Submission for OMB Review; Comment Request, 35311-35312 [E5-3103]

Download as PDF Federal Register / Vol. 70, No. 116 / Friday, June 17, 2005 / Notices 35311 Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC, 20503 or by sending an e-mail to: David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer. Comments must be submitted to OMB within 30 days of this notice. Dated: June 7, 2005. Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–3097 Filed 6–16–05; 8:45 am] Dated: June 6, 2005. J. Lynn Taylor, Assistant Secretary. [FR Doc. E5–3102 Filed 6–16–05; 8:45 am] BILLING CODE 8010–01–P BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION 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. Issued in Washington, DC, this 13th day of June, 2005. Richard W. Hartt, Assistant Executive Director and Chief Technology Officer, Pension Benefit Guaranty Corporation. [FR Doc. 05–11959 Filed 6–16–05; 8:45 am] an 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. Submission for OMB Review; Comment Request per response) and $77,365. The PBGC further estimates that 5,500 individuals annually will provide the PBGC with identifying information as part of an initial contact and that the associated burden is 1,500 hours (an average of about one-quarter hour per response) and $1,110. Thus, the total estimated annual burden associated with this collection of information is 118,475 hours and $78,475. Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Extension: Rule 102, SEC File No. 270–409, OMB Control No. 3235–0467. Extension: Rule 27d–1 and Form N–27D–1; SEC File No. 270–499; OMB Control No. 3235– 0560; Rule 27d–2; SEC File No. 270–500; OMB Control No. 3235–0566. BILLING CODE 7708–01–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 103, SEC File No. 270–410, OMB Control No. 3235–0466. 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 a request for extension of the previously approved collection of information discussed below. Rule 103 permits passive marketmaking in Nasdaq securities during a distribution. A distribution participant that seeks use of this exception would be required to disclose to third parties its intention to engage in passive market making. The Commission estimates that 171 respondents collect information under Rule 103 and that approximately 171 hours in the aggregate are required annually for these collections. 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. Written 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 by sending VerDate jul<14>2003 17:59 Jun 16, 2005 Jkt 205001 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 a request for extension of the previously approved collection of information discussed below. Rule 102 prohibits distribution participants, issuers, and selling security holders from purchasing activities at specified times during a distribution of securities. Persons otherwise covered by these rules may seek to use several applicable exceptions such as a calculation of the average daily trading volume of the securities in distribution, the maintenance of policies regarding information barriers between their affiliates, and the maintenance a written policy regarding general compliance with Regulation M for de minimus transactions. The Commission estimates that 669 respondents collect information under Rule 102 and that approximately 1,569 hours in the aggregate are required annually for these collections. 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. Written 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 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of the collections of information under the Investment Company Act of 1940 (‘‘Act’’) summarized below. Rule 27d–1 [17 CFR 270.27d–1] is entitled ‘‘Reserve Requirements for Principal Underwriters and Depositors to Carry Out the Obligations to Refund Charges Required by Section 27(d) and Section 27(f) of the Act.’’ Form N–27D– 1 is entitled ‘‘Accounting of Segregated Trust Account.’’ Rule 27d–2 [17 CFR 270.27d–2] is entitled ‘‘Insurance Company Undertaking in Lieu of Segregated Trust Account.’’ Rule 27d–1 requires the depositor or principal underwriter for an issuer to deposit funds into a segregated trust account to provide assurance of its ability to fulfill its refund obligations under sections 27(d) and 27(f). The rule sets forth minimum reserve amounts and guidelines for the management and disbursement of the assets in the account. A single account may be used for the periodic payment plans of multiple investment companies. Rule 27d–1(j) directs depositors and principal underwriters to make an accounting of their segregated trust E:\FR\FM\17JNN1.SGM 17JNN1 35312 Federal Register / Vol. 70, No. 116 / Friday, June 17, 2005 / Notices accounts on Form N–27D–1, which is intended to facilitate the Commission’s oversight of compliance with the reserve requirements set forth in rule 27d–1. The form requires depositors and principal underwriters to report deposits to a segregated trust account, including those made pursuant to paragraphs (c) and (e) of the rule. Withdrawals pursuant to paragraph (f) of the rule also must be reported. In addition, the form solicits information regarding the minimum amount required to be maintained under paragraphs (d) and (e) of rule 27d–1. Depositors and principal underwriters must file the form once a year on or before January 31 of the year following the year for which information is presented. Instead of relying on rule 27d–1 and filing Form N–27D–1, depositors or principal underwriters for the issuers of periodic payment plans may rely on the exemption afforded by rule 27d–2. In order to comply with the rule, (i) the depositor or principal underwriter must secure from an insurance company a written guarantee of the refund requirements, (ii) the insurance company must satisfy certain financial criteria, and (iii) the depositor or principal underwriter must file as an exhibit to the issuer’s registration statement, a copy of the written undertaking, an annual statement that the insurance company has met the requisite financial criteria on a monthly basis, and an annual audited balance sheet. Rules 27d–1 and 27d–2, which were explicitly authorized by statute, provide assurance that depositors and principal underwriters of issuers have access to sufficient cash to meet the demands of certificate holders who reconsider their decisions to invest in a periodic payment plan. The information collection requirements in rules 27d–1 and 27d–2 enable the Commission to monitor compliance with reserve rules. Commission staff estimates that there are four issuers of periodic payment plan certificates. The depositor or principal underwriter of each of these issuers must file Form N–27D–1 annually or comply with the requirements in rule 27d–2. On average, the Commission receives two Form N– 27D–1 filings annually. The staff estimates that a staff accountant spends 8 hours and an accounting manager spends 3 hours preparing the form. Therefore, the total annual hour burden associated with rule 27d–1 and Form N– VerDate jul<14>2003 17:59 Jun 16, 2005 Jkt 205001 27d–1 is estimated to be 22 hours.1 The staff estimates that two depositors or principal underwriters rely on rule 27d– 2 and that each of these respondents makes three responses annually. We estimate that each depositor or underwriter expends approximately two hours per year obtaining a written guarantee from an insurance company or negotiating changes to coverage with the insurance company and five hours per year filing the two required documents from the insurance company on EDGAR. Thus, we estimate that the annual burden is approximately 14 hours.2 The staff believes that rules 27d–1 and 27d–2 and Form N–27D–1 do not impose any cost burdens other than those arising from the hour burdens discussed above. The estimates of average burden hours and costs 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 Commission rules and forms.3 Complying with the collection of information requirements of rule 27d–1 is mandatory for depositors or principal underwriters of issuers of periodic payment plans unless they comply with the requirements in rule 27d–2. The information provided pursuant to rules 27d–1 and 27d–2 is public and, therefore, will not be kept confidential. 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 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. 1 This estimate is based on the following calculation: 2 funds × (8 hours of staff accountant time + 3 hours of accounting time) = 22 hours. 2 This estimate is based on the following calculation: 2 funds × (2 hours negotiating coverage + 5 hours filing necessary proof of adequate coverage) = 14 hours. 3 These estimates are based on telephone interviews between the Commission staff and representatives of depositors or principle underwriters of periodic payment plan issuers. PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 June 6, 2005. J. Lynn Taylor, Assistant Secretary. [FR Doc. E5–3103 Filed 6–16–05; 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 17f–2(e), SEC File No. 270–37, OMB Control No. 3235–0031. 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 a request for approval of extension on the following rule: Rule 17f–2(e). Rule 17f–2(e) requires members of national securities exchanges, brokers, dealers, registered transfer agents, and registered clearing agencies claiming exemption from the fingerprinting requirements of Rule 17f–2 to prepare and maintain a statement supporting their claim exemption. This requirement assists the Commission and other regulatory agencies with ensuring compliance with Rule 17f–2. Notices prepared pursuant to Rule 17f–2(e) must be maintained for as long as the covered entity claims an exemption from the fingerprinting requirements of Rule 17f–2. The recordkeeping requirement under Rule 17f–2(e) is mandatory to assist the Commission and other regulatory agencies with ensuring compliance with Rule 17f–2. This rule does not involve the collection of confidential information. It is estimated that approximately 75 respondents will incur an average burden of 30 minutes per year to comply with this rule, for a total approximate burden of 38 hours. 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. Written 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 E:\FR\FM\17JNN1.SGM 17JNN1

Agencies

[Federal Register Volume 70, Number 116 (Friday, June 17, 2005)]
[Notices]
[Pages 35311-35312]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3103]


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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 27d-1 and Form N-27D-1; SEC File No. 270-499; OMB Control 
No. 3235-0560; Rule 27d-2; SEC File No. 270-500; OMB Control No. 
3235-0566.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange 
Commission (the ``Commission'') has submitted to the Office of 
Management and Budget (``OMB'') a request for approval of the 
collections of information under the Investment Company Act of 1940 
(``Act'') summarized below.
    Rule 27d-1 [17 CFR 270.27d-1] is entitled ``Reserve Requirements 
for Principal Underwriters and Depositors to Carry Out the Obligations 
to Refund Charges Required by Section 27(d) and Section 27(f) of the 
Act.'' Form N-27D-1 is entitled ``Accounting of Segregated Trust 
Account.'' Rule 27d-2 [17 CFR 270.27d-2] is entitled ``Insurance 
Company Undertaking in Lieu of Segregated Trust Account.'' Rule 27d-1 
requires the depositor or principal underwriter for an issuer to 
deposit funds into a segregated trust account to provide assurance of 
its ability to fulfill its refund obligations under sections 27(d) and 
27(f). The rule sets forth minimum reserve amounts and guidelines for 
the management and disbursement of the assets in the account. A single 
account may be used for the periodic payment plans of multiple 
investment companies. Rule 27d-1(j) directs depositors and principal 
underwriters to make an accounting of their segregated trust

[[Page 35312]]

accounts on Form N-27D-1, which is intended to facilitate the 
Commission's oversight of compliance with the reserve requirements set 
forth in rule 27d-1. The form requires depositors and principal 
underwriters to report deposits to a segregated trust account, 
including those made pursuant to paragraphs (c) and (e) of the rule. 
Withdrawals pursuant to paragraph (f) of the rule also must be 
reported. In addition, the form solicits information regarding the 
minimum amount required to be maintained under paragraphs (d) and (e) 
of rule 27d-1. Depositors and principal underwriters must file the form 
once a year on or before January 31 of the year following the year for 
which information is presented.
    Instead of relying on rule 27d-1 and filing Form N-27D-1, 
depositors or principal underwriters for the issuers of periodic 
payment plans may rely on the exemption afforded by rule 27d-2. In 
order to comply with the rule, (i) the depositor or principal 
underwriter must secure from an insurance company a written guarantee 
of the refund requirements, (ii) the insurance company must satisfy 
certain financial criteria, and (iii) the depositor or principal 
underwriter must file as an exhibit to the issuer's registration 
statement, a copy of the written undertaking, an annual statement that 
the insurance company has met the requisite financial criteria on a 
monthly basis, and an annual audited balance sheet.
    Rules 27d-1 and 27d-2, which were explicitly authorized by statute, 
provide assurance that depositors and principal underwriters of issuers 
have access to sufficient cash to meet the demands of certificate 
holders who reconsider their decisions to invest in a periodic payment 
plan. The information collection requirements in rules 27d-1 and 27d-2 
enable the Commission to monitor compliance with reserve rules.
    Commission staff estimates that there are four issuers of periodic 
payment plan certificates. The depositor or principal underwriter of 
each of these issuers must file Form N-27D-1 annually or comply with 
the requirements in rule 27d-2. On average, the Commission receives two 
Form N-27D-1 filings annually. The staff estimates that a staff 
accountant spends 8 hours and an accounting manager spends 3 hours 
preparing the form. Therefore, the total annual hour burden associated 
with rule 27d-1 and Form N-27d-1 is estimated to be 22 hours.\1\ The 
staff estimates that two depositors or principal underwriters rely on 
rule 27d-2 and that each of these respondents makes three responses 
annually. We estimate that each depositor or underwriter expends 
approximately two hours per year obtaining a written guarantee from an 
insurance company or negotiating changes to coverage with the insurance 
company and five hours per year filing the two required documents from 
the insurance company on EDGAR. Thus, we estimate that the annual 
burden is approximately 14 hours.\2\
---------------------------------------------------------------------------

    \1\ This estimate is based on the following calculation: 2 funds 
x (8 hours of staff accountant time + 3 hours of accounting time) = 
22 hours.
    \2\ This estimate is based on the following calculation: 2 funds 
x (2 hours negotiating coverage + 5 hours filing necessary proof of 
adequate coverage) = 14 hours.
---------------------------------------------------------------------------

    The staff believes that rules 27d-1 and 27d-2 and Form N-27D-1 do 
not impose any cost burdens other than those arising from the hour 
burdens discussed above.
    The estimates of average burden hours and costs 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 
Commission rules and forms.\3\
---------------------------------------------------------------------------

    \3\ These estimates are based on telephone interviews between 
the Commission staff and representatives of depositors or principle 
underwriters of periodic payment plan issuers.
---------------------------------------------------------------------------

    Complying with the collection of information requirements of rule 
27d-1 is mandatory for depositors or principal underwriters of issuers 
of periodic payment plans unless they comply with the requirements in 
rule 27d-2. The information provided pursuant to rules 27d-1 and 27d-2 
is public and, therefore, will not be kept confidential. 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 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.

    June 6, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3103 Filed 6-16-05; 8:45 am]
BILLING CODE 8010-01-P
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