Proposed Collection; Comment Request, 16311-16312 [E5-1396]
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Federal Register / Vol. 70, No. 60 / Wednesday, March 30, 2005 / Notices
4. Sea Level Observing System
5. National Integrated Drought
Information System, and
6. Air Quality Assessment and
Forecast System.
Public Participation: Due to space
constraints, interested parties will need
to pre-register for this meeting, Deadline
for registration is April 29, 2005, or
when capacity of facility is met. See
IWEGEO Web page for registration
materials and additional information:
https://iwgeo.ssc.nasa.gov, or contact the
IWGEO Secretariat office: Carla
Sullivan, Interagency Working Group on
Earth Observations (IWGEO), National
Oceanic and Atmospheric
Administration (NOAA), 1401
Constitution avenue, NW., Washington,
DC 20230. Telephone: (202) 482–5921,
telefax: (202) 482–5181. E-mail:
carla.sullivan@noaa.gov. Subject:
IWGEO Integrated Earth Observation
System Public Engagement Workshop.
Authority
The National Science and Technology
Council (NSTC) was established under
Executive Order 12881. The CENR is
chartered under the NSTC. The purpose
of the CENR is to advise and assist the
NSTC, with emphasis on those federally
supported efforts that develop new
knowledge related to improving our
understanding of the environment and
natural resources.
M. David Hodge,
Acting Assistant Director for Budget and
Administration.
[FR Doc. 05–6224 Filed 3–29–05; 8:45 am]
BILLING CODE 3170–WS–M
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon written request, copies available
from: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
Extension: Rule 10f–3, SEC File No.
270–237, OMB Control No. 3235–0226.
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’’) is soliciting comments
on the collections of information
discussed below. The Commission plans
to submit these existing collections of
information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Section 10(f) of the Investment
Company Act of 1940 (the ‘‘Act’’)
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15:07 Mar 29, 2005
Jkt 205001
prohibits a registered investment
company (‘‘fund’’) from purchasing any
security during an underwriting or
selling syndicate if the fund has certain
relationships with a principal
underwriter for the security. Congress
enacted this provision in 1940 to protect
funds and their shareholders by
preventing underwriters from
‘‘dumping’’ unmarketable securities on
affiliated funds.
Rule 10f–3 permits a fund to engage
in a securities transaction that otherwise
would violate section 10(f) if, among
other things, (i) each transaction
effected under the rule is reported on
Form N–SAR; (ii) the fund’s directors
have approved procedures for purchases
made in reliance on the rule, regularly
review fund purchases to determine
whether they comply with these
procedures, and approve necessary
changes to the procedures; and (iii) a
written record of each transaction
effected under the rule is maintained for
six years, the first two of which in an
easily accessible place. The written
record must state (i) from whom the
securities were acquired, (ii) the identity
of the underwriting syndicate’s
members, (iii) the terms of the
transactions, and (iv) the information or
materials on which the fund’s board of
directors has determined that the
purchases were made in compliance
with procedures established by the
board.
The rule also conditionally allows
managed portions of fund portfolios to
purchase securities offered in otherwise
off-limits primary offerings. To qualify
for this exemption, rule 10f–3 requires
that the subadviser that is advising the
purchaser be contractually prohibited
from providing investment advice to
any other portion of the fund’s portfolio
and consulting with any other of the
fund’s advisers that is a principal
underwriter or affiliated person of a
principal underwriter concerning the
fund’s securities transactions.
These requirements provide a
mechanism for fund boards to oversee
compliance with the rule. The required
recordkeeping facilitates the
Commission staff’s review of rule 10f–
3 transactions during routine fund
inspections and, when necessary, in
connection with enforcement actions.
The staff estimates that approximately
200 funds engage in a total of
approximately 1,000 rule 10f–3
transactions each year.1 Rule 10f–3
requires that the purchasing fund create
a written record of each transaction that
includes, among other things, from
1 These estimates are based on staff extrapolations
from earlier data.
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
16311
whom the securities were purchased
and the terms of the transaction. The
staff estimates 2 that it takes an average
fund approximately 30 minutes per
transaction and approximately 500
hours 3 in the aggregate to comply with
this portion of the rule.
The funds also must maintain and
preserve these transactional records in
accordance with the rule’s
recordkeeping requirement, and the staff
estimates that it takes a fund
approximately 20 minutes per
transaction and that annually, in the
aggregate, funds spend approximately
333 hours 4 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 fund’s 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 800 hours 5
annually to comply with this rule
requirement.
The staff estimates that approximately
half of the boards of funds that engage
in rule 10f–3 transactions that deem it
necessary to revise the fund’s written
policies and procedures for rule 10f–3
and that complying with this
requirement takes each of these funds
on average, 25 hours of a compliance
attorney’s time and, in the aggregate,
approximately 2,500 hours 6 annually.
The Commission staff estimates that
3,028 portfolios of approximately 2,126
investment companies use the services
of one or more subadvisers. Based on
discussions with industry
representatives, the staff estimates that
it will require approximately 6 hours to
draft and execute revised subadvisory
contracts (5 staff attorney hours, 1
supervisory attorney hour), in order for
funds and subadvisers to be able to rely
on the exemption in rule 10f–3. The
staff assumes that all of these funds
amended their advisory contracts when
rule 10f–3 was amended in 2002 by
2 Unless stated otherwise, the information
collection burden estimates contained in this
Supporting Statement are based on conversations
between the staff and representatives of funds.
3 This estimate is based on the following
calculation: (30 minutes × 1,000 = 500 hours).
4 This estimate is based on the following
calculations: (20 minutes × 1,000 transactions =
20,000 minutes; 20,000 minutes / 60 = 333 hours).
5 This estimate is based on the following
calculation: (1 hour per quarter × 4 quarters × 200
funds = 800 hours).
6 This estimate is based on the following
calculation: (100 funds × 25 hours = 2,500 hours).
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16312
Federal Register / Vol. 70, No. 60 / Wednesday, March 30, 2005 / Notices
conditioning certain exemptions upon
such contractual alterations.7
Based on an analysis of investment
company filings, the staff estimates that
approximately 200 new funds register
annually. Assuming that the number of
these funds that will use the services of
subadvisers is proportionate to the
number of funds that currently use the
services of subadvisers, approximately
46 new funds will enter into
subadvisory agreements each year.8 The
Commission staff estimates, based on an
analysis of investment company filings,
that an additional 10 funds, currently in
existence, will employ the services of
subadvisers for the first time each year.
Thus, the staff estimates that a total of
56 funds, with a total of 78 portfolios,9
will enter into subadvisory agreements
each year. Assuming that each of these
funds enters into a contract that permits
it to rely on the exemption in rule 10f–
3, we estimate that the rule’s contract
modification requirement will result in
117 burden hours annually.10
The staff estimates, therefore, that rule
10f–3 imposes an information collection
burden of 4,250 hours.11 This estimate
does not include the time spent filing
transaction reports on Form N-SAR,
which is encompassed in the
information collection burden estimate
for that form.
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 Commission’s 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
7 Rules 12d3–1, 10f–3, 17a–10, and 17e–1 require
virtually identical modifications to fund advisory
contracts. The Commission staff assumes that funds
would rely equally on the exemptions in these
rules, and therefore the burden hours associated
with the required contract modifications should be
apportioned equally among the four rules.
8 Approximately 23 percent of funds are advised
by subadvisers.
9 Based on existing statistics, we assume that each
fund has 1.4 portfolios advised by a subadviser.
10 This estimate is based on the following
calculations: (78 portfolios × 6 hours = 468 burden
hours for rules 12d3–1, 10f–3, 17a–10, and 17e–1;
468 total burden hours for all of the rules / four
rules = 117 annual burden hours per rule).
11 This estimate is based on the following
calculations: (500 hours + 333 hours + 800 hours
+ 2,500 hours + 117 hours = 4,250 total burden
hours).
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15:07 Mar 29, 2005
Jkt 205001
suggestions submitted in writing within
60 days of this publication.
Please direct your written comments
to R. Corey Booth, Director/Chief
Information Officer, Office of
Information Technology, Securities and
Exchange Commission, 450 5th Street,
NW., Washington, DC 20549.
Dated: March 23, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1396 Filed 3–29–05; 8:45 am]
to be registered under Section 12(g) of
the Act.4
Any interested person may, on or
before April 19, 2005, comment on the
facts bearing upon whether the
application has been made in
accordance with the rules of the Amex,
and what terms, if any, should be
imposed by the Commission for the
protection of investors. All comment
letters may be submitted by either of the
following methods:
BILLING CODE 8010–01–P
Electronic Comments
SECURITIES AND EXCHANGE
COMMISSION
• Send an e-mail to rulecomments@sec.gov. Please include the
File Number 1–15001 or;
Issuer Delisting; Notice of Application
of Dynamex Inc. To Withdraw Its
Common Stock, $.01 par value, From
Listing and Registration on the
American Stock Exchange LLC File No.
1–15001
March 24, 2005.
On March 9, 2005, Dynamex Inc., a
Delaware corporation (‘‘Issuer’’), filed
an application with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to Section 12(d) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 12d2–2(d)
thereunder,2 to withdraw its common
stock, $.01 par value (‘‘Security’’), from
listing and registration on the American
Stock Exchange LLC (‘‘Amex’’).
On March 7, 2005, the Board of
Directors (‘‘Board’’) of the Issuer
unanimously approved resolutions to
withdraw the Security from listing and
registration on Amex and to list the
Security on the Nasdaq National Market
(‘‘Nasdaq’’). The Board believed listing
the Security on Nasdaq will provide
shareholders enhanced liquidity as well
as provide the Issuer with greater
exposure to institutional investors. The
Board stated that the Issuer listed its
Security on Nasdaq effective March 14,
2005.
The Issuer stated that it has met the
requirements of Amex’s rules governing
an issuer’s voluntary withdrawal of a
security from listing and registration by
complying with all the applicable laws
in effect in Delaware, in which it is
incorporated.
The Issuer’s application relates solely
to the withdrawal of the Security from
listing on the Amex and from
registration under Section 12(b) of the
Act,3 and shall not affect its obligation
PO 00000
U.S.C. 78l(d).
CFR 240.12d2–2(d).
3 15 U.S.C. 781(b).
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC
20549–0609.
All submissions should refer to File
Number 1–15001. This file number
should be included on the subject line
if e-mail is used. To help us process and
review your comments more efficiently,
please use only one method. The
Commission will post all comments on
the Commission’s Internet Web site
(https://www.sec.gov/rules/delist.shtml).
Comments are also available for public
inspection and copying in the
Commission’s Public Reference Room.
All comments received will be posted
without change; we do not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
The Commission, based on the
information submitted to it, will issue
an order granting the application after
the date mentioned above, unless the
Commission determines to order a
hearing on the matter. For the
Commission, by the Division of Market
Regulation, pursuant to delegated
authority.5
Jonathan G. Katz,
Secretary.
[FR Doc. E5–1395 Filed 3–29–05; 8:45 am]
BILLING CODE 8010–01–P
1 15
2 17
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Fmt 4703
Sfmt 4703
4 15
5 17
E:\FR\FM\30MRN1.SGM
U.S.C. 781(g).
CFR 200.30–3(a)(1).
30MRN1
]]>Agencies
[Federal Register Volume 70, Number 60 (Wednesday, March 30, 2005)]
[Notices]
[Pages 16311-16312]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1396]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon written request, copies available from: Securities and
Exchange Commission, Office of Filings and Information Services,
Washington, DC 20549.
Extension: Rule 10f-3, SEC File No. 270-237, OMB Control No. 3235-
0226.
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'') is soliciting comments on the collections
of information discussed below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Section 10(f) of the Investment Company Act of 1940 (the ``Act'')
prohibits a registered investment company (``fund'') from purchasing
any security during an underwriting or selling syndicate if the fund
has certain relationships with a principal underwriter for the
security. Congress enacted this provision in 1940 to protect funds and
their shareholders by preventing underwriters from ``dumping''
unmarketable securities on affiliated funds.
Rule 10f-3 permits a fund to engage in a securities transaction
that otherwise would violate section 10(f) if, among other things, (i)
each transaction effected under the rule is reported on Form N-SAR;
(ii) the fund's directors have approved procedures for purchases made
in reliance on the rule, regularly review fund purchases to determine
whether they comply with these procedures, and approve necessary
changes to the procedures; and (iii) a written record of each
transaction effected under the rule is maintained for six years, the
first two of which in an easily accessible place. The written record
must state (i) from whom the securities were acquired, (ii) the
identity of the underwriting syndicate's members, (iii) the terms of
the transactions, and (iv) the information or materials on which the
fund's board of directors has determined that the purchases were made
in compliance with procedures established by the board.
The rule also conditionally allows managed portions of fund
portfolios to purchase securities offered in otherwise off-limits
primary offerings. To qualify for this exemption, rule 10f-3 requires
that the subadviser that is advising the purchaser be contractually
prohibited from providing investment advice to any other portion of the
fund's portfolio and consulting with any other of the fund's advisers
that is a principal underwriter or affiliated person of a principal
underwriter concerning the fund's securities transactions.
These requirements provide a mechanism for fund boards to oversee
compliance with the rule. The required recordkeeping facilitates the
Commission staff's review of rule 10f-3 transactions during routine
fund inspections and, when necessary, in connection with enforcement
actions.
The staff estimates that approximately 200 funds engage in a total
of approximately 1,000 rule 10f-3 transactions each year.\1\ Rule 10f-3
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
\2\ that it takes an average fund approximately 30 minutes per
transaction and approximately 500 hours \3\ in the aggregate to comply
with this portion of the rule.
---------------------------------------------------------------------------
\1\ These estimates are based on staff extrapolations from
earlier data.
\2\ Unless stated otherwise, the information collection burden
estimates contained in this Supporting Statement are based on
conversations between the staff and representatives of funds.
\3\ This estimate is based on the following calculation: (30
minutes x 1,000 = 500 hours).
---------------------------------------------------------------------------
The funds also must maintain and preserve these transactional
records in accordance with the rule's recordkeeping requirement, and
the staff estimates that it takes a fund approximately 20 minutes per
transaction and that annually, in the aggregate, funds spend
approximately 333 hours \4\ to comply with this portion of the rule.
---------------------------------------------------------------------------
\4\ This estimate is based on the following calculations: (20
minutes x 1,000 transactions = 20,000 minutes; 20,000 minutes / 60 =
333 hours).
---------------------------------------------------------------------------
In addition, fund boards must, no less than quarterly, examine each
of these transactions to ensure that they comply with the fund's
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 800 hours \5\ annually to comply with this
rule requirement.
---------------------------------------------------------------------------
\5\ This estimate is based on the following calculation: (1 hour
per quarter x 4 quarters x 200 funds = 800 hours).
---------------------------------------------------------------------------
The staff estimates that approximately half of the boards of funds
that engage in rule 10f-3 transactions that deem it necessary to revise
the fund's written policies and procedures for rule 10f-3 and that
complying with this requirement takes each of these funds on average,
25 hours of a compliance attorney's time and, in the aggregate,
approximately 2,500 hours \6\ annually.
---------------------------------------------------------------------------
\6\ This estimate is based on the following calculation: (100
funds x 25 hours = 2,500 hours).
---------------------------------------------------------------------------
The Commission staff estimates that 3,028 portfolios of
approximately 2,126 investment companies use the services of one or
more subadvisers. Based on discussions with industry representatives,
the staff estimates that it will require approximately 6 hours to draft
and execute revised subadvisory contracts (5 staff attorney hours, 1
supervisory attorney hour), in order for funds and subadvisers to be
able to rely on the exemption in rule 10f-3. The staff assumes that all
of these funds amended their advisory contracts when rule 10f-3 was
amended in 2002 by
[[Page 16312]]
conditioning certain exemptions upon such contractual alterations.\7\
---------------------------------------------------------------------------
\7\ Rules 12d3-1, 10f-3, 17a-10, and 17e-1 require virtually
identical modifications to fund advisory contracts. The Commission
staff assumes that funds would rely equally on the exemptions in
these rules, and therefore the burden hours associated with the
required contract modifications should be apportioned equally among
the four rules.
---------------------------------------------------------------------------
Based on an analysis of investment company filings, the staff
estimates that approximately 200 new funds register annually. Assuming
that the number of these funds that will use the services of
subadvisers is proportionate to the number of funds that currently use
the services of subadvisers, approximately 46 new funds will enter into
subadvisory agreements each year.\8\ The Commission staff estimates,
based on an analysis of investment company filings, that an additional
10 funds, currently in existence, will employ the services of
subadvisers for the first time each year. Thus, the staff estimates
that a total of 56 funds, with a total of 78 portfolios,\9\ will enter
into subadvisory agreements each year. Assuming that each of these
funds enters into a contract that permits it to rely on the exemption
in rule 10f-3, we estimate that the rule's contract modification
requirement will result in 117 burden hours annually.\10\
---------------------------------------------------------------------------
\8\ Approximately 23 percent of funds are advised by
subadvisers.
\9\ Based on existing statistics, we assume that each fund has
1.4 portfolios advised by a subadviser.
\10\ This estimate is based on the following calculations: (78
portfolios x 6 hours = 468 burden hours for rules 12d3-1, 10f-3,
17a-10, and 17e-1; 468 total burden hours for all of the rules /
four rules = 117 annual burden hours per rule).
---------------------------------------------------------------------------
The staff estimates, therefore, that rule 10f-3 imposes an
information collection burden of 4,250 hours.\11\ This estimate does
not include the time spent filing transaction reports on Form N-SAR,
which is encompassed in the information collection burden estimate for
that form.
---------------------------------------------------------------------------
\11\ This estimate is based on the following calculations: (500
hours + 333 hours + 800 hours + 2,500 hours + 117 hours = 4,250
total burden hours).
---------------------------------------------------------------------------
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 Commission's 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 R. Corey Booth, Director/
Chief Information Officer, Office of Information Technology, Securities
and Exchange Commission, 450 5th Street, NW., Washington, DC 20549.
Dated: March 23, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1396 Filed 3-29-05; 8:45 am]
BILLING CODE 8010-01-P
