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Federal Register / Vol. 86, No. 137 / Wednesday, July 21, 2021 / Notices
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recordkeeping facilitates the Commission staffs review of Rule 10f3 transactions during routine fund inspections and, when necessary, in connection with enforcement actions.
The staff estimates that approximately 953 funds engage in at least one Rule 10f3 transaction each year, for a total of 953 such transactions.3 Rule 10f3
requires that the purchasing fund create a written record of each transaction that includes, among other things, from whom the securities were purchased and the terms of the transaction. The staff estimates that it takes an average fund approximately 30 minutes per transaction and, and, in the aggregate, approximately 477 hours 4 for funds to comply with this portion of the rule.
The funds also must maintain and preserve these transactional records in accordance with the rules recordkeeping requirement, and the staff estimates that it takes a fund approximately 20 minutes per transaction, and, in the aggregate, approximately 318 hours 5 annually for funds to comply with this portion of the rule.
In addition, fund boards must, no less than quarterly, examine each of these transactions to ensure that they comply with the funds policies and procedures.
The information or materials upon which the board relied to come to this determination also must be maintained and the staff estimates that it takes a fund 1 hour per quarter and, in the aggregate, approximately 3,812 hours 6
annually for funds to comply with this rule requirement.
The staff estimates that reviewing and revising as needed written procedures for Rule 10f3 transactions takes, on average for each fund, two hours of a compliance attorneys time per year.7
Thus, annually, in the aggregate, the staff estimates that funds spend a total of approximately 1,906 hours 8 on monitoring and revising Rule 10f3
procedures.
Based on an analysis of Form NCEN
filings, the staff estimates that approximately 146 new funds enter into 3 These estimates are based on data from Form NCEN filings with the Commission.
4 This estimate is based on the following calculation: 0.5 hours 953 = 477 hours.
5 This estimate is based on the following calculations: 20 minutes 953 transactions =
19,060 minutes; 19,060 minutes/60 = 318 hours.
6 This estimate is based on the following calculation: 1 hour per quarter 4 quarters 953
funds = 3,812 hours.
7 These averages take into account the fact that in most years, fund attorneys and boards spend little or no time modifying procedures and in other years, they spend significant time doing so.
8 This estimate is based on the following calculation: 953 funds 2 hours = 1,906 hours.

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subadvisory agreements each year.9 The staff estimates that it will require approximately 0.75 hours to draft and execute additional clauses in subadvisory contracts in order for new funds and subadvisers to be able to rely on the exemptions in Rule 10f3.10
Assuming that all 146 funds that enter into new subadvisory contracts each year make the modification to their contract required by the rule, we estimate that the rules contract modification requirement will result in 110 burden hours annually for new funds.11
The staff estimates, therefore, that Rule 10f3 imposes an information collection burden of 6,623 hours.12
Written comments are invited on: a Whether the collections of information are necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; b the accuracy of the Commissions estimate of the burdens of the collections of information; c ways to enhance the quality, utility, and clarity of the information collected; and d ways to minimize the burdens of the collections 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.
9 Based on information in Form NCEN filings, we estimate that approximately 139 new open-end funds and 7 new closed-end funds, or a total of 146
new funds enter into new subadvisory agreements each year 139 + 7 = 146 new funds. We understand that existing funds may also enter into new subadvisory agreements, but in many cases would benefit from having previously drafted Rule 10f3 clauses in prior or existing subadvisory contracts.
10 Because such clauses are identical to the clauses that a fund would need to insert in their subadvisory contracts to rely on Rules 12d31, 17a 10, and 17e1, and because we believe that funds that use one such rule generally use all of these rules, we apportion this 3 hour time burden equally to all four rules. Therefore, we estimate that the burden allocated to Rule 10f3 for this contract change would be 0.75 hours 3 hours 4 rules =
0.75 hours.
11 These estimates are based on the following calculations: 0.75 hours 146 portfolios = 110
burden hours.
12 This estimate is based on the following calculation: 477 hours + 318 hours + 3,812 hours + 1,906 hours + 110 hours = 6,623 total burden hours.

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Dated: July 15, 2021.
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202115437 Filed 72021; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
SEC File No. 27066, OMB Control No.
32350066

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
Extension:
Form S8

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 has submitted to the Office of Management and Budget this request for extension of the previously approved collection of information discussed below.
Form S8 17 CFR 239.16b under the Securities Act of 1933 15 U.S.C. 77a et seq. is the primary registration statement used by eligible registrants to register securities to be issued in connection with an employee benefit plan. Form S8 provides verification of compliance with securities law requirements and assures the public availability and dissemination of such information. The likely respondents will be companies. The information must be filed with the Commission on occasion.
Form S8 is a public document. All information provided is mandatory. We estimate that Form S8 takes approximately 24 hours per response to prepare and is filed by approximately 2,140 respondents. In addition, we estimate that 50% of the preparation time 13.5 hours is completed in-house by the filer for a total annual reporting burden of 28,890 hours 13.5 hours per response 2,140 responses.
An agency may 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 background documentation for this information collection at the following website:
www.reginfo.gov. Find this particular information collection by selecting Currently under 30-day ReviewOpen for Public Comments or by using the search function. Written comments and
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