Proposed Collection; Comment Request;, 25866-25867 [E6-6554]
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rmajette on PROD1PC67 with NOTICES
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Federal Register / Vol. 71, No. 84 / Tuesday, May 2, 2006 / Notices
relied on the affected annuitant to report
adjustments in the amounts of such
public pension benefits.
Authority for Conducting the Match:
Sections 3(a)(1), 4(a)(1) and 4(f)(1) of the
Railroad Retirement Act require that the
RRB reduce the Railroad Retirement
benefits of certain beneficiaries entitled
to Railroad Retirement employee and/or
spouse/widow benefits who are also
entitled to a government pension based
on their own non-covered earnings. This
reduction is referred to as Public Service
Pension offset. Section 224 of the Social
Security Act provides for the reduction
of disability benefits when the disabled
worker is also entitled to a public
disability benefit (PDB). This reduction
is referred to as PDB offset. A civil
service disability benefit is considered a
PDB. Section 224(h)(1) requires any
Federal agency to provide RRB with
information in its possession that RRB
may require for the purposes of making
a timely determination of the amount of
reduction under section 224 of the
Social Security Act. Pursuant to 5 U.S.C.
552a(b)(3) OPM has established routine
uses to disclose the subject information
to RRB.
Categories of Records and Individuals
Covered: The records to be used in the
match and the roles of the matching
participants are described as follows:
OPM will provide RRB twice a year
with a magnetic tape file extracted from
its annuity and survivor master file of
its Civil Service Retirement and
Insurance Records. The Privacy Act
System of Records designation is OPM/
Central-1. The following information
from this OPM Privacy Act System of
Records will be transmitted to RRB for
the approximately 2.5 million records in
the system: Name, social security
number, date of birth, civil service claim
number, first potential month and year
of eligibility for civil service benefits,
first month, day, year of entitlement to
civil service benefits, amount of gross
civil service benefits, and effective date
(month, day, year) of civil service
amount, and where applicable, civil
service disability indicator, civil service
FICA covered month indicator, and civil
service total service months. The RRB
will match the Social Security number,
name, and date of birth contained in the
OPM file against the same fields in its
Master Benefit Files. The Privacy Act
System of Records designations for
these files is: RRB–26, ‘‘Payment, Rate
and Entitlement History File,’’ as
amended in 63 FR 28420 May 22, 1998.
For records that are matched, the RRB
will extract the civil service payment
information.
Inclusive Dates of the Matching
Program: The matching program will
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15:18 May 01, 2006
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become effective 40 days after a copy of
the agreement, as approved by the Data
Integrity Board of each agency, is sent
to Congress and the Office of
Management and Budget, or 30 days
after publication of this notice in the
Federal Register, whichever date is
later. The matching program will
continue for 18 months after the
effective date and may be extended for
an additional 12 months, if the
conditions specified in 5 U.S.C.
552a(o)(2)(D) have been met.
The notice we are giving here is in
addition to any individual notice.
A copy of this notice has been or will
be furnished to both Houses of Congress
and the Office of Management and
Budget.
Dated: April 26, 2006.
By authority of the Board.
Beatrice Ezerski,
Secretary to the Board.
[FR Doc. E6–6594 Filed 5–1–06; 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 17Ac2–2; SEC File No. 270–298; OMB
Control No. 3235–0337
Form TA–2; SEC File No. 270–298; OMB
Control No. 3235–0337.
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 17Ac2–2 and Form TA–2;
OMB Control No. 3235–0337; SEC File
No. 270–298
Rule 17Ac2–2 (17 CFR 240.17Ac2–2)
and Form TA–2 (17 CFR 249b.102)
under the Securities Exchange Act of
1934 (17 U.S.C. 78a et seq.) require
transfer agents to file an annual report
of their business activities with the
Commission. The amount of time
needed to comply with the requirements
of Rule 17Ac2–2 and Form TA–2 varies.
From the total 786 registered transfer
agents, approximately 197 registrants
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would be required to complete only
Questions 1 through 4 and the signature
section of amended Form TA–2, which
the Commission estimates would take
each registrant about 30 minutes, for a
total burden of 99 hours (197 × .5
hours). Approximately 262 registrants
would be required to answer Questions
1 through 5, 10, and 11 and the
signature section, which the
Commission estimates would take about
1 hour and 30 minutes, for a total of 393
hours (262 × 1.5 hours). The remaining
registrants, approximately 327, would
be required to complete the entire Form
TA–2, which the Commission estimates
would take about 6 hours, for a total of
1,962 hours (327 × 6 hours). We
estimate that the total burden would be
2,454 hours (99 hours + 393 hours +
1,962 hours).
We estimate that the total cost of
reviewing and entering the information
reported on the Forms TA–2 for
respondents is $31.50 per hour. The
Commission estimates that the total cost
would be $77,301.00 annually ($31.50 ×
2,454).
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
estimates 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.
Comments should be directed to (1)
the 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 OMB within 60 days of
this notice.
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Federal Register / Vol. 71, No. 84 / Tuesday, May 2, 2006 / Notices
Dated: April 20, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6–6554 Filed 5–1–06; 8:45 am]
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The MSRB has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53715; File No. SR–MSRB–
2006–03]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Proposed
Rule Change Consisting of Interpretive
Guidance on Customer Protection
Obligations of Brokers, Dealers and
Municipal Securities Dealers Relating
to the Marketing of 529 College
Savings Plans
April 25, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 31,
2006, the Municipal Securities
Rulemaking Board (‘‘MSRB’’ or
‘‘Board’’) filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
substantially prepared by the MSRB.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
rmajette on PROD1PC67 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The MSRB is filing with the
Commission a proposed rule change
consisting of interpretive guidance on
customer protection obligations of
brokers, dealers and municipal
securities dealers (‘‘dealers’’) relating to
the marketing of 529 college savings
plans. The MSRB proposes an effective
date for the proposed rule change of 60
calendar days after Commission
approval. The text of the proposed rule
change is available on the MSRB’s Web
site (https://www.msrb.org), at the
MSRB’s principal office, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
MSRB included statements concerning
the purpose of and basis for the
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In a May 14, 2002 notice (the ‘‘2002
Notice’’), the MSRB interpreted Rule G–
17, on fair dealing, to require dealers
selling out-of-state 529 college savings
plan interests to customers to disclose at
or prior to the sale to the customer (the
‘‘time of trade’’) that, depending upon
the laws of the customer’s home state,
favorable state tax treatment for
investing in a 529 college savings plan
may be limited to investments made in
a 529 college savings plan offered by the
customer’s home state.3 In addition, the
MSRB provided guidance in the 2002
Notice on the application of Rule G–19,
on suitability of recommendations and
transactions, and other customer
protection rules in the context of 529
college savings plan transactions.
The proposed rule change broadens
the existing time-of-trade disclosure
obligation with respect to the marketing
of out-of-state 529 college savings plans.
Under the proposed rule change, dealers
selling out-of-state 529 college savings
plan interests are required to disclose to
the customer, at or prior to the time of
trade, that: (i) Depending on the laws of
the home state of the customer or
designated beneficiary, favorable state
tax treatment or other benefits offered
by such home state may be available
only if the customer invests in the home
state’s 529 college savings plan; (ii)
state-based benefits should be one of
many appropriately weighted factors to
be considered in making an investment
decision; and (iii) the customer should
consult with his or her financial, tax or
other adviser about how such statebased benefits would apply to the
customer’s specific circumstances and
may wish to contact his or her home
state or any other 529 college savings
plan to learn more about their features.
Guidance is provided as to the manner
of delivering this revised out-of-state
disclosure to ensure that such
information is noted by the customer,
and dealers are reminded that all
3 See Rule G–21 Interpretation—Application of
Fair Practice and Advertising Rules to Municipal
Fund Securities, May 14, 2002, reprinted in MSRB
Rule Book.
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25867
disclosures made to customers,
regardless of whether they are made
pursuant to a regulatory mandate, must
not be false or misleading.
The proposed rule change further
reminds dealers that providing
disclosures to customers does not
relieve them of their suitability duties—
including their obligation to consider
the customer’s financial status, tax
status and investment objectives—
arising in connection with
recommended transactions. The
proposed rule change describes certain
basic suitability principles applicable to
recommended transactions in 529
college savings plans, advising dealers
to consider whether a recommendation
is consistent with the customer’s tax
status and any federal or state taxrelated investment objectives of the
customer. The proposed rule change
emphasizes that any dealer that
recommends a transaction must
undertake an active suitability process
involving a meaningful analysis that
takes into consideration information
about the customer and the security.
Dealers are further advised that
suitability determinations should be
based on the various appropriately
weighted factors that are relevant in any
particular set of facts and
circumstances. Finally, the proposed
rule change reaffirms existing guidance
from the 2002 Notice on other customer
protection obligations applicable to
dealer sales practices in the 529 college
savings plan market.
2. Statutory Basis
The MSRB believes that the proposed
rule change is consistent with Section
15B(b)(2)(C) of the Act,4 which provides
that the MSRB’s rules shall:
be designed to prevent fraudulent and
manipulative acts and practices, to promote
just and equitable principles of trade, to
foster cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with respect
to, and facilitating transactions in municipal
securities, to remove impediments to and
perfect the mechanism of a free and open
market in municipal securities, and, in
general, to protect investors and the public
interest.
The MSRB believes that the proposed
rule change is consistent with the Act
because it will further investor
protection by strengthening and
clarifying dealers’ customer protection
obligations relating to the marketing of
529 college savings plans, including but
not limited to the duty to provide
important disclosures to customers
investing in out-of-state 529 college
4 15
U.S.C. 78o–4(b)(2)(C).
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]]>Agencies
[Federal Register Volume 71, Number 84 (Tuesday, May 2, 2006)]
[Notices]
[Pages 25866-25867]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-6554]
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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 17Ac2-2; SEC File No. 270-298; OMB Control No. 3235-0337
Form TA-2; SEC File No. 270-298; OMB Control No. 3235-0337.
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 17Ac2-2 and Form TA-2; OMB Control No. 3235-0337; SEC
File No. 270-298
Rule 17Ac2-2 (17 CFR 240.17Ac2-2) and Form TA-2 (17 CFR 249b.102)
under the Securities Exchange Act of 1934 (17 U.S.C. 78a et seq.)
require transfer agents to file an annual report of their business
activities with the Commission. The amount of time needed to comply
with the requirements of Rule 17Ac2-2 and Form TA-2 varies. From the
total 786 registered transfer agents, approximately 197 registrants
would be required to complete only Questions 1 through 4 and the
signature section of amended Form TA-2, which the Commission estimates
would take each registrant about 30 minutes, for a total burden of 99
hours (197 x .5 hours). Approximately 262 registrants would be required
to answer Questions 1 through 5, 10, and 11 and the signature section,
which the Commission estimates would take about 1 hour and 30 minutes,
for a total of 393 hours (262 x 1.5 hours). The remaining registrants,
approximately 327, would be required to complete the entire Form TA-2,
which the Commission estimates would take about 6 hours, for a total of
1,962 hours (327 x 6 hours). We estimate that the total burden would be
2,454 hours (99 hours + 393 hours + 1,962 hours).
We estimate that the total cost of reviewing and entering the
information reported on the Forms TA-2 for respondents is $31.50 per
hour. The Commission estimates that the total cost would be $77,301.00
annually ($31.50 x 2,454).
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 estimates 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.
Comments should be directed to (1) the 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 OMB
within 60 days of this notice.
[[Page 25867]]
Dated: April 20, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-6554 Filed 5-1-06; 8:45 am]
BILLING CODE 8010-01-P
