Submission for OMB Review; Comment Request, 40556-40557 [E6-11230]

Download as PDF 40556 Federal Register / Vol. 71, No. 136 / Monday, July 17, 2006 / Notices rwilkins on PROD1PC63 with NOTICES years in an easily accessible place, all books and records required to be made under these rules. Rule 2a–7 contains certain collection of information requirements. An unregistered money market fund that complies with Rule 2a 7 would be subject to these collection of information requirements. In addition, the recordkeeping requirements under Rule 31 with which the acquiring fund reasonably believes the unregistered money market fund complies are collections of information for the unregistered money market fund. By allowing funds to invest in registered and unregistered money market funds, Rule 12d1–1 is intended to provide funds greater options for cash management. In order for a registered fund to rely on the exemption to invest in an unregistered money market fund, the unregistered money market fund must comply with certain collection of information requirements for registered money market funds. These requirements are intended to ensure that the unregistered money market fund has established procedures for collecting the information necessary to make adequate credit reviews of securities in its portfolio, as well as other recordkeeping requirements that will assist the acquiring fund in overseeing the unregistered money market fund (and Commission staff in its examination of the unregistered money market fund’s adviser). Commission staff estimates that registered funds currently invest in 40 unregistered money market funds in excess of the statutory limits under an exemptive order issued by the Commission, and will invest in approximately 6 new unregistered money market funds each year.9 Staff estimates that each of these unregistered money market funds spends 1220 hours to perform the record of credit risk analysis and other determinations annually, and in the first year after the rule’s adoption, each will spend 21 hours to implement the board procedures.10 Finally, Commission staff estimates that 10 unregistered money market funds spends 4.5 hours to review and amend procedures annually. The 9 This estimate is based on the number of applications filed with the Commission in 2005. This estimate may be understated because applicants generally do not identify the name or number of unregistered money market funds in which registered funds intend to invest, and each application also applies to unregistered money market funds to be organized in the future. 10 The Commission adopted Rule 12d1–1 on June 20, 2006. See Fund of Funds Investments, Investment Company Act Release No. 27399 (June 20, 2006). VerDate Aug<31>2005 17:41 Jul 14, 2006 Jkt 208001 estimated total of annual responses under Rule 12d1–1 is 57,131.11 Commission staff estimates that in addition to the costs described in section 12, unregistered money market funds will incur costs to preserve records, as required under Rule 2a–7. These costs will vary significantly for individual funds, depending on the amount of assets under fund management and whether the fund preserves its records in a storage facility in hard copy or has developed and maintains a computer system to create and preserve compliance records. In its Rule 2a–7 submission, Commission staff estimated that the amount an individual money market fund may spend ranged from $100 per year to $300,000. We have no reason to believe the range would be different for unregistered money market funds. As noted before, we have no information on the amount of assets managed by unregistered money market funds. Accordingly, Commission staff has estimated that an unregistered money market fund in which registered funds would invest in reliance on Rule 12d1–1 would have, on average, $376.4 million in assets under management.12 Based on a cost of $0.0000005 per dollar of assets under management for medium-sized funds, the staff estimates compliance with Rule 2a–7 would cost these types of unregistered money market funds $8,000 annually.13 Commission staff estimates that unregistered money market funds will not incur any capital costs to create computer programs for maintaining and preserving compliance records for Rule 2a–7.14 The collections of information required for unregistered money market funds by Rule 12d1–1 are necessary in order for acquiring funds to be able to obtain the benefits described above. Notices to the Commission will not be kept confidential. An agency may not conduct or sponsor, and a person is not 11 This estimate is based on the following calculation: (40 × 1220) + (6 × 1220) + (40 × 21) + (6 × 21) + (10 × 4.5) = 57,131. 12 This estimate is based on the average of assets under management of medium-sized registered money market funds ($50 million to $999 million). 13 This estimate was based on the following calculation: 46 unregistered money market funds × $357.7 million in assets under management × $0.0000005 = $8,227. The estimate of cost per dollar of assets is the same as that used for medium-sized funds in the Rule 2a–7 submission. 14 This estimate is based on information Commission staff obtained in its survey for the Rule 2a–7 submission. Of the funds surveyed, no medium-sized funds incurred this type of capital cost. The funds either maintained record systems using a program the fund would be likely to have in the ordinary course of business (such as Excel) or the records were maintained by the fund’s custodian. PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 required to respond to, a collection of information unless it displays a currently valid control number. 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 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 email to: PRAlMailbox@sec.gov. Dated: June 23, 2006. Jill M. Peterson, Assistant Secretary. [FR Doc. E6–11229 Filed 7–14–06; 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 Information Services, Washington, DC 20549. Extension: Rule 17a–6, SEC File No. 270–433, OMB Control No. 3235–0489. 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 a request for extension of the previously approved collection of information discussed below. Rule 17a–6 (17 CFR 240.17a–6) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) permits national securities exchanges, national securities associations, registered clearing agencies, and the Municipal Securities Rulemaking Board (collectively, ‘‘SROs’’) to destroy or convert to microfilm or other recording media E:\FR\FM\17JYN1.SGM 17JYN1 Federal Register / Vol. 71, No. 136 / Monday, July 17, 2006 / Notices rwilkins on PROD1PC63 with NOTICES records maintained under Rule 17a–1, if they have filed a record destruction plan with the Commission and the Commission has declared such plan effective. There are currently 22 SROs: 10 national securities exchanges, 1 national securities association, 10 registered clearing agencies, and the Municipal Securities Rulemaking Board. These respondents file no more than one record destruction plan per year, which requires approximately 160 hours for each new plan. However, the Commission is discounting that figure given its experience to date with the number of plans that have been filed. Further, any existing SRO record destructions plan may require revision, over time, in response to, for example, changes in document retention technology, which the Commission estimates will take much less than the 160 hours estimated for a new plan. Thus, the total annual compliance burden is estimated to be 60 hours, based on an estimated two respondents per year. The approximate cost per hour is $250, resulting in a total cost of compliance for these respondents of $15,000 per year (60 hours @ $250 per hour). 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 estimated burden hours should be directed to the following persons: (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, VA 22312 or by sending an e-mail to PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: July 10, 2006. Jill M. Peterson, Assistant Secretary. [FR Doc. E6–11230 Filed 7–14–06; 8:45 am] BILLING CODE 8010–01–P VerDate Aug<31>2005 17:41 Jul 14, 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 489 and Form F–N; SEC File No. 270– 361; OMB Control No. 3235–0411. 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 489 (17 CFR 230.489) under the Securities Act of 1933 (15 U.S.C. 77a et seq.), Filing of Form by Foreign Banks and Insurance Companies and Certain of Their Holding Companies and Finance Subsidiaries; and Form F–N, Appointment of Agent for Service of Process by Foreign Banks and Foreign Insurance Companies and Certain of Their Holding Companies and Finance Subsidiaries Making Public Offerings of Securities in the United States Rule 489 (17 CFR 230.489) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) requires foreign banks and foreign insurance companies and holding companies and finance subsidiaries of foreign banks and foreign insurance companies that are exempted from the definition of ‘‘investment company’’ by virtue of Rules 3a–1, 3a–5, and 3a–6 under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) to file Form F–N under the Securities Act of 1933 to appoint an agent for service of process when making a public offering of securities in the United States. Approximately seven entities are required by Rule 489 to file Form F–N, which is estimated to require an average of one hour to complete. The estimated annual burden of complying with the rule’s filing requirement is approximately eleven hours, as some of the entities submitted multiple filings. The estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) and are not derived from a comprehensive or even representative survey or study of the cost of Commission rules and forms. The collection of information under Form F–N is mandatory. The information provided by the Form is not kept confidential. An agency may not PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 40557 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: July 10, 2006. Jill M. Peterson, Assistant Secretary. [FR Doc. E6–11231 Filed 7–14–06; 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 17a–25; SEC File No. 270–482; OMB Control No. 3235–0540. 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 17a–25 (17 CFR 240.17a–25) requires registered broker-dealers to electronically submit securities transaction information, including identifiers for prime brokerage arrangements, average price accounts, and depository institutions, in a standardized format when requested by the Commission staff. In addition, the rule also requires broker-dealers to submit, and keep current, contact person information for electronic blue sheets (‘‘EBS’’) requests. The Commission uses the information for E:\FR\FM\17JYN1.SGM 17JYN1

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[Federal Register Volume 71, Number 136 (Monday, July 17, 2006)]
[Notices]
[Pages 40556-40557]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-11230]


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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 17a-6, SEC File No. 270-433, OMB Control No. 3235-0489.

    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 a request for extension of the previously approved 
collection of information discussed below.
    Rule 17a-6 (17 CFR 240.17a-6) under the Securities Exchange Act of 
1934 (15 U.S.C. 78a et seq.) permits national securities exchanges, 
national securities associations, registered clearing agencies, and the 
Municipal Securities Rulemaking Board (collectively, ``SROs'') to 
destroy or convert to microfilm or other recording media

[[Page 40557]]

records maintained under Rule 17a-1, if they have filed a record 
destruction plan with the Commission and the Commission has declared 
such plan effective.
    There are currently 22 SROs: 10 national securities exchanges, 1 
national securities association, 10 registered clearing agencies, and 
the Municipal Securities Rulemaking Board. These respondents file no 
more than one record destruction plan per year, which requires 
approximately 160 hours for each new plan. However, the Commission is 
discounting that figure given its experience to date with the number of 
plans that have been filed. Further, any existing SRO record 
destructions plan may require revision, over time, in response to, for 
example, changes in document retention technology, which the Commission 
estimates will take much less than the 160 hours estimated for a new 
plan. Thus, the total annual compliance burden is estimated to be 60 
hours, based on an estimated two respondents per year. The approximate 
cost per hour is $250, resulting in a total cost of compliance for 
these respondents of $15,000 per year (60 hours @ $250 per hour).
    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 estimated burden hours should be 
directed to the following persons: (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, VA 22312 or by sending 
an e-mail to PRA--Mailbox@sec.gov. Comments must be submitted within 30 
days of this notice.

    Dated: July 10, 2006.
Jill M. Peterson,
Assistant Secretary.
 [FR Doc. E6-11230 Filed 7-14-06; 8:45 am]
BILLING CODE 8010-01-P