Proposed Collection; Comment Request, 47268-47269 [E5-4378]
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47268
Federal Register / Vol. 70, No. 155 / Friday, August 12, 2005 / Notices
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503 or by e-mail:
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: August 3, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4375 Filed 8–11–05; 8:45 am]
BILLING CODE 8010–01–P
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.
Direct your written comments to R.
Corey Booth, Director/Chief Information
Officer, Office of Information
Technology, Securities and Exchange
Commission, Station Place, 100 F Street,
NE., Washington, DC 20549.
Dated: August 3, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4376 Filed 8–11–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
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.
Extension: Rule 15c1–5; SEC File No.
270–422; OMB Control No. 3235–0471.
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 collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (OMB) for
extension and approval.
Rule 15c1–5 states that any brokerdealer controlled by, controlling, or
under common control with the issuer
of a security that the broker-dealer is
trying to sell to or buy from a customer
must give the customer written
notification disclosing the control
relationship at or before completion of
the transaction. The Commission
estimates that 360 respondents collect
information annually under Rule 15c1–
5 and that approximately 3,600 hours
would be required annually for these
collections.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; and (d)
ways to minimize the burden of the
collection of information on
VerDate jul<14>2003
17:14 Aug 11, 2005
Jkt 205001
Proposed Collection; Comment
Request
Upon written request, copies available
from: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
Extension: Rule 15c1–6, SEC File No.
270–423, OMB Control No. 3235–0472.
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 collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 15c1–6 states that any brokerdealer trying to sell to or buy from a
customer a security in a primary or
secondary distribution in which the
broker-dealer is participating or is
otherwise financially interested must
give the customer written notification of
the broker-dealer’s participation or
interest at or before completion of the
transaction. The Commission estimates
that 725 respondents collect information
annually under Rule 15c1–6 and that
approximately 7,250 hours would be
required annually for these collections.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; and (d)
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
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.
Direct your written comments to R.
Corey Booth, Director/Chief Information
Officer, Office of Information
Technology, Securities and Exchange
Commission, Station Place, 100 F Street,
NE., Washington, DC 20549.
Dated: August 4, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4377 Filed 8–11–05; 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.
Extension: Rule 32a–4, SEC File No.
270–473, OMB Control No. 3235–0530.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l 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 (‘‘OMB’’) for
extension and approval.
Section 32(a)(2) of the Investment
Company Act requires that shareholders
of a registered investment management
or face–amount certificate company
(‘‘fund’’) ratify or reject the selection of
a fund’s independent public accountant.
Rule 32a–4 exempts a fund from this
requirement if: (i) the fund’s board of
directors establishes an audit committee
composed solely of independent
directors with responsibility for
overseeing the fund’s accounting and
auditing processes,1 (ii) the fund’s board
of directors adopts an audit committee
charter setting forth the committee’s
structure, duties, powers and methods
of operation, or sets out similar
provisions in the fund’s charter or
bylaws,2 and (iii) the fund maintains a
copy of such an audit committee charter
1 Rule
2 Rule
E:\FR\FM\12AUN1.SGM
32a–4(a).
32a–4(b).
12AUN1
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
]]>Agencies
[Federal Register Volume 70, Number 155 (Friday, August 12, 2005)]
[Notices]
[Pages 47268-47269]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4378]
-----------------------------------------------------------------------
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.
Extension: Rule 32a-4, SEC File No. 270-473, OMB Control No. 3235-
0530.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 350l 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 (``OMB'') for extension and approval.
Section 32(a)(2) of the Investment Company Act requires that
shareholders of a registered investment management or face-amount
certificate company (``fund'') ratify or reject the selection of a
fund's independent public accountant. Rule 32a-4 exempts a fund from
this requirement if: (i) the fund's board of directors establishes an
audit committee composed solely of independent directors with
responsibility for overseeing the fund's accounting and auditing
processes,\1\ (ii) the fund's board of directors adopts an audit
committee charter setting forth the committee's structure, duties,
powers and methods of operation, or sets out similar provisions in the
fund's charter or bylaws,\2\ and (iii) the fund maintains a copy of
such an audit committee charter
[[Page 47269]]
permanently in an easily accessible place.\3\
---------------------------------------------------------------------------
\1\ Rule 32a-4(a).
\2\ Rule 32a-4(b).
\3\ Rule 32a-4(c).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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
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\
---------------------------------------------------------------------------
\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.
\7\ This estimate is based on the following calculation: (3.0
burden hours for establishing charter x 400 new funds = 1200 burden
hours).
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\9\ This estimate is based on the following calculations: ($1000
cost of adopting charter x 400 newly established funds = $400,000).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\10\ These estimates are based on telephone interviews between
Commission staff and fund representatives.
---------------------------------------------------------------------------
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.
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
