Proposed Collection; Comment Request, 19134-19135 [E5-1668]
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19134
Federal Register / Vol. 70, No. 69 / Tuesday, April 12, 2005 / Notices
with the Commission. The burden
under either rule associated with adding
this disclosure to written offering
documents is minimal and is non-–
recurring. The foreign issuer,
underwriter or broker-dealer can redraft
an existing prospectus or other written
offering material to add this disclosure
statement, or may draft a sticker or
supplement containing this disclosure
to be added to existing offering
materials. In either case, based on
discussions with representatives of the
Canadian fund industry, the staff
estimates that it would take an average
of 10 minutes per document to draft the
requisite disclosure statement. The staff
estimates the annual burden as a result
of the disclosure requirements of rules
7d–2 and 237 as follows.
a. Rule 7d–2
The staff estimated that there are
approximately 1,300 publicly offered
Canadian funds that potentially would
rely on the rule to offer securities to
participants and sell securities to their
Canadian retirement accounts without
registering under the Investment
Company Act. The staff estimates that
approximately 65 (5 percent) additional
Canadian funds may rely on the rule
each year to offer securities to
Canadian/U.S. Participants and sell
securities to their Canadian retirement
accounts, and that each of those funds,
on average, distributes 3 different
written offering documents concerning
those securities, for a total of 195
offering documents. The staff therefore
estimates that approximately 65
respondents would make 195 responses
by adding the new disclosure statement
to approximately 195 written offering
documents. The staff therefore estimates
that the annual burden associated with
the rule 7d–2 disclosure requirement
would be approximately 32.5 hours (195
offering documents × 10 minutes per
document). The total annual cost of
these burden hours is estimated to be
$2,155.08 (32.5 hours × $66.31 per hour
of professional time).4
b. Rule 237
Canadian issuers other than funds.
The Commission understands that there
are approximately 3,500 Canadian
issuers other than funds that may rely
on rule 237 to make an initial public
offering of their securities to Canadian/
4 The Commission’s estimate concerning the wage
rate for professional time is based on salary
information for the securities industry compiled by
the Securities Industry Association. See Securities
Industry Association, Report on Management and
Professional Earnings in the Securities Industry
2003 (September 2003).
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16:48 Apr 11, 2005
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U.S. Participants.5 The staff estimates
that in any given year approximately 35
(or 1 percent) of those issuers are likely
to rely on rule 237 to make a public
offering of their securities to
participants, and that each of those 35
issuers, on average, distributes 3
different written offering documents
concerning those securities, for a total of
105 offering documents.
The staff therefore estimates that
during each year that rule 237 is in
effect, approximately 35 respondents 6
would be required to make 105
responses by adding the new disclosure
statements to approximately 105 written
offering documents. Thus, the staff
estimates that the total annual burden
associated with the rule 237 disclosure
requirement would be approximately
17.5 hours (105 offering documents × 10
minutes per document). The total
annual cost of burden hours is estimated
to be $1,160.43 (17.5 hours × $66.31
hour of professional time).7
Other foreign issuers other than
funds. In addition, issuers from foreign
countries other than Canada could rely
on rule 237 to offer securities to
Canadian/U.S. Participants and sell
securities to their accounts without
becoming subject to the registration
requirements of the Securities Act.
Because Canadian law strictly limits the
amount of foreign investments that may
be held in a Canadian retirement
account, however, the staff believes that
the number of issuers from other
countries that relies on rule 237, and
that therefore is required to comply with
the offering document disclosure
requirements, is negligible.
These burden hour estimates are
based upon the Commission staff’s
experience and discussions with the
fund industry. The estimates of average
burden hours are made solely for the
purposes of the Paperwork Reduction
Act. These estimates are not derived
from a comprehensive or even a
5 Canadian funds can rely on both rule 7d–2 and
rule 237 to offer securities to participants and sell
securities to their Canadian retirement accounts
without violating the registration requirements of
the Investment Company Act or the Securities Act.
Rule 237, however, does not require any disclosure
in addition to that required by rule 7d–2. Thus, the
disclosure requirements of rule 237 do not impose
any burden on Canadian funds in addition to the
burden imposed by the disclosure requirements of
rule 7d–2. To avoid double-counting this burden,
the staff has excluded Canadian funds from the
estimate of the hourly burden associated with rule
237.
6 This estimate of respondents also assumes that
all respondents are foreign issuers. The number of
respondents may be greater if foreign underwriters
or broker-dealers draft a sticker or supplement to
add the required disclosure to an existing offering
document.
7 See supra note 4.
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representative survey or study of the
costs of Commission rules.
Written comments are invited on: (a)
Whether the collection of information is
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 collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burdens 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 R. Corey Booth, Director/Chief
Information Officer, Office of
Information Technology, Securities and
Exchange Commission, 450 5th Street,
NW., Washington, DC 20549.
Dated: March 31, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1666 Filed 4–11–05; 8:45 am]
BILLING CODE 8010–01–P
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 17a–2, SEC File No. 270–
189, OMB Control No. 3235–0201.
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’’) 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.
Rule 17a–2 requires underwriters to
maintain information regarding
stabilizing activities, syndicate covering
transactions, and penalty bids. The
Commission estimates that 519
respondents collect information under
Rule 17a–2 and that approximately
2,595 hours in the aggregate are required
annually for these collections.
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Federal Register / Vol. 70, No. 69 / Tuesday, April 12, 2005 / Notices
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 R. Corey Booth, Director/Chief
Information Officer, Office of
Information Technology, Securities and
Exchange Commission, 450 5th Street,
NW., Washington, DC 20549.
Dated: March 31, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1668 Filed 4–11–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Extension of Existing
Collection; Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
Extension:
Rule 17a–13; SEC File No. 270–27; OMB
Control No. 3235–0035.
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’’) 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. The Code of Federal
Regulations citation to this collection of
information is the following rule: 17
CFR 240.17a–13 Quarterly Security
Counts to be Made by Certain Exchange
Members, Brokers, and Dealers.
Rule 17a–13(b) generally requires that
at least once each calendar quarter, all
registered brokers and dealers
physically examine and count all
securities held and account for all other
securities not in their possession, but
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subject to the broker-dealer’s control or
direction. Any discrepancies between
the broker-dealer’s securities count and
the firm’s records must be noted and,
within seven days, the unaccounted for
difference must be recorded in the
firm’s records. Rule 17a–13(c) provides
that under specified conditions, the
securities counts, examination and
verification of the broker-dealer’s entire
list of securities may be conducted on
a cyclical basis rather than on a certain
date. Although Rule 17a–13 does not
require filing a report with the
Commission, security count
discrepancies must be reported on Form
X–17a–5 as required by Rule 17a–5.
Rule 17a–13 exempts broker-dealers that
limit their business to the sale and
redemption of securities of registered
investment companies and interests or
participation in an insurance company
separate account and those who solicit
accounts for federally insured savings
and loan associations, provided that
such persons promptly transmit all
funds and securities and hold no
customer funds and securities.
The information obtained from Rule
17a–13 is used as an inventory control
device to monitor a broker-dealer’s
ability to account for all securities held,
in transfer, in transit, pledged, loaned,
borrowed, deposited or otherwise
subject to the firm’s control or direction.
Discrepancies between the securities
counts and the broker-dealer’s records
alert the Commission and the Self
Regulatory Organizations (‘‘SROs’’) to
those firms having problems in their
back offices.
Currently, there are approximately
5,907 respondents that must comply
with Rule 17a–13. However, given the
variability in their businesses, it is
difficult to quantify how many hours
per year each respondent spends on the
rule. As noted, the rule requires a
respondent to account for all securities
in its possession. Many respondents
hold few, if any, securities; while others
hold large quantities. Therefore, the
time burden of complying with the rule
will depend on respondent-specific
factors, including size, number of
customers, and proprietary trading
activity. The staff estimates that the
average time spent per respondent on
the rule is 100 hours per year. This
estimate takes into account the fact that
more than half the 5,907 respondents—
according to financial reports filed with
the SEC—may spend little or no time in
complying with the rule, given that they
do not do a public securities business or
do not hold inventories of securities.
For these reasons, the staff estimates
that the total compliance burden per
year is 590,700 hours (5,907
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19135
respondents × 100 hours/respondent). It
should be noted that most brokerdealers would engage in the activities
required by Rule 17a–13 even if they
were not required to do so.
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 shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the proposed 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 R. Corey Booth, Director/CIO, Office
of Information Technology, Securities
and Exchange Commission, 450 5th
Street, NW., Washington, DC 20549.
Dated: March 30, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1669 Filed 4–11–05; 8:45 am]
BILLING CODE 8010–01–P
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 17Ac3–1(a), SEC File No. 270–96,
OMB Control No. 3235–0151;
Form TA–W(1669), SEC File No. 270–96,
OMB Control No. 3235–0151.
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’’) 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.
Subsection (c)(4)(B) of Section 17A of
the Securities Exchange Act of 1934
(‘‘Exchange Act’’) authorizes transfer
agents registered with an appropriate
regulatory agency (‘‘ARA’’) to withdraw
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12APN1
]]>Agencies
[Federal Register Volume 70, Number 69 (Tuesday, April 12, 2005)]
[Notices]
[Pages 19134-19135]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1668]
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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 17a-2, SEC File No. 270-189, OMB Control No. 3235-
0201.
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'') 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.
Rule 17a-2 requires underwriters to maintain information regarding
stabilizing activities, syndicate covering transactions, and penalty
bids. The Commission estimates that 519 respondents collect information
under Rule 17a-2 and that approximately 2,595 hours in the aggregate
are required annually for these collections.
[[Page 19135]]
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 R. Corey Booth, Director/
Chief Information Officer, Office of Information Technology, Securities
and Exchange Commission, 450 5th Street, NW., Washington, DC 20549.
Dated: March 31, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1668 Filed 4-11-05; 8:45 am]
BILLING CODE 8010-01-P
