Submission for OMB Review; Comment Request, 4162-4163 [E5-322]
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Federal Register / Vol. 70, No. 18 / Friday, January 28, 2005 / Notices
Information Services, Washington, DC
20549.
Extension:
Form N–14, SEC File No. 270–297, OMB
Control No. 3235–0336.
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
requests for extension of the previously
approved collection of information
discussed below.
Form N–14—Registration Statement
Under the Securities Act of 1933 for
Securities Issued in Business
Combination Transactions by
Investment Companies and Business
Development Companies. Form N–14 is
used by investment companies
registered under the Investment
Company Act of 1940 [15 U.S.C. 80a–1
et seq.] (‘‘Investment Company Act’’)
and business development companies as
defined by section 2(a)(48) of the
Investment Company Act to register
securities under the Securities Act of
1933 [15 U.S.C. 77a et seq.] to be issued
in business combination transactions
specified in Rule 145(a) (17 CFR
230.145(a)) and exchange offers. The
securities are registered under the
Securities Act to ensure that investors
receive the material information
necessary to evaluate securities issued
in business combination transactions.
The Commission staff reviews
registration statements on Form N–14
for the adequacy and accuracy of the
disclosure contained therein. Without
Form N–14, the Commission would be
unable to verify compliance with
securities law requirements. The
respondents to the collection of
information are investment companies
or business development companies
issuing securities in business
combination transactions. The estimated
number of responses is 457 and the
collection occurs only when a merger or
other business combination is planned.
The estimated total annual reporting
burden of the collection of information
is approximately 620 hours per response
for a new registration statement, and
approximately 350 hours per response
for an amended Form N–14, for a total
of 235,010 annual burden hours.
Providing the information on Form N–
14 is mandatory. Responses will not be
kept confidential. Estimates of the
burden hours are made solely for the
purposes of the Paperwork Reduction
Act, and are not derived from a
comprehensive or even a representative
survey or study of the costs of SEC rules
and forms.
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15:43 Jan 27, 2005
Jkt 205001
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 OMB
control number.
General comments regarding the
above information should be directed to
the following persons: (i) Desk Officer
for the Securities and Exchange
Commission, Office of Information and
Regulatory Affairs, Office of
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503 or e-mail to:
David_Rostker@omb.eop.gov; and (ii) R.
Corey Booth, Director/Chief Information
Officer, Office of Information
Technology, Securities and Exchange
Commission, 450 Fifth Street, NW.,
Washington, DC 20549. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: January 21, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–321 Filed 1–27–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon written request, copies available
from: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
Extension: Rule 7d–1; SEC File No. 270–176;
OMB Control No. 3235–0311.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
requests for extension of the previously
approved collections of information
discussed below.
Section 7(d) of the Investment
Company Act of 1940 [15 U.S.C. 80a–
7(d)] (the ‘‘Act’’ or ‘‘Investment
Company Act’’) requires an investment
company (‘‘fund’’) organized outside the
United States (‘‘foreign fund’’) to obtain
an order from the Commission allowing
the fund to register under the Act before
making a public offering of its securities
through the United States mail or any
means of interstate commerce. The
Commission may issue an order only if
it finds that it is both legally and
practically feasible effectively to enforce
the provisions of the Act against the
foreign fund, and that the registration of
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Fmt 4703
Sfmt 4703
the fund is consistent with the public
interest and protection of investors.
Rule 7d–1 [17 CFR 270.7d–1] under
the Act, which was adopted in 1954,
specifies the conditions under which a
Canadian management investment
company (‘‘Canadian fund’’) may
request an order from the Commission
permitting it to register under the Act.
Although rule 7d–1 by its terms applies
only to Canadian funds, other foreign
funds generally have agreed to comply
with the requirements of rule 7d–1 as a
prerequisite to receiving an order
permitting the foreign fund’s
registration under the Act.
The rule requires a Canadian fund
proposing to register under the Act to
file an application with the Commission
that contains various undertakings and
agreements of the fund. Certain of these
undertakings and agreements, in turn,
impose the following additional
information collection requirements:
(1) The fund must file agreements
between the fund and its directors,
officers, and service providers requiring
them to comply with the fund’s charter
and bylaws, the Act, and certain other
obligations relating to the undertakings
and agreements in the application;
(2) The fund and each of its directors,
officers, and investment advisers that is
not a U.S. resident, must file an
irrevocable designation of the fund’s
custodian in the United States as agent
for service of process;
(3) The fund’s charter and bylaws
must provide that (a) the fund will
comply with certain provisions of the
Act applicable to all funds, (b) the fund
will maintain originals or copies of its
books and records in the United States,
and (c) the fund’s contracts with its
custodian, investment adviser, and
principal underwriter, will contain
certain terms, including a requirement
that the adviser maintain originals or
copies of pertinent records in the United
States;
(4) The fund’s contracts with service
providers will require that the provider
perform the contract in accordance with
the Act, the Securities Act of 1933 (15
U.S.C. 77a–77z–3), and the Securities
Exchange Act of 1934 (15 U.S.C. 78a–
78mm), as applicable; and
(5) The fund must file, and
periodically revise, a list of persons
affiliated with the fund or its adviser or
underwriter.
Under section 7(d) of the Act the
Commission may issue an order
permitting a foreign fund’s registration
only if the Commission finds that ‘‘by
reason of special circumstances or
arrangements, it is both legally and
practically feasible effectively to enforce
the provisions of the [Act].‘‘The
E:\FR\FM\28JAN1.SGM
28JAN1
Federal Register / Vol. 70, No. 18 / Friday, January 28, 2005 / Notices
information collection requirements are
necessary to assure that the substantive
provisions of the Act may be enforced
as a matter of contract right in the
United States or Canada by the fund’s
shareholders or by the Commission.
Certain information collection
requirements in rule 7d–1 are associated
with complying with the Act’s
provisions. These information collection
requirements are reflected in the
information collection requirements
applicable to those provisions for all
registered funds.
The Commission believes that one
fund is registered under rule 7d–1 and
currently active. Apart from
requirements under the Act applicable
to all registered funds, rule 7d–1
imposes ongoing burdens to maintain
records in the United States, and to
update, as necessary, the foreign fund’s
list of affiliated persons. The
Commission staff estimates that the rule
requires a total of three responses each
year. The staff estimates that a
respondent would make two responses
each year under the rule, one response
to maintain records in the United States
and one response to update its list of
affiliated persons. The Commission staff
further estimates that a respondent’s
investment adviser would make one
response each year under the rule to
maintain records in the United States.
Commission staff estimates that each
recordkeeping response would require
6.25 hours each of secretarial and
compliance clerk time at a cost of
$21.10 and $21.50 per hour,
respectively, and the response to update
the list of affiliated persons would
require 0.25 hours of secretarial time,
for a total annual burden of 25.25 hours
at a cost of $537.78. The estimated
number of 25.25 burden hours is
identical to the current allocation.
If a foreign fund were to file an
application under the rule, the
Commission estimates that the rule
would impose initial information
collection burdens (for filing an
application, preparing the specified
charter, bylaw, and contract provisions,
designations of agents for service of
process, and an initial list of affiliated
persons, and establishing a means of
keeping records in the United States) of
approximately 90 hours for the fund and
its associated persons. The Commission
is not including these hours in its
calculation of the annual burden
because no fund has applied under rule
7d–1 to register under the Act in the last
three years.
After registration, a foreign fund may
file a supplemental application seeking
special relief designed for the fund’s
particular circumstances. Because rule
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15:43 Jan 27, 2005
Jkt 205001
7d–1 does not mandate these
applications and the fund determines
whether to submit an application, the
Commission has not allocated any
burden hours for these applications.
These estimates of average burden
hours are made solely for the purposes
of the Paperwork Reduction Act. The
estimate is not derived from a
comprehensive or even a representative
survey or study of Commission rules.
The Commission believes that the
active registrant and its associated
persons may spend (excluding the cost
of burden hours) approximately $540
per year in maintaining records in the
United States. These estimated costs
include fees for a custodian or other
agent to retain records, storage costs,
and the costs of transmitting records.
If a Canadian or other foreign fund in
the future applied to register under the
Act under rule 7d–1, the fund initially
might have capital and start-up costs
(not including hourly burdens) of an
estimated $17,280 to comply with the
rule’s initial information collection
requirements. These costs include legal
and processing-related fees for
preparing the required documentation
(such as the application, charter, bylaw,
and contract provisions), designations
for service of process, and the list of
affiliated persons. Other related costs
would include fees for establishing
arrangements with a custodian or other
agent for maintaining records in the
United States, copying and
transportation costs for records, and the
costs of purchasing or leasing computer
equipment, software, or other record
storage equipment for records
maintained in electronic or
photographic form.
The Commission expects that a
foreign fund and its sponsors would
incur these costs immediately, and that
the annualized cost of the expenditures
would be $17,280 in the first year. Some
expenditures might involve capital
improvements, such as computer
equipment, having expected useful lives
for which annualized figures beyond the
first year would be meaningful. These
annualized figures are not provided,
however, because, in most cases, the
expenses would be incurred
immediately rather than on an annual
basis. The Commission is not including
these costs in its calculation of the
annualized capital/start-up costs
because no investment company has
applied under rule 7d–1 to register
under the Act pursuant to rule 7d–1 in
the last three years.
These estimates of average costs are
made solely for the purposes of the
Paperwork Reduction Act. The estimate
is not derived from a comprehensive or
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Fmt 4703
Sfmt 4703
4163
even a representative survey or study of
the costs of Commission rules.
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 OMB
control number.
General comments regarding the
above information should be directed to
the following persons: (i) Desk Officer
for the Securities and Exchange
Commission, Office of Information and
Regulatory Affairs, Office of
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503 or e-mail to:
David_Rostker@omb.eop.gov; and (ii) R.
Corey Booth, Director/Chief Information
Officer, Office of Information
Technology, Securities and Exchange
Commission, 450 5th Street, NW.,
Washington, DC 20549. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: January 21, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–322 Filed 1–27–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51062; File No. SR–Amex–
00–27]
Self-Regulatory Organizations; Order
Approving a Proposed Rule Change
and Amendments No. 1, 2, 3, 4, 5, and
6 Thereto, and Notice of Filing and
Order Granting Accelerated Approval
to Amendments No. 7 and 8 Thereto by
the American Stock Exchange LLC To
Require the Immediate Display of
Customer Options Limit Orders
January 21, 2005.
I. Introduction
On May 10, 2000, the American Stock
Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend Amex Rules 958A and
958A–ANTE to require the immediate
display of customer options limit
orders. Amex filed amendments to the
proposed rule change on March 13,
1 15
22
E:\FR\FM\28JAN1.SGM
U.S.C. 78s(b)(1).
17 CFR 240.19b–4
28JAN1
]]>Agencies
[Federal Register Volume 70, Number 18 (Friday, January 28, 2005)]
[Notices]
[Pages 4162-4163]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-322]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon written request, copies available from: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.
Extension: Rule 7d-1; SEC File No. 270-176; OMB Control No. 3235-
0311.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget requests for extension of the previously approved
collections of information discussed below.
Section 7(d) of the Investment Company Act of 1940 [15 U.S.C. 80a-
7(d)] (the ``Act'' or ``Investment Company Act'') requires an
investment company (``fund'') organized outside the United States
(``foreign fund'') to obtain an order from the Commission allowing the
fund to register under the Act before making a public offering of its
securities through the United States mail or any means of interstate
commerce. The Commission may issue an order only if it finds that it is
both legally and practically feasible effectively to enforce the
provisions of the Act against the foreign fund, and that the
registration of the fund is consistent with the public interest and
protection of investors.
Rule 7d-1 [17 CFR 270.7d-1] under the Act, which was adopted in
1954, specifies the conditions under which a Canadian management
investment company (``Canadian fund'') may request an order from the
Commission permitting it to register under the Act. Although rule 7d-1
by its terms applies only to Canadian funds, other foreign funds
generally have agreed to comply with the requirements of rule 7d-1 as a
prerequisite to receiving an order permitting the foreign fund's
registration under the Act.
The rule requires a Canadian fund proposing to register under the
Act to file an application with the Commission that contains various
undertakings and agreements of the fund. Certain of these undertakings
and agreements, in turn, impose the following additional information
collection requirements:
(1) The fund must file agreements between the fund and its
directors, officers, and service providers requiring them to comply
with the fund's charter and bylaws, the Act, and certain other
obligations relating to the undertakings and agreements in the
application;
(2) The fund and each of its directors, officers, and investment
advisers that is not a U.S. resident, must file an irrevocable
designation of the fund's custodian in the United States as agent for
service of process;
(3) The fund's charter and bylaws must provide that (a) the fund
will comply with certain provisions of the Act applicable to all funds,
(b) the fund will maintain originals or copies of its books and records
in the United States, and (c) the fund's contracts with its custodian,
investment adviser, and principal underwriter, will contain certain
terms, including a requirement that the adviser maintain originals or
copies of pertinent records in the United States;
(4) The fund's contracts with service providers will require that
the provider perform the contract in accordance with the Act, the
Securities Act of 1933 (15 U.S.C. 77a-77z-3), and the Securities
Exchange Act of 1934 (15 U.S.C. 78a-78mm), as applicable; and
(5) The fund must file, and periodically revise, a list of persons
affiliated with the fund or its adviser or underwriter.
Under section 7(d) of the Act the Commission may issue an order
permitting a foreign fund's registration only if the Commission finds
that ``by reason of special circumstances or arrangements, it is both
legally and practically feasible effectively to enforce the provisions
of the [Act].`` The
[[Page 4163]]
information collection requirements are necessary to assure that the
substantive provisions of the Act may be enforced as a matter of
contract right in the United States or Canada by the fund's
shareholders or by the Commission.
Certain information collection requirements in rule 7d-1 are
associated with complying with the Act's provisions. These information
collection requirements are reflected in the information collection
requirements applicable to those provisions for all registered funds.
The Commission believes that one fund is registered under rule 7d-1
and currently active. Apart from requirements under the Act applicable
to all registered funds, rule 7d-1 imposes ongoing burdens to maintain
records in the United States, and to update, as necessary, the foreign
fund's list of affiliated persons. The Commission staff estimates that
the rule requires a total of three responses each year. The staff
estimates that a respondent would make two responses each year under
the rule, one response to maintain records in the United States and one
response to update its list of affiliated persons. The Commission staff
further estimates that a respondent's investment adviser would make one
response each year under the rule to maintain records in the United
States. Commission staff estimates that each recordkeeping response
would require 6.25 hours each of secretarial and compliance clerk time
at a cost of $21.10 and $21.50 per hour, respectively, and the response
to update the list of affiliated persons would require 0.25 hours of
secretarial time, for a total annual burden of 25.25 hours at a cost of
$537.78. The estimated number of 25.25 burden hours is identical to the
current allocation.
If a foreign fund were to file an application under the rule, the
Commission estimates that the rule would impose initial information
collection burdens (for filing an application, preparing the specified
charter, bylaw, and contract provisions, designations of agents for
service of process, and an initial list of affiliated persons, and
establishing a means of keeping records in the United States) of
approximately 90 hours for the fund and its associated persons. The
Commission is not including these hours in its calculation of the
annual burden because no fund has applied under rule 7d-1 to register
under the Act in the last three years.
After registration, a foreign fund may file a supplemental
application seeking special relief designed for the fund's particular
circumstances. Because rule 7d-1 does not mandate these applications
and the fund determines whether to submit an application, the
Commission has not allocated any burden hours for these applications.
These estimates of average burden hours are made solely for the
purposes of the Paperwork Reduction Act. The estimate is not derived
from a comprehensive or even a representative survey or study of
Commission rules.
The Commission believes that the active registrant and its
associated persons may spend (excluding the cost of burden hours)
approximately $540 per year in maintaining records in the United
States. These estimated costs include fees for a custodian or other
agent to retain records, storage costs, and the costs of transmitting
records.
If a Canadian or other foreign fund in the future applied to
register under the Act under rule 7d-1, the fund initially might have
capital and start-up costs (not including hourly burdens) of an
estimated $17,280 to comply with the rule's initial information
collection requirements. These costs include legal and processing-
related fees for preparing the required documentation (such as the
application, charter, bylaw, and contract provisions), designations for
service of process, and the list of affiliated persons. Other related
costs would include fees for establishing arrangements with a custodian
or other agent for maintaining records in the United States, copying
and transportation costs for records, and the costs of purchasing or
leasing computer equipment, software, or other record storage equipment
for records maintained in electronic or photographic form.
The Commission expects that a foreign fund and its sponsors would
incur these costs immediately, and that the annualized cost of the
expenditures would be $17,280 in the first year. Some expenditures
might involve capital improvements, such as computer equipment, having
expected useful lives for which annualized figures beyond the first
year would be meaningful. These annualized figures are not provided,
however, because, in most cases, the expenses would be incurred
immediately rather than on an annual basis. The Commission is not
including these costs in its calculation of the annualized capital/
start-up costs because no investment company has applied under rule 7d-
1 to register under the Act pursuant to rule 7d-1 in the last three
years.
These estimates of average costs are made solely for the purposes
of the Paperwork Reduction Act. The estimate is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules.
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 OMB control number.
General comments regarding the above information should be directed
to the following persons: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503 or e-mail to: David--
Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief
Information Officer, Office of Information Technology, Securities and
Exchange Commission, 450 5th Street, NW., Washington, DC 20549.
Comments must be submitted to OMB within 30 days of this notice.
Dated: January 21, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-322 Filed 1-27-05; 8:45 am]
BILLING CODE 8010-01-P
