Proposed Collection; Comment Request, 55526-55527 [06-8000]

Download as PDF 55526 Federal Register / Vol. 71, No. 184 / Friday, September 22, 2006 / Notices sroberts on PROD1PC70 with NOTICES Rule 27f–1 and Form N–27F–1; SEC File No. 270–487; OMB Control No. 3235– 0546. 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. Section 27(f) of the Investment Company Act of 1940 (‘‘Act’’) (15 U.S.C. 80a–27(f)) provides that ‘‘[w]ith respect to any periodic payment plan (other than a plan under which the amount of sales load deducted from any payment thereon does not exceed 9 per centum of such payment), the custodian bank for such plan shall mail to each certificate holder, within sixty days after the issuance of the certificate, a statement of charges to be deducted from the projected payments on the certificate and a notice of his right of withdrawal as specified in this section.’’ Section 27(f) authorizes the Commission to ‘‘make rules specifying the method, form, and contents of the notice required by this subsection.’’ Rule 27f–1 (17 CFR 270.27f–1) under the Act, entitled ‘‘Notice of Right of Withdrawal Required to be Mailed to Periodic Payment Plan Certificate Holders and Exemption from Section 27(f) for Certain Periodic Payment Plan Certificates,’’ provides instructions for the delivery of the notice required by section 27(f). Rule 27f–1(d) prescribes Form N– 27F–1 (17 CFR 274.127f–1), which sets forth the language that custodian banks for periodic payment plans must use in informing certificate holders of their withdrawal right pursuant to section 27(f). The instructions to the form provide that the notice must be on the sender’s letterhead. The Commission does not receive a copy of the Form N– 27F–1 notice. The Form N–27F–1 notice informs certificate holders of their rights in connection with the certificates they hold. Specifically, it is intended to encourage new purchasers of plan certificates to reassess the costs and benefits of their investment and to provide them with an opportunity to recover their initial investment without penalty. The disclosure assists certificate holders in making careful and fully informed decisions about whether to invest in periodic payment plan certificates. The frequency with which each of these issuers or their representatives must file Form N–27F–1 notices varies VerDate Aug<31>2005 20:37 Sep 21, 2006 Jkt 208001 with the number of periodic payment plans sold. Commission staff spoke with representatives of a number of firms in the industry that currently have periodic payment plan accounts. Based upon these conversations, the staff estimates that 3 issuers of periodic payment plan certificates send out an aggregate of approximately 535 notices per year. The staff further estimates that all the issuers that send Form N–27F– 1 notices use outside contractors to print and distribute the notices, and incur no hourly burden. The estimate of annual 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 collection of information requirements of Rule 27f–1 is mandatory for custodian banks of periodic payment plans for which the sales load deducted from any payment exceeds 9 percent of the payment.1 The information provided pursuant to Rule 27f–1 will be provided to third parties and, therefore, will not be kept confidential. The Commission is seeking OMB approval, because 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 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 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 by e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: September 11, 2006. Jill M. Peterson, Assistant Secretary. [FR Doc. 06–7999 Filed 9–21–06; 8:45 am] BILLING CODE 8010–01–P 1 The rule also permits the issuer, its principal underwriter, its depositor, or its record-keeping agent to mail the notice if the custodian bank has delegated the mailing of the notice to any of them or if the issuer has been permitted to operate without a custodian bank by Commission order. See 17 CFR 270.27f–1. PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 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 605 of Regulation NMS, SEC File No. 270–488, OMB Control No. 3235–0542. Rule 606 of Regulation NMS, SEC File No. 270–489, OMB Control No. 3235– 0541. 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’’) intends to submit to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. Rule 605 of Regulation NMS (‘‘Rule 605’’) (17 CFR 242.605),1 f/k/a Rule 11Ac1–5 (17 CFR.240.11Ac1–5), requires market centers to make available to the public monthly order execution reports in electronic form. The Commission believes that many market centers retain most, if not all, the underlying raw data necessary to generate these reports in electronic format. Once the necessary data is collected, market centers could either program their systems to generate the statistics and reports, or transfer the data to a service provider (such as an independent company in the business of preparing such reports or a selfregulatory organization (‘‘SRO’’)) that would generate the statistics and reports. The collection of information obligations of Rule 605 apply to all market centers that receive covered orders in national market system securities. The Commission estimates that approximately 302 market centers are subject to the collection of information obligations of Rule 605. Each of these respondents is required to respond to the collection of information on a monthly basis. The Commission staff estimates that, on average, Rule 605 causes respondents 1 Regulation NMS, adopted by the Commission in June 2005, redesignated the national market system rules previously adopted under Section 11A of the Securities Exchange Act of 1934 (‘‘Exchange Act’’). Rule 11Ac1–5 under the Exchange Act was redesignated Rule 605 of Regulation NMS, and Rule 11Ac1–6 under the Exchange Act was redesignated Rule 606 of Regulation NMS. No substantive amendments were made to Rule 605 and Rule 606 of Regulation NMS. See Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496 (June 29, 2005). E:\FR\FM\22SEN1.SGM 22SEN1 sroberts on PROD1PC70 with NOTICES Federal Register / Vol. 71, No. 184 / Friday, September 22, 2006 / Notices to spend 6 hours per month in additional time to collect the data necessary to generate the reports, or 72 hours per year. With an estimated 302 market centers subject to Rule 605, the total data collection cost to comply with the monthly reporting requirement is estimated to be 21,744 hours per year. Rule 606 of Regulation NMS (‘‘Rule 606’’) (17 CFR 242.606), f/k/a Rule 11Ac1–6 (17 CFR 240.11Ac1–6), requires broker-dealers to prepare and disseminate quarterly order routing reports. Much of the information needed to generate these reports already should be collected by broker-dealers in connection with their periodic evaluations of their order routing practices. Broker-dealers must conduct such evaluations to fulfill the duty of best execution that they owe their customers. The collection of information obligations of Rule 606 applies to broker-dealers that route non-directed customer orders in covered securities. The Commission estimates that out of the currently 3120 broker-dealers that are subject to the collection of information obligations of Rule 606, clearing brokers bear a substantial portion of the burden of complying with the reporting and recordkeeping requirements of Rule 606 on behalf of small to mid-sized introducing firms. There currently are approximately 567 clearing brokers. In addition, there are approximately 1479 introducing brokers that receive funds or securities from their customers. Because at least some of these firms also may have greater involvement in determining where customer orders are routed for execution, they have been included, along with clearing brokers, in estimating the total burden of Rule 606. The Commission staff estimates that each firm significantly involved in order routing practices incurs an average burden of 40 hours to prepare and disseminate a quarterly report required by Rule 606, or a burden of 160 hours per year. With an estimated 2046 broker-dealers significantly involved in order routing practices, the total burden per year to comply with the quarterly reporting requirement in Rule 606 is estimated to be 327,360 hours. Rule 606 requires broker-dealers to respond to individual customer requests for information on orders handled by the broker-dealer for that customer. Clearing brokers generally bear the burden of responding to these requests. The Commission staff estimates that an average clearing broker incurs an annual burden of 400 hours (2000 responses × 0.2 hours/response) to prepare, disseminate, and retain responses to VerDate Aug<31>2005 20:37 Sep 21, 2006 Jkt 208001 customers required by Rule 606. With an estimated 567 clearing brokers subject to Rule 606, the total burden per year to comply with the customer response requirement in Rule 606 is estimated to be 226,800 hours. 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 e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 60 days of this notice. Dated: September 14, 2006. Jill M. Peterson, Assistant Secretary. [FR Doc. 06–8000 Filed 9–21–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 27484; 812–13171] Claymore Securities, Inc. and Claymore Securities Defined Portfolios, Notice of Application September 18, 2006. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of application for an order under section 12(d)(1)(J) of the Investment Company Act of 1940 (‘‘Act’’) for an exemption from sections 12(d)(1)(A), (B) and (C) of the Act and under sections 6(c) and 17(b) of the Act for an exemption from section 17(a) of the Act. AGENCY: Claymore Securities, Inc. (the ‘‘Depositor’’), and Claymore Securities Defined Portfolios (the ‘‘Trust’’), on behalf of itself and any existing and future series, and any future registered unit investment trust SUMMARY OF THE APPLICATION: PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 55527 (‘‘UIT’’) sponsored by the Depositor (or an entity controlling, controlled by or under common control with the Depositor) and their respective series (the future UITs, together with the Trust, are collectively the ‘‘Trusts,’’ the series of the Trusts are the ‘‘Series,’’ and the Trusts together with the Depositor are collectively, the (‘‘Applicants’’), request an order to permit each Series to acquire shares of registered investment companies or series thereof (the ‘‘Funds’’) both within and outside the same group of investment companies. APPLICANTS: The Depositor and the Trust. The application was filed on February 23, 2005 and amended on June 28, 2006 and September 1, 2006. FILING DATES: 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 October 24, 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. Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 10901; Applicants, 2455 Corporate West Drive, Lisle, Illinois 60532. ADDRESSES: FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at (202) 551–6876, or Nadya Roytblat, Assistant Director at (202) 551–6821 (Division of Investment Management, Office of Investment Company Regulation). 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, tel: (202) 551–5850. SUPPLEMENTARY INFORMATION: Applicants’ Representations 1. The Trust is a UIT registered under the Act. Each Series will be a series of a Trust and will offer units for sale to E:\FR\FM\22SEN1.SGM 22SEN1

Agencies

[Federal Register Volume 71, Number 184 (Friday, September 22, 2006)]
[Notices]
[Pages 55526-55527]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-8000]


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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 605 of Regulation NMS, SEC File No. 270-488, OMB Control 
No. 3235-0542. Rule 606 of Regulation NMS, SEC File No. 270-489, OMB 
Control No. 3235-0541.

    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'') intends to submit to the Office of 
Management and Budget (``OMB'') a request for extension of the 
previously approved collection of information discussed below.
    Rule 605 of Regulation NMS (``Rule 605'') (17 CFR 242.605),\1\ f/k/
a Rule 11Ac1-5 (17 CFR.240.11Ac1-5), requires market centers to make 
available to the public monthly order execution reports in electronic 
form. The Commission believes that many market centers retain most, if 
not all, the underlying raw data necessary to generate these reports in 
electronic format. Once the necessary data is collected, market centers 
could either program their systems to generate the statistics and 
reports, or transfer the data to a service provider (such as an 
independent company in the business of preparing such reports or a 
self-regulatory organization (``SRO'')) that would generate the 
statistics and reports.
---------------------------------------------------------------------------

    \1\ Regulation NMS, adopted by the Commission in June 2005, 
redesignated the national market system rules previously adopted 
under Section 11A of the Securities Exchange Act of 1934 (``Exchange 
Act''). Rule 11Ac1-5 under the Exchange Act was redesignated Rule 
605 of Regulation NMS, and Rule 11Ac1-6 under the Exchange Act was 
redesignated Rule 606 of Regulation NMS. No substantive amendments 
were made to Rule 605 and Rule 606 of Regulation NMS. See Securities 
Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496 (June 29, 
2005).
---------------------------------------------------------------------------

    The collection of information obligations of Rule 605 apply to all 
market centers that receive covered orders in national market system 
securities. The Commission estimates that approximately 302 market 
centers are subject to the collection of information obligations of 
Rule 605. Each of these respondents is required to respond to the 
collection of information on a monthly basis.
    The Commission staff estimates that, on average, Rule 605 causes 
respondents

[[Page 55527]]

to spend 6 hours per month in additional time to collect the data 
necessary to generate the reports, or 72 hours per year. With an 
estimated 302 market centers subject to Rule 605, the total data 
collection cost to comply with the monthly reporting requirement is 
estimated to be 21,744 hours per year.
    Rule 606 of Regulation NMS (``Rule 606'') (17 CFR 242.606), f/k/a 
Rule 11Ac1-6 (17 CFR 240.11Ac1-6), requires broker-dealers to prepare 
and disseminate quarterly order routing reports. Much of the 
information needed to generate these reports already should be 
collected by broker-dealers in connection with their periodic 
evaluations of their order routing practices. Broker-dealers must 
conduct such evaluations to fulfill the duty of best execution that 
they owe their customers.
    The collection of information obligations of Rule 606 applies to 
broker-dealers that route non-directed customer orders in covered 
securities. The Commission estimates that out of the currently 3120 
broker-dealers that are subject to the collection of information 
obligations of Rule 606, clearing brokers bear a substantial portion of 
the burden of complying with the reporting and recordkeeping 
requirements of Rule 606 on behalf of small to mid-sized introducing 
firms. There currently are approximately 567 clearing brokers. In 
addition, there are approximately 1479 introducing brokers that receive 
funds or securities from their customers. Because at least some of 
these firms also may have greater involvement in determining where 
customer orders are routed for execution, they have been included, 
along with clearing brokers, in estimating the total burden of Rule 
606.
    The Commission staff estimates that each firm significantly 
involved in order routing practices incurs an average burden of 40 
hours to prepare and disseminate a quarterly report required by Rule 
606, or a burden of 160 hours per year. With an estimated 2046 broker-
dealers significantly involved in order routing practices, the total 
burden per year to comply with the quarterly reporting requirement in 
Rule 606 is estimated to be 327,360 hours.
    Rule 606 requires broker-dealers to respond to individual customer 
requests for information on orders handled by the broker-dealer for 
that customer. Clearing brokers generally bear the burden of responding 
to these requests. The Commission staff estimates that an average 
clearing broker incurs an annual burden of 400 hours (2000 responses x 
0.2 hours/response) to prepare, disseminate, and retain responses to 
customers required by Rule 606. With an estimated 567 clearing brokers 
subject to Rule 606, the total burden per year to comply with the 
customer response requirement in Rule 606 is estimated to be 226,800 
hours.
    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 e-mail to: PRA--Mailbox@sec.gov. Comments must be submitted 
within 60 days of this notice.

    Dated: September 14, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-8000 Filed 9-21-06; 8:45 am]
BILLING CODE 8010-01-P