Proposed Collection; Comment Request, 77199-77200 [E5-8058]

Download as PDF wwhite on PROD1PC65 with NOTICES 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 VerDate Aug<31>2005 18:56 Dec 28, 2005 Jkt 208001 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. PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 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 VerDate Aug<31>2005 18:56 Dec 28, 2005 Jkt 208001 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 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 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 E:\FR\FM\29DEN1.SGM 29DEN1

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