Submission for OMB Review; Comment Request, 35316 [E5-3117]
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Federal Register / Vol. 70, No. 116 / Friday, June 17, 2005 / Notices
Regulatory Affairs, Office of
Management and Budget, Room 10202,
New Executive Office Building,
Washington, DC 20503 or e-mail to
David_Rostker@omb.eop.gov; and (ii) R.
Corey Booth, Director/CIO, 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. E5–3116 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 17a–10, SEC File No. 270–507, OMB
Control No. 3235–0563.
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(a) of the Investment
Company Act of 1940 (the ‘‘Act’’),
prohibits affiliated persons of a
registered investment company (‘‘fund’’)
from borrowing money or other property
from, or selling or buying securities or
other property to or from the fund, or
any company that the fund controls.
Rule 17a–10 permits (i) a subadviser of
a fund to enter into transactions with
funds the subadviser does not advise
but which are affiliated persons of a
fund that it does advise (e.g., other
funds in the fund complex), and (ii) a
subadviser (and its affiliated persons) to
enter into transactions and
arrangements with funds the subadviser
does advise, but only with respect to
discrete portions of the subadvised fund
for which the subadviser does not
provide investment advice.
To qualify for the exemptions in rule
17a–10, the subadvisory relationship
must be the sole reason why section
17(a) prohibits the transaction; and the
advisory contracts of the subadviser
entering into the transaction, and any
VerDate jul<14>2003
17:59 Jun 16, 2005
Jkt 205001
subadviser that is advising the
purchasing portion of the fund, must
prohibit the subadvisers from consulting
with each other concerning securities
transactions of the fund, and limit their
responsibility to providing advice with
respect to discrete portions of the fund’s
portfolio.1
The Commission staff estimates that
3,028 portfolios of approximately 2,126
funds 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
exemptions in rule 17a–10. The staff
assumes that all of these funds amended
their advisory contracts following the
adoption of rule 17a–10 in 2002 that
conditioned certain exemptions upon
these contractual alterations.2
Based on an analysis of investment
company filings, the staff estimates that
approximately 200 new funds are
registered 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, then
approximately 46 new funds will enter
into subadvisory agreements each year.3
The Commission staff further estimates,
based on an analysis of investment
company filings, that 10 extant funds
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,4 will enter
into subadvisory agreements each year.
Assuming that each of these funds
enters into a contract that permits it to
rely on the exemptions in rule 17a–10,
we estimate that the rule’s contract
modification requirement will result in
117 burden hours annually.5
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. The estimate
17 CFR 270.17a–10(a)(2).
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 Commission has
apportioned the burden hours associated with the
required contract modifications equally among the
four rules.
3 Based on information in Commission filings, we
estimate that 23 percent of funds are advised by
subadvisers.
4 Based on existing statistics, we assume that each
fund has 1.4 portfolios advised by a subadviser.
5 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).
PO 00000
1 See
2 Rules
Frm 00096
Fmt 4703
Sfmt 4703
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
17a–10. Responses 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 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. E5–3117 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.
Extensions:
Form 6–K, OMB Control No. 3235–0116,
SEC File No. 270–107.
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.
Form 6–K elicits material information
from foreign private issuers of publicly
traded securities promptly after the
occurrence of specified or other
important corporate events so that
investors have current information upon
which to base investment decisions. The
purpose of Form 6–K is to ensure that
U.S. investors have access to the same
E:\FR\FM\17JNN1.SGM
17JNN1
]]>Agencies
[Federal Register Volume 70, Number 116 (Friday, June 17, 2005)]
[Notices]
[Page 35316]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3117]
-----------------------------------------------------------------------
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-10, SEC File No. 270-507, OMB Control No. 3235-0563.
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(a) of the Investment Company Act of 1940 (the ``Act''),
prohibits affiliated persons of a registered investment company
(``fund'') from borrowing money or other property from, or selling or
buying securities or other property to or from the fund, or any company
that the fund controls. Rule 17a-10 permits (i) a subadviser of a fund
to enter into transactions with funds the subadviser does not advise
but which are affiliated persons of a fund that it does advise (e.g.,
other funds in the fund complex), and (ii) a subadviser (and its
affiliated persons) to enter into transactions and arrangements with
funds the subadviser does advise, but only with respect to discrete
portions of the subadvised fund for which the subadviser does not
provide investment advice.
To qualify for the exemptions in rule 17a-10, the subadvisory
relationship must be the sole reason why section 17(a) prohibits the
transaction; and the advisory contracts of the subadviser entering into
the transaction, and any subadviser that is advising the purchasing
portion of the fund, must prohibit the subadvisers from consulting with
each other concerning securities transactions of the fund, and limit
their responsibility to providing advice with respect to discrete
portions of the fund's portfolio.\1\
---------------------------------------------------------------------------
\1\ See 17 CFR 270.17a-10(a)(2).
---------------------------------------------------------------------------
The Commission staff estimates that 3,028 portfolios of
approximately 2,126 funds 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
exemptions in rule 17a-10. The staff assumes that all of these funds
amended their advisory contracts following the adoption of rule 17a-10
in 2002 that conditioned certain exemptions upon these contractual
alterations.\2\
---------------------------------------------------------------------------
\2\ 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 Commission has apportioned the burden
hours associated with the required contract modifications equally
among the four rules.
---------------------------------------------------------------------------
Based on an analysis of investment company filings, the staff
estimates that approximately 200 new funds are registered 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, then approximately 46 new funds will enter
into subadvisory agreements each year.\3\ The Commission staff further
estimates, based on an analysis of investment company filings, that 10
extant funds 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,\4\ will enter into subadvisory agreements each
year. Assuming that each of these funds enters into a contract that
permits it to rely on the exemptions in rule 17a-10, we estimate that
the rule's contract modification requirement will result in 117 burden
hours annually.\5\
---------------------------------------------------------------------------
\3\ Based on information in Commission filings, we estimate that
23 percent of funds are advised by subadvisers.
\4\ Based on existing statistics, we assume that each fund has
1.4 portfolios advised by a subadviser.
\5\ 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 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 17a-10. Responses 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 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. E5-3117 Filed 6-16-05; 8:45 am]
BILLING CODE 8010-01-P
