDA regulations.
There will be an opportunity for questions and answers following each
presentation.

II. Topics for Discussion at the Conference

    This 2-day, FDA-led forum offers the opportunity to interact with
FDA subject matter experts from across CDER and CDRH. The following
information will be discussed:

 CDER Investigational New Drug Application (IND) Review
Process: Types of IND; Content and Format of an IND; Chemistry
Manufacturing and Controls; Pharmacology/Toxicology; Drug Inspections
 CDRH: 510(k); Biocompatibility in Premarket Submissions; Non-
Conforming Product; Device Inspections

III. Participating in the Public Conference

    Registration: There is no fee to attend the public conference.
Space is limited, and registration will be on a first-come, first-
served basis. To register, please complete registration online at:
https://www.fda.gov/Drugs/DevelopmentApprovalProcess/SmallBusinessAssistance/ucm545309.htm. Early registration is
recommended. Registrants will receive email confirmation when they have
been accepted, and reminder emails will be sent to registrants 2 days
before the conference. If time and space permit, onsite registration
will be available beginning at 7:30 a.m. on each day of the public
conference. If you need special accommodations due to disability,
please contact<EMAIL_ADDRESS>at least 7 days in advance.
    Streaming Webcast of the Public Conference: This public conference
will also be Webcast. Persons interested in viewing the Webcast must
register to

receive a confirmation email with the Webcast link.
    If you have never attended a Connect Pro event before, test your
connection at https://collaboration.fda.gov/common/help/en/support/meeting_test.htm. To get a quick overview of the Connect Pro program,
visit https://www.adobe.com/go/connectpro_overview. FDA has verified
the Web site addresses in this document, as of the date this document
publishes in the Federal Register, but Web sites are subject to change
over time.
    Transcripts: Transcripts will not be available.

    Dated: April 19, 2017.
Anna K. Abram,
Deputy Commissioner for Policy, Planning, Legislation, and Analysis.
[FR Doc. 2017-08308 Filed 4-24-17; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register Volume 81, Number 61 (Wednesday, March 30, 2016)]
[Notices]
[Pages 17752-17753]
[FR Doc No: 2016-07098]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77438; File Nos. SR-NYSE-2011-55; SR-NYSEAmex-2011-84]

Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE
MKT LLC; Order Granting an Extension to Limited Exemptions From Rule
612(c) of Regulation NMS in Connection With the Exchanges' Retail
Liquidity Programs Until August 31, 2016

March 24, 2016.
    On July 3, 2012, the Securities and Exchange Commission
(``Commission'') issued an order pursuant to its authority under Rule
612(c) of Regulation NMS (``Sub-Penny Rule'') \1\ that granted the New
York Stock Exchange LLC (``NYSE'') and NYSE MKT LLC \2\ (``NYSE MKT''
and, together with NYSE, the ``Exchanges'') limited exemptions from the
Sub-Penny Rule in connection with the operation of the Exchanges'
respective Retail Liquidity Programs (``Programs'').\3\ The limited
exemptions were granted concurrently with the Commission's approval of
the Exchanges' proposals to adopt their respective Programs for one-
year pilot terms.\4\ The exemptions were granted coterminous with the
effectiveness of the pilot Programs; both the pilot Programs and
exemptions are scheduled to expire on March 31, 2016.\5\
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    \1\ 17 CFR 242.612(c).
    \2\ At the time it filed the original proposal to adopt the
Retail Liquidity Program, NYSE MKT went by the name NYSE Amex LLC.
On May 14, 2012, the Exchange filed a proposed rule change,
immediately effective upon filing, to change its name from NYSE Amex
LLC to NYSE MKT LLC. See Securities Exchange Act Release No. 67037
(May 21, 2012), 77 FR 31415 (May 25, 2012) (SR-NYSEAmex-2012-32).
    \3\ See Securities Exchange Act Release No. 67347 (July 3,
2012), 77 FR 40673 (July 10, 2012) (SR-NYSE-2011-55; SR-NYSEAmex-
2011-84) (``Order'').
    \4\ See id.
    \5\ The pilot terms of the Programs were originally scheduled to
end on July 31, 2013, but the Exchanges initially extended the terms
for an additional year, through July 31, 2014, see Securities
Exchange Act Release Nos. 70096 (August 2, 2013), 78 FR 48520
(August 8, 2013) (SR-NYSE-2013-48), and 70100 (August 2, 2013), 78
FR 48535 (August 8, 2013) (SR-NYSEMKT-2013-60), and then
subsequently extended the terms again through March 31, 2015, see
Securities Exchange Act Release Nos. 72629 (July 16, 2014), 79 FR
42564 (July 22, 2014) (SR-NYSE-2014-35), and 72625 (July 16, 2014),
79 FR 42566 (July 22, 2014) (SR-NYSEMKT-2014-60), September 30,
2015, see Securities Exchange Act Release Nos. 74454 (March 6,
2015), 80 FR 13054 (March 12, 2015) (SR-NYSE-2015-10), and 74455
(March 6, 2015), 80 FR 13047 (March 12, 2015) (SR-NYSEMKT-2015-14),
and March 31, 2016 see Securities Exchange Act Release Nos. 75993
(September 28, 2015), 80 FR 59844 (October 2, 2015) (SR-NYSE-2015-
41), and 75995 (September 28, 2015), 80 FR 59836 (October 2, 2015)
(SR-NYSEMKT-2015-69). Each time the pilot terms of the Programs were
extended, the Commission granted the Exchanges' requests to also
extend the Sub-Penny exemptions through July 31, 2014, see
Securities Exchange Act Release No. 70085 (July 31, 2013), 78 FR
47807 (August 6, 2013), March 31, 2015, see Securities Exchange Act
Release No. 72732 (July 31, 2014), 79 FR 45851 (August 6, 2014),
September 30, 2015, see Securities Exchange Act Release No. 74507
(March 13, 2015), 80 FR 14421 (March 19, 2015), and March 31, 2016,
see Securities Exchange Act Release No. 76020 (September 29, 2015),
80 FR 60201 (October 5, 2015).

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    The Exchanges now seek to extend the exemptions until August 31,
2016.\6\ The Exchanges' request was made in conjunction with
immediately effective filings that extend the operation of the Programs
through the same date.\7\ In their request to extend the exemptions,
the Exchanges note that the participation in the Programs has increased
more recently. Accordingly, the Exchanges have asked for additional
time to allow themselves and the Commission to analyze more robust data
concerning the Programs, which the Exchanges committed to provide to
the Commission.\8\ For this reason and the reasons stated in the Order
originally granting the limited exemptions, the Commission finds that
extending the exemptions, pursuant to its authority under Rule 612(c)
of Regulation NMS, is appropriate in the public interest and consistent
with the protection of investors.
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    \6\ See Letter from Martha Redding, Assistant Secretary, NYSE,
to Brent J. Fields, Secretary, Securities and Exchange Commission,
dated March 17, 2016.
    \7\ See Securities Exchange Act Release Nos. 77426 (March 23,
2016), FR - (SR-NYSE-2016-25), and 77424 (March 23, 2016), FR - (SR-
NYSEMKT-2016-39).
    \8\ See Order, supra note 3, 77 FR at 40681.
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    Therefore, it is hereby ordered that, pursuant to Rule 612(c) of
Regulation NMS, each Exchange is granted a limited exemption from Rule
612 of Regulation NMS that allows it to accept and rank orders priced
equal to or greater than $1.00 per share in increments of $0.001, in
connection with the operation of its Retail Liquidity Program, until
August 31, 2016.
    The limited and temporary exemptions extended by this Order are
subject to modification or revocation if at any time the Commission
determines that such action is necessary or appropriate in furtherance
of the purposes of the Securities Exchange Act of 1934. Responsibility
for compliance with any applicable provisions of the Federal securities
laws must rest with the persons relying on the exemptions that are the
subject of this Order.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(83).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-07098 Filed 3-29-16; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: June 18, 2007 (Volume 72, Number 116)]
[Notices]
[Page 33547-33549]
[DOCID:fr18jn07-90]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55894; File No. SR-CBOE-2007-57]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Adopt an Interpretation to CBOE Rule 8.95

 June 11, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 31, 2007, the Chicago Board Options Exchange, Incorporated
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been substantially
prepared by the CBOE. The Exchange has designated this proposal as one
constituting a stated interpretation with respect to the meaning,
administration, or enforcement of an existing rule under Section
19(b)(3)(A)(i) of the Act \3\ and Rule 19b-4(f)(1) thereunder,\4\ which
renders the proposal effective upon filing with the Commission. The
Commission is publishing this notice to

solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(i).
    \4\ 17 CFR 240.19b-4(f)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    CBOE proposes to adopt an interpretation to CBOE Rule 8.95
clarifying that in the event an existing Designated Primary Market-
Maker (``DPM'') organization is authorized to act as an Off-Floor DPM
in one or more option classes, such authorization will be considered a
reallocation of securities pursuant to CBOE Rule 8.95. The text of the
proposed rule change is available on CBOE's Web site (http://www.cboe.com/Legal
), at the CBOE's Office of the Secretary, and at the

Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the CBOE included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The CBOE has prepared summaries, set forth in Sections
A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to adopt an interpretation to CBOE Rule 8.95
clarifying that in the event an existing DPM organization is authorized
to act as an Off-Floor DPM in one or more option classes, such
authorization will be considered a reallocation of securities pursuant
to CBOE Rule 8.95. In adopting this interpretation, the appropriate
Exchange committee will retain jurisdiction for the first 12 months
following the reallocation of securities to review the Off-Floor DPM's
market performance commitments that were made in connection with the
appropriate Exchange committee's authorization to permit the DPM
organization to act as an Off-Floor DPM.
    Pursuant to CBOE Rule 8.83(g), an On-Floor DPM may request that the
appropriate Exchange committee authorize it to operate as an Off-Floor
DPM in one or more equity option classes traded on the Hybrid Trading
System.\5\ If an On-Floor DPM is approved to act as an Off-Floor DPM,
CBOE proposes to adopt an interpretation to CBOE Rule 8.95 clarifying
that the option classes in which the On-Floor DPM is authorized to act
as an Off-Floor DPM are considered a reallocation of securities.
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    \5\ See Securities Exchange Act Release No. 34-55531 (March 26,
2007) 72 FR 15736 (April 2, 2007) (Order approving SR-CBOE-2006-94).
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    Consistent with the way CBOE Rule 8.95(c) is currently applied to
allocations and reallocations of securities, the appropriate Exchange
committee will then have the flexibility during the first 12 months
following the reallocation of securities to the Off-Floor DPM to
conduct a review at any time during that first 12 months to ensure that
the Off-Floor DPM is adhering to any market performance commitments
made by the DPM organization in connection with being authorized to act
as an Off-Floor DPM. If the Off-Floor DPM is not adhering to the market
performance commitments that it made in connection with being
authorized to act as an Off-Floor DPM, then the appropriate Exchange
committee may remove the allocated security from the Off-Floor DPM and
reallocate the security pursuant to CBOE Rule 8.95(c). This in turn
gives Off-Floor DPMs incentive to abide by these commitments.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act\6\ in general, and furthers the objectives of Section
6(b)(5) of the Act\7\ in particular, in that it is designed to promote
just and equitable principles of trade, to prevent fraudulent and
manipulative acts, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in
general, to protect investors and the public interest.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or receive d by the
Exchange.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The proposed rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act \8\ and Rule 19b-4(f)(1) thereunder,\9\
because it constitutes a stated policy, practice, or interpretation
with respect to the meaning, administration, or enforcement of an
existing rule.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(i).
    \9\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.\10\
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    \10\ See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-CBOE-2007-57 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-CBOE-2007-57. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments, all

written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the

provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of the filing
also will be available for inspection and copying at the principal
office of the CBOE. All comments received will be posted without
change; the Commission does not edit personal identifying information
from submissions. You should submit only information that you wish to
make available publicly. All submissions should refer to File Number
SR-CBOE-2007-57 and should be submitted on or before July 9, 2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-11628 Filed 6-15-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 87, Number 146 (Monday, August 1, 2022)]
[Notices]
[Pages 47019-47020]
[FR Doc No: 2022-16355]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-465, OMB Control No. 3235-0528]

Proposed Collection; Comment Request; Extension: Rule 237

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736

    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
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget (``OMB'') for extension and approval.
    In Canada, as in the United States, individuals can invest a
portion of their earnings in tax-deferred retirement savings accounts
(``Canadian retirement accounts''). These accounts, which operate in a
manner similar to individual retirement accounts in the United States,
encourage retirement savings by permitting savings on a tax-deferred
basis. Individuals who establish Canadian retirement accounts while
living and working in Canada and who later move to the United States
(``Canadian-U.S. Participants'' or ``participants'') often continue to
hold their retirement assets in their Canadian retirement accounts
rather than prematurely withdrawing (or ``cashing out'') those assets,
which would result in immediate taxation in Canada.
    Once in the United States, however, these participants historically
have been unable to manage their Canadian retirement account
investments. Most securities that are ``qualified investments'' for
Canadian retirement accounts are not registered under the U.S.
securities laws. Those securities, therefore, generally cannot be
publicly offered and sold in the United States without violating the
registration requirement of the Securities Act of 1933 (``Securities
Act'').\1\ As a result of this registration requirement, Canadian-U.S.
Participants previously were not able to purchase or exchange
securities for their Canadian retirement accounts as needed to meet
their changing investment goals or income needs.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 77. In addition, the offering and selling of
securities of investment companies (``funds'') that are not
registered pursuant to the Investment Company Act of 1940
(``Investment Company Act'') is generally prohibited by U.S.
securities laws. 15 U.S.C. 80a.
---------------------------------------------------------------------------

    The Commission issued a rulemaking in 2000 that enabled Canadian-
U.S. Participants to manage the assets in their Canadian retirement
accounts by providing relief from the U.S. registration requirements
for offers of securities of foreign issuers to Canadian-U.S.
Participants and sales to Canadian retirement accounts.\2\ Rule 237
under the Securities Act \3\ permits securities of foreign issuers,
including securities of foreign funds, to be offered to Canadian-U.S.
Participants and sold to their Canadian retirement accounts without
being registered under the Securities Act.
---------------------------------------------------------------------------

    \2\ See Offer and Sale of Securities to Canadian Tax-Deferred
Retirement Savings Accounts, Release Nos. 33-7860, 34-42905, IC-
24491 (June 7, 2000) [65 FR 37672 (June 15, 2000)]. This rulemaking
also included new rule 7d-2 under the Investment Company Act,
permitting foreign funds to offer securities to Canadian-U.S.
Participants and sell securities to Canadian retirement accounts
without registering as investment companies under the Investment
Company Act. 17 CFR 270.7d-2.
    \3\ 17 CFR 230.237.
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    Rule 237 requires written offering documents for securities offered
and sold in reliance on the rule to disclose prominently that the
securities are not registered with the Commission and are exempt from
registration under the U.S. securities laws. The burden under the rule
associated with adding this disclosure to written offering documents is
minimal and is non-recurring. The foreign issuer, underwriter, or
broker-dealer can redraft an existing prospectus or other written
offering material to add this disclosure statement, or may draft a
sticker or supplement containing this disclosure to be added to
existing offering materials. In either case, based on discussions with
representatives of the Canadian fund industry, the staff estimates that
it would take an average of 10 minutes per document to draft the
requisite disclosure statement.
    The Commission understands that there are approximately 2,553
Canadian issuers other than funds that may rely on rule 237 to make an
initial public offering of their securities to Canadian-U.S.
Participants.\4\ The staff estimates that in any given year
approximately 25 (or 1 percent) of those issuers are likely to rely on
rule 237 to make a public offering of their securities to participants,
and that each of those 25 issuers, on average, distributes 3 different
written offering documents concerning those securities, for a total of
75 offering documents.
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    \4\ This estimate is based on the following calculation: 3,461
total issuers - (82 closed-end funds + 826 exchange-traded products)
= 2,553 total equity and bond issuers. See The MiG Report, Toronto
Stock Exchange and TSX Venture Exchange (January 2022) (providing
number of issuers on the Toronto Exchange). This calculation
excludes Canadian funds to avoid double-counting disclosure burdens
under rule 237 and rule 7d-2.
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    The staff therefore estimates that during each year that rule 237
is in effect, approximately 25 respondents \5\ would be required to
make 75 responses by adding the new disclosure statements to
approximately 75 written offering documents. Thus, the staff estimates
that the total annual burden associated with the rule 237 disclosure
requirement would be approximately 13 hours (75 offering documents x 10
minutes per document). The total annual cost of internal burden hours
is estimated to be $5,915 (13 hours x $455 per hour of attorney
time).\6\
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    \5\ This estimate of respondents only includes foreign issuers.
The number of respondents would be greater if foreign underwriters
or broker-dealers draft stickers or supplements to add the required
disclosure to existing offering documents.
    \6\ The Commission's estimate concerning the wage rate for
attorney time is based on salary information for the securities
industry compiled by the Securities Industry and Financial Markets
Association (``SIFMA''). The $455 per hour figure for an attorney is
from SIFMA's Management & Professional Earnings in the Securities
Industry 2013, modified by Commission staff to account for an 1,800-
hour work-year and multiplied by 5.35 to account for bonuses, firm
size, employee benefits, overhead, and adjusted to account for the
effects of inflation.
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    In addition, issuers from foreign countries other than Canada could
rely on rule 237 to offer securities to Canadian-U.S. Participants and
sell securities to their accounts without becoming subject to the
registration requirements of the Securities Act. However, the staff
believes that the number of issuers from other countries that rely on
rule 237, and that therefore are required to comply with the offering
document disclosure requirements, is negligible.
    Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have 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 by September 30, 2022.
    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: David Bottom, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an
email to: [email protected].

    Dated: July 26, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16355 Filed 7-29-22; 8:45 am]
BILLING CODE 8011-01-P