Submission for OMB Review; Comment Request, 55811-55812 [06-8136]

Download as PDF rwilkins on PROD1PC63 with NOTICES Federal Register / Vol. 71, No. 185 / Monday, September 25, 2006 / Notices (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget these requests for extension of the previously approved collections of information discussed below. Form T–6 (17 CFR 269.9) is a statement of eligibility and qualification for a foreign corporate trustee under the Trust Indenture Act of 1939 (15 U.S.C. 77aaa et seq.). Form T–6 provides the basis for determining if a trustee is qualified. Form T–6 is filed on occasion. The information collected must be filed with the Commission and is publicly available. Form T–6 takes approximately 17 burden hours per response and is filed by 1 respondent. We estimate that 25% of the 17 total burden hours (4 hours) is prepared by the filer. The remaining 75% of burden hours is prepared by outside counsel. Form 11–K (17 CFR 249.311) is the annual report designed for use by employee stock purchase, savings and similar plans. Form 11–K provides employees with financial information so that they can assess the performance of the investment vehicle in which their money is invested. Form 11–K is filed on occasion. The information collected must be filed with the Commission and is publicly available. Form 11–K takes approximately 30 burden hours per response and is filed by 2,000 respondents for total of 60,000 burden hours. Form 144 (17 CFR 239.144) is used to report the sale of securities during any three-month period that exceeds 500 shares or other units or has an aggregate sales price in excess of $10,000. Form 144 operates in conjunction with Rule 144. If the information collection was not required, the objectives of the rule could not be met. The information collected must be filed with the Commission and is publicly available. Form 144 takes approximately 2 burden hours per response and is filed by 60,500 respondents for a total of 121,000 total burden hours. 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 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 send an email to David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief VerDate Aug<31>2005 17:46 Sep 22, 2006 Jkt 208001 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: September 18, 2006. Nancy M. Morris, Secretary. [FR Doc. 06–8135 Filed 9–22–06; 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 15c3–4; SEC File No. 270–441; OMB Control No. 3235–0497. 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 15c3–4 (17 CFR 240.15c3–4) (the ‘‘Rule’’) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (the ‘‘Exchange Act’’) requires certain broker-dealers that are registered with the Commission as OTC Derivatives Dealers to establish, document, and maintain a system of internal risk management controls. The Rule sets forth the basic elements for an OTC Derivatives Dealer to consider and include when establishing, documenting, and reviewing its internal risk management control system, which are designed to, among other things, ensure the integrity of an OTC Derivatives Dealer’s risk measurement, monitoring, and management process, to clarify accountability at the appropriate organizational level, and to define the permitted scope of the dealer’s activities and level of risk. The Rule also requires that management of an OTC Derivatives Dealer must periodically review, in accordance with written procedures, the OTC Derivatives Dealer’s business activities for consistency with its risk management guidelines. The staff estimates that that the average amount of time an OTC Derivatives Dealer will spend PO 00000 Frm 00038 Fmt 4703 Sfmt 4703 55811 implementing its risk management control system is 2,000 hours and that, on average, an OTC Derivatives Dealer will spend approximately 200 hours each year reviewing and updating its risk management control system. Currently, five firms are registered with the Commission as an OTC Derivatives Dealer. The staff estimates that approximately one additional OTC Derivatives Dealer may become registered within the next three years. Accordingly, the staff estimates the total hour burden for six OTC Derivatives Dealers to be 1,200 hours annually. The staff believes that the cost of complying with Rule 15c3–4 will be approximately $205 per hour.1 This per hour cost is based upon an annual average hourly salary for a compliance manager who would be responsible for ensuring compliance with the requirements of Rule 15c3–4. The total annual cost for all affected OTC Derivatives Dealers is estimated to be $246,000, based on 1,200 hours at $205 per hour. The records required to be made by OTC Derivatives Dealers pursuant to the Rule and the results of the periodic reviews conducted under paragraph (d) of Rule 15c3–4 must be preserved under Rule 17a–4 of the Exchange Act (17 CFR 240.17a–4) for a period of not less than three years, the first two years in an accessible place. The Commission will not generally publish or make available to any person notice or reports received pursuant to the Rule. The statutory basis for the Commission’s refusal to disclose such information to the public is the exemption contained in Section (b)(4) of the Freedom of Information Act, 5 U.S.C. 552, which essentially provides that the requirement of public dissemination does not apply to commercial or financial information which is privileged or 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. Comments should be directed to (i) the Desk Officer for the SEC, 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; 1 Based on the average annual salary for a Compliance Manager based inside New York City of about $69,000, as reflected in SIA Management and Professional Earnings for 2005, modified to account for an 1,800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. E:\FR\FM\25SEN1.SGM 25SEN1 55812 Federal Register / Vol. 71, No. 185 / Monday, September 25, 2006 / Notices 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 email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: September 18, 2006. Nancy M. Morris, Secretary. [FR Doc. 06–8136 Filed 9–22–06; 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. rwilkins on PROD1PC63 with NOTICES Extension: Rule 17a–11 SEC File No. 270–94 OMB Control No. 3235–0085 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 an extension of the previously approved collection of information discussed below. In response to an operational crisis in the securities industry between 1967 and 1970, the Securities and Exchange Commission (‘‘Commission’’) adopted Rule 17a–11 (17 CFR 240.17a–11) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’) on July 11, 1971. The Rule requires brokerdealers that are experiencing financial or operational difficulties to provide notice to the Commission, the brokerdealer’s designated examining authority (‘‘DEA’’), and the Commodity Futures Trading Commission (‘‘CFTC’’) if the broker-dealer is registered with the CFTC as a futures commission merchant. Rule 17a–11 is an integral part of the Commission’s financial responsibility program which enables the Commission, a broker-dealer’s DEA, and the CFTC to increase surveillance of a broker-dealer experiencing difficulties and to obtain any additional information necessary to gauge the broker-dealer’s financial or operational condition. Rule 17a–11 also requires over-thecounter (‘‘OTC’’) derivatives dealers and broker-dealers that are permitted to compute net capital pursuant to VerDate Aug<31>2005 17:46 Sep 22, 2006 Jkt 208001 Appendix E to Exchange Act Rule 15c3– 1 to notify the Commission when their tentative net capital drops below certain levels. OTC derivatives dealers must also provide notice to the Commission of backtesting exceptions identified pursuant to Appendix F of Rule 15c3– 1 (17 CFR 240.15c3–1f). Compliance with the Rule is mandatory. The Commission will generally not publish or make available to any person notice or reports received pursuant to Rule 17a–11. The Commission believes that information obtained under Rule 17a–11 relates to a condition report prepared for the use of the Commission, other Federal governmental authorities, and securities industry self-regulatory organizations responsible for the regulation or supervision of financial institutions. Only broker-dealers whose capital declines below certain specified levels or who are otherwise experiencing financial or operational problems have a reporting burden under Rule 17a–11. In 2005, the Commission received approximately 600 notices under this Rule. The Commission did not receive any Rule 17a–11 notices from OTC derivatives dealers or broker-dealers that are permitted to compute net capital pursuant to Appendix E to Exchange Act Rule 15c3–1. Each broker-dealer reporting pursuant to Rule 17a–11 will spend approximately one hour preparing and transmitting the notice required by the Rule. Accordingly, the total estimated annualized burden under Rule 17a–11 is 600 hours. 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. Comments regarding the estimated burden hours should be directed to: (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 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 e-mail to PRA_Mailbox@sec.gov. Comments must be submitted to the Office of Management and Budget within 30 days of this notice. PO 00000 Frm 00039 Fmt 4703 Sfmt 4703 Dated: September 18, 2006. Nancy M. Morris, Secretary. [FR Doc. 06–8137 Filed 9–22–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 27485; 812–13302] Northwestern Mutual Series Fund, Inc. and Mason Street Advisors, LLC; Notice of Application September 19, 2006. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of an application under section 6(c) of the Investment Company Act of 1940 (‘‘Act’’) for an exemption from section 15(a) of the Act and rule 18–2 under the Act, as well as certain disclosure requirements. AGENCY: Applicants request an order that would permit them to enter into and materially amend subadvisory agreements without shareholder approval and would grant relief from certain disclosure requirements. APPLICANTS: Northwestern Mutual Series Fund, Inc. (the ‘‘Company’’) and Mason Street Advisors, LLC (the ‘‘Adviser’’). FILING DATES: The application was filed on June 14, 2006, and amended on September 8, 2006. 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 16, 2006, and should be accompanied by proof of service on the 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 may request notification of a hearing by writing to the Commission’s Secretary. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 1090. Applicants, c/o Randy Pavlick, Esq., Northwestern Mutual Series Fund, Inc., 720 East Wisconsin Avenue, Milwaukee, WI 53202. FOR FURTHER INFORMATION CONTACT: Stacy L. Fuller, Branch Chief, at (202) SUMMARY OF APPLICATION: E:\FR\FM\25SEN1.SGM 25SEN1

Agencies

[Federal Register Volume 71, Number 185 (Monday, September 25, 2006)]
[Notices]
[Pages 55811-55812]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-8136]


-----------------------------------------------------------------------

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 15c3-4; SEC File No. 270-441; OMB Control No. 3235-0497.

    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 15c3-4 (17 CFR 240.15c3-4) (the ``Rule'') under the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.) (the ``Exchange Act'') 
requires certain broker-dealers that are registered with the Commission 
as OTC Derivatives Dealers to establish, document, and maintain a 
system of internal risk management controls. The Rule sets forth the 
basic elements for an OTC Derivatives Dealer to consider and include 
when establishing, documenting, and reviewing its internal risk 
management control system, which are designed to, among other things, 
ensure the integrity of an OTC Derivatives Dealer's risk measurement, 
monitoring, and management process, to clarify accountability at the 
appropriate organizational level, and to define the permitted scope of 
the dealer's activities and level of risk. The Rule also requires that 
management of an OTC Derivatives Dealer must periodically review, in 
accordance with written procedures, the OTC Derivatives Dealer's 
business activities for consistency with its risk management 
guidelines.
    The staff estimates that that the average amount of time an OTC 
Derivatives Dealer will spend implementing its risk management control 
system is 2,000 hours and that, on average, an OTC Derivatives Dealer 
will spend approximately 200 hours each year reviewing and updating its 
risk management control system. Currently, five firms are registered 
with the Commission as an OTC Derivatives Dealer. The staff estimates 
that approximately one additional OTC Derivatives Dealer may become 
registered within the next three years. Accordingly, the staff 
estimates the total hour burden for six OTC Derivatives Dealers to be 
1,200 hours annually.
    The staff believes that the cost of complying with Rule 15c3-4 will 
be approximately $205 per hour.\1\ This per hour cost is based upon an 
annual average hourly salary for a compliance manager who would be 
responsible for ensuring compliance with the requirements of Rule 15c3-
4. The total annual cost for all affected OTC Derivatives Dealers is 
estimated to be $246,000, based on 1,200 hours at $205 per hour.
---------------------------------------------------------------------------

    \1\ Based on the average annual salary for a Compliance Manager 
based inside New York City of about $69,000, as reflected in SIA 
Management and Professional Earnings for 2005, modified to account 
for an 1,800-hour work-year and multiplied by 5.35 to account for 
bonuses, firm size, employee benefits and overhead.
---------------------------------------------------------------------------

    The records required to be made by OTC Derivatives Dealers pursuant 
to the Rule and the results of the periodic reviews conducted under 
paragraph (d) of Rule 15c3-4 must be preserved under Rule 17a-4 of the 
Exchange Act (17 CFR 240.17a-4) for a period of not less than three 
years, the first two years in an accessible place. The Commission will 
not generally publish or make available to any person notice or reports 
received pursuant to the Rule. The statutory basis for the Commission's 
refusal to disclose such information to the public is the exemption 
contained in Section (b)(4) of the Freedom of Information Act, 5 U.S.C. 
552, which essentially provides that the requirement of public 
dissemination does not apply to commercial or financial information 
which is privileged or 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.
    Comments should be directed to (i) the Desk Officer for the SEC, 
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;

[[Page 55812]]

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: September 18, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. 06-8136 Filed 9-22-06; 8:45 am]
BILLING CODE 8010-01-P
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