Submission for OMB Review; Comment Request, 29688-29689 [E6-7803]
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rmajette on PROD1PC67 with NOTICES
29688
Federal Register / Vol. 71, No. 99 / Tuesday, May 23, 2006 / Notices
the account files with the Commission
Form N–6EI–1 (17 CFR 274.301), a
notification of claim of exemption.
The rule also exempts a separate
account from a number of other sections
of the Act, provided that the separate
account makes certain disclosure in its
registration statements, reports to
contract holders, proxy solicitations,
and submissions to state regulatory
authorities, as prescribed by the rule.
Paragraph (b)(9) of rule 6e–2 provides
an exemption from the requirements of
section 17(f) of the Act and imposes a
reporting burden and certain other
conditions. Section 17(f) requires that
every registered management company
meet various custody requirements for
its securities and similar investments.
Paragraph (b)(9) applies only to
management accounts that offer life
insurance contracts subject to rule 6e–
2.
Since 2003, there have been no filings
under paragraph (b)(9) of rule 6e–2 by
management accounts. Therefore, since
2003, there has been no cost or burden
to the industry regarding the
information collection requirements of
paragraph (b)(9) of rule 6e–2. In
addition, there have been no filings of
Form N–6EI–1 by separate accounts
since 2003. Therefore, there has been no
cost or burden to the industry since that
time. The Commission requests
authorization to maintain an inventory
of one burden hour for administrative
purposes.
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: May 15, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6–7801 Filed 5–22–06; 8:45 am]
BILLING CODE 8010–01–P
VerDate Aug<31>2005
15:14 May 22, 2006
Jkt 208001
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 17f–1, SEC File No. 270–236, OMB
Control No. 3235–0222; Form N–17f–1,
SEC File No. 270–316, OMB Control No.
3235–0359
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 collections of information
discussed below.
Rule 17f–1 under the Investment
Company Act of 1940 (17 CFR 270.17f–
1) is entitled: ‘‘Custody of Securities
with Members of National Securities
Exchanges.’’ Rule 17f–1 provides that
any registered management investment
company (‘‘fund’’) that wishes to place
its assets in the custody of a national
securities exchange member may do so
only under a written contract that must
be ratified initially and approved
annually by a majority of the fund’s
board of directors. The written contract
also must contain certain specified
provisions. In addition, the rule requires
an independent public accountant to
examine the fund’s assets in custody
with the exchange member at least three
times during the fund’s fiscal year. The
rule requires the written contract and
the certificate of each examination to be
transmitted to the Commission. The
purpose of the rule is to ensure the
safekeeping of fund assets.
Commission staff estimates that each
fund makes 1 response and spends an
average of 3.5 hours annually in
complying with the rule’s
requirements.1 Commission staff
estimates that on an annual basis it
takes: (i) 0.5 hours for the board of
directors at a total cost of approximately
$1000 to review and ratify the custodial
contracts;2 and (ii) 3 hours for the fund’s
1 The 1 response is the board’s approval of the
contract.
2 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 nine funds from the pool of
Form N–17f–1 filers. The actual number of hours
may vary significantly depending on individual
fund assets. The hour burden for rule 17f–1 does
not include preparing the custody contract because
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Frm 00083
Fmt 4703
Sfmt 4703
controller at a total cost of
approximately $445 to assist the fund’s
independent public auditors in
verifying the fund’s assets.3
Approximately 60 funds rely on the rule
annually.4 Thus, the total annual
burden for rule 17f–1 is estimated to be
approximately 210 hours.5 Based on the
total costs per fund listed above, the
total cost of the rule 17f–1’s collection
of information requirements is
estimated to be $86,700.6
Form N–17f–1 is entitled: ‘‘Certificate
of Accounting of Securities and Similar
Investments of a Management
Investment Company in the Custody of
Members of National Securities
Exchanges.’’ Form N–17f–1 (17 CFR
274.219) is the cover sheet for
accountant examination certificates
filed under rule 17f–1 of the Act. Rule
17f–1 requires the accountant’s
certificate of each examination be
attached to Form N–17f–1 and
transmitted to the Commission
promptly after each examination. The
form facilitates the filing of the
accountant’s certificate, and increases
the accessibility of the certificate to both
Commission’s staff and interested
investors.
Commission staff estimates that on an
annual basis it takes: (i) On average 1
hour of clerical time at a total cost of
$28 to prepare and file the Form N–17f–
1; and (ii) 1 hour for the fund’s chief
compliance officer at a total cost of $137
to review the Form N–17f–1 prior to
filing with the Commission. As noted
above, approximately 60 funds currently
file Form N–17f–1 with the
Commission, and each fund is required
to make three filings annually for a total
annual burden per fund of
approximately 6 hours. The total annual
hour burden for Form N–17f–1 is
that would be part of customary and usual business
practice.
3 This estimate is based on the following
calculation: 3 × $148.38 (fund controller hourly
rate) = $445. The estimated costs for all fund
professional and support staff time are 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 are adjusted to reflect
additional overhead costs and employee benefits.
4 Based on a review of Form N–17f–1 filings in
2004, the Commission staff estimates that 60 funds
relied on rule 17f–1 in 2005.
5 This estimate is based on the following
calculation: 60 (respondents) × 3.5 (total annual
hourly burden per respondent) = 210 hours. The
annual burden for rule 17f–1 does not include time
spent preparing Form N–17f–1. The burden for
Form N–17f–1 is included in a separate collection
of information.
6 This estimate is based on the following
calculation: 60 funds × $1445 (total annual cost per
fund) = $86,700.
E:\FR\FM\23MYN1.SGM
23MYN1
Federal Register / Vol. 71, No. 99 / Tuesday, May 23, 2006 / Notices
therefore estimated to be approximately
360 hours. Based on the total costs per
fund listed above, the total cost of Form
N–17f–1’s collection of information
requirements is estimated to be
approximately $59,400.7
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 collections of information
required by rule 17f–1 and Form N–17f–
1 is mandatory for funds that place their
assets in the custody of a national
securities exchange member. 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 20504, or e-mail to:
David_Rostker@omb.eop.gov; and R.
Corey Booth, Director/Chief Information
Officer, Office of Information
Technology, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549. Comments must
be submitted to OMB within 30 days of
this notice.
shareholders may have unjustifiably
relied upon Rule 144 of the Securities
Act of 1933 (‘‘Securities Act’’) in
conducting an unlawful distribution of
securities that failed to comply with the
resale restrictions of Rule 144 of the
Securities Act. The Commission is also
concerned that China Energy may have
unlawfully relied upon Form S–8 of the
Securities Act to issue unrestricted
securities.
Questions also have arisen regarding
the accuracy and completeness of
information contained in China Energy’s
public filings with the Commission
concerning, among other things,
statements regarding the company’s
shareholder base.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
company.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the abovelisted company is suspended for the
period from 12:01 a.m. EDT, May 19,
2006, through 11:59 p.m. EDT, on June
2, 2006.
Dated: May 15, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6–7803 Filed 5–22–06; 8:45 am]
[Release No. 34–53817; File No. SR–BSE–
2006–05]
By the Commission.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 06–4807 Filed 5–19–06; 11:48 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Order Approving
a Proposed Rule Change to Modify the
Boston Options Exchange’s Fee
Schedule to Impose Surcharge Fees
for Transactions in Options on ETFs
on a Retroactive Basis
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
May 17, 2006.
In the Matter of China Energy Savings
Technology, Inc.; Order of Suspension
of Trading
rmajette on PROD1PC67 with NOTICES
May 19, 2006.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of China
Energy Savings Technology, Inc.
(‘‘China Energy’’), a Nevada corporation
headquartered in Hong Kong.
The Commission is concerned that
certain China Energy affiliates and
7 This estimate is based on the following
calculation: 360 hours × $165 (total annual cost per
fund) = $59,400.
VerDate Aug<31>2005
15:14 May 22, 2006
Jkt 208001
On March 15, 2006, the Boston Stock
Exchange, Inc. (‘‘BSE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposal to
retroactively establish certain Boston
Options Exchange (‘‘BOX’’) licensing fee
surcharges applicable to broker-dealer
proprietary accounts and market maker
accounts for trades in options on certain
exchange traded funds (‘‘ETFs’’). The
proposed rule change was published for
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00084
Fmt 4703
Sfmt 4703
29689
comment in the Federal Register on
April 13, 2006.3 The Commission
received no comments regarding the
proposal. This order approves the
proposed rule change.
The BOX’s Fee Schedule currently
has in place a surcharge fee item for
transactions in the respective ETF
options effected by market makers and
broker-dealer proprietary accounts that
imposes a $0.10 per contract fee for
transactions in certain licensed options,
including Standard & Poor’s Depository
Receipts (SPY), iShares Russell 2000
Index Fund (IWM), iShares Russell 2000
Growth Index Fund (IWO), and iShares
Nasdaq Biotechnology Index Fund
(IBB).4 In addition, the BOX’s Fee
Schedule currently lists a surcharge fee
of $0.09 per contract fee for transactions
in certain licensed options, including
S&P Energy Select Sector SPDR Fund
(XLE) and S&P Financial Select Sector
SPDR Fund (XLF). The surcharge fees
on the licensed options listed above
became effective on January 4, 2006.5
The Exchange is now proposing to
retroactively apply these surcharge fees
from the Effective Dates listed in Table
1 of the notice 6 (‘‘Effective Dates’’) (i.e.,
the date on which each product
commenced trading on BOX) through
January 3, 2006.7
In addition, the Exchange is
proposing to amend the BOX Fee
Schedule to clarify the meaning of the
current text in Section 4(b)
(‘‘InterMarket Linkage’’) of the BOX Fee
Schedule, which includes an explicit
reference to the surcharge with respect
to Inbound P and PA orders that are
billed per contract.8 The BSE is also
proposing to amend the title of Section
3 See Securities Exchange Act Release No. 53607
(April 6, 2006), 71 FR 19221 (‘‘Notice’’).
4 The BOX Fee Schedule also contains a $0.10
surcharge fee per contract for options on the ETF
Nasdaq 1000 (‘‘QQQQ’’), which is not at issue in
this proposed rule change.
5 See Securities Exchange Act Release No. 53454
(March 8, 2006), 71 FR 13439 (March 15, 2006) (SR–
BSE–2006–01).
6 See Notice, supra note 3. The Standard & Poor’s
Depository Receipts commenced trading on January
10, 2005; the iShares Russell 2000 Index Fund
commenced trading on May 2, 2005; the S&P
Energy Select Sector SPDR Fund commenced
trading on June 6, 2005; and the iShares Russell
2000 Growth Index Fund, the iShares Nasdaq
Biotechnology Index Fund, and S&P Financial
Select Sector SPDR Fund all commenced trading on
June 27, 2005.
7 BSE represents these fees are only charged to
BOX Participants.
8 Specifically, the Exchange proposes to replace
the sentence ‘‘Same as if were BOX Participant’’
with ‘‘This charge is the same as that which is
applicable to a BOX Participant under Section 2.
These orders are also subject to any additional passthrough surcharge fees specified in Section 2(c), as
applicable.’’
E:\FR\FM\23MYN1.SGM
23MYN1
]]>Agencies
[Federal Register Volume 71, Number 99 (Tuesday, May 23, 2006)]
[Notices]
[Pages 29688-29689]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-7803]
-----------------------------------------------------------------------
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 17f-1, SEC File No. 270-236, OMB Control No. 3235-0222;
Form N-17f-1, SEC File No. 270-316, OMB Control No. 3235-0359
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
collections of information discussed below.
Rule 17f-1 under the Investment Company Act of 1940 (17 CFR
270.17f-1) is entitled: ``Custody of Securities with Members of
National Securities Exchanges.'' Rule 17f-1 provides that any
registered management investment company (``fund'') that wishes to
place its assets in the custody of a national securities exchange
member may do so only under a written contract that must be ratified
initially and approved annually by a majority of the fund's board of
directors. The written contract also must contain certain specified
provisions. In addition, the rule requires an independent public
accountant to examine the fund's assets in custody with the exchange
member at least three times during the fund's fiscal year. The rule
requires the written contract and the certificate of each examination
to be transmitted to the Commission. The purpose of the rule is to
ensure the safekeeping of fund assets.
Commission staff estimates that each fund makes 1 response and
spends an average of 3.5 hours annually in complying with the rule's
requirements.\1\ Commission staff estimates that on an annual basis it
takes: (i) 0.5 hours for the board of directors at a total cost of
approximately $1000 to review and ratify the custodial contracts;\2\
and (ii) 3 hours for the fund's controller at a total cost of
approximately $445 to assist the fund's independent public auditors in
verifying the fund's assets.\3\ Approximately 60 funds rely on the rule
annually.\4\ Thus, the total annual burden for rule 17f-1 is estimated
to be approximately 210 hours.\5\ Based on the total costs per fund
listed above, the total cost of the rule 17f-1's collection of
information requirements is estimated to be $86,700.\6\
---------------------------------------------------------------------------
\1\ The 1 response is the board's approval of the contract.
\2\ 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 nine funds from the
pool of Form N-17f-1 filers. The actual number of hours may vary
significantly depending on individual fund assets. The hour burden
for rule 17f-1 does not include preparing the custody contract
because that would be part of customary and usual business practice.
\3\ This estimate is based on the following calculation: 3 x
$148.38 (fund controller hourly rate) = $445. The estimated costs
for all fund professional and support staff time are 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 are adjusted to reflect additional overhead costs and employee
benefits.
\4\ Based on a review of Form N-17f-1 filings in 2004, the
Commission staff estimates that 60 funds relied on rule 17f-1 in
2005.
\5\ This estimate is based on the following calculation: 60
(respondents) x 3.5 (total annual hourly burden per respondent) =
210 hours. The annual burden for rule 17f-1 does not include time
spent preparing Form N-17f-1. The burden for Form N-17f-1 is
included in a separate collection of information.
\6\ This estimate is based on the following calculation: 60
funds x $1445 (total annual cost per fund) = $86,700.
---------------------------------------------------------------------------
Form N-17f-1 is entitled: ``Certificate of Accounting of Securities
and Similar Investments of a Management Investment Company in the
Custody of Members of National Securities Exchanges.'' Form N-17f-1 (17
CFR 274.219) is the cover sheet for accountant examination certificates
filed under rule 17f-1 of the Act. Rule 17f-1 requires the accountant's
certificate of each examination be attached to Form N-17f-1 and
transmitted to the Commission promptly after each examination. The form
facilitates the filing of the accountant's certificate, and increases
the accessibility of the certificate to both Commission's staff and
interested investors.
Commission staff estimates that on an annual basis it takes: (i) On
average 1 hour of clerical time at a total cost of $28 to prepare and
file the Form N-17f-1; and (ii) 1 hour for the fund's chief compliance
officer at a total cost of $137 to review the Form N-17f-1 prior to
filing with the Commission. As noted above, approximately 60 funds
currently file Form N-17f-1 with the Commission, and each fund is
required to make three filings annually for a total annual burden per
fund of approximately 6 hours. The total annual hour burden for Form N-
17f-1 is
[[Page 29689]]
therefore estimated to be approximately 360 hours. Based on the total
costs per fund listed above, the total cost of Form N-17f-1's
collection of information requirements is estimated to be approximately
$59,400.\7\
---------------------------------------------------------------------------
\7\ This estimate is based on the following calculation: 360
hours x $165 (total annual cost per fund) = $59,400.
---------------------------------------------------------------------------
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 collections of information
required by rule 17f-1 and Form N-17f-1 is mandatory for funds that
place their assets in the custody of a national securities exchange
member. 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 20504, or e-mail to: David--
Rostker@omb.eop.gov; and R. Corey Booth, Director/Chief Information
Officer, Office of Information Technology, Securities and Exchange
Commission, 100 F Street, NE., Washington, DC 20549. Comments must be
submitted to OMB within 30 days of this notice.
Dated: May 15, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-7803 Filed 5-22-06; 8:45 am]
BILLING CODE 8010-01-P
