Submission for OMB Review; Comment Request, 51868-51869 [06-7302]

Download as PDF 51868 Federal Register / Vol. 71, No. 169 / Thursday, August 31, 2006 / Notices erjones on PROD1PC72 with NOTICES 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. VerDate Aug<31>2005 15:29 Aug 30, 2006 Jkt 208001 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. PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 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 E:\FR\FM\31AUN1.SGM 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 erjones on PROD1PC72 with NOTICES SUMMARY OF APPLICATION: VerDate Aug<31>2005 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 PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 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

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[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