Submission for OMB Review; Comment Request, 31228-31230 [E6-8494]
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31228
Federal Register / Vol. 71, No. 105 / Thursday, June 1, 2006 / Notices
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–1(b). SEC File No. 270–
28. OMB Control No. 3235–0032.
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.
wwhite on PROD1PC61 with NOTICES
Rule 17f–1(b): Requirements for
Reporting and Inquiry With Respect to
Missing, Lost, Counterfeit, or Stolen
Securities
Rule 17f–1(b) (17 CFR 240.17f–1(b))
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.) (the ‘‘Act’’)
requires approximately 26,000 entities
in the securities industry to register in
the Lost and Stolen Securities Program
(‘‘Program’’). Registration fulfills a
statutory requirement that entities
report and inquire about missing, lost,
counterfeit, or stolen securities.
Registration also allows entities in the
securities industry to gain access to a
confidential database that stores
information for the Program.
We estimate that 1,000 new entities
will register in the Program each year.
The staff estimates that the average
number of hours necessary to comply
with the Rule 17f–1(b) is one-half hour.
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 estimate
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.
VerDate Aug<31>2005
19:10 May 31, 2006
Jkt 208001
Comments should be directed to (1)
the Desk Officer for the SEC, 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 email to: PRA_Mailbox@sec.gov.
Comments must be submitted to OMB
within 60 days of this notice.
Dated: May 23, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6–8488 Filed 5–31–06; 8:45 am]
BILLING CODE 8010–01–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–1(c) and Form X–17F–
1A; SEC File No. 270–29; OMB Control
No. 3235–0037.
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 17f–1(c) and Form X–17F–1A—
Reporting of Missing, Lost, Stolen, or
Counterfeit Securities
Rule 17f–1(c) (17 CFR 240.17f–1(c))
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.) (the ‘‘Act’’)
requires approximately 26,000 entities
in the securities industry to report lost,
stolen, missing, or counterfeit securities
to a central database. Form X–17F–1A
(17 CFR 249.100) facilitates the accurate
reporting and precise and immediate
data entry into the central database.
Reporting to the central database fulfills
a statutory requirement that reporting
institutions report and inquire about
missing, lost, counterfeit, or stolen
securities. Reporting to the central
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
database also allows reporting
institutions to gain access to the
database that stores information for the
Lost and Stolen Securities Program.
We estimate that 26,000 reporting
institutions will report that securities
are either missing, lost, counterfeit, or
stolen annually and that each reporting
institution will submit this report 50
times each year. The staff estimates that
the average amount of time necessary to
comply with Rule 17f–1(c) and Form X–
17F–1A is five minutes. The total
burden is 10,333 hours annually for
respondents. (26,000 times 50 times 5
divided by 60.)
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 estimate
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 (i)
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.
Dated: May 24, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6–8492 Filed 5–31–06; 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
E:\FR\FM\01JNN1.SGM
01JNN1
Federal Register / Vol. 71, No. 105 / Thursday, June 1, 2006 / Notices
Information Services, Washington, DC
20549.
wwhite on PROD1PC61 with NOTICES
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’’) has submitted to the
Office of Management and Budget
requests for extension of the previously
approved collections of information
discussed below.
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
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
VerDate Aug<31>2005
19:10 May 31, 2006
Jkt 208001
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
Form N–17f–2 (17 CFR 274.220)
under the Act is entitled ‘‘Certificate of
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
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) = $1087.13.
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.
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Fmt 4703
Sfmt 4703
31229
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 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 $187 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
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.
General comments regarding the
above information should be directed to
the following persons: (i) Desk Officer
8 This estimate is based on the following
calculation: 3.25 × $57.52 (fund senior accountant’s
hourly rate) = $186.94.
9 This estimate is based on the following
calculation: 3.15 × $27.6 (secretary hourly rate) =
$86.94.
10 This estimate is based on the following
calculation: 140 funds × $274 (total annual cost per
fund) = $38,360.
E:\FR\FM\01JNN1.SGM
01JNN1
31230
Federal Register / Vol. 71, No. 105 / Thursday, June 1, 2006 / Notices
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 22, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6–8494 Filed 5–31–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Collection; Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
wwhite on PROD1PC61 with NOTICES
Extension: Rule 202(a)(11)–1; SEC File No.
270–471; OMB Control No. 3235–0532.
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 (the
‘‘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 (‘‘OMB’’) for
extension and approval.
The title for the collection of
information is ‘‘Certain Broker-Dealers
Deemed Not To Be Investment
Advisers.’’ Rule 202(a)(11)–1 (17 CFR
275.202(a)(11)–1) under the Investment
Advisers Act of 1940 (15 U.S.C. 80b–1
et seq.) (‘‘Advisers Act’’) addresses the
application of the Advisers Act to
broker-dealers offering accounts
charging an asset-based fee. The rule is
intended to clarify when brokers
offering these programs are subject to
the provisions of the Advisers Act. The
rule requires that all advertisements for
brokerage accounts charging an assetbased fee and all agreements and
contracts governing the operation of
those accounts contain a certain
prominent statement that the accounts
are brokerage accounts and not advisory
accounts. This collection of information
is necessary so that customers are not
confused with respect to the services
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19:10 May 31, 2006
Jkt 208001
that they are receiving, i.e., to prevent
customers and prospective customers
from mistakenly believing that the
account is an advisory account subject
to the Advisers Act. The collection
assists customers in making informed
decisions regarding whether to establish
accounts.
The respondents to this collection of
information are all broker-dealers that
are registered with the Commission. The
Commission has estimated that the
average annual burden for ensuring
compliance with the disclosure element
of the rule is 5 minutes per brokerdealer taking advantage of the rule. If all
of the approximately 6,158 brokerdealers registered with the Commission
took advantage of the rule, the total
estimated annual burden would be 511
hours (.083 hours × 6,158 brokers).
Written comments are invited on: (a)
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; (b) the accuracy of the
agency’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, 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.
Dated: May 24, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6–8495 Filed 5–31–06; 8:45 am]
BILLING CODE 8010–01–P
Sunshine Act Meeting Notice
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold the following
meeting during the week of June 5,
2006:
A Closed Meeting will be held on
Tuesday, June 6, 2006 at 2 p.m.
Frm 00089
Fmt 4703
Dated: May 30, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. 06–5077 Filed 5–31–06; 3:45 pm]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. PA–36; File No. S7–09–06]
Privacy Act of 1974: System of
Records: Office of Inspector General
Investigative Files (SEC–43)
Securities and Exchange
Commission.
ACTION: Notice of an altered system of
records.
AGENCY:
SECURITIES AND EXCHANGE
COMMISSION
PO 00000
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (9)(B), (10)
and 17 CFR 200.402(a)(3), (5), (6), (9)(ii),
and (10) permit consideration of the
scheduled matters at the Closed
Meeting.
Commissioner Campos, as duty
officer, voted to consider the items
listed for the closed meetings in closed
session.
The subject matter of the Closed
Meeting scheduled for Tuesday, June 6,
2006 will be: Formal orders of
investigation; Institution and settlement
of injunctive actions; Institution and
settlement of administrative
proceedings of an enforcement nature;
and Resolution of litigation claims.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Sfmt 4703
SUMMARY: In accordance with the
requirements of the Privacy Act of 1974,
as amended, 5 U.S.C. 552a, the
Securities and Exchange Commission
proposes to alter a Privacy Act system
of records: ‘‘Office of Inspector General
Investigative Files (SEC–43)’’, originally
published at 55 FR 1744, January 18,
1990. Revisions to this system were last
published at 63 FR 11936, March 11,
1998.
E:\FR\FM\01JNN1.SGM
01JNN1
]]>Agencies
[Federal Register Volume 71, Number 105 (Thursday, June 1, 2006)]
[Notices]
[Pages 31228-31230]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-8494]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and
[[Page 31229]]
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'') has submitted to the Office of
Management and Budget requests for extension of the previously approved
collections of information discussed below.
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 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) = $1087.13.
\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 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 $187 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\
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\8\ This estimate is based on the following calculation: 3.25 x
$57.52 (fund senior accountant's hourly rate) = $186.94.
\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.
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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.
General comments regarding the above information should be directed
to the following persons: (i) Desk Officer
[[Page 31230]]
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 22, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-8494 Filed 5-31-06; 8:45 am]
BILLING CODE 8010-01-P
