Submission for OMB Review; Comment Request, 51868-51869 [06-7302]
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51868
Federal Register / Vol. 71, No. 169 / Thursday, August 31, 2006 / Notices
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Commission staff estimates that after
the first year, approximately 10 funds 5
would spend, on average, 5 hours
annually (4 hours by in-house counsel,
0.5 hours by fund directors, 0.5 hours by
support staff) to modify their advisory
contracts with their principal advisers
to comply with the proposed rule. Thus,
the Commission estimates these
modifications would result in a total of
50 burden hours and 10 responses.
The proposed rule also would require
funds to provide shareholders (and file
with the Commission) an information
statement within 90 days after entry into
the subadvisory contract or after making
a material change to a wholly-owned
subsidiary’s existing subadvisory
contract. The information statement
must describe the agreement and
contain all of the information that
shareholders would have received in a
proxy statement had a shareholder vote
been held. This information collection
is needed to ensure that shareholders
are aware of the identity of the
subadvisers that would be making
investment decisions for the fund and
the terms of each subadvisory contract.
During the first 3 years after adoption
of the proposed rule, Commission staff
estimates that 179 funds 6 would each
spend 20 hours 7 annually in preparing
and distributing information statements.
The total annual estimate for complying
with the third party disclosure
requirement of rule 15a–5 would be
3580 burden hours and 358 responses.
To arrive at the total information
collection burden, staff has calculated a
weighted average of the first year
burden and the annual burden
thereafter. Using a three-year period, the
5 Based on the number of manager of managers
applications submitted since 1995, the staff
estimates that 20 additional funds would seek to
rely on the proposed rule each year. Approximately
10 of those funds would be funds whose securities
have already been publicly offered, and therefore
would need to modify their advisory contracts with
principal advisers. We estimate that the 10 new
funds that would rely on the proposed rule would
incur no additional burden or costs to include these
provisions in the initial advisory contract.
6 Commission staff estimates that 159 funds
(including 125 funds that currently rely on
exemptive orders, 14 funds that have filed an
application for an exemptive order, and 20
additional funds that would have filed for
exemptive relief during the first year after the rule’s
adoption) would rely on the proposed rule during
the first year after its adoption. After the first year,
the staff estimates that each year 20 additional
funds would rely on the proposed rule.
7 Based on discussions with fund representatives,
the Commission estimates that on average each
fund would hire 2 new subadvisers per year.
Therefore, funds would be required to send to
shareholders 2 information statements per year.
Based on discussions with fund representatives, the
Commission estimates that each fund would spend
10 hours to prepare and mail each information
statement.
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estimated weighted annual average
information collection burden is 3862
hours 8 and 414 responses.9
The collections of information
required by proposed rule 15a–5 would
be voluntary because rule 15a–5 is an
exemptive rule and, therefore, funds
may choose not to rely on the proposed
rule. The filings with the Commission
required under the proposed rule would
be available to the public. 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 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 am
e-mail to: PRA_Mailbox@sec.gov.
Dated: August 23, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06–7300 Filed 8–30–06; 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 6c–7; SEC File No. 270–269;
OMB Control No. 3235–0276.
8 This estimate is based on the following
calculation: (4325 hours (year 1) + 3630 hours (year
2) + 3630 hours (year 3)) ÷ 3 = 3861.6 hours.
9 This estimate is based on the following
calculation: (507 responses (year 1) + 368 responses
(year 2) + 368 responses (year 3)) ÷ 3 = 414.3
responses.
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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
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 6c–7 (17 CFR 270.6c–7) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’)
provides exemption from certain
provisions of Sections 22(e) and 27 of
the 1940 Act for registered separate
accounts offering variable annuity
contracts to certain employees of Texas
institutions of higher education
participating in the Texas Optional
Retirement Program. There are
approximately 80 registrants governed
by Rule 6c–7. The burden of compliance
with Rule 6c–7, in connection with the
registrants obtaining from a purchaser,
prior to or at the time of purchase, a
signed document acknowledging the
restrictions on redeemability imposed
by Texas law, is estimated to be
approximately 3 minutes per response
for each of approximately 2,600
purchasers annually (at an estimated
$70 per hour), for a total annual burden
of 130 hours (at a total annual cost of
$9,100).
Rule 6c–7 requires that the separate
account’s registration statement under
the Securities Act of 1933 (15 U.S.C. 77a
et seq.) include a representation that
Rule 6c–7 is being relied upon and is
being complied with. This requirement
enhances the Commission’s ability to
monitor utilization of and compliance
with the rule. There are no
recordkeeping requirements with
respect to Rule 6c–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 or forms. The
Commission does not include in the
estimate of average burden hours the
time preparing registration statements
and sales literature disclosure regarding
the restrictions on redeemability
imposed by Texas law. The estimate of
burden hours for completing the
relevant registration statements are
reported on the separate PRA
submissions for those statements. (See
the separate PRA submissions for Form
N–3 (17 CFR 274.11b) and Form N–4 (17
CFR 274.11c).
Complying with the collection of
information requirements of the rules is
necessary to obtain a benefit. An agency
may not conduct or sponsor, and a
person is not required to respond to, a
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31AUN1
Federal Register / Vol. 71, No. 169 / Thursday, August 31, 2006 / Notices
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_Roster@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 and e-mail to:
PRA_Mailbox@sec.gov. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: August 23, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06–7302 Filed 8–30–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
27469; 812–13297]
Claymore Exchange-Traded Fund
Trust, et al.; Notice of Application
August 28, 2006.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 6(c) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
2(a)(32), 5(a)(1), 22(d), 22(e), and 24(d)
of the Act and rule 22c–1 under the Act,
under section 12(d)(1)(J) for an
exemption from sections 12(d)(1)(A) and
(B) of the Act, and under sections 6(c)
and 17(b) of the Act for an exemption
from sections 17(a)(1) and (a)(2) of the
Act.
AGENCY:
Applicants
request an order that would permit (a)
series of open-end management
investment companies, to issue shares
(‘‘Fund Shares’’) that can be redeemed
only in large aggregations (‘‘Creation
Unit Aggregations’’); (b) secondary
market transactions in Fund Shares to
occur at negotiated prices; (c) dealers to
sell Fund Shares to purchasers in the
secondary market unaccompanied by a
prospectus when prospectus delivery is
not required by the Securities Act of
1933 (‘‘Securities Act’’); (d) certain
series to pay redemption proceeds,
under certain circumstances, more than
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SUMMARY OF APPLICATION:
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15:29 Aug 30, 2006
Jkt 208001
seven days after the tender of a Creation
Unit Aggregation for redemption; (e)
certain affiliated persons of the series to
deposit securities into, and receive
securities from, the series in connection
with the purchase and redemption of
Creation Unit Aggregations; and (f)
certain registered management
investment companies and unit
investment trusts outside of the same
group of investment companies as the
series to acquire Fund Shares.
APPLICANTS: Claymore Exchange-Traded
Fund Trust and Claymore ExchangeTraded Fund Trust 2 (the ‘‘Trusts’’);
Claymore Securities, Inc. (‘‘Claymore’’);
and Claymore Advisers, LLC
(‘‘Claymore Advisors’’).
FILING DATES: The application was filed
on May 27, 2006, and amended on July
24, 2006. Applicants have agreed to file
an amendment during the notice period,
the substance of which is reflected in
the notice.
HEARING OR NOTIFICATION OF HEARING: An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on September 15, 2006,
and should be accompanied by proof of
service on applicants, in the form of an
affidavit, or for lawyers, a certificate of
service. Hearing requests should state
the nature of the writer’s interest, the
reason for the request, and the issues
contested. Persons who wish to be
notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F
Street, NE., Washington, DC 20549–
1090; Applicants, 2455 Corporate West
Drive, Lisle, IL 60532.
FOR FURTHER INFORMATION CONTACT:
Courtney S. Thornton, Senior Counsel at
(202) 551–6812, or Michael W. Mundt,
Senior Special Counsel, at (202) 551–
6821 (Division of Investment
Management, Office of Investment
Company Regulation).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained for a fee at the Public
Reference Desk, U.S. Securities and
Exchange Commission, 100 F Street,
NE., Washington DC 20549–0102,
telephone (202) 551–5850.
Applicants’ Representations
1. Each Trust is registered as an openend management investment company
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51869
and is organized as a Delaware statutory
trust that will offer multiple series (each
series, a ‘‘Fund’’). Claymore ExchangeTraded Fund Trust will offer and sell
Fund Shares of five Funds, each of
which will track an index of equity
securities of domestic issuers and nondomestic issuers meeting the
requirements for trading in U.S.
markets. Claymore Exchange-Traded
Fund Trust 2 will offer and sell Fund
Shares of two Funds (collectively with
the Funds offered by Claymore
Exchange-Traded Fund Trust, the
‘‘Initial Funds’’), each of which will
track an index of foreign equity
securities (‘‘Foreign Funds’’).
2. Each of Claymore and Claymore
Advisors is registered as an ‘‘investment
adviser’’ under the Investment Advisers
Act of 1940, as amended (the ‘‘Advisers
Act’’). Claymore Advisors will serve as
the investment adviser to each of the
Initial Funds (the ‘‘Adviser’’). In the
future, the Adviser may enter into subadvisory agreements with other
investment advisers to act as ‘‘subadvisers’’ with respect to particular
Funds. Any sub-adviser will be
registered under the Advisers Act or
exempt from registration. Claymore, a
broker-dealer registered under the
Securities Exchange Act of 1934 (the
‘‘Exchange Act’’), will serve as the
principal underwriter and distributor
for the Initial Funds (the ‘‘Distributor’’).
3. Each Fund will hold certain
securities (‘‘Portfolio Securities’’)
selected to correspond generally to the
price and yield performance, before fees
and expenses, of a specified equity
securities index (an ‘‘Underlying
Index’’). No entity that creates,
compiles, sponsors or maintains an
Underlying Index is or will be an
affiliated person, as defined in section
2(a)(3) of the Act, or an affiliated person
of an affiliated person, of the Trusts, the
Adviser, the Distributor, promoter or
any sub-adviser to a Fund. The Trusts
may offer additional Funds in the future
based on other Underlying Indices
(‘‘Future Funds’’). Any Future Funds
will (a) comply with the terms and
conditions of any order granted
pursuant to the application, and (b) be
advised by the Adviser.
4. The investment objective of each
Fund will be to provide investment
results that correspond generally to the
price and yield performance, before fees
and expenses, of its Underlying Index.
Intra-day values of the Underlying Index
will be disseminated every 15 seconds
throughout the trading day. A Fund will
utilize either a ‘‘replication’’ or
E:\FR\FM\31AUN1.SGM
31AUN1
Agencies
[Federal Register Volume 71, Number 169 (Thursday, August 31, 2006)]
[Notices]
[Pages 51868-51869]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-7302]
-----------------------------------------------------------------------
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 6c-7; SEC File No. 270-269; OMB Control No. 3235-
0276.
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 (``OMB'') a request for extension of the previously approved
collection of information discussed below.
Rule 6c-7 (17 CFR 270.6c-7) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (``1940 Act'') provides exemption from
certain provisions of Sections 22(e) and 27 of the 1940 Act for
registered separate accounts offering variable annuity contracts to
certain employees of Texas institutions of higher education
participating in the Texas Optional Retirement Program. There are
approximately 80 registrants governed by Rule 6c-7. The burden of
compliance with Rule 6c-7, in connection with the registrants obtaining
from a purchaser, prior to or at the time of purchase, a signed
document acknowledging the restrictions on redeemability imposed by
Texas law, is estimated to be approximately 3 minutes per response for
each of approximately 2,600 purchasers annually (at an estimated $70
per hour), for a total annual burden of 130 hours (at a total annual
cost of $9,100).
Rule 6c-7 requires that the separate account's registration
statement under the Securities Act of 1933 (15 U.S.C. 77a et seq.)
include a representation that Rule 6c-7 is being relied upon and is
being complied with. This requirement enhances the Commission's ability
to monitor utilization of and compliance with the rule. There are no
recordkeeping requirements with respect to Rule 6c-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 or forms. The Commission does not include in the
estimate of average burden hours the time preparing registration
statements and sales literature disclosure regarding the restrictions
on redeemability imposed by Texas law. The estimate of burden hours for
completing the relevant registration statements are reported on the
separate PRA submissions for those statements. (See the separate PRA
submissions for Form N-3 (17 CFR 274.11b) and Form N-4 (17 CFR
274.11c).
Complying with the collection of information requirements of the
rules is necessary to obtain a benefit. An agency may not conduct or
sponsor, and a person is not required to respond to, a
[[Page 51869]]
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--
Roster@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 and e-mail
to: PRA--Mailbox@sec.gov. Comments must be submitted to OMB within 30
days of this notice.
Dated: August 23, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-7302 Filed 8-30-06; 8:45 am]
BILLING CODE 8010-01-P