[Federal Register Volume 80, Number 15 (Friday, January 23, 2015)]
[Notices]
[Pages 3668-3671]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-01076]


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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 12d1-1; SEC File No. 270-526, OMB Control No. 3235-0584..

    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 (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.
    An investment company (``fund'') is generally limited in the amount 
of securities the fund (``acquiring fund'') can acquire from another 
fund (``acquired fund''). Section 12(d) of the Investment Company Act 
of 1940 (the ``Investment Company Act'' or ``Act'') \1\ provides that a 
registered fund (and companies it controls) cannot:
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    \1\ See 15 U.S.C. 80a.
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     Acquire more than three percent of another fund's 
securities;
     invest more than five percent of its own assets in another 
fund; or
     invest more than ten percent of its own assets in other 
funds in the aggregate.\2\
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    \2\ See 15 U.S.C. 80a-12(d)(1)(A). If an acquiring fund is not 
registered, these limitations apply only with respect to the 
acquiring fund's acquisition of registered funds.
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    In addition, a registered open-end fund, its principal underwriter, 
and any registered broker or dealer cannot sell that fund's shares to 
another fund if, as a result:
     The acquiring fund (and any companies it controls) owns 
more than three percent of the acquired fund's stock; or
     all acquiring funds (and companies they control) in the 
aggregate own more than ten percent of the acquired fund's stock.\3\
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    \3\ See 15 U.S.C. 80a-12(d)(1)(B).
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    Rule 12d1-1 under the Act provides an exemption from these 
limitations for ``cash sweep'' arrangements in which a fund invests all 
or a portion of its available cash in a money market fund rather than 
directly in short-term instruments.\4\ An acquiring fund relying on the 
exemption may not pay a sales load, distribution fee, or service fee on 
acquired fund shares, or if it does, the acquiring fund's investment 
adviser must waive a sufficient amount of its advisory fee to offset 
the cost of the loads or distribution fees.\5\ The acquired fund may be 
a fund in the same fund complex or in a different fund complex. In 
addition to providing an exemption from section 12(d)(1) of the Act, 
the rule provides exemptions from section 17(a) of the Act and rule 
17d-1 thereunder, which restrict a fund's ability to enter into 
transactions and joint arrangements with affiliated persons.\6\ These 
provisions would otherwise prohibit an acquiring fund from investing in 
a money market fund in the same fund complex,\7\ and prohibit a fund 
that acquires five percent or more of the securities of a money market 
fund in another fund complex from making any additional investments in 
the money market fund.\8\
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    \4\ See 17 CFR 270.12d1-1.
    \5\ See rule 12d1-1(b)(1).
    \6\ See 15 U.S.C. 80a-17(a), 15 U.S.C. 80a-17(d); 17 CFR 
270.17d-1.
    \7\ An affiliated person of a fund includes any person directly 
or indirectly controlling, controlled by, or under common control 
with such other person. See 15 U.S.C. 80a-2(a)(3) (definition of 
``affiliated person''). Most funds today are organized by an 
investment adviser that advises or provides administrative services 
to other funds in the same complex. Funds in a fund complex are 
generally under common control of an investment adviser or other 
person exercising a controlling influence over the management or 
policies of the funds. See 15 U.S.C. 80a-2(a)(9) (definition of 
``control''). Not all advisers control funds they advise. The 
determination of whether a fund is under the control of its adviser, 
officers, or directors depends on all the relevant facts and 
circumstances. See Investment Company Mergers, Investment Company 
Act Release No. 25259 (Nov. 8, 2001) [66 FR 57602 (Nov. 15, 2001)], 
at n.11. To the extent that an acquiring fund in a fund complex is 
under common control with a money market fund in the same complex, 
the funds would rely on the rule's exemptions from section 17(a) and 
rule 17d-1.
    \8\ See 15 U.S.C. 80a-2(a)(3)(A), (B).
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    The rule also permits a registered fund to rely on the exemption to 
invest in an unregistered money market fund that limits its investments 
to those in which a registered money market fund may invest under rule 
2a-7 under the Act, and undertakes to comply with all the other 
provisions of rule 2a-7.\9\ In addition, the acquiring fund must 
reasonably believe that the unregistered money market fund (i) operates 
in compliance with rule 2a-7, (ii) complies with sections 17(a), (d), 
(e), 18, and 22(e) of the Act \10\ as if it were a registered open-end 
fund, (iii) has adopted procedures designed to ensure that it complies 
with these statutory provisions, (iv) maintains the records required by 
rules 31a-1(b)(1), 31a-1(b)(2)(ii), 31a-1(b)(2)(iv), and 31a-1(b)(9); 
\11\ and (v) preserves permanently, the first two years in an easily 
accessible place, all books and records required to be made under these 
rules.
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    \9\ See 17 CFR 270.2a-7.
    \10\ See 15 U.S.C. 80a-17(a), 15 U.S.C. 80a-17(d), 15 U.S.C. 
80a-17(e), 15 U.S.C. 80a-18, 15 U.S.C. 80a-22(e).
    \11\ See 17 CFR 270.31a-1(b)(1), 17 CFR 270.31a-1(b)(2)(ii), 17 
CFR 270.31a-1(b)(2)(iv), 17 CFR 270.31a-1(b)(9).
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    Rule 2a-7 contains certain collection of information requirements. 
An unregistered money market fund that complies with rule 2a-7 would be 
subject to these collection of information requirements. In addition, 
the recordkeeping requirements under rule 31a-1 with which the 
acquiring fund reasonably believes the unregistered money market fund 
complies are collections of information for the unregistered money 
market fund. The adoption of procedures by unregistered money market 
funds to ensure that they comply with sections 17(a), (d), (e), 18, and 
22(e) of the Act also constitute collections of information. By 
allowing funds to invest in registered and unregistered money market 
funds, rule 12d1-1 is intended to provide funds greater options for 
cash management. In order for a registered fund to rely on the 
exemption to invest

[[Page 3669]]

in an unregistered money market fund, the unregistered money market 
fund must comply with certain collection of information requirements 
for registered money market funds. These requirements are intended to 
ensure that the unregistered money market fund has established 
procedures for collecting the information necessary to make adequate 
credit reviews of securities in its portfolio, as well as other 
recordkeeping requirements that will assist the acquiring fund in 
overseeing the unregistered money market fund (and Commission staff in 
its examination of the unregistered money market fund's adviser).
    The number of unregistered money market funds that are affected by 
rule 12d1-1 is an estimate based on the number of private liquidity 
funds reported on Form PF as of May 7, 2014.\12\ The hour burden 
estimates for the condition that an unregistered money market fund 
comply with rule 2a-7 are based on the burden hours included in the 
Commission's 2013 PRA submission regarding rule 2a-7.\13\ The estimated 
average burden hours in this collection of information are made solely 
for purposes of the Paperwork Reduction Act and are not derived from a 
quantitative, comprehensive or even representative survey or study of 
the burdens associated with Commission rules and forms.
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    \12\ See U.S. Securities and Exchange Commission Annual Staff 
Report Relating to the Use of Data Collected from Private Fund 
Systemic Risk Reports, Appendix A, Census PF Data as of May 7, 2014, 
available at http://www.sec.gov/reportspubs/special-studies/im-private-fund-annual-report-081514.pdf. In the past, the staff has 
estimated the number of affected unregistered money market funds 
based on the latest number of exemptive applications received by the 
Commission that sought relief for registered funds to purchase 
shares in an unregistered money market fund in excess of the section 
12(d)(1) limits. The staff's prior estimate of 30 affected 
unregistered money market funds was based on 40 exemptive 
applications received by the Commission in 2005 (the last full year 
in which the Commission received applications seeking an exemption 
to invest in unregistered money market funds in excess of the 
statutory limits) and adjusted by the percentage change in 
registered money market funds from 2005 to November 2011 (870 funds 
to 641 funds, according to the Investment Company Institute). The 
staff noted that this estimate may be understated because applicants 
generally did not identify the name or number of unregistered money 
market funds in which registered funds intended to invest, and each 
application also applies to unregistered money market funds to be 
organized in the future.
    \13\ See Securities and Exchange Commission, Request for OMB 
Approval of Extension for Approved Collection for Rule 2a-7 under 
the Investment Company Act of 1940 (OMB Control No. 3235-0268) 
(approved Aug. 28, 2013). In connection with amendments to rule 2a-7 
adopted in July 2014, the Commission also submitted a Revision of a 
Currently Approved Collection for Rule 2a-7, which is not yet 
approved. See Money Market Fund Reform, Investment Company Act 
Release No. 31166 (July 23, 2014) [79 FR 47736 (Aug. 14, 2014)], 
available at http://www.sec.gov/rules/final/2014/33-9616.pdf; 
Securities and Exchange Commission, Revision of a Currently Approved 
Collection (OMB Control No. 3235-0268) (pending, submitted September 
4, 2014).
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    In the most recent rule 2a-7 submission, Commission staff made the 
following estimates with respect to aggregate annual hour and cost 
burdens for collections of information for each existing registered 
money market fund:
    Record of credit risk analyses, and determinations regarding 
adjustable rate securities, asset backed securities, securities subject 
to a demand feature or guarantee, and counterparties to repurchase 
agreements:

85 responses
680 hours of professional time
Cost: $178,160 \14\

    \14\ This estimate is based on the following calculation: (680 
burden hours x $262 per hour for professional time) = $178,160 per 
fund.
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    Public Web site posting of monthly portfolio information:
12 responses
7 hours of professional time
Cost: $17,304 \15\
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    \15\ This estimate is based on the following calculation: (12 x 
7 burden hours x $206 per hour for a webmaster) = $17,304 per fund.
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    Review of procedures and guidelines of any investment adviser to 
whom the fund's board has delegated responsibility under rule 2a-7 and 
amendment of such procedures:

1 response
5 hours of professional and director time
Cost: $5,960 \16\

    \16\ This estimate is based on the following calculation: (1 
hour x $4,500 per hour for board time) + (4 hours x $365 per hour 
for professional time) = $5,960 per fund.
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    Based on new census data available on Form PF, the staff now 
believes that the number of private liquidity funds reported on Form PF 
(69) is a more current and accurate estimate the number of unregistered 
money market funds affected by rule 12d1-1.\17\ Each of these 
unregistered money market funds engages in the collections of 
information described above. Accordingly, the staff estimates that 
unregistered money market funds complying with the collections of 
information described above engage in a total of 6,762 annual responses 
under rule 12d1-1,\18\ the aggregate annual burden hours associated 
with these responses is 47,748,\19\ and the aggregate annual cost to 
funds is $13,898,256.\20\
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    \17\ See supra note 12. The staff notes, however, that this 
estimate may be overstated to the extent that a private liquidity 
fund reported on Form PF does not follow all of rule 2a-7's 
requirements (that include collections of information) or because no 
registered investment companies invest in such a fund. The staff 
also notes, however, that this estimate may be understated to the 
extent that there are additional unregistered money market funds 
that are not required to be reported on Form PF (because Form PF is 
filed only by certain investments advisers to private funds that 
have $150 million in private fund assets under management).
    \18\ The estimate is based on the following calculations: (69 
funds x 85 responses for documentation of credit analyses and other 
determinations) = 5,865 responses. (69 funds x 12 responses for 
public Web site posting) = 828 responses. (69 funds x 1 response for 
policies and procedures related to delegation to an investment 
adviser) = 69 responses. 5,865 responses + 828 responses + 69 
responses = 6,762 responses.
    \19\ This estimate is based on the following calculations: (69 
funds x 680 hours for documentation of credit analyses and other 
determinations) = 46,920 hours. (69 funds x 7 hours for public Web 
site posting) = 483 hours. (69 funds x 5 hours for policies and 
procedures related to delegation to an investment adviser) = 345 
hours. 46,920 hours + 483 hours + 345 hours = 47,748 hours.
    \20\ This estimate is based on the following calculations: (69 
funds x $178,160) = $12,293,040. (69 funds x $17,304) = $1,193,976. 
(69 funds x $5,960) = $411,240. $12,293,040 + $1,193,976 + $411,240 
= $13,898,256.
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    In the rule 2a-7 submissions, Commission staff further estimated 
the aggregate annual hour and cost burdens for collections of 
information for fund complexes with registered money market funds as 
follows:
    Review, revise, and approve procedures concerning stress testing:

1 response
12 burden hours of professional and director time
Cost: $8,021 \21\

    \21\ This estimate is based on the following calculation: (1 
hour x $4,500 per hour for board time) + (5 hours x $322 per hour 
for a portfolio manager) + (3 hours x $259 per hour for a risk 
management specialist) + (3 hours x $378 per hour for an attorney) = 
$8,021 per response.
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    Report to fund boards on the results of stress testing:

5 responses
10 burden hours of professional and support staff time
Cost: $15,490 \22\

    \22\ This estimate is based on the following calculation: (5 
responses x 5 hours x $322 per hour for a portfolio manager) + (5 
responses x 2 hours x $279 per hour for a compliance manager) + (5 
responses x 2 hours x $378 per hour for an attorney) + (5 responses 
x 1 hour x $174 per hour for support staff) = $15,490 per fund 
complex.
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    Reporting of rule 17a-9 transactions: \23\
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    \23\ See 17 CFR 270.17a-9.

1 response
1 burden hour of legal time
Cost: $378 \24\

    \24\ The estimate is based on the following calculations: (1 
response x $378 per hour for an attorney) = $378 per response.
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    Based on the number of large liquidity fund advisers reported on 
Form PF, the staff estimates that there are 25 fund complexes with 
unregistered money market funds invested in by mutual

[[Page 3670]]

funds in excess of the statutory limits under rule 12d1-1.\25\ Each of 
these fund complexes engages in the collections of information 
described above. Accordingly, the staff estimates that these fund 
complexes complying with the collections of information described above 
engage in a total of 175 annual responses under rule 12d1-1,\26\ the 
aggregate annual burden hours associated with these responses is 
575,\27\ and the aggregate annual cost to funds is $597,225.\28\
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    \25\ See supra note 12.
    \26\ The estimate is based on the following calculations: (25 
fund complexes x 1 response for revision of procedures concerning 
stress testing) = 25 responses. (25 fund complexes x 5 responses to 
provide stress testing reports) = 125 responses. (25 fund complexes 
x 1 response for reporting of rule 17a-9 transactions) = 25 
responses. 25 responses + 125 responses + 25 responses = 175 
responses.
    \27\ This estimate is based on the following calculations: (25 
fund complexes x 12 hours for revision of procedures concerning 
stress testing) = 300 hours. (25 fund complexes x 10 hours to 
provide stress testing reports) = 250 hours. (25 fund complexes x 1 
hour for reporting of rule 17a-9 transactions) = 25 hours. 300 hours 
+ 250 hours + 25 hours = 575 hours.
    \28\ This estimate is based on the following calculations: (25 
fund complexes x $8,021 for revision of procedures concerning stress 
testing) = $200,525. (25 fund complexes x $15,490 to provide stress 
testing reports) = $387,250. (25 fund complexes x $378 for reporting 
of rule 17a-9 transactions) = $9,450. $200,525 + $387,250 + $9,450 = 
$597,225.
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    In the rule 2a-7 submissions, Commission staff further estimated 
the aggregate annual burdens for registered money market funds that 
experience an event of default or insolvency as follows:
    Written record of board determinations and actions related to 
failure of a security to meet certain eligibility standards or an event 
of default of default or insolvency:

2 responses
1 burden hour of legal time
Cost: $378

    Notice to Commission of an event of default or insolvency:

1 response
0.5 burden hours of legal time
Cost: $189

    Consistent with the estimate in the rule 2a-7 submissions, 
Commission staff estimates that approximately 2 percent, or 1, 
unregistered money market fund experiences an event of default or 
insolvency each year. Accordingly, the staff estimates that one 
unregistered money market fund will comply with these collection of 
information requirements and engage in 3 annual responses under rule 
12d1-1,\29\ the aggregate annual burden hours associated with these 
responses is 1.5,\30\ and the aggregate annual cost to funds is 
$567.\31\
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    \29\ The estimate is based on the following calculations: (1 
fund x 2 responses) + (1 fund x 1 response) = 3 responses.
    \30\ This estimate is based on the following calculations: (1 
fund x 1 hour) + (1 fund x 0.5 hours) = 1.5 hours.
    \31\ This estimate is based on the following calculations: (1 
fund x $378) + (1 fund x $189) = $567.
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    In the rule 2a-7 submissions, Commission staff further estimated 
the aggregate annual burdens for newly registered money market funds as 
follows:
    Establish written procedures and guidelines designed to stabilize 
the fund's net asset value and establish procedures for board 
delegation of authority:

1 response
15.5 hours of director, legal, and support staff time
Cost: $6,328 \32\

    \32\ This estimate is based on the following calculation: (0.5 
hours x $4,500 per hour for board time) + (7.2 hours x $378 per hour 
for an attorney) + (7.8 hours x $174 per hour for support staff) = 
$6,328 per response.
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    Adopt procedures concerning stress testing:

1 response per fund complex
22 burden hours of professional and director time per fund complex
Cost: $19,373 per fund complex \33\

    \33\ This estimate is based on the following calculation: (3 
hours x $4,500 per hour for board time) + (8 hours x $378 per hour 
for an attorney) + (11 hours x $259 per hour for a risk management 
specialist) = $19,373 per response. See also infra note 34.
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    Commission staff estimates that the proportion of unregistered 
money market funds that intend to newly undertake the collection of 
information burdens of rule 2a-7 will be similar to the proportion of 
money market funds that are newly registered. Based on a projection of 
10 new money market funds per year (in the most recent rule 2a-7 
submission), the staff estimates that, similarly, there will be 10 new 
unregistered money market funds that undertake the above burden to 
establish written procedures and guidelines designed to stabilize the 
fund's net asset value and establish procedures for board delegation of 
authority.\34\ Accordingly, the staff estimates that 10 unregistered 
money market funds will comply with this collection of information 
requirement and engage in 10 annual responses under rule 12d1-1,\35\ 
the aggregate annual burden hours associated with these responses is 
155,\36\ and the aggregate annual cost to funds is $62,380.\37\
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    \34\ The staff's estimate is based on historical data provided 
in Lipper Inc.'s LANA database and projections about the growth of 
the money market mutual fund industry going forward. The actual 
number of new money market funds launched may vary significantly 
from our estimates depending upon developments in market interest 
rates and reactions to recent amendments adopted to money market 
funds in July 2014. The staff does not estimate any new fund 
complexes being launched in the next year.
    \35\ The estimate is based on the following calculations: (10 
funds x 1 response) = 10 responses.
    \36\ This estimate is based on the following calculations: (10 
funds x 15.5 hours) = 155 hours.
    \37\ This estimate is based on the following calculations: (10 
funds x $6,238) = $62,380.
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    Accordingly, the estimated total number of annual responses under 
rule 12d1-1 for the collections of information described in the rule 
2a-7 submissions is 6,950, the aggregate annual burden hours associated 
with these responses is 48,479.5, and the aggregate cost to funds is 
$14,558,428.\38\
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    \38\ These estimates are based upon the following calculations: 
(6,762 + 175 + 3+ 10) = 6,950 annual responses; (47,748 + 575 + 1.5 
+ 155) = 48,479.5 burden hours; and ($13,898,256 + $597,225 + $567 + 
$62,380) = $14,558,428.
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    Rules 31a-1(b)(1), 31a-1(b)(2)(ii), 31a-1(b)(2)(iv), and 31a-
1(b)(9) require registered funds to keep certain records, which include 
journals and general and auxiliary ledgers, including ledgers for each 
portfolio security and each shareholder of record of the fund. Most of 
the records required to be maintained by the rule are the type that 
generally would be maintained as a matter of good business practice and 
to prepare the unregistered money market fund's financial statements. 
Accordingly, Commission staff estimates that the requirements under 
rules 31a-1(b)(1), 31a-1(b)(2)(ii), 31a-1(b)(2)(iv), and 31a-1(b)(9) 
would not impose any additional burden because the costs of maintaining 
these records would be incurred by unregistered money market funds in 
any case to keep books and records that are necessary to prepare 
financial statements for shareholders, to prepare the fund's annual 
income tax returns, and as a normal business custom.
    Rule 12d1-1 also requires unregistered money market funds in which 
registered funds invest to adopt procedures designed to ensure that the 
unregistered money market funds comply with sections 17(a), (d), (e), 
and 22(e) of the Act. This is a one-time collection of information 
requirement that applies to unregistered money market funds that intend 
to comply with the requirements of rule 12d1-1. As discussed above, 
based on a projection of 10 new money market funds per year, the staff 
estimates that, similarly, there will be 10 new unregistered money 
market funds that undertake the above burden to establish written 
procedures and guidelines designed to ensure that the unregistered 
money market funds comply with sections 17(a), (d), (e), and

[[Page 3671]]

22(e) of the Act. The staff estimates the burden as follows:
    Establish written procedures and guidelines designed to ensure that 
the unregistered money market funds comply with sections 17(a), (d), 
(e), and 22(e) of the Act:

1 response
15.5 hours of director, legal, and support staff time
Cost: $6,328 \39\

    \39\ This estimate is based on the following calculation: (0.5 
hours x $4,500 per hour for board time) + (7.2 hours x $378 per hour 
for an attorney) + (7.8 hours x $174 per hour for support staff) = 
$6,328 per response.
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    Accordingly, the staff estimates that 10 unregistered money market 
funds will comply with this collection of information requirement and 
engage in 10 annual responses under rule 12d1-1,\40\ the aggregate 
annual burden hours associated with these responses is 155,\41\ and the 
aggregate annual cost to funds is $62,380.\42\
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    \40\ The estimate is based on the following calculations: (10 
funds x 1 response) = 10 responses.
    \41\ This estimate is based on the following calculations: (10 
funds x 15.5 hours) = 155 hours.
    \42\ This estimate is based on the following calculations: (10 
funds x $6,238) = $62,380.
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    Commission staff also estimates that unregistered money market 
funds will incur costs to preserve records, as required under rule 2a-
7. These costs will vary significantly for individual funds, depending 
on the amount of assets under fund management and whether the fund 
preserves its records in a storage facility in hard copy or has 
developed and maintains a computer system to create and preserve 
compliance records. In the rule 2a-7 submissions, Commission staff 
estimated that the amount an individual money market fund may spend 
ranges from $100 per year to $300,000. We have no reason to believe the 
range is different for unregistered money market funds. Based on Form 
PF data as of May 7, 2014, private liquidity funds have $257 billion in 
regulatory assets under management.\43\ The Commission does not have 
specific information about the proportion of assets held in small, 
medium-sized, or large unregistered money market funds. Because private 
liquidity funds are often used as cash management vehicles, the staff 
estimates that each private liquidity fund is a ``large'' fund (i.e., 
more than $1 billion in assets under management). Based on a cost of 
$0.0000009 per dollar of assets under management (for large funds),\44\ 
the staff estimates compliance with rule 2-7 for these unregistered 
money market funds totals $231,300 annually.\45\
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    \43\ See supra note 12.
    \44\ The recordkeeping cost estimates are $0.0051295 per dollar 
of assets under management for small funds, and $0.0005041 per 
dollar of assets under management for medium-sized funds. The cost 
estimates are the same as those used in the most recently approved 
rule 2a-7 submission.
    \45\ This estimate is based on the following calculation: ($257 
billion x $0.0000009) = $231,300 billion for small funds.
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    Consistent with estimates made in the rule 2a-7 submissions, 
Commission staff estimates that unregistered money market funds also 
incur capital costs to create computer programs for maintaining and 
preserving compliance records for rule 2a-7 of $0.0000132 per dollar of 
assets under management. Based on the assets under management figures 
described above, staff estimates annual capital costs for all 
unregistered money market funds of $3.39 million.\46\ Commission staff 
further estimates that, even absent the requirements of rule 2a-7, 
money market funds would spend at least half of the amounts described 
above for record preservation ($115,650) and for capital costs ($1.7 
million). Commission staff concludes that the aggregate annual costs of 
compliance with the rule are $115,650 for record preservation and $1.7 
million for capital costs.
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    \46\ This estimate is based on the following calculation: ($257 
billion x 0.0000132) = $3.39 million.
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    The collections of information required for unregistered money 
market funds by rule 12d1-1 are necessary in order for acquiring funds 
to be able to obtain the benefits described above. Notices to the 
Commission 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.
    Written comments are invited on: (a) Whether the proposed 
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 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, Acting 
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 protected].

    Dated: January 16, 2015.
 Brent J. Fields,
 Secretary.
[FR Doc. 2015-01076 Filed 1-22-15; 8:45 am]
BILLING CODE 8011-01-P