Submission for OMB Review; Comment Request, 35314-35315 [E5-3107]
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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
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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.
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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
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Federal Register / Vol. 70, No. 116 / Friday, June 17, 2005 / Notices
the Commission should attach to the
granting of the application any terms or
conditions necessary or appropriate in
the public interest, for the protection of
investors, or in furtherance of the
purposes of Section 17A of the
Exchange Act. Without Rule 17Ac3–1(a)
and Form TA–W, transfer agents
registered with the Commission would
not have a means for voluntary
deregistration when necessary or
appropriate to do so.
Respondents file approximately 50
TA–Ws with the Commission annually.
A Form TA–W filing occurs only once,
when a transfer agent is seeing
deregistration. Since the form is simple
and straightforward, the Commission
estimates that a transfer agent need
spend no more than 30 minutes to
complete a Form TA–W. Therefore, the
total average annual burden to covered
entities is approximately 25 hours of
preparation and maintenance time.
In view of the ready availability of the
information requested by TA–W, its
short and simple presentation, and the
Commission’s experience with the form,
we estimate that approximately 30
minutes is required to complete Form
TA–W, including clerical time. The
Commission estimates a cost of
approximately $35 for each 30 minutes.
Therefore, the total average annual cost
burden is approximately $1,750.
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 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, 100 F Street, NE.,
Washington, DC 20549. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: June 7, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–3107 Filed 6–16–05; 8:45 am]
BILLING CODE 8010–01–P
VerDate jul<14>2003
17:59 Jun 16, 2005
Jkt 205001
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 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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for the extension of
the previously approved collection of
information on 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
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, the 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
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35315
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
respondents x 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.
Security counts under Rule 17a–13
are mandatory for broker-dealers. If a
broker-dealer has security discrepancies
that must be recorded in its records,
such records must be preserved for a
period of no less than three years
pursuant to Rule 17a–4(b)(1). Rule 17a–
13 does not assure confidentiality for
security discrepancy records and reports
on Form X–17a–5.1 Please note that 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
1 The records required by Rule 17a–13 are
available only to the examination of the
Commission staff, state securities authorities and
the SROs. Subject to the provisions of the Freedom
of Information Act, 5 U.S.C. 522, and the
Commission’s rules thereunder (17 CFR
200.80(b)(4)(iii)), the Commission does not
generally publish or make available information
contained in any reports, summaries, analyses,
letters, or memoranda arising out of, in anticipation
of, or in connection with an examination or
inspection of the books and records of any person
or any other investigation.
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]]>Agencies
[Federal Register Volume 70, Number 116 (Friday, June 17, 2005)]
[Notices]
[Pages 35314-35315]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3107]
-----------------------------------------------------------------------
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
[[Page 35315]]
the Commission should attach to the granting of the application any
terms or conditions necessary or appropriate in the public interest,
for the protection of investors, or in furtherance of the purposes of
Section 17A of the Exchange Act. Without Rule 17Ac3-1(a) and Form TA-W,
transfer agents registered with the Commission would not have a means
for voluntary deregistration when necessary or appropriate to do so.
Respondents file approximately 50 TA-Ws with the Commission
annually. A Form TA-W filing occurs only once, when a transfer agent is
seeing deregistration. Since the form is simple and straightforward,
the Commission estimates that a transfer agent need spend no more than
30 minutes to complete a Form TA-W. Therefore, the total average annual
burden to covered entities is approximately 25 hours of preparation and
maintenance time.
In view of the ready availability of the information requested by
TA-W, its short and simple presentation, and the Commission's
experience with the form, we estimate that approximately 30 minutes is
required to complete Form TA-W, including clerical time. The Commission
estimates a cost of approximately $35 for each 30 minutes. Therefore,
the total average annual cost burden is approximately $1,750.
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 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, 100 F Street, NE.,
Washington, DC 20549. Comments must be submitted to OMB within 30 days
of this notice.
Dated: June 7, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3107 Filed 6-16-05; 8:45 am]
BILLING CODE 8010-01-P
