Proposed Collection; Comment Request, 77199-77200 [E5-8058]
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Federal Register / Vol. 70, No. 249 / Thursday, December 29, 2005 / Notices
number 1212–0030; expires January 31,
2006). This voluntary collection of
information is a quarterly survey of
insurance company rates for pricing
annuity contracts. The survey is
conducted by the American Council of
Life Insurers for the PBGC. This notice
informs the public of the PBGC’s request
and solicits public comment on the
collection of information.
DATES: Comments should be submitted
by January 30, 2006.
ADDRESSES: Comments may be mailed to
the Office of Information and Regulatory
Affairs of the Office of Management and
Budget, Attn: Desk Officer for Pension
Benefit Guaranty Corporation,
Washington, DC 20503. Copies of the
request for extension (including the
collection of information) may be
obtained without charge by writing to
the PBGC’s Office of the General
Counsel, Disclosure Division, suite 11–
102, 1200 K Street, NW., Washington,
DC 20005–4026, or by visiting that
office or calling 202–326–4040 during
normal business hours. (TTY and TDD
users may call the Federal relay service
toll-free at 1–800–877–8339 and request
connection to 202–326–4040.)
FOR FURTHER INFORMATION CONTACT:
Thomas H. Gabriel, Attorney,
Legislative & Regulatory Department,
Pension Benefit Guaranty Corporation,
1200 K Street, NW., Washington, DC
20005–4026, 202–326–4024. (TTY and
TDD users may call the Federal relay
service toll-free at 1–800–877–8339 and
request connection to 202–326–4024).
SUPPLEMENTARY INFORMATION: The
Pension Benefit Guaranty Corporation’s
regulations prescribe actuarial valuation
methods and assumptions (including
interest rate assumptions) to be used in
determining the actuarial present value
of benefits under single-employer plans
that terminate (29 CFR Part 4044) and
under multiemployer plans that
undergo a mass withdrawal of
contributing employers (29 CFR Part
4281). Each month the PBGC publishes
the interest rates to be used under those
regulations for plans terminating or
undergoing mass withdrawal during the
next month.
The interest rates are intended to
reflect current conditions in the
investment and annuity markets. To
determine these interest rates, the PBGC
gathers pricing data from insurance
companies that are providing annuity
contracts to terminating pension plans
through a quarterly ‘‘Survey of
Nonparticipating Single Premium Group
Annuity Rates.’’ The survey is
distributed by the American Council of
Life Insurers and provides the PBGC
with ‘‘blind’’ data (i.e., is conducted in
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such a way that the PBGC is unable to
match responses with the companies
that submitted them). The information
from the survey is also used by the
PBGC in determining the interest rates
it uses to value benefits payable to
participants and beneficiaries in PBGCtrusteed plans for purposes of the
PBGC’s financial statements.
The survey is directed at insurance
companies that have volunteered to
participate, most or all of which are
members of the American Council of
Life Insurers. The survey is conducted
quarterly and will be sent to
approximately 22 insurance companies.
Based on experience under the current
approval, the PBGC estimates that 11
insurance companies will complete and
return the survey. The PBGC further
estimates that the average annual
burden of this collection of information
is 41 hours and $110.
The collection of information has
been approved by OMB under control
number 1212–0030 through January 31,
2006. The PBGC is requesting that OMB
extend its approval for another three
years. 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 OMB
control number.
Issued in Washington, DC, this 19th day of
December, 2005.
Rick Hartt,
Chief Technology Officer, Pension Benefit
Guaranty Corporation.
[FR Doc. E5–8006 Filed 12–28–05; 8:45 am]
BILLING CODE 7708–01–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 22d–1, Sec File No. 270–275, OMB
Control No. 3235–0310.
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’’) 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.
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77199
Rule 22d–1 [17 CFR 270.22d–1] under
the Investment Company Act of 1940
(the ‘‘Act’’) provides registered
investment companies that issue
redeemable securities (‘‘funds’’) an
exemption from section 22(d) of the
Investment Company Act to the extent
necessary to permit scheduled
variations in or elimination of the sales
load on fund securities for particular
classes of investors or transactions,
provided certain conditions are met.
The rule imposes an annual burden per
series of a fund of approximately 15
minutes, so that the total annual burden
for the approximately 5,015 series of
funds that might rely on the rule is
estimated to be 1,254 hours.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study. 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 OMB control
number.
Written comments are requested 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[s] 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: December 20, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–8050 Filed 12–28–05; 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
E:\FR\FM\29DEN1.SGM
29DEN1
77200
Federal Register / Vol. 70, No. 249 / Thursday, December 29, 2005 / Notices
Information Services, Washington, DC
20549.
Rule 15c1–7, SEC File No. 270–146, OMB
Control No. 3235–0134
Proposed Collection; Comment
Request
wwhite on PROD1PC65 with NOTICES
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 this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 15c1–7 provides that any act of
a broker-dealer designed to effect
securities transactions with or for a
customer account over which the
broker-dealer (directly or through an
agent or employee) has discretion will
be considered a fraudulent,
manipulative, or deceptive practice
under the federal securities laws, unless
a record is made of the transaction
immediately by the broker-dealer. The
record must include (a) the name of the
customer, (b) the name, amount, and
price of the security, and (c) the date
and time when such transaction took
place. The Commission estimates that
500 respondents collect information
annually under Rule 15c1–7 and that
approximately 33,333 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
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, 100 F St. NE., Washington,
DC 20549.
Dated: December 20, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–8058 Filed 12–28–05; 8:45 am]
BILLING CODE 8010–01–P
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SECURITIES AND EXCHANGE
COMMISSION
Upon written request, copies available
from: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
Extension:
Rule 2a–7, SEC File No. 270–258, OMB
Control No. 3235–0268.
Notice is hereby given that under the
Paperwork Reduction Act of 1995 [44
U.S.C. 3501], the Securities and
Exchange Commission (the
‘‘Commission’’) is soliciting public
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.
Rule 2a–7 [17 CFR 270.2a–7] under
the Investment Company Act of 1940
[15 U.S.C. 80a] (the ‘‘Act’’) governs
money market funds. Money market
funds are open-end management
investment companies that differ from
other open-end management investment
companies in that they seek to maintain
a stable price per share, usually $1.00.
The rule exempts money market funds
from the valuation requirements of the
Act, and, subject to certain risk-limiting
conditions, permits money market funds
to use the ‘‘amortized cost method’’ of
asset valuation or the ‘‘penny-rounding
method’’ of share pricing.
Rule 2a–7 imposes certain
recordkeeping and reporting obligations
on money market funds. The board of
directors of a money market fund, in
supervising the fund’s operations, must
establish written procedures designed to
stabilize the fund’s net asset value
(‘‘NAV’’). The board also must adopt
guidelines and procedures relating to
certain responsibilities it delegates to
the fund’s investment adviser. These
procedures typically address various
aspects of the fund’s operations. The
fund must maintain and preserve for six
years a written copy of both these
procedures and guidelines. The fund
also must maintain and preserve for six
years a written record of the board’s
considerations and actions taken in
connection with the discharge of its
responsibilities, to be included in the
board’s minutes. In addition, the fund
must maintain and preserve for three
years written records of certain credit
risk analyses, evaluations with respect
to securities subject to demand features
or guarantees, and determinations with
respect to adjustable rate securities and
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asset backed securities. If the board
takes action with respect to defaulted
securities, events of insolvency, or
deviations in share price, the fund must
file with the Commission an exhibit to
Form N–SAR describing the nature and
circumstances of the action. If any
portfolio security fails to meet certain
eligibility standards under the rule, the
fund also must identify those securities
in an exhibit to Form N–SAR. After
certain events of default or insolvency
relating to a portfolio security, the fund
must notify the Commission of the event
and the actions the fund intends to take
in response to the situation.
The recordkeeping requirements in
rule 2a–7 are designed to enable
Commission staff in its examinations of
money market funds to determine
compliance with the rule, as well as to
ensure that money market funds have
established procedures for collecting the
information necessary to make adequate
credit reviews of securities in their
portfolios. The reporting requirements
of rule 2a–7 are intended to assist
Commission staff in overseeing money
market funds.
Commission staff estimates that each
of 847 1 money market funds spends a
total of approximately 1220 hours 2 of
professional time (at $76 per hour) 3 to
record credit risk analyses and
determinations regarding adjustable rate
securities, asset backed securities and
securities subject to a demand feature or
guarantee, for a total of approximately
$79 million. The staff further estimates
that each of 24 new money market funds
spends a total of 21 hours of director,
legal, and support staff time at a total
cost of approximately $126,216 to adopt
procedures designed to stabilize the
fund’s NAV and guidelines regarding
the delegation of certain responsibilities
to the fund’s adviser.4 The staff further
1 These include registered money market funds
and series of registered funds. This estimate is
based on information from Lipper Inc.’s Lana
database as of September 30, 2005.
2 This average is based on discussions with
individuals at money market funds and their
advisers. The actual number of burden hours may
vary significantly depending on the type and
number of portfolio securities held by individual
funds.
3 The estimated hourly cost of professional time
was based on the weighted average annual salaries
reported for senior business analysts, floor
managers and portfolio managers in New York City
in Securities Industry Association, Management
and Professional Earnings in the Securities Industry
(2003) and Securities Industry Association, Office
Salaries in the Securities Industry (2003)
(collectively, the ‘‘SIA Salary Guides’’).
4 This estimate is based on information from
iMoneyNet’s database. During the past three years,
an average of 24 new money market funds have
been created annually. In calculating industry costs
for complying with the information collection
requirements of rule 2a–7, the Commission staff
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]]>Agencies
[Federal Register Volume 70, Number 249 (Thursday, December 29, 2005)]
[Notices]
[Pages 77199-77200]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-8058]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange,
Commission Office of Filings and
[[Page 77200]]
Information Services, Washington, DC 20549.
Rule 15c1-7, SEC File No. 270-146, OMB Control No. 3235-0134
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 this
existing collection of information to the Office of Management and
Budget for extension and approval.
Rule 15c1-7 provides that any act of a broker-dealer designed to
effect securities transactions with or for a customer account over
which the broker-dealer (directly or through an agent or employee) has
discretion will be considered a fraudulent, manipulative, or deceptive
practice under the federal securities laws, unless a record is made of
the transaction immediately by the broker-dealer. The record must
include (a) the name of the customer, (b) the name, amount, and price
of the security, and (c) the date and time when such transaction took
place. The Commission estimates that 500 respondents collect
information annually under Rule 15c1-7 and that approximately 33,333
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 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, 100 F St. NE., Washington, DC 20549.
Dated: December 20, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. E5-8058 Filed 12-28-05; 8:45 am]
BILLING CODE 8010-01-P
