Submission for OMB Review; Comment Request, 19762-19763 [E6-5685]

Download as PDF 19762 Federal Register / Vol. 71, No. 73 / Monday, April 17, 2006 / Notices Information Services, Washington, DC 20549 Extension: Rule 15g–5, SEC File No. 270–348, OMB Control No. 3235–0394. 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’’) has submitted to the Office of Management and Budget requests for approval of extension on the following rule. Rule 15g–5 (17 CFR 240.15g–5) under the Securities Exchange Act of 1934 requires brokers and dealers to disclose to customers the amount of compensation to be received by their sales agents in connection with penny stock transactions. It is estimated that approximately 240 respondents incur an average burden of 100 hours annually to comply with the rule. 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 regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to the Office of Management and Budget within 30 days of this notice. Dated: April 6, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–5682 Filed 4–14–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION dsatterwhite on PROD1PC76 with NOTICES Submission for OMB Review; Comment Requested Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Extension: Rule 15g–6, SEC File No. 270–349 and OMB Control No. 3235–0395. VerDate Aug<31>2005 16:16 Apr 14, 2006 Jkt 208001 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’’) has submitted to the Office of Management and Budget requests for extension of the previously approved collection of information discussed below. Rule 15g–6—Account Statements for Penny Stock Customers Rule 15g–6 (17 CFR 240.15g–6) under the Securities Exchange Act of 1934 requires brokers and dealers that sell penny stocks to their customers to provide monthly account statements containing information with regard to the penny stocks held in customer accounts. The information is required to be provided to customers of brokerdealers that effect penny stock transactions in order to provide those customers with information that is not now publicly available. Without this information, investors would be less able to protect themselves from fraud and to make informed investment decisions. The staff estimates that there are approximately 240 broker-dealers that are subject to the rule. The staff estimates that the firms affected by the rule will, at any one time, have approximately 150 new customers with whom they have effected transactions in penny stocks, each of whom would receive a maximum of 12 account statements per year, for a total of 1,800 account statements annually for each firm (150 customers × 12 account statements/customer). The staff estimates that a broker-dealer would expend approximately three minutes in processing the information required for each account statement. Accordingly, the estimated average annual burden would equal 90 hours (1,800 account statements × 3 minutes/60 minutes = 90 hours), and the estimated average total burden would equal 21,600 hours (90 hours × 240). 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 regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to the Office of Management and Budget within 30 days of this notice. Dated: April 6, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–5684 Filed 4–14–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549 Extension: Rule 19a–1, SEC File No. 270–240 and OMB Control No. 3235–0216. 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’’) has submitted to the Office of Management and Budget requests for extension of the previously approved collection of information discussed below. Section 19(a) (15 U.S.C. 80a–19(a)) of the Investment Company Act of 1940 (the ‘‘Act’’) makes it unlawful for any registered investment company to pay any dividend or similar distribution from any source other than the company’s net income, unless the payment is accompanied by a written statement to the company’s shareholders which adequately discloses the sources of the payment. Section 19(a) authorizes the Commission to prescribe the form of such statement by rule. Rule 19a–1 (17 CFR 270.19a–1) under the Act, entitled ‘‘Written Statement to Accompany Dividend Payments by Management Companies,’’ sets forth specific requirements for the information that must be included in statements made pursuant to section 19(a) by or on behalf of management companies.1 The rule requires that the statement indicate what portions of distribution payments are made from net income, net profits and paid-in capital. When any part of the payment 1 Section 4(3) of the Act [15 U.S.C. 80a–4(3)] defines ‘‘management company’’ as ‘‘any investment company other than a face amount certificate company or a unit investment trust.’’ E:\FR\FM\17APN1.SGM 17APN1 Federal Register / Vol. 71, No. 73 / Monday, April 17, 2006 / Notices dsatterwhite on PROD1PC76 with NOTICES is made from net profits, rule 19a–1 also requires that the statement disclose certain other information relating to the appreciation or depreciation of portfolio securities. If an estimated portion is subsequently determined to be significantly inaccurate, a correction must be made on a statement made pursuant to section 19(a) or in the first report to shareholders following the discovery of the inaccuracy. The purpose of rule 19a–1 is to afford fund shareholders adequate disclosure of the sources from which distribution payments are made. The rule is intended to prevent shareholders from confusing income dividends with distributions made from capital sources. Absent rule 19a–1, shareholders might receive a false impression of fund gains. Based on a review of filings made with the Commission, the staff estimates that approximately 3000 portfolios of registered investment companies that are management companies may be subject to rule 19a–1 each year, and that each portfolio on average mails two statements per year to meet the requirements of the rule.2 The staff further estimates that the time needed to make the determinations required by the rule and to prepare the statement required under the rule is approximately 1.5 hours per statement. The total annual burden for all portfolios therefore is estimated to be approximately 9,000 burden hours. The staff estimates that approximately one-third of the total annual burden (3,000 hours) would be incurred by a senior administrative officer with an average hourly wage rate of approximately $158 per hour, and approximately two-thirds of the annual burden (6,000 hours) would be incurred by senior clerical staff with an average hourly wage rate of $25 per hour.3 The staff therefore estimates that the aggregate annual cost of complying with the paperwork requirements of the rule is approximately $624,000 ((3,000 hours × $158) + (6,000 hours × $25)). 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. Compliance 2 A few portfolios make monthly distributions from sources other than net income, so the rule requires them to send out a statement 12 times a year. Other portfolios never make such distributions. 3 All hourly rates in this Supporting Statement are derived from the average annual salaries reported for employees outside of 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). VerDate Aug<31>2005 15:16 Apr 14, 2006 Jkt 208001 with the collection of information required by rule 19a–1 is mandatory for management companies that make written statements to shareholders pursuant to section 19(a) of the Act. 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. General comments regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or e-mail to: David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send an e-mail to PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: April 6, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–5685 Filed 4–14–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549 Extension: Rule 19d–2, SEC File No. 270–204 and OMB Control No. 3235–0205. 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’’) has submitted to the Office of Management and Budget request for extension of the previously approved collection of information discussed below. Rule 19d–2 (17 CFR 240.19d–2) under the Securities Exchange Act of 1934 (the ‘‘Act’’) prescribes the form and content of applications to the Commission by persons desiring stays of final disciplinary sanctions and summary action of self-regulatory organizations (‘‘SROs’’) for which the Commission is the appropriate regulatory agency. PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 19763 It is estimated that approximately 30 respondents will utilize this application procedure annually, with a total burden of 90 hours, based upon past submissions. The staff estimates that the average number of hours necessary to comply with the requirements of Rule 19d–2 is 3 hours. 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 regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to the Office of Management and Budget within 30 days of this notice. Dated: April 6, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–5689 Filed 4–14–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53628; File No. 4–517] Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d– 2; Notice of Filing of the Plan for Allocation of Regulatory Responsibilities Between The NASDAQ Stock Market LLC and the National Association of Securities Dealers, Inc. April 10, 2006. Pursuant to Section 17(d) of the Securities Exchange of 1934 (‘‘Act’’) 1 and Rule 17d–2 thereunder,2 notice is hereby given that on April 6, 2006, The NASDAQ Stock Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) and the National Association of Securities Dealers, Inc. (‘‘NASD’’ or ‘‘Association’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) 1 15 2 17 E:\FR\FM\17APN1.SGM U.S.C. 78q(d). CFR 240.17d–2. 17APN1

Agencies

[Federal Register Volume 71, Number 73 (Monday, April 17, 2006)]
[Notices]
[Pages 19762-19763]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-5685]


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

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549

Extension:
    Rule 19a-1, SEC File No. 270-240 and OMB Control No. 3235-0216.

    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'') has submitted to the Office of 
Management and Budget requests for extension of the previously approved 
collection of information discussed below.
    Section 19(a) (15 U.S.C. 80a-19(a)) of the Investment Company Act 
of 1940 (the ``Act'') makes it unlawful for any registered investment 
company to pay any dividend or similar distribution from any source 
other than the company's net income, unless the payment is accompanied 
by a written statement to the company's shareholders which adequately 
discloses the sources of the payment. Section 19(a) authorizes the 
Commission to prescribe the form of such statement by rule.
    Rule 19a-1 (17 CFR 270.19a-1) under the Act, entitled ``Written 
Statement to Accompany Dividend Payments by Management Companies,'' 
sets forth specific requirements for the information that must be 
included in statements made pursuant to section 19(a) by or on behalf 
of management companies.\1\ The rule requires that the statement 
indicate what portions of distribution payments are made from net 
income, net profits and paid-in capital. When any part of the payment

[[Page 19763]]

is made from net profits, rule 19a-1 also requires that the statement 
disclose certain other information relating to the appreciation or 
depreciation of portfolio securities. If an estimated portion is 
subsequently determined to be significantly inaccurate, a correction 
must be made on a statement made pursuant to section 19(a) or in the 
first report to shareholders following the discovery of the inaccuracy.
---------------------------------------------------------------------------

    \1\ Section 4(3) of the Act [15 U.S.C. 80a-4(3)] defines 
``management company'' as ``any investment company other than a face 
amount certificate company or a unit investment trust.''
---------------------------------------------------------------------------

    The purpose of rule 19a-1 is to afford fund shareholders adequate 
disclosure of the sources from which distribution payments are made. 
The rule is intended to prevent shareholders from confusing income 
dividends with distributions made from capital sources. Absent rule 
19a-1, shareholders might receive a false impression of fund gains.
    Based on a review of filings made with the Commission, the staff 
estimates that approximately 3000 portfolios of registered investment 
companies that are management companies may be subject to rule 19a-1 
each year, and that each portfolio on average mails two statements per 
year to meet the requirements of the rule.\2\ The staff further 
estimates that the time needed to make the determinations required by 
the rule and to prepare the statement required under the rule is 
approximately 1.5 hours per statement. The total annual burden for all 
portfolios therefore is estimated to be approximately 9,000 burden 
hours.
---------------------------------------------------------------------------

    \2\ A few portfolios make monthly distributions from sources 
other than net income, so the rule requires them to send out a 
statement 12 times a year. Other portfolios never make such 
distributions.
---------------------------------------------------------------------------

    The staff estimates that approximately one-third of the total 
annual burden (3,000 hours) would be incurred by a senior 
administrative officer with an average hourly wage rate of 
approximately $158 per hour, and approximately two-thirds of the annual 
burden (6,000 hours) would be incurred by senior clerical staff with an 
average hourly wage rate of $25 per hour.\3\ The staff therefore 
estimates that the aggregate annual cost of complying with the 
paperwork requirements of the rule is approximately $624,000 ((3,000 
hours x $158) + (6,000 hours x $25)).
---------------------------------------------------------------------------

    \3\ All hourly rates in this Supporting Statement are derived 
from the average annual salaries reported for employees outside of 
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).
---------------------------------------------------------------------------

    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. Compliance with the collection of information 
required by rule 19a-1 is mandatory for management companies that make 
written statements to shareholders pursuant to section 19(a) of the 
Act. 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.
    General comments regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503 or e-mail to: David--
Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Shirley 
Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send 
an e-mail to PRA--Mailbox@sec.gov. Comments must be submitted to OMB 
within 30 days of this notice.

    Dated: April 6, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-5685 Filed 4-14-06; 8:45 am]
BILLING CODE 8010-01-P
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