Submission for OMB Review; Comment Request, 35316-35317 [E5-3118]
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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
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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
Federal Register / Vol. 70, No. 116 / Friday, June 17, 2005 / Notices
information that foreign investors do
when making investment decisions.
Form 6–K is a public document and all
information provided is mandatory.
Form 6–K is filed by approximately
14,661 issuers annually. We estimate
that it takes 8 hours per response to
prepare Form 6–K for a total annual
burden of 117,288 hours. We further
estimate that 367 Forms 6–K each year
require an additional 27 hours per
response to translate into English an
additional 8 pages of foreign language
text for a total of 9,909 additional
burden hours, which results in 127,197
total annual burden hours for Form 6–
K. We estimate that respondents incur
75% of the 117,288 annual burden
hours (87,966 hours) to prepare Form 6–
K and 25% of the 9,909 burden hours
(2,477 hours) to translate the additional
foreign language text into English for a
total annual reporting burden of 90,443
hours. The remaining burden hours are
reflected as a cost to the foreign private
issuers.
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 send an 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 7, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–3118 Filed 6–16–05; 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.
Extensions:
Form 8–A, OMB Control No. 3235–0056,
SEC File No. 270–54.
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17:59 Jun 16, 2005
Jkt 205001
Form 12b–25, OMB Control No. 3235–
0058, SEC File No. 270–71.
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 collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget for
extension and approval.
Form 8–A is a registration statement
for certain classes of securities pursuant
to Section 12(b) and 12(g) of the
Securities Exchange Act of 1934.
Section 12(a) requires securities traded
on national exchanges to be registered
under the Exchange Act. Section 12(g),
and Rule 12g–1 promulgated
thereunder, extend the Exchange Act
registration requirements to issuers
engaged in interstate commerce, or in a
business affecting interstate commerce,
and having total assets exceeding
$10,000,000 and a class of equity
security held or record by 500 or more
people. Form 8–A takes approximately
3 hours to prepare and is filed by
approximately 1,760 respondents for a
total of 5,280 annual burden hours.
Form 12b–25 provides notice to the
Commission and the marketplace that a
public company will be unable to timely
file a required periodic report. If certain
conditions are met, the company is
granted an automatic filing extension.
Form 12b–25 is filed by publicly held
companies. Form 12b–25 takes
approximately 2.5 hours to prepare and
is filed by approximately 7,799
companies for a total of 19,498 annual
burden hours.
Written comments are invited on: (a)
Whether these collections of
information are 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 collections 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 Fifth Street,
NW., Washington, DC 20549.
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35317
Dated: June 8, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–3119 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 7d–2, SEC File No. 270–464, OMB
Control No. 3235–0527.
Rule 237, SEC File No. 270–465, OMB
Control No. 3235–0528.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension and
approval of the collections of
information discussed below.
In Canada, as in the United States,
individuals can invest a portion of their
earnings in tax-deferred retirement
savings accounts (‘‘Canadian retirement
accounts’’). In cases where these
individuals move to the United States,
these participants (‘‘Canadian/U.S.
Participants’’ or ‘‘participants’’) may not
be able to manage their Canadian
retirement account investments. Most
securities and most investment
companies (‘‘funds’’) that are ‘‘qualified
investments’’ for Canadian retirement
accounts are not registered under the
U.S. securities laws. Those securities,
therefore, generally cannot be publicly
offered and sold in the United States
without violating the registration
requirements of the Securities Act of
1933 (‘‘Securities Act’’) 1 and, in the
case of securities of an unregistered
fund, the Investment Company Act of
1940 (‘‘Investment Company Act’’).2 As
a result of these registration
requirements of the U.S. securities laws,
Canadian/U.S. Participants, in the past,
had not been able to purchase or
exchange securities for their Canadian
retirement accounts as needed to meet
their changing investment goals or
income needs.
In 2000, the Commission issued two
rules that enabled Canadian/U.S.
Participants to manage the assets in
1 15
2 15
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U.S.C. 77.
U.S.C. 80a.
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]]>Agencies
[Federal Register Volume 70, Number 116 (Friday, June 17, 2005)]
[Notices]
[Pages 35316-35317]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3118]
-----------------------------------------------------------------------
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
[[Page 35317]]
information that foreign investors do when making investment decisions.
Form 6-K is a public document and all information provided is
mandatory. Form 6-K is filed by approximately 14,661 issuers annually.
We estimate that it takes 8 hours per response to prepare Form 6-K for
a total annual burden of 117,288 hours. We further estimate that 367
Forms 6-K each year require an additional 27 hours per response to
translate into English an additional 8 pages of foreign language text
for a total of 9,909 additional burden hours, which results in 127,197
total annual burden hours for Form 6-K. We estimate that respondents
incur 75% of the 117,288 annual burden hours (87,966 hours) to prepare
Form 6-K and 25% of the 9,909 burden hours (2,477 hours) to translate
the additional foreign language text into English for a total annual
reporting burden of 90,443 hours. The remaining burden hours are
reflected as a cost to the foreign private issuers.
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 send 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.
Dated: June 7, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3118 Filed 6-16-05; 8:45 am]
BILLING CODE 8010-01-P
