Submission for OMB Review; Comment Request, 62630-62631 [E6-17927]

Download as PDF 62630 Federal Register / Vol. 71, No. 207 / Thursday, October 26, 2006 / Notices exemption from 10 CFR 50.46 and 10 CFR part 50 exist. 4.0 Conclusion Accordingly, the Commission has determined that, pursuant to 10 CFR 50.12, the exemption is authorized by law, will not present an undue risk to the public health and safety, and is consistent with the common defense and security. Also, special circumstances are present. Therefore, the Commission hereby grants NMC an exemption from the requirements of 10 CFR 50.46 and 10 CFR part 50, Appendix K, for Palisades. Pursuant to 10 CFR 51.32, the Commission has determined that the granting of this exemption will not have a significant effect on the quality of the human environment (71 FR 58442). This exemption is effective upon issuance. Dated at Rockville, Maryland, this 16th day of October 2006. For the Nuclear Regulatory Commission. Catherine Haney, Director, Division of Operating Reactor Licensing, Office of Nuclear Reactor Regulation. [FR Doc. E6–17937 Filed 10–25–06; 8:45 am] BILLING CODE 7590–01–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. ycherry on PROD1PC64 with NOTICES Extension: Rule 38a–1; SEC File No. 270–522; OMB Control No. 3235–0586. 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 38a–1 (17 CFR 270.38a–1) under the Investment Company Act of 1940 (15 U.S.C. 80a) (‘‘Investment Company Act’’) is intended to protect investors by fostering better fund compliance with securities laws. The rule requires every registered investment company and business development company (‘‘fund’’) to: (i) Adopt and implement written policies and procedures reasonably designed to prevent VerDate Aug<31>2005 15:21 Oct 25, 2006 Jkt 211001 violations of the federal securities laws, (ii) obtain the fund board of director’s approval of those policies and procedures, (iii) annually review the adequacy of those policies and procedures and the policies and procedures of each investment adviser, principal underwriter, administrator, and transfer agent of the fund and the effectiveness of their implementation, (iv) designate a chief compliance officer to administer the fund’s policies and procedures and prepare an annual report to the board that addresses certain specified items relating to the policies and procedures, and (v) maintain for five years the compliance policies and procedures and the chief compliance officer’s annual report to the board. The rule contains certain information collection requirements that are designed to ensure that funds establish and maintain comprehensive, written internal compliance programs. The information collections also assist the Commission’s examination staff in assessing the adequacy of funds’ compliance programs. While Rule 38a–1 requires each fund to maintain written policies and procedures, most funds are located within a fund complex. The experience of the Commission’s examination and oversight staff suggests that each fund in a complex is able to draw extensively from the fund complex’s ‘‘master’’ compliance program to assemble appropriate compliance policies and procedures. Many fund complexes already have written policies and procedures documenting their compliance programs. Further, a fund needing to develop or revise policies and procedures on one or more topics in order to achieve a comprehensive compliance program can draw on a number or outlines and model programs available from a variety of industry representatives, commentators, and organizations. There are approximately 4966 funds subject to Rule 38a–1. Among these funds, 149 were newly registered in the past year. These 149 funds, therefore, were required to adopt and document the policies and procedures that make up their compliance program. Commission staff estimates that the average annual hour burden for a fund to adopt and document these policies and procedures is 69 hours. Thus, we estimate that the aggregate annual burden hours associated with the adoption and documentation requirement is 10,281 hours. The remaining 4817 funds would have adopted Rule 38a–1 compliance policies and procedures in previous PO 00000 Frm 00050 Fmt 4703 Sfmt 4703 years, and are required to conduct an annual review of the adequacy of their existing policies and procedures and the policies and procedures of each investment adviser, principal underwriter, administrator, and transfer agent of the fund, and the effectiveness of their implementation. In addition, each fund chief compliance officer is required to prepare an annual report that addresses the operation of the policies and procedures of the fund and the policies and procedures of each investment adviser, principal underwriter, administrator, and transfer agent of the fund, any material changes made to those policies and procedures since the date of the last report, any material changes to the policies and procedures recommended as a result of the annual review, and certain compliance matters that occurred since the date of the last report. The staff estimates that each fund spends 60 hours per year, on average, conducting the annual review and preparing the annual report to the board of directors. Thus, we estimate that the annual aggregate burden hours associated with the annual review and annual report requirement is 289,020 hours. Finally, the staff estimates that each fund spends 8 hours annually, on average, maintaining the records required by proposed Rule 38a–1. Thus, the annual aggregate burden hours associated with the recordkeeping requirement is 39,728 hours. In total, the staff estimates that the aggregate annual information collection burden of Rule 38a–1 is 339,029 hours. The estimate of burden hours is made solely for the purposes of the Paperwork Reduction Act. The estimate is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Complying with this collection of information requirement is mandatory. Responses will not be kept 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. 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 email 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, E:\FR\FM\26OCN1.SGM 26OCN1 Federal Register / Vol. 71, No. 207 / Thursday, October 26, 2006 / Notices Virginia 22312, or by email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: October 19, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–17927 Filed 10–25–06; 8:45 am] BILLING CODE 8011–01–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 15c2–12; SEC File No. 270–330; OMB Control No. 3235–0372. 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. ycherry on PROD1PC64 with NOTICES Rule 15c2–12 Disclosure Requirements for Municipal Securities Rule 15c2–12 (17 CFR 240.15c2–12) under the Securities Exchange Act of 1934 (15 U.S.C. 78 et. seq.) requires underwriters of municipal securities: (1) To obtain and review a copy of an official statement deemed final by an issuer of the securities, except for the omission of specified information; (2) in non-competitively bid offerings, to make available, upon request, the most recent preliminary official statement, if any; (3) to contract with the issuer of the securities, or its agent, to receive, within specified time periods, sufficient copies of the issuer’s final official statement to comply both with this rule and any rules of the MSRB; (4) to provide, for a specified period of time, copies of the final official statement to any potential customer upon request; (5) before purchasing or selling municipal securities in connection with an offering, to reasonably determine that the issuer or other specified person has undertaken, in a written agreement or contract, for the benefit of holders of such municipal securities, to provide certain information about the issue or issuer on a continuing basis to a VerDate Aug<31>2005 15:21 Oct 25, 2006 Jkt 211001 nationally recognized municipal securities information repository; and (6) to review the information the issuer of the municipal security has undertaken to provide prior to recommending a transaction in the municipal security. These disclosure and recordkeeping requirements will ensure that investors have adequate access to official disclosure documents that contain details about the value and risks of particular municipal securities at the time of issuance while the existence of compulsory repositories will ensure that investors have continued access to terms and provisions relating to certain static features of those municipal securities. The provisions of Rule 15c2– 12 regarding an issuer’s continuing disclosure requirements assist investors by ensuring that information about an issue or issuer remains available after the issuance. Municipal offerings of less than $1 million are exempt from the rule, as are offerings of municipal securities issued in large denominations that are sold to no more than 35 sophisticated investors, have short-term maturities, or have short-term tender or put features. It is estimated that approximately 12,000 brokers, dealers, municipal securities dealers, issuers of municipal securities, and nationally recognized municipal securities information repositories will spend a total of 123,850 hours per year complying with Rule 15c2–12. 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 shall have practical utility; (b) the accuracy of the agency’s estimates of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be 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. The recordkeeping requirement is mandatory to ensure that investors have access to information about the issuer and particular issues of municipal securities. This rule does not involve the collection of confidential information. Please note that an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 62631 displays a currently valid control number. Please direct your written comments to (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 sending an e-mail to: David Rostker@omb.oep.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 60 days of this notice. October 16, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–17929 Filed 10–25–06; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54633] Notice of Intention To Cancel Registrations of Certain Transfer Agents October 20, 2006. Notice is hereby given that the Securities and Exchange Commission (‘‘Commission’’) intends to issue an order, pursuant to Section 17A(c)(4)(B) of the Securities Exchange Act of 1934 (‘‘Act’’),1 cancelling the registrations of the transfer agents whose names appear in the attached Appendix. For Further Information Contact: Jerry W. Carpenter, Assistant Director, or Catherine Moore, Special Counsel, at (202) 551–5710, Division of Market Regulation, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–6628. Background Section 17A(c)(4)(B) of the Act provides that if the Commission finds that any transfer agent registered with the Commission is no longer in existence or has ceased to do business as a transfer agent, the Commission shall by order cancel that transfer agent’s registration. Accordingly, at any time after November 27, 2006, the Commission intends to issue an order cancelling the registrations of the transfer agents listed in the Appendix. The Commission has made efforts to locate and to determine the status of 1 15 E:\FR\FM\26OCN1.SGM U.S.C. 78q–1(c)(4)(B). 26OCN1

Agencies

[Federal Register Volume 71, Number 207 (Thursday, October 26, 2006)]
[Notices]
[Pages 62630-62631]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-17927]


=======================================================================
-----------------------------------------------------------------------

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 38a-1; SEC File No. 270-522; OMB Control No. 3235-0586.

    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 38a-1 (17 CFR 270.38a-1) under the Investment Company Act of 
1940 (15 U.S.C. 80a) (``Investment Company Act'') is intended to 
protect investors by fostering better fund compliance with securities 
laws. The rule requires every registered investment company and 
business development company (``fund'') to: (i) Adopt and implement 
written policies and procedures reasonably designed to prevent 
violations of the federal securities laws, (ii) obtain the fund board 
of director's approval of those policies and procedures, (iii) annually 
review the adequacy of those policies and procedures and the policies 
and procedures of each investment adviser, principal underwriter, 
administrator, and transfer agent of the fund and the effectiveness of 
their implementation, (iv) designate a chief compliance officer to 
administer the fund's policies and procedures and prepare an annual 
report to the board that addresses certain specified items relating to 
the policies and procedures, and (v) maintain for five years the 
compliance policies and procedures and the chief compliance officer's 
annual report to the board.
    The rule contains certain information collection requirements that 
are designed to ensure that funds establish and maintain comprehensive, 
written internal compliance programs. The information collections also 
assist the Commission's examination staff in assessing the adequacy of 
funds' compliance programs.
    While Rule 38a-1 requires each fund to maintain written policies 
and procedures, most funds are located within a fund complex. The 
experience of the Commission's examination and oversight staff suggests 
that each fund in a complex is able to draw extensively from the fund 
complex's ``master'' compliance program to assemble appropriate 
compliance policies and procedures. Many fund complexes already have 
written policies and procedures documenting their compliance programs. 
Further, a fund needing to develop or revise policies and procedures on 
one or more topics in order to achieve a comprehensive compliance 
program can draw on a number or outlines and model programs available 
from a variety of industry representatives, commentators, and 
organizations.
    There are approximately 4966 funds subject to Rule 38a-1. Among 
these funds, 149 were newly registered in the past year. These 149 
funds, therefore, were required to adopt and document the policies and 
procedures that make up their compliance program. Commission staff 
estimates that the average annual hour burden for a fund to adopt and 
document these policies and procedures is 69 hours. Thus, we estimate 
that the aggregate annual burden hours associated with the adoption and 
documentation requirement is 10,281 hours.
    The remaining 4817 funds would have adopted Rule 38a-1 compliance 
policies and procedures in previous years, and are required to conduct 
an annual review of the adequacy of their existing policies and 
procedures and the policies and procedures of each investment adviser, 
principal underwriter, administrator, and transfer agent of the fund, 
and the effectiveness of their implementation. In addition, each fund 
chief compliance officer is required to prepare an annual report that 
addresses the operation of the policies and procedures of the fund and 
the policies and procedures of each investment adviser, principal 
underwriter, administrator, and transfer agent of the fund, any 
material changes made to those policies and procedures since the date 
of the last report, any material changes to the policies and procedures 
recommended as a result of the annual review, and certain compliance 
matters that occurred since the date of the last report. The staff 
estimates that each fund spends 60 hours per year, on average, 
conducting the annual review and preparing the annual report to the 
board of directors. Thus, we estimate that the annual aggregate burden 
hours associated with the annual review and annual report requirement 
is 289,020 hours.
    Finally, the staff estimates that each fund spends 8 hours 
annually, on average, maintaining the records required by proposed Rule 
38a-1. Thus, the annual aggregate burden hours associated with the 
recordkeeping requirement is 39,728 hours.
    In total, the staff estimates that the aggregate annual information 
collection burden of Rule 38a-1 is 339,029 hours. The estimate of 
burden hours is made solely for the purposes of the Paperwork Reduction 
Act. The estimate is not derived from a comprehensive or even a 
representative survey or study of the costs of Commission rules. 
Complying with this collection of information requirement is mandatory. 
Responses will not be kept 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.
    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 email 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,

[[Page 62631]]

Virginia 22312, or by email to: PRA--Mailbox@sec.gov. Comments must be 
submitted to OMB within 30 days of this notice.

    Dated: October 19, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-17927 Filed 10-25-06; 8:45 am]
BILLING CODE 8011-01-P