[Federal Register Volume 85, Number 190 (Wednesday, September 30, 2020)]
[Notices]
[Page 61795]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21539]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0360, SEC File No. 270-317]


Proposed Collection; Comment Request'

Extension:
    Form N-17f-2

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l et seq.), 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 for extension and approval.
    Form N-17f-2 (17 CFR 274.220) under the Investment Company Act is 
entitled ``Certificate of Accounting of Securities and Similar 
Investments in the Custody of Management Investment Companies.'' Form 
N-17f-2 is the cover sheet for the accountant examination certificates 
filed under rule 17f-2 (17 CFR 270.17f-2) by registered management 
investment companies (``funds'') maintaining custody of securities or 
other investments. Form N-17f-2 facilitates the filing of the 
accountant's examination certificates prepared under rule 17f-2. The 
use of the form allows the certificates to be filed electronically, and 
increases the accessibility of the examination certificates to both the 
Commission's examination staff and interested investors by ensuring 
that the certificates are filed under the proper Commission file number 
and the correct name of a fund.
    Commission staff estimates that it takes: (i) on average 1.25 hours 
of fund accounting personnel at a total cost of 272 to prepare each 
Form N-17f-2; \1\ and (ii) .75 hours of administrative assistant time 
at a total cost of $57 to file the Form N-17f-2 with the Commission.\2\ 
Approximately 201 funds currently file Form N-17f-2 with the 
Commission. Commission staff estimates that on average each fund files 
Form N-17f-2 three times annually for a total annual hourly burden per 
fund of approximately 6 hours at a total cost of $1,002. The total 
annual hour burden for Form N-17f-2 is therefore estimated to be 
approximately 1,206 hours at a total cost of approximately $201,402.\3\ 
Form N-17f-2 does not impose any paperwork related cost burdens other 
than this internal hour cost.
---------------------------------------------------------------------------

    \1\ This estimate is based on the following calculation: 1.25 x 
$218 (fund senior accountant's hourly rate) = $272.
    \2\ This estimate is based on the following calculation: .75 x 
$76 (administrative assistant hourly rate) $61.
    \3\ This estimate is based on the following calculation: 201 
funds x $1,002 (total annual cost per fund) = $201,402.
---------------------------------------------------------------------------

    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules and forms. Complying with the collections of 
information required by Form N-17f-2 is mandatory for those funds that 
maintain custody of their own assets. Responses will not be kept 
confidential. An agency may not conduct or sponsor, and a person is not 
required to respond to, a collection of information unless it displays 
a currently valid control number.
    The Commission requests written comments 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 
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 David Bottom, Director/Chief 
Information Officer, Securities and Exchange Commission, C/O Cynthia 
Roscoe, 100 F Street NE, Washington, DC 20549; or send an email to: 
PRA_Mailbox@sec.gov.

    Dated: September 24, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-21539 Filed 9-29-20; 8:45 am]
BILLING CODE 8011-01-P


