Proposed Collection; Comment Request;, 25866-25867 [E6-6554]

Download as PDF rmajette on PROD1PC67 with NOTICES 25866 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 VerDate Aug<31>2005 15:18 May 01, 2006 Jkt 208001 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 PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 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. E:\FR\FM\02MYN1.SGM 02MYN1 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 (http://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. VerDate Aug<31>2005 15:18 May 01, 2006 Jkt 208001 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. PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 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). E:\FR\FM\02MYN1.SGM 02MYN1

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