Issuer Delisting; Notice of Application of Alestra, S. de R.L. de C.V. To Withdraw Its 8% Senior Notes (Due 2010), From Listing and Registration on the New York Stock Exchange, Inc., 47269-47270 [E5-4362]

Download as PDF Federal Register / Vol. 70, No. 155 / Friday, August 12, 2005 / Notices permanently in an easily accessible place.3 Each fund that chooses to rely on rule 32a–4 incurs two collection of information burdens. The first, related to the board of directors’ adoption of the audit committee charter, occurs once, when the committee is established. The second, related to the fund’s maintenance and preservation of a copy of the charter in an easily accessible place, is an ongoing annual burden. The information collection requirement in rule 32a–4 enables the Commission to monitor the duties and responsibilities of an independent audit committee formed by a fund relying on the rule. Commission staff estimates that, on average, the board of directors takes 15 minutes to adopt the audit committee charter. Commission staff has estimated that with an average of 8 directors on the board,4 total director time to adopt the charter is 2 hours. Combined with an estimated 1 hour of paralegal time to prepare the charter for board review, the staff estimates a total one–time collection of information burden of 3 hours for each fund. Once a board adopts an audit committee charter, a fund generally maintains it in a file cabinet or as a computer file. Commission staff has estimated that there is no annual hourly burden associated with maintaining the charter in this form.5 Because virtually all funds extant have now adopted audit committee charters, the annual one–time collection of information burden associated with adopting audit committee charters in the future will be limited to the burden incurred by newly established funds. Commission staff estimates that fund sponsors establish approximately 400 new funds each year,6 and that all of these funds will adopt an audit 3 Rule 32a–4(c). 4 See Management Practice Inc. Bulletin: Fund directors pay increases 17% in smaller complexes, 8% in larger (2003) available at https:// www.mfgovern.com. 5 No hour burden related to such maintenance of the charter was identified by the funds the Commission staff surveyed. Commission staff understands that many audit committee charters have been significantly revised after their adoption in response to the Sarbanes–Oxley Act (Pub. Law 107–204, 116 Stat. 745) and other developments. However, the costs associated with these revisions are not attributable to the requirements of rule 32a– 4. 6 See Investment Company Institute (‘‘ICI’’), Mutual Fund Factbook (2005) (‘‘ICI 2005 Factbook’’), at 9. The total number of funds in the marketplace has remained approximately the same each year for the past three years. Although there has been some variation in the number of funds that are newly established and funds that has ceased operations each year, Commission staff has estimated that the total number of respondents will remain constant. Id at 9. VerDate jul<14>2003 17:14 Aug 11, 2005 Jkt 205001 47269 committee charter in order to rely on rule 32a–4. Thus, Commission staff estimates that the annual one–time hour burden associated with adopting an audit committee charter under rule 32a– 4 going forward will be approximately 1200 hours.7 As noted above, all funds that rely on rule 32a–4 are subject to the ongoing collection of information requirement to preserve a copy of the charter in an easily accessible place. This ongoing requirement, which Commission staff has estimated has no hourly burden, applies to the 400 new funds that adopt an audit committee charter each year and the 8044 funds that have previously adopted the charter and continue to maintain it. When funds adopt an audit committee charter in order to rely on rule 32a–4, they also may incur one–time costs related to hiring outside counsel to prepare the charter. Commission staff estimates that those costs average approximately $1000 per fund.8 Commission staff understands that virtually all funds now rely on rule 32a– 4 and have adopted audit committee charters, and thus estimates that the annual cost burden related to hiring outside legal counsel will, in the future, be limited to newly established funds. As noted above, Commission staff estimates that approximately 400 new funds each year will adopt an audit committee charter in order to rely on rule 32a–4, and that an additional 8044 funds will continue to preserve their audit committee charters in order to rely on rule 32a–4. Thus, Commission staff estimates that the ongoing annual cost burden associated with rule 32a–4 in the future will be approximately $400,000.9 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.10 The collections of information required by rule 32a–4 are necessary to obtain the benefits of the rule. The Commission is seeking OMB approval, because 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 are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; (b) the accuracy of the Commission’s estimate of the burden of the collection 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, 100 F Street, NE., Washington, DC 20549. 7 This estimate is based on the following calculation: (3.0 burden hours for establishing charter × 400 new funds = 1200 burden hours). 8 Costs may vary based on the individual needs of each fund. However, based on the staff’s conversations with outside counsel that prepare these charters, legal fees related to the preparation and adoption of an audit committee charter usually average $1000 or less. The Commission also understands that the ICI has prepared a model audit committee charter, which most legal professionals use when establishing audit committees, thereby reducing the costs associated with drafting a charter. 9 This estimate is based on the following calculations: ($1000 cost of adopting charter × 400 newly established funds = $400,000). 10 These estimates are based on telephone interviews between Commission staff and fund representatives. August 5, 2005. PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 Dated: August 5, 2005 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–4378 Filed 8–11–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 1–31894] Issuer Delisting; Notice of Application of Alestra, S. de R.L. de C.V. To Withdraw Its 8% Senior Notes (Due 2010), From Listing and Registration on the New York Stock Exchange, Inc. On July 13, 2005, Alestra, S. de R.L. de C.V., a company organized under the laws of Mexico (‘‘Issuer’’), filed an application with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (‘‘Act’’)1 and Rule 12d2–2(d) thereunder,2 to withdraw its 8% senior notes (due 2010) (‘‘Security’’), from listing and registration on the New York Stock Exchange, Inc. (‘‘NYSE’’). 1 15 2 17 E:\FR\FM\12AUN1.SGM U.S.C. 78l(d). CFR 240.12d2–2(d). 12AUN1 47270 Federal Register / Vol. 70, No. 155 / Friday, August 12, 2005 / Notices The Board of Directors (‘‘Board’’) of the Issuer approved resolutions on April 29, 2005, to withdraw the Security from listing and registration on NYSE. The Issuer stated that the following reasons factored into the Board’s decision to withdraw the Security. First, pursuant to the applicable NYSE rules and the Sarbanes-Oxley Act of 2002, the continued listing of the Security requires that the Issuer create an audit committee or qualify a statutory auditor to act as such. Due to the severely limited availability of specialized or otherwise qualified independent directors, domestic and foreign, the novelty of the requirement on Mexican closed-company issuers, and the cost that this would represent for the Issuer, it is not practicable for the Issuer to implement an audit committee. Second, the Security trades in very limited quantities, if at all, on NYSE. The Issuer stated in its application that it has complied with NYSE’s rules governing an issuer’s voluntary withdrawal of a security from listing and registration by providing NYSE with the required documents governing the removal of securities from listing and registration on NYSE. The Issuer’s application relates solely to the withdrawal of the Security from listing on NYSE and from registration under Section 12(b) of the Act,3 and shall not affect its obligation to be registered under Section 12(g) of the Act.4 Any interested person may, on or before August 30, 2005, comment on the facts bearing upon whether the application has been made in accordance with the rules of NYSE, and what terms, if any, should be imposed by the Commission for the protection of investors. All comment letters may be submitted by either of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/delist.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include the File Number 1–31894 or; Paper Comments • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–9303. All submissions should refer to File Number 1–31894. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/rules/delist.shtml). Comments are also available for public inspection and copying in the Commission’s Public Reference Room. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the Commission determines to order a hearing on the matter. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.5 Jonathan G. Katz, Secretary. [FR Doc. E5–4362 Filed 8–11–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 1–17262] Issuer Delisting; Notice of Application of S.Y. Bancorp, Inc. To Withdraw Its Common Stock, No Par Value, From Listing and Registration on the American Stock Exchange LLC August 5, 2005. On July 8, 2005, S.Y. Bancorp, Inc., a Kentucky corporation (‘‘Issuer’’), filed an application with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 12d2–2(d) thereunder,2 to withdraw its common stock, no par value (‘‘Security’’), from listing and registration on the American Stock Exchange LLC (‘‘Amex’’). On March 15, 2005, the Board of Directors (‘‘Board’’) of the Issuer approved a resolution to withdraw the Security from listing and registration on Amex and to list the Security on the Nasdaq National Market (‘‘Nasdaq’’). The Issuer stated that moving the Security to Nasdaq is an important part of the Board’s plan to gain more visibility for the Issuer, increase liquidity in the Security, and enhance long-term shareholder value. The Issuer stated that the Board believes that CFR 200.30–3(a)(1). U.S.C. 78l(d). 2 17 CFR 240.12d2–2(d). Nasdaq’s multiple market maker system will help achieve such goals and position the Issuer among other vibrant, innovative companies that are part of Nasdaq. The Issuer stated that it has met the requirements of Amex’s rules governing an issuer’s voluntary withdrawal of a security from listing and registration by complying with all the applicable laws in effect in Kentucky, in which it is incorporated. The Issuer’s application relates solely to the withdrawal of the Security from listing on Amex and from registration under Section 12(b) of the Act,3 and shall not affect its obligation to be registered under Section 12(g) of the Act.4 Any interested person may, on or before August 30, 2005, comment on the facts bearing upon whether the application has been made in accordance with the rules of Amex, and what terms, if any, should be imposed by the Commission for the protection of investors. All comment letters may be submitted by either of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/delist.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include the File Number 1–17262 or; Paper Comments • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–9303. All submissions should refer to File Number 1–17262. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/rules/delist.shtml). Comments are also available for public inspection and copying in the Commission’s Public Reference Room. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the 5 17 3 15 U.S.C. 78l(b). 4 15 U.S.C. 78l(g). VerDate jul<14>2003 17:14 Aug 11, 2005 1 15 Jkt 205001 PO 00000 Frm 00103 Fmt 4703 3 15 4 15 Sfmt 4703 E:\FR\FM\12AUN1.SGM U.S.C. 781(b). U.S.C. 781(g). 12AUN1

Agencies

[Federal Register Volume 70, Number 155 (Friday, August 12, 2005)]
[Notices]
[Pages 47269-47270]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4362]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[File No. 1-31894]


Issuer Delisting; Notice of Application of Alestra, S. de R.L. de 
C.V. To Withdraw Its 8% Senior Notes (Due 2010), From Listing and 
Registration on the New York Stock Exchange, Inc.

August 5, 2005.
    On July 13, 2005, Alestra, S. de R.L. de C.V., a company organized 
under the laws of Mexico (``Issuer''), filed an application with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 12(d) of the Securities Exchange Act of 1934 (``Act'')\1\ and 
Rule 12d2-2(d) thereunder,\2\ to withdraw its 8% senior notes (due 
2010) (``Security''), from listing and registration on the New York 
Stock Exchange, Inc. (``NYSE'').
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).

---------------------------------------------------------------------------

[[Page 47270]]

    The Board of Directors (``Board'') of the Issuer approved 
resolutions on April 29, 2005, to withdraw the Security from listing 
and registration on NYSE. The Issuer stated that the following reasons 
factored into the Board's decision to withdraw the Security. First, 
pursuant to the applicable NYSE rules and the Sarbanes-Oxley Act of 
2002, the continued listing of the Security requires that the Issuer 
create an audit committee or qualify a statutory auditor to act as 
such. Due to the severely limited availability of specialized or 
otherwise qualified independent directors, domestic and foreign, the 
novelty of the requirement on Mexican closed-company issuers, and the 
cost that this would represent for the Issuer, it is not practicable 
for the Issuer to implement an audit committee. Second, the Security 
trades in very limited quantities, if at all, on NYSE.
    The Issuer stated in its application that it has complied with 
NYSE's rules governing an issuer's voluntary withdrawal of a security 
from listing and registration by providing NYSE with the required 
documents governing the removal of securities from listing and 
registration on NYSE.
    The Issuer's application relates solely to the withdrawal of the 
Security from listing on NYSE and from registration under Section 12(b) 
of the Act,\3\ and shall not affect its obligation to be registered 
under Section 12(g) of the Act.\4\
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
---------------------------------------------------------------------------

    Any interested person may, on or before August 30, 2005, comment on 
the facts bearing upon whether the application has been made in 
accordance with the rules of NYSE, and what terms, if any, should be 
imposed by the Commission for the protection of investors. All comment 
letters may be submitted by either of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/delist.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
the File Number 1-31894 or;

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.

All submissions should refer to File Number 1-31894. This file number 
should be included on the subject line if e-mail is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (https://www.sec.gov/rules/delist.shtml). Comments are 
also available for public inspection and copying in the Commission's 
Public Reference Room. All comments received will be posted without 
change; we do not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly.
    The Commission, based on the information submitted to it, will 
issue an order granting the application after the date mentioned above, 
unless the Commission determines to order a hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(1).
---------------------------------------------------------------------------

Jonathan G. Katz,
Secretary.
[FR Doc. E5-4362 Filed 8-11-05; 8:45 am]
BILLING CODE 8010-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.