Submission for OMB Review; Comment Request, 76004-76005 [E6-21588]

Download as PDF hsrobinson on PROD1PC76 with NOTICES 76004 Federal Register / Vol. 71, No. 243 / Tuesday, December 19, 2006 / Notices 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 206(3)–2, (17 CFR 275.206(3)–2) which is entitled ‘‘Agency Cross Transactions for Advisory Clients,’’ permits investment advisers to comply with section 206(3) of the Investment Advisers Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80b–6(3)) by obtaining a client’s blanket consent to enter into agency cross transactions (i.e., a transaction in which an adviser acts as a broker to both the advisory client and the opposite party to the transaction). Rule 206(3)–2 applies to all registered investment advisers. In relying on the rule, investment advisers must provide certain disclosures to their clients. Advisory clients can use the disclosures to monitor agency cross transactions that affect their advisory account. The Commission also uses the information required by Rule 206(3)–2 in connection with its investment adviser inspection program to ensure that advisers are in compliance with the rule. Without the information collected under the rule, advisory clients would not have information necessary for monitoring their adviser’s handling of their accounts and the Commission would be less efficient and effective in its inspection program. The information requirements of the rule consist of the following: (1) Prior to obtaining the client’s consent, appropriate disclosure must be made to the client as to the practice of, and the conflicts of interest involved in, agency cross transactions; (2) at or before the completion of any such transaction, the client must be furnished with a written confirmation containing specified information and offering to furnish upon request certain additional information; and (3) at least annually, the client must be furnished with a written statement or summary as to the total number of transactions during the period covered by the consent and the total amount of commissions received by the adviser or its affiliated brokerdealer attributable to such transactions. The Commission estimates that approximately 693 respondents use the rule annually, necessitating about 32 responses per respondent each year, for a total of 22,176 responses. Each response requires an estimated 0.5 hours, for a total of 11,088 hours. The estimated average burden hours are made solely for the purposes of the VerDate Aug<31>2005 17:07 Dec 18, 2006 Jkt 211001 Paperwork Reduction Act and are not derived from a comprehensive or representative survey or study of the cost of Commission rules and forms. This collection of information is found at (17 CFR 275.206(3)–2) and is necessary in order for the investment adviser to obtain the benefits of Rule 206(3)–2. The collection of information requirements under the rule is mandatory. Information subject to the disclosure requirements of Rule 206(3)– 2 does not require submission to the Commission; and, accordingly, the disclosure pursuant to the rule is not kept confidential. Commission-registered investment advisers are required to maintain and preserve certain information required under Rule 206(3)–2 for five (5) years. The long-term retention of these records is necessary for the Commission’s inspection program to ascertain compliance with the Advisers Act. 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: (1) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10202, New Executive Office Building, Washington, DC 20503 or 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 send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: December 11, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–21587 Filed 12–18–06; 8:45 am] BILLING CODE 8011–01–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 30e–2; SEC File No. 270– 437; OMB Control No. 3235–0494. PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 Notice is hereby given that, under the Paperwork Reduction Act of 1995 (44 U.S.C. 350l–3520), the Securities and Exchange Commission (the ‘‘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 30(e) of the Investment Company Act of 1940 (15 U.S.C. 80a– 29(e)) (the ‘‘Investment Company Act’’ or ‘‘Act’’) and Rule 30e–2 1 thereunder (17 CFR 270.30e–2) require registered unit investment trusts (‘‘UITs’’) that invest substantially all of their assets in securities of a management investment company 2 (‘‘fund’’) to send to shareholders at least semi-annually a report containing certain financial statements and other information. Specifically, Rule 30e–2 requires that the report contain the financial statements and other information that Rule 30e–1 under the Act (17 CFR 270.30e–1) requires to be included in the report of the underlying fund for the same fiscal period. Rule 30e–1 requires that the underlying fund’s report contain, among other things, the financial statements and other information that is required to be included in such report by the fund’s registration form. The purpose of this requirement is to apprise current shareholders of the operational and financial condition of the UIT. Absent the requirement to disclose all material information in reports, investors would be unable to obtain accurate information upon which to base investment decisions and consumer confidence in the securities industry might be adversely affected. Requiring the submission of these reports to the Commission permits us to verify compliance with securities law requirements. In addition, Rule 30e–2 permits, under certain conditions, delivery of a single shareholder report to investors who share an address (‘‘householding’’). Specifically, Rule 30e–2 permits householding of annual and semi-annual reports by UITs to satisfy the delivery requirements of Rule 30e–2 if, in addition to the other conditions set forth in the rule, the UIT 1 Rule 30e–2 was originally adopted as Rule 30d– 2, but was redesignated as Rule 30e–2 effective February 15, 2001. See Role of Independent Directors of Investment Companies, Investment Company Act Release No. 24816 (Jan. 2, 2001) (66 FR 3734 (Jan. 16, 2001)). 2 Management investment companies are defined in Section 4(3) of the Investment Company Act as any investment company other than a face-amount certificate company or a unit investment trust, as those terms are defined in Sections 4(1) and 4(2) of the Investment Company Act. See 15 U.S.C. 80a– 4. E:\FR\FM\19DEN1.SGM 19DEN1 hsrobinson on PROD1PC76 with NOTICES Federal Register / Vol. 71, No. 243 / Tuesday, December 19, 2006 / Notices has obtained from each applicable investor written or implied consent to the householding of shareholder reports at such address. The rule requires UITs that wish to household shareholder reports with implied consent to send a notice to each applicable investor stating that the investors in the household will receive one report in the future unless the investors provide contrary instructions. In addition, at least once a year, UITs relying on the rule for householding must explain to investors who have provided written or implied consent how they can revoke their consent. Preparing and sending the initial notice and the annual explanation of the right to revoke consent are collections of information under the Paperwork Reduction Act. The purpose of the notice and annual explanation requirements associated with the householding provisions of the rule is to ensure that investors who wish to receive individual copies of shareholder reports are able to do so. The Commission estimates that as of April 2006, approximately 737 UITs were subject to the provisions of Rule 30e–2. The Commission further estimates that the annual burden associated with Rule 30e–2 is 121 hours for each UIT, including an estimated 20 hours associated with the notice requirement for householding and an estimated 1 hour associated with the explanation of the right to revoke consent to householding, for a total of 89,177 burden hours. In addition to the burden hours, the Commission estimates that the cost of contracting for outside services associated with complying with Rule 30e–2 is $24,640 per respondent (80 hours times $308 per hour for independent auditor services), for a total of $18,159,680 ($24,640 per respondent times 737 respondents). These estimates are made solely for the purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even a representative survey or study of the costs of Commission rules and forms. The collection of information under Rule 30e–2 is mandatory. The information provided under Rule 30e–2 is not 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. Please direct general comments regarding the above information to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 VerDate Aug<31>2005 17:07 Dec 18, 2006 Jkt 211001 or 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 send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: December 11, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–21588 Filed 12–18–06; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submissions for OMB Review; Comment Request Upon written request; copies available from: Securities and Exchange Commission Office of Filings and Information Services, Washington, DC 20549. Extensions: Rule 12d1–3; OMB Control No. 3235–0109; SEC File No. 270–116. Schedule 13E–4F; OMB Control No. 3235– 0375; SEC File No. 270–340. Form F–X; OMB Control No. 3235–0379; SEC File No. 270–336. 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 these requests for extension of the previously approved collections of information discussed below. Rule 12d1–3 (17 CFR 240.12d1–3) requires a certification that a security has been approved by an exchange for listing and registration pursuant to Section 12(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(d)) to be filed with the Commission. The information required under Rule 12d1–3 must be filed with the Commission and is publicly available. We estimate that it takes approximately one-half hour to provide the information required under Rule 12d1–3 and that the information is filed by 688 respondents annually for a total annual reporting burden of 344 burden hours (.5 hours per response × 688 responses). Schedule 13E–4F (17 CFR 240.13e– 102) may be used by any foreign private issuer if: (1) The issuer is incorporated or organized under the laws of Canada; (2) the issuer is making a cash tender or exchange offer for the issuer’s own securities; and (3) less than 40 percent of the class of such issuer’s securities PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 76005 outstanding that is the subject of the tender offer is held by U.S. holders. The information collected must be filed with the Commission and is publicly available. We estimate that it takes 2 hours per response to prepare Schedule 13E–4F and that the information is filed by 3 respondents annually for a total annual reporting burden of 6 hours (2 hours per response × 3 responses). Form F–X (17 CFR 239. 42) is used to appoint an agent for service of process by Canadian issuers registering securities on Form F–7, F–8, F–9 or F– 10 or filing periodic reports on Form 40–F under the Exchange Act of 1934 (15 U.S.C. 78a et seq.). The information collected must be filed with the Commission and is publicly available. We estimate that it takes 2 hours per response to prepare Form F–X and that the information is filed by 129 respondents for a total annual reporting burden of 258 hours (2 hours per response × 129 responses). 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 Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: December 11, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–21589 Filed 12–18–06; 8:45 am] BILLING CODE 8011–01–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: Form N–6; SEC File No. 270–446; OMB Control No. 3235–0503. E:\FR\FM\19DEN1.SGM 19DEN1

Agencies

[Federal Register Volume 71, Number 243 (Tuesday, December 19, 2006)]
[Notices]
[Pages 76004-76005]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-21588]


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

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 30e-2; SEC File No. 270-437; OMB Control No. 3235-
0494.

    Notice is hereby given that, under the Paperwork Reduction Act of 
1995 (44 U.S.C. 350l-3520), the Securities and Exchange Commission (the 
``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 30(e) of the Investment Company Act of 1940 (15 U.S.C. 80a-
29(e)) (the ``Investment Company Act'' or ``Act'') and Rule 30e-2 \1\ 
thereunder (17 CFR 270.30e-2) require registered unit investment trusts 
(``UITs'') that invest substantially all of their assets in securities 
of a management investment company \2\ (``fund'') to send to 
shareholders at least semi-annually a report containing certain 
financial statements and other information. Specifically, Rule 30e-2 
requires that the report contain the financial statements and other 
information that Rule 30e-1 under the Act (17 CFR 270.30e-1) requires 
to be included in the report of the underlying fund for the same fiscal 
period. Rule 30e-1 requires that the underlying fund's report contain, 
among other things, the financial statements and other information that 
is required to be included in such report by the fund's registration 
form.
---------------------------------------------------------------------------

    \1\ Rule 30e-2 was originally adopted as Rule 30d-2, but was 
redesignated as Rule 30e-2 effective February 15, 2001. See Role of 
Independent Directors of Investment Companies, Investment Company 
Act Release No. 24816 (Jan. 2, 2001) (66 FR 3734 (Jan. 16, 2001)).
    \2\ Management investment companies are defined in Section 4(3) 
of the Investment Company Act as any investment company other than a 
face-amount certificate company or a unit investment trust, as those 
terms are defined in Sections 4(1) and 4(2) of the Investment 
Company Act. See 15 U.S.C. 80a-4.
---------------------------------------------------------------------------

    The purpose of this requirement is to apprise current shareholders 
of the operational and financial condition of the UIT. Absent the 
requirement to disclose all material information in reports, investors 
would be unable to obtain accurate information upon which to base 
investment decisions and consumer confidence in the securities industry 
might be adversely affected. Requiring the submission of these reports 
to the Commission permits us to verify compliance with securities law 
requirements. In addition, Rule 30e-2 permits, under certain 
conditions, delivery of a single shareholder report to investors who 
share an address (``householding''). Specifically, Rule 30e-2 permits 
householding of annual and semi-annual reports by UITs to satisfy the 
delivery requirements of Rule 30e-2 if, in addition to the other 
conditions set forth in the rule, the UIT

[[Page 76005]]

has obtained from each applicable investor written or implied consent 
to the householding of shareholder reports at such address. The rule 
requires UITs that wish to household shareholder reports with implied 
consent to send a notice to each applicable investor stating that the 
investors in the household will receive one report in the future unless 
the investors provide contrary instructions. In addition, at least once 
a year, UITs relying on the rule for householding must explain to 
investors who have provided written or implied consent how they can 
revoke their consent. Preparing and sending the initial notice and the 
annual explanation of the right to revoke consent are collections of 
information under the Paperwork Reduction Act. The purpose of the 
notice and annual explanation requirements associated with the 
householding provisions of the rule is to ensure that investors who 
wish to receive individual copies of shareholder reports are able to do 
so.
    The Commission estimates that as of April 2006, approximately 737 
UITs were subject to the provisions of Rule 30e-2. The Commission 
further estimates that the annual burden associated with Rule 30e-2 is 
121 hours for each UIT, including an estimated 20 hours associated with 
the notice requirement for householding and an estimated 1 hour 
associated with the explanation of the right to revoke consent to 
householding, for a total of 89,177 burden hours.
    In addition to the burden hours, the Commission estimates that the 
cost of contracting for outside services associated with complying with 
Rule 30e-2 is $24,640 per respondent (80 hours times $308 per hour for 
independent auditor services), for a total of $18,159,680 ($24,640 per 
respondent times 737 respondents).
    These estimates are made solely for the purposes of the Paperwork 
Reduction Act, and are not derived from a comprehensive or even a 
representative survey or study of the costs of Commission rules and 
forms.
    The collection of information under Rule 30e-2 is mandatory. The 
information provided under Rule 30e-2 is not 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.
    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Management and Budget, Room 10102, New Executive 
Office Building, Washington, DC 20503 or 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 send an e-
mail to: PRA--Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: December 11, 2006.
Nancy M. Morris,
Secretary.
 [FR Doc. E6-21588 Filed 12-18-06; 8:45 am]
BILLING CODE 8011-01-P
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