Proposed Collection; Comment Request, 14256-14257 [E6-4012]
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Federal Register / Vol. 71, No. 54 / Tuesday, March 21, 2006 / Notices
sroberts on PROD1PC70 with NOTICES
instructions and My PBA by making
simplifying, editorial, and other
changes. The existing collection of
information under the regulation was
approved under control number 1212–
0055 (expires August 31, 2008). PBGC
intends to request that OMB extend its
approval (with modifications) for three
years from the date of approval. 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.
PBGC estimates that 184,350 benefit
application or information forms will be
filed annually by individuals entitled to
benefits from PBGC and that the
associated burden is 90,600 hours (an
average of about one-half hour per
response) and $71,900 (an average of
$.39 per response). PBGC further
estimates that 5,500 individuals
annually will provide PBGC with
identifying information as part of an
initial contact so that PBGC may
determine if they are entitled to benefits
and that the associated burden is 1,500
hours (an average of about one-quarter
hour per response) and $1,200 (an
average of $.22 per response). Thus, the
total estimated annual burden
associated with this collection of
information is 92,100 hours and
$73,100.
(These estimates include paper and
electronic filings.).
PBGC is soliciting public comments
to—
• Evaluate whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
• Evaluate the accuracy of the
agency’s estimate of the burden of the
collection of information, including the
validity of the methodology and
assumptions used;
• Enhance the quality, utility, and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submission of
responses.
Issued at Washington, DC, this 15th day of
March, 2006.
Richard W. Hartt,
Chief Technology Officer, Pension Benefit
Guaranty Corporation.
[FR Doc. E6–4061 Filed 3–20–06; 8:45 am]
BILLING CODE 7709–01–P
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Jkt 208001
RAILROAD RETIREMENT BOARD
Proposed Data Collection Available
for Public Comment and
Recommendations
Summary: In accordance with the
requirement of section 3506(c)(2)(A) of
the Paperwork Reduction Act of 1995
which provides opportunity for public
comment on new or revised data
collections, the Railroad Retirement
Board will publish periodic summaries
of proposed data collections.
Comments are invited on: (a) Whether
the proposed information collection is
necessary for the proper performance of
the functions of the agency, including
whether the information has practical
utility; (b) the accuracy of the RRB’s
estimate of the burden of the collection
of the information; (c) ways to enhance
the quality, utility, and clarity of the
information to be collected; and (d)
ways to minimize the burden related to
the collection of information on
respondents, including the use of
automated collection techniques or
other forms of information technology.
Title and purpose of information
collection:
Employer’s Deemed Service Month
Questionnaire; OMB 3220–0156.
Section 3(i) of the Railroad Retirement
Act (RRA), as amended by Public Law
98–76, provides that the Railroad
Retirement Board (RRB), under certain
circumstances, may deem additional
months of service in cases where an
employee does not actually work in
every month of the year, provided the
employee satisfies certain eligibility
requirements, including the existence of
an employment relation between the
employee and his or her employer. The
procedures pertaining to the deeming of
additional months of service are found
in the RRB’s regulations at 20 CFR part
210, Creditable Railroad Service.
The RRB utilizes Form GL–99,
Employers Deemed Service Months
Questionnaire, to obtain service and
compensation information from railroad
employers needed to determine if an
employee can be credited with
additional deemed months of railroad
service. Completion is mandatory. One
response is required for each RRB
inquiry.
The RRB proposes no changes to
Form GL–99. The completion time for
Form GL–99 is estimated at 2 minutes
per response. The RRB estimates that
approximately 4,000 responses are
received annually.
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
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supporting material, please call the RRB
Clearance Officer at (312) 751–3363 or
send an e-mail request to
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E6–4060 Filed 3–20–06; 8:45 am]
BILLING CODE 7905–01–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 17f–2; SEC File No. 270–233; OMB
Control No. 3235–0223
Form N–17f–2; SEC File No. 270–317;
OMB Control No. 3235–0360
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 (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.
Rule 17f–2 (17 CFR 270.17f–2) under
the Investment Company Act of 1940
(the ‘‘Act’’) (15 U.S.C. 80a–1) is entitled:
‘‘Custody of Investments by Registered
Management Investment Company.’’
Rule 17f–2 establishes safeguards for
arrangements in which a registered
management investment company
(‘‘fund’’) is deemed to maintain custody
of its own assets, such as when the fund
maintains its assets in a facility that
provides safekeeping but not custodial
services. The rule includes several
recordkeeping or reporting
requirements. The fund’s directors must
prepare a resolution designating not
more than five fund officers or
responsible employees who may have
access to the fund’s assets. The
designated access persons (two or more
of whom must act jointly when
handling fund assets) must prepare a
written notation providing certain
E:\FR\FM\21MRN1.SGM
21MRN1
Federal Register / Vol. 71, No. 54 / Tuesday, March 21, 2006 / Notices
sroberts on PROD1PC70 with NOTICES
information about each deposit or
withdrawal of fund assets, and must
transmit the notation to another officer
or director designated by the directors.
Independent public accountants must
verify the fund’s assets at least three
times a year and two of the
examinations must be unscheduled.
The requirement that directors
designate access persons is intended to
ensure that directors evaluate the
trustworthiness of insiders who handle
fund assets. The requirements that
access persons act jointly in handling
fund assets, prepare a written notation
of each transaction, and transmit the
notation to another designated person
are intended to reduce the risk of
misappropriation of fund assets by
access persons, and to ensure that
adequate records are prepared, reviewed
by a responsible third person, and
available for examination by the
Commission’s examination staff. The
requirement that auditors verify fund
assets without notice twice each year is
intended to provide an additional
deterrent to the misappropriation of
fund assets and to detect any
irregularities.
The Commission staff estimates that
each fund makes 270.5 responses and
spends an average of 95 hours annually
in complying with the rule’s
requirements.1 Commission staff
estimates that on an annual basis it
takes: (i) 0.17 hours of fund accounting
personnel at a total cost of $10 to draft
director resolutions; 2 (ii) 0.6 hours of
the fund’s board of directors at a total
cost of $1200 to adopt the resolution;
(iii) 75 hours for the fund’s accounting
personnel at a total cost of $5228 to
prepare written notations of
transactions; 3 and (iv) 18.9 hours for the
1 The 270.5 responses are: 1.5 responses to draft
and adopt the resolution and 269 notations.
Estimates of the number of hours are based on
conversations with individuals in the mutual fund
industry. In preparing this submission, Commission
staff randomly selected 9 funds from the pool of
Form N–17f–2 filers. The actual number of hours
may vary significantly depending on individual
fund assets.
2 This estimate is based on the following
calculation: 0.17 (burden hours per fund) × $57.52
(fund senior accountant’s hourly rate) = $9.78. The
estimated costs for fund personnel were based on
the average annual salaries reported for employees
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), which were adjusted
to include overhead costs and employee benefits.
3 Respondents estimated that each fund makes
269 responses on an annual basis and spent a total
of 0.28 hours per response. The fund personnel
involved are Fund Payable Manager ($47.03 hourly
rate), Fund Operations Manager ($64.25 hourly rate)
and Fund Accounting Manager ($96.95 hourly rate).
The weighted hourly rate of these personnel is
$69.41. The estimated cost of preparing notations is
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19:01 Mar 20, 2006
Jkt 208001
fund’s accounting personnel at a total
cost of $1087 to assist the independent
public accountants when they perform
verifications of fund assets.4
Approximately 140 funds rely upon
Rule 17f–2 annually.5 Thus, the total
annual hour burden for Rule 17f–2 is
estimated to be 13,300 hours.6 Based on
the total costs per fund listed above, the
total cost of the Rule 17f–2’s collection
of information requirements is
estimated to be $1 million.7
Form N–17f–2 (17 CFR 274.220)
under the Act is entitled ‘‘Certificate of
Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies.’’
Form N–17f–2 is the cover sheet for the
accountant examination certificates
filed under Rule 17f–2 under the Act by
registered management investment
companies (‘‘funds’’) maintaining
custody of securities or other
investments. Form N–17f–2 facilitates
the filing of the accountant’s
examination certificates. The use of the
form allows the certificates to be filed
electronically, and increases the
accessibility of the examination
certificates to both the Commission’s
examination staff and interested
investors by ensuring that the
certificates are filed under the proper
Commission file number and the correct
name of a fund.
Commission staff estimates that on an
annual basis it takes: (i) On average 3.25
hours of fund accounting personnel at a
total cost of $187 to prepare the Form
N–17f–2; 8 and (ii) 3.15 hours of clerical
time at a total cost of $87 to file the
Form N–17f–2 with the Commission.9
As noted above, approximately 140
funds currently file Form N–17f–2 with
the Commission, and each fund is
required to make three filings annually
for a total annual hourly burden per
fund of approximately 6.4 hours at a
based on the following calculation: 269 × 0.28 ×
$69.41 = $5227.96.
4 This estimate is based on the following
calculation: 18.9 × $57.52 (fund senior accountant
hourly rate) = $1087.
5 Based on a review of Form N–17f–2 filings in
2004, the Commission staff estimates that 140 funds
relied on Rule 17f–2 in 2005.
6 This estimate is based on the following
calculation: 140 (funds) × 95 (total annual hourly
burden per fund) = 13,300 hours for rule. The
annual burden for Rule 17f–2 does not include time
spent preparing Form N–17f–2. The burden for
Form N–17f–2 is included in a separate collection
of information.
7 This estimate is based on the following
calculation: $7525 (total annual cost per fund) × 140
funds = $1,053,500.
8 This estimate is based on the following
calculation: 3.25 × $57.52 (fund senior accountant’s
hourly rate) = $186.9.
9 This estimate is based on the following
calculation: 3.15 × $27.6 (secretary hourly rate) =
$86.94.
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14257
total cost of $274. The total annual hour
burden for Form N–17f–2 is therefore
estimated to be approximately 896
hours. Based on the total annual costs
per fund listed above, the total cost of
Form N–17f–2’s collection of
information requirements is estimated
to be approximately $38,360.10
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 of the
costs of Commission rules and forms.
Complying with the collections of
information required by Rule 17f–2 and
Form N–17f–1 is mandatory for those
funds that maintain custody of their
own assets. 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.
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: March 14, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6–4012 Filed 3–20–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
10 This estimate is based on the following
calculation: 140 funds × $274 (total annual cost per
fund) = $38,360.
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]]>Agencies
[Federal Register Volume 71, Number 54 (Tuesday, March 21, 2006)]
[Notices]
[Pages 14256-14257]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4012]
=======================================================================
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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 Information Services,
Washington, DC 20549.
Extension:
Rule 17f-2; SEC File No. 270-233; OMB Control No. 3235-0223
Form N-17f-2; SEC File No. 270-317; OMB Control No. 3235-0360
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 (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.
Rule 17f-2 (17 CFR 270.17f-2) under the Investment Company Act of
1940 (the ``Act'') (15 U.S.C. 80a-1) is entitled: ``Custody of
Investments by Registered Management Investment Company.'' Rule 17f-2
establishes safeguards for arrangements in which a registered
management investment company (``fund'') is deemed to maintain custody
of its own assets, such as when the fund maintains its assets in a
facility that provides safekeeping but not custodial services. The rule
includes several recordkeeping or reporting requirements. The fund's
directors must prepare a resolution designating not more than five fund
officers or responsible employees who may have access to the fund's
assets. The designated access persons (two or more of whom must act
jointly when handling fund assets) must prepare a written notation
providing certain
[[Page 14257]]
information about each deposit or withdrawal of fund assets, and must
transmit the notation to another officer or director designated by the
directors. Independent public accountants must verify the fund's assets
at least three times a year and two of the examinations must be
unscheduled.
The requirement that directors designate access persons is intended
to ensure that directors evaluate the trustworthiness of insiders who
handle fund assets. The requirements that access persons act jointly in
handling fund assets, prepare a written notation of each transaction,
and transmit the notation to another designated person are intended to
reduce the risk of misappropriation of fund assets by access persons,
and to ensure that adequate records are prepared, reviewed by a
responsible third person, and available for examination by the
Commission's examination staff. The requirement that auditors verify
fund assets without notice twice each year is intended to provide an
additional deterrent to the misappropriation of fund assets and to
detect any irregularities.
The Commission staff estimates that each fund makes 270.5 responses
and spends an average of 95 hours annually in complying with the rule's
requirements.\1\ Commission staff estimates that on an annual basis it
takes: (i) 0.17 hours of fund accounting personnel at a total cost of
$10 to draft director resolutions; \2\ (ii) 0.6 hours of the fund's
board of directors at a total cost of $1200 to adopt the resolution;
(iii) 75 hours for the fund's accounting personnel at a total cost of
$5228 to prepare written notations of transactions; \3\ and (iv) 18.9
hours for the fund's accounting personnel at a total cost of $1087 to
assist the independent public accountants when they perform
verifications of fund assets.\4\ Approximately 140 funds rely upon Rule
17f-2 annually.\5\ Thus, the total annual hour burden for Rule 17f-2 is
estimated to be 13,300 hours.\6\ Based on the total costs per fund
listed above, the total cost of the Rule 17f-2's collection of
information requirements is estimated to be $1 million.\7\
---------------------------------------------------------------------------
\1\ The 270.5 responses are: 1.5 responses to draft and adopt
the resolution and 269 notations. Estimates of the number of hours
are based on conversations with individuals in the mutual fund
industry. In preparing this submission, Commission staff randomly
selected 9 funds from the pool of Form N-17f-2 filers. The actual
number of hours may vary significantly depending on individual fund
assets.
\2\ This estimate is based on the following calculation: 0.17
(burden hours per fund) x $57.52 (fund senior accountant's hourly
rate) = $9.78. The estimated costs for fund personnel were based on
the average annual salaries reported for employees 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),
which were adjusted to include overhead costs and employee benefits.
\3\ Respondents estimated that each fund makes 269 responses on
an annual basis and spent a total of 0.28 hours per response. The
fund personnel involved are Fund Payable Manager ($47.03 hourly
rate), Fund Operations Manager ($64.25 hourly rate) and Fund
Accounting Manager ($96.95 hourly rate). The weighted hourly rate of
these personnel is $69.41. The estimated cost of preparing notations
is based on the following calculation: 269 x 0.28 x $69.41 =
$5227.96.
\4\ This estimate is based on the following calculation: 18.9 x
$57.52 (fund senior accountant hourly rate) = $1087.
\5\ Based on a review of Form N-17f-2 filings in 2004, the
Commission staff estimates that 140 funds relied on Rule 17f-2 in
2005.
\6\ This estimate is based on the following calculation: 140
(funds) x 95 (total annual hourly burden per fund) = 13,300 hours
for rule. The annual burden for Rule 17f-2 does not include time
spent preparing Form N-17f-2. The burden for Form N-17f-2 is
included in a separate collection of information.
\7\ This estimate is based on the following calculation: $7525
(total annual cost per fund) x 140 funds = $1,053,500.
---------------------------------------------------------------------------
Form N-17f-2 (17 CFR 274.220) under the Act is entitled
``Certificate of Accounting of Securities and Similar Investments in
the Custody of Management Investment Companies.'' Form N-17f-2 is the
cover sheet for the accountant examination certificates filed under
Rule 17f-2 under the Act by registered management investment companies
(``funds'') maintaining custody of securities or other investments.
Form N-17f-2 facilitates the filing of the accountant's examination
certificates. The use of the form allows the certificates to be filed
electronically, and increases the accessibility of the examination
certificates to both the Commission's examination staff and interested
investors by ensuring that the certificates are filed under the proper
Commission file number and the correct name of a fund.
Commission staff estimates that on an annual basis it takes: (i) On
average 3.25 hours of fund accounting personnel at a total cost of $187
to prepare the Form N-17f-2; \8\ and (ii) 3.15 hours of clerical time
at a total cost of $87 to file the Form N-17f-2 with the Commission.\9\
As noted above, approximately 140 funds currently file Form N-17f-2
with the Commission, and each fund is required to make three filings
annually for a total annual hourly burden per fund of approximately 6.4
hours at a total cost of $274. The total annual hour burden for Form N-
17f-2 is therefore estimated to be approximately 896 hours. Based on
the total annual costs per fund listed above, the total cost of Form N-
17f-2's collection of information requirements is estimated to be
approximately $38,360.\10\
---------------------------------------------------------------------------
\8\ This estimate is based on the following calculation: 3.25 x
$57.52 (fund senior accountant's hourly rate) = $186.9.
\9\ This estimate is based on the following calculation: 3.15 x
$27.6 (secretary hourly rate) = $86.94.
\10\ This estimate is based on the following calculation: 140
funds x $274 (total annual cost per fund) = $38,360.
---------------------------------------------------------------------------
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 of the costs of
Commission rules and forms. Complying with the collections of
information required by Rule 17f-2 and Form N-17f-1 is mandatory for
those funds that maintain custody of their own assets. 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.
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: March 14, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-4012 Filed 3-20-06; 8:45 am]
BILLING CODE 8010-01-P
