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