Existing Collection; Comment Request, 35717-35718 [E6-9689]

Download as PDF Federal Register / Vol. 71, No. 119 / Wednesday, June 21, 2006 / Notices Tuesday, July 11, 2006, 10:30 a.m.–12 Noon The Subcommittee will discuss proposed ACRS activities and related matters. The Subcommittee will gather information, analyze relevant issues and facts, and formulate proposed positions and actions, as appropriate, for deliberation by the full Committee. Members of the public desiring to provide oral statements and/or written comments should notify the Designated Federal Official, Mr. Sam Duraiswamy (telephone: 301–415–7364) between 7:30 a.m. and 4:15 p.m. (ET) five days prior to the meeting, if possible, so that appropriate arrangements can be made. Electronic recordings will be permitted only during those portions of the meeting that are open to the public. Further information regarding this meeting can be obtained by contacting the Designated Federal Official between 7:30 a.m. and 4:15 p.m. (ET). Persons planning to attend this meeting are urged to contact the above named individual at least two working days prior to the meeting to be advised of any potential changes in the agenda. Dated: June 15, 2006. Michael R. Snodderly, Branch Chief, ACRS/ACNW. [FR Doc. E6–9720 Filed 6–20–06; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon written request, copies available from: Securities and Exchange Commission, Office of Filings and Information Service, Washington, DC 20549. jlentini on PROD1PC65 with NOTICES Extension: Rule 23c–1; SEC File No. 270–253; OMB Control No. 3235–0260. 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’’) 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. Rule 23c–1 (17 CFR 270.233c–1) under the Investment Company Act of 1940 (15 U.S.C. 80a), among other things, permits a closed-end fund to repurchase its securities for cash if in addition to the other requirements set forth in the rule: (1) Payment of the purchase price is accompanied or VerDate Aug<31>2005 18:26 Jun 20, 2006 Jkt 208001 preceded by a written confirmation of the purchase; (ii) the asset coverage per unit of the security to be purchased is disclosed to the seller or his agent; and (iii) if the security is a stock, the fund has, within the preceding six months, informed stockholders of its intention to purchase stock. Commission staff estimates that approximately 14 closedend funds rely on Rule 23c–1 annually to undertake 122 repurchases of their securities. Commission staff estimates that, on average, a fund spends 2.5 hours to comply with the paperwork requirements listed above each time it undertakes a security repurchase under the rule. Commission staff thus estimates the total annual burden of the rule’s paperwork requirements is 305 hours. In addition, the fund must file with the Commission a copy of any written solicitation to purchase securities given by or on behalf of the fund to 10 or more persons. The copy must be filed as an exhibit to Form N–CSR (17 CFR 249.331 and 274.128). The burden associated with filing Form N–CSER is addressed in the submission related to that form. 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. Written comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; (b) the accuracy of the Commission’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: June 14, 2006. Nancy M. Morris, Secretary. [FR Doc. 06–5541 Filed 6–20–06; 8:45 am] BILLING CODE 8010–01–M PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 35717 SECURITIES AND EXCHANGE COMMISSION Existing Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Extension: Rule 17g–1; SEC File No. 270– 208; OMB Control No. 3235–0213. 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’’) 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 17g–1 (17 CFR 270.17g–1) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a–17(g)) governs the fidelity bonding of officers and employees of registered management investment companies (‘‘funds’’) and their advisers. Rule 17g– 1 requires, in part, the following: • Independent Directors’ Approval. The form and amount of the fidelity bond must be approved by a majority of the fund’s independent directors at least once annually, and the amount of any premium paid by the fund for any ‘‘joint insured bond,’’ covering multiple funds or certain affiliates, must be approved by a majority of the fund’s independent directors. • Terms and Provisions of the Bond. The amount of the bond may not be less than the minimum amounts of coverage set forth in a schedule based on the fund’s gross assets; the bond must provide that it shall not be cancelled, terminated, or modified except upon 60-days written notice to the affected party and to the Commission; in the case of a joint insured bond, 60-days written notice must also be given to each fund covered by the bond; a joint insured bond must provide that the fidelity insurance company will provide all funds covered by the bond with a copy of the agreement, a copy of any claim on the bond, and notification of the terms of the settlement of any claim prior to execution of that settlement; and a fund that is insured by a joint bond must enter into an agreement with all other parties insured by the joint bond regarding recovery under the bond. • Filings with the Commission. Upon the execution of a fidelity bond or any amendment thereto, a fund must file with the Commission within 10 E:\FR\FM\21JNN1.SGM 21JNN1 jlentini on PROD1PC65 with NOTICES 35718 Federal Register / Vol. 71, No. 119 / Wednesday, June 21, 2006 / Notices days a copy of the executed bond or any amendment to the bond, the independent directors’ resolution approving the bond, and a statement as to the period for which premiums have been paid on the bond. In the case of a joint insured bond, a fund must also file (i) a statement showing the amount the fund would have been required to maintain under the rule if it were insured under a single insured bond and (ii) the agreement between the fund and all other insured parties regarding recovery under the bond. A fund must also notify the Commission in writing within five days of any claim or settlement on a claim under the fidelity bond. • Notices to Directors. A fund must notify by registered mail each member of its board of directors of (i) any cancellation, termination, or modification of the fidelity bond at least 45 days prior to the effective date, and (ii) the filing or settlement of any claim under the fidelity bond when notification is filed with the Commission. Rule 17g–1’s independent directors’ annual review requirements, fidelity bond content requirements, joint bond agreement requirement and the required notices to directors seek to ensure the safety of fund assets against losses due to the conduct of persons who may obtain access to those assets. These requirements also seek to facilitate oversight of a fund’s fidelity bond. The rule’s required filings with the Commission are designed to assist the Commission in monitoring funds’ compliance with the fidelity bond requirements. The Commission staff estimates that approximately 4033 funds are subject to the requirements of rule 17g–1, and that on average a fund spends approximately one hour per year complying with the rule’s paperwork requirements. The Commission staff therefore estimates the total annual burden of the rule’s paperwork requirements to be 4033 hours. These estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act. These estimates are not derived from a comprehensive or even a representative survey or study of Commission rules. The collection of information required by rule 17g–1 is mandatory and 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. Written comments are requested on: (a) Whether the collection of information is necessary for the proper VerDate Aug<31>2005 18:26 Jun 20, 2006 Jkt 208001 performance of the functions of the Commission, including whether the information has practical utility; (b) the accuracy of the Commission’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: June 14, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–9689 Filed 6–20–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53984; File No. SR-CBOE– 2006–48] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Short Term Option Series Pilot Program June 14, 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 June 13, 2006, the Chicago Board Options Exchange, Incorporated (‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. CBOE has designated this proposal as non-controversial under Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 2 17 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend CBOE Rules 5.5(d) and 24.9(a)(2) to extend until July 12, 2007, its pilot program for listing and trading Short Term Options Series (‘‘Pilot Program’’). The text of the proposed rule change is available on the Exchange’s Web site (http://www.cboe.com), at the Exchange’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 Exchange included statements concerning the purpose of, and basis for, the 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 Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to extend the Pilot Program for an additional year, through July 12, 2007.5 The Pilot Program allows CBOE to list and trade Short Term Option Series, which expire one week after the date on which a series is opened. Under the Pilot Program, CBOE may select up to five approved option classes on which Short Term Option Series could be opened.6 A series could be opened on any Friday that is a business day and would expire on the next Friday that is a business day.7 If a Friday were not a 5 The Commission approved the Pilot Program on July 12, 2005. See Securities Exchange Act Release No. 52011 (July 12, 2005), 70 FR 41451 (July 19, 2005) (SR–CBOE–2004–63) (‘‘Pilot Program Approval Order’’). Under Rules 5.5 and 24.9, the Pilot Program is scheduled to expire on July 12, 2006. 6 A Short Term Option Series could be opened in any option class that satisfied the applicable listing criteria under CBOE rules (i.e., stock options, options on exchange-traded funds as defined under Interpretation and Policy .06 to CBOE rule 5.3, or options on indexes). The Exchange could also list and trade Short Term Option Series on any option class that is selected by another exchange that employs a similar pilot program, though to date the Exchange is not aware of any other exchanges listing Short Term Option Series. 7 Short Term Option Series are settled in the same manner as the monthly expiration series in the same class. Thus, if the monthly option contract for E:\FR\FM\21JNN1.SGM 21JNN1

Agencies

[Federal Register Volume 71, Number 119 (Wednesday, June 21, 2006)]
[Notices]
[Pages 35717-35718]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-9689]


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SECURITIES AND EXCHANGE COMMISSION


Existing Collection; Comment Request

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

Extension: Rule 17g-1; SEC File No. 270-208; OMB Control No. 3235-
0213.

    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'') 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 17g-1 (17 CFR 270.17g-1) under the Investment Company Act of 
1940 (the ``Act'') (15 U.S.C. 80a-17(g)) governs the fidelity bonding 
of officers and employees of registered management investment companies 
(``funds'') and their advisers. Rule 17g-1 requires, in part, the 
following:
     Independent Directors' Approval.
    The form and amount of the fidelity bond must be approved by a 
majority of the fund's independent directors at least once annually, 
and the amount of any premium paid by the fund for any ``joint insured 
bond,'' covering multiple funds or certain affiliates, must be approved 
by a majority of the fund's independent directors.
     Terms and Provisions of the Bond.
    The amount of the bond may not be less than the minimum amounts of 
coverage set forth in a schedule based on the fund's gross assets; the 
bond must provide that it shall not be cancelled, terminated, or 
modified except upon 60-days written notice to the affected party and 
to the Commission; in the case of a joint insured bond, 60-days written 
notice must also be given to each fund covered by the bond; a joint 
insured bond must provide that the fidelity insurance company will 
provide all funds covered by the bond with a copy of the agreement, a 
copy of any claim on the bond, and notification of the terms of the 
settlement of any claim prior to execution of that settlement; and a 
fund that is insured by a joint bond must enter into an agreement with 
all other parties insured by the joint bond regarding recovery under 
the bond.
     Filings with the Commission.
    Upon the execution of a fidelity bond or any amendment thereto, a 
fund must file with the Commission within 10

[[Page 35718]]

days a copy of the executed bond or any amendment to the bond, the 
independent directors' resolution approving the bond, and a statement 
as to the period for which premiums have been paid on the bond. In the 
case of a joint insured bond, a fund must also file (i) a statement 
showing the amount the fund would have been required to maintain under 
the rule if it were insured under a single insured bond and (ii) the 
agreement between the fund and all other insured parties regarding 
recovery under the bond. A fund must also notify the Commission in 
writing within five days of any claim or settlement on a claim under 
the fidelity bond.
     Notices to Directors.
    A fund must notify by registered mail each member of its board of 
directors of (i) any cancellation, termination, or modification of the 
fidelity bond at least 45 days prior to the effective date, and (ii) 
the filing or settlement of any claim under the fidelity bond when 
notification is filed with the Commission.
    Rule 17g-1's independent directors' annual review requirements, 
fidelity bond content requirements, joint bond agreement requirement 
and the required notices to directors seek to ensure the safety of fund 
assets against losses due to the conduct of persons who may obtain 
access to those assets. These requirements also seek to facilitate 
oversight of a fund's fidelity bond. The rule's required filings with 
the Commission are designed to assist the Commission in monitoring 
funds' compliance with the fidelity bond requirements.
    The Commission staff estimates that approximately 4033 funds are 
subject to the requirements of rule 17g-1, and that on average a fund 
spends approximately one hour per year complying with the rule's 
paperwork requirements. The Commission staff therefore estimates the 
total annual burden of the rule's paperwork requirements to be 4033 
hours.
    These estimates of average burden hours are made solely for the 
purposes of the Paperwork Reduction Act. These estimates are not 
derived from a comprehensive or even a representative survey or study 
of Commission rules. The collection of information required by rule 
17g-1 is mandatory and 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.
    Written comments are requested on: (a) Whether the collection of 
information is necessary for the proper performance of the functions of 
the Commission, including whether the information has practical 
utility; (b) the accuracy of the Commission'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: June 14, 2006.
Nancy M. Morris,
Secretary.
 [FR Doc. E6-9689 Filed 6-20-06; 8:45 am]
BILLING CODE 8010-01-P