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Federal Register / Vol. 86, No. 20 / Tuesday, February 2, 2021 / Notices 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 website viewing and printing in the Commissions Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change.
Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SRCboeBYX2021003, and should be submitted on or before February 23, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15
J. Matthew DeLesDernier Assistant Secretary.
FR Doc. 202102117 Filed 2121; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
SEC File No. 270240, OMB Control No.
32350216

Submission for OMB Review;
Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
205492736

jbell on DSKJLSW7X2PROD with NOTICES

Extension:
Rule 19a1

Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995
44 U.S.C. 35013520, the Securities and Exchange Commission the Commission has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below.
Section 19a 15 U.S.C. 80a19a of the Investment Company Act of 1940
the Act 15 U.S.C. 80a makes it unlawful for any registered investment company to pay any dividend or similar distribution from any source other than the companys net income, unless the payment is accompanied by a written statement to the companys 15 17

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shareholders which adequately discloses the sources of the payment.
Section 19a authorizes the Commission to prescribe the form of such statement by rule.
Rule 19a1 17 CFR 270.19a1 under the Act, entitled Written Statement to Accompany Dividend Payments by Management Companies, sets forth specific requirements for the information that must be included in statements made pursuant to section 19a by or on behalf of management companies.1 The rule requires that the statement indicate what portions of distribution payments are made from net income, net profits from the sale of a security or other property capital gains and paid-in capital. When any part of the payment is made from capital gains, rule 19a1 also requires that the statement disclose certain other information relating to the appreciation or depreciation of portfolio securities. If an estimated portion is subsequently determined to be significantly inaccurate, a correction must be made on a statement made pursuant to section 19a or in the first report to shareholders following the discovery of the inaccuracy.
The purpose of rule 19a1 is to afford fund shareholders adequate disclosure of the sources from which distribution payments are made. The rule is intended to prevent shareholders from confusing income dividends with distributions made from capital sources.
Absent rule 19a1, shareholders might receive a false impression of fund gains.
Based on a review of filings made with the Commission, the staff estimates that approximately 12,019 series of registered investment companies that are management companies may be subject to rule 19a1 each year,2 and that each portfolio on average mails two statements per year to meet the requirements of the rule.3 The staff further estimates that the time needed to make the determinations required by the rule and to prepare the statement 1 Section 43 of the Act 15 U.S.C. 80a43
defines management company as any investment company other than a face amount certificate company or a unit investment trust.
2 This estimate is based on statistics compiled by Commission staff as of September 21, 2020. The number of management investment company portfolios that make distributions for which compliance with rule 19a1 is required depends on a wide range of factors and can vary greatly across years. Therefore, the calculation of estimated burden hours is based on the total number of management investment company portfolios, each of which may be subject to rule 19a1.
3 A few portfolios make monthly distributions from sources other than net income, so the rule requires them to send out a statement 12 times a year. Other portfolios never make such distributions.

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required under the rule is approximately 1 hour per statement.
The total annual burden for all portfolios therefore is estimated to be approximately 24,038 burden hours.4
The staff estimates that approximately one-third of the total annual burden 8,013 hours would be incurred by a paralegal with an average hourly wage rate of approximately $219 per hour,5
and approximately two-thirds of the annual burden 16,026 hours would be incurred by a compliance clerk with an average hourly wage rate of $71 per hour.6 The staff therefore estimates that the aggregate annual cost of complying with the paperwork requirements of the rule is approximately $2,892,693 8,013
hours $219 = $1,754,847 + 16,026
hours $71 = $1,137,846.
To comply with state law, many investment companies already must distinguish the different sources from which a shareholder distribution is paid and disclose that information to shareholders. Thus, many investment companies would be required to distinguish the sources of shareholder dividends whether or not the Commission required them to do so under rule 19a1.
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. Compliance with the collection of information required by rule 19a1 is mandatory for management companies that make statements to shareholders pursuant to section 19a of the Act. 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 public may view the background documentation for this information collection at the following website, www.reginfo.gov. Comments should be directed to: i Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive 4 This estimate is based on the following calculation: 12,019 management investment company portfolios 2 statements per year 1 hour per statement = 24,038 burden hours.
5 Hourly rates are derived from the Securities Industry and Financial Markets Association SIFMA, Management and Professional Earnings in the Securities Industry 2013, modified to account for an 1,800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead.
6 Hourly rates are derived from SIFMAs Office Salaries in the Securities Industry 2013, modified to account for an 1,800-hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead.

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