Submission for OMB Review; Comment Request, 35314 [E5-3106]
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Federal Register / Vol. 70, No. 116 / Friday, June 17, 2005 / Notices
Dated: June 6, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–3105 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 17d–1, SEC File No. 270–505, OMB
Control No. 3235–0562.
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
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Section 17(d) of the Investment
Company Act of 1940 (the ‘‘Act’’)
prohibits first- and second-tier affiliates
of a fund, the fund’s principal
underwriters, and affiliated persons of
the fund’s principal underwriters, acting
as principal, to effect any transaction in
which the fund or a company controlled
by the fund is a joint or a joint and
several participant in contravention of
the Commission’s rules. Rule 17d–1
(‘‘Applications regarding joint
enterprises or arrangements and certain
profit-sharing plans’’ [17 CFR 270.17d–
1]) permits a fund to enter into a joint
arrangement with a portfolio affiliate (an
issuer of which a fund owns a position
in excess of five percent of the voting
securities), or an affiliated person of a
portfolio affiliate, as long as certain
other affiliated persons of the fund (e.g.,
the fund’s adviser, persons controlling
the fund, and persons under common
control with the fund) are not parties to
the transaction and do not have a
financial interest in a party to the
transaction. Rule 17d–1 provides that,
in addition to the interests identified in
the rule not to be ‘‘financial interests,’’
the term ‘‘financial interest’’ also does
not include any interest that the fund’s
board of directors (including a majority
of the directors who are not interested
persons of the fund) finds to be not
material. The rule requires that the
minutes of the board’s meeting record
the basis for the board’s finding.
The information collection
requirements in rule 17d–1 are intended
VerDate jul<14>2003
17:59 Jun 16, 2005
Jkt 205001
to ensure that Commission staff can
review, in the course of its compliance
and examination functions, the basis for
a board of director’s finding that the
financial interest of a prohibited
participant in a party to a transaction
with a portfolio affiliate is not material.
Based on analysis of past filings, the
Commission’s staff estimates that 148
funds are affiliated persons of 668
issuers as a result of the fund’s
ownership or control of the issuer’s
voting securities, and that there are
approximately 1,000 such affiliate
relationships. Staff discussions with
mutual fund representatives have
suggested that no funds are currently
relying on rule 17d–1 exemptions. We
do not know definitively the reasons for
this change in transactional behavior,
but differing market conditions from
year to year may offer some explanation
for the current lack of fund interest in
the exemptions under rule 17d–1.
Accordingly, we estimate that annually
there will be no joint transactions under
rule 17d–1 that will result in a
collection of information. The
Commission requests authorization to
maintain an inventory of one burden
hour to ease future renewals of rule 17d1 collection of information analysis
should reliance on the rule increase in
the coming years.
The estimate of average burden hours
is 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.
Complying with this collection of
information requirement is necessary to
obtain the benefit of relying on rule
17d–1. 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.
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 email 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.
PO 00000
Frm 00094
Fmt 4703
Sfmt 4703
Dated: June 6, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–3106 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 17Ac3–1(a), SEC File No. 270–96,
OMB Control No. 3235–0151. Form TA–
W, 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’’) has submitted to the
Office of Management and Budget
requests for approval of extension on
the following rule and form: Rule
17Ac3–1(a) and Form TA–W.
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
from registration by filing with the ARA
a written notice of withdrawal and by
agreeing to such terms and conditions as
the ARA deems necessary or
appropriate in the public interest, for
the protection of investors, or in the
furtherance of the purposes of Section
17A.
In order to implement Section
17A(c)(4)(B) of the Exchange Act the
Commission, on September 1, 1977,
promulgated Rule 17Ac3–1(a) and
accompanying Form TA–W. Rule
17Ac3–1(a) provides that notice of
withdrawal of registration as a transfer
agent with the Commission shall be
filed on Form TA–W. Form TA–W
requires the withdrawing transfer agent
to provide the Commission with certain
information, including: (1) The
locations where transfer agent activities
are or were performed; (2) the reasons
for ceasing the performance of such
activities; (3) disclosure of unsatisfied
judgments or liens; and (4) information
regarding successor transfer agents.
The Commission uses the information
disclosed on Form TA–W to determine
whether the registered transfer agent
applying for withdrawal from
registration as a transfer agent should be
allowed to deregister and, if so, whether
E:\FR\FM\17JNN1.SGM
17JNN1
]]>Agencies
[Federal Register Volume 70, Number 116 (Friday, June 17, 2005)]
[Notices]
[Page 35314]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3106]
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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 17d-1, SEC File No. 270-505, OMB Control No. 3235-0562.
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
(``OMB'') a request for extension of the previously approved collection
of information discussed below.
Section 17(d) of the Investment Company Act of 1940 (the ``Act'')
prohibits first- and second-tier affiliates of a fund, the fund's
principal underwriters, and affiliated persons of the fund's principal
underwriters, acting as principal, to effect any transaction in which
the fund or a company controlled by the fund is a joint or a joint and
several participant in contravention of the Commission's rules. Rule
17d-1 (``Applications regarding joint enterprises or arrangements and
certain profit-sharing plans'' [17 CFR 270.17d-1]) permits a fund to
enter into a joint arrangement with a portfolio affiliate (an issuer of
which a fund owns a position in excess of five percent of the voting
securities), or an affiliated person of a portfolio affiliate, as long
as certain other affiliated persons of the fund (e.g., the fund's
adviser, persons controlling the fund, and persons under common control
with the fund) are not parties to the transaction and do not have a
financial interest in a party to the transaction. Rule 17d-1 provides
that, in addition to the interests identified in the rule not to be
``financial interests,'' the term ``financial interest'' also does not
include any interest that the fund's board of directors (including a
majority of the directors who are not interested persons of the fund)
finds to be not material. The rule requires that the minutes of the
board's meeting record the basis for the board's finding.
The information collection requirements in rule 17d-1 are intended
to ensure that Commission staff can review, in the course of its
compliance and examination functions, the basis for a board of
director's finding that the financial interest of a prohibited
participant in a party to a transaction with a portfolio affiliate is
not material.
Based on analysis of past filings, the Commission's staff estimates
that 148 funds are affiliated persons of 668 issuers as a result of the
fund's ownership or control of the issuer's voting securities, and that
there are approximately 1,000 such affiliate relationships. Staff
discussions with mutual fund representatives have suggested that no
funds are currently relying on rule 17d-1 exemptions. We do not know
definitively the reasons for this change in transactional behavior, but
differing market conditions from year to year may offer some
explanation for the current lack of fund interest in the exemptions
under rule 17d-1. Accordingly, we estimate that annually there will be
no joint transactions under rule 17d-1 that will result in a collection
of information. The Commission requests authorization to maintain an
inventory of one burden hour to ease future renewals of rule 17d-1
collection of information analysis should reliance on the rule increase
in the coming years.
The estimate of average burden hours is 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. Complying with this collection of
information requirement is necessary to obtain the benefit of relying
on rule 17d-1. 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.
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 email 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: June 6, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3106 Filed 6-16-05; 8:45 am]
BILLING CODE 8010-01-P
