Investment Company Governance, 76618 [E6-21903]

Download as PDF 76618 Proposed Rules Federal Register Vol. 71, No. 245 Thursday, December 21, 2006 This section of the FEDERAL REGISTER contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules. SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 270 [Release No. IC–27600; File No. S7–03–04] RIN 3235–AJ05 Investment Company Governance Securities and Exchange Commission. ACTION: Request for additional comment. AGENCY: SUMMARY: The Commission is reopening the comment period on its June 2006 request for comment regarding amendments to investment company (‘‘fund’’) governance provisions. The purpose of the additional comment period is to permit public comment on two papers prepared by the Office of Economic Analysis on this topic that will be made public by including them in the comment file. The comments the Commission receives will be used to inform our further consideration of the matter. DATES: Comments must be received on or before 60 days after publication of the second of the two staff economic papers in the public comment file. When the second of the two staff economic papers in the public comment file is published, the Commission will publish a document announcing the comment deadline. To help us process and review your comments more efficiently, comments should be sent by one method only. ADDRESSES: cprice-sewell on PROD1PC66 with PROPOSALS Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/proposed.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number S7–03–04 on the subject line; or • Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments. VerDate Aug<31>2005 14:34 Dec 20, 2006 Jkt 211001 Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549. All submissions should refer to File Number S7–03–04. The Commission will post all comments on the Commission’s Internet Web site (http:// www.sec.gov/rules/proposed.shtml). Comments are also available for public inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: Jonathan Sokobin, Deputy Chief Economist, Office of Economic Analysis, (202) 551–6600 or Vincent Meehan, Staff Attorney, or Penelope Saltzman, Branch Chief, Office of Regulatory Policy, (202) 551–6792, Division of Investment Management, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549. SUPPLEMENTARY INFORMATION: In June 2006, the Commission requested additional comment 1 regarding amendments to fund governance provisions of rules under the Investment Company Act.2 We received many comments in response to our request, some of which provided information on the costs of the provisions. Few, however, directly addressed in a meaningful way the economic implications of the provisions. Before considering further rulemaking on this matter, the Commission wishes to develop a more comprehensive record and a more thorough understanding of the economic consequences of the provisions. To that end, the Commission invites comment on any aspect of the two staff economic papers that will be published shortly after the issuance of this release. Specifically, our staff economists have reviewed existing relevant economic literature related to conflicts of interest 1 Investment Company Governance, Investment Company Act Release No. 27395 (June 13, 2006) [71 FR 35366 (June 19, 2006)]. 2 15 U.S.C. 80a. PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 that advisers have with regard to mutual funds they advise, as well as literature related to mutual fund governance, independent chairmen, and board independence. Our staff economists also have performed an analysis of the statistical properties of mutual fund returns and potential limitations inherent in any empirical analysis designed to identify a relationship between those returns and fund governance. We will include their papers in the public comment file, and we request comment on them. In addition, in order to facilitate our assessment of the economic implications of the fund governance provisions and any alternative approaches available to us, we also seek comment on any other extant analyses, and we request that commenters provide us their best assessment of these. Dated: December 15, 2006. By the Commission. Nancy M. Morris, Secretary. [FR Doc. E6–21903 Filed 12–20–06; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF THE INTERIOR National Indian Gaming Commission 25 CFR Part 547 RIN 3141–AA29 Technical Standards for ‘‘Electronic, Computer, or Other Technologic Aids’’ Used in the Play of Class II Games National Indian Gaming Commission, Interior. ACTION: Notice of extension of comment period. AGENCY: SUMMARY: This notice extends the period for comments on proposed Class II technical standards published in the Federal Register on August 11, 2006 (71 FR 46336). DATES: The comment period for the proposed technical regulations is extended from December 15, 2006, to January 31, 2007. FOR FURTHER INFORMATION CONTACT: Michael Gross, Senior Attorney, at 202/ 632–7003; fax 202/632–7066 (these are not toll-free numbers). E:\FR\FM\21DEP1.SGM 21DEP1

Agencies

[Federal Register Volume 71, Number 245 (Thursday, December 21, 2006)]
[Proposed Rules]
[Page 76618]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-21903]


========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

========================================================================


Federal Register / Vol. 71, No. 245 / Thursday, December 21, 2006 / 
Proposed Rules

[[Page 76618]]



SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 270

[Release No. IC-27600; File No. S7-03-04]
RIN 3235-AJ05


Investment Company Governance

AGENCY: Securities and Exchange Commission.

ACTION: Request for additional comment.

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

SUMMARY: The Commission is reopening the comment period on its June 
2006 request for comment regarding amendments to investment company 
(``fund'') governance provisions. The purpose of the additional comment 
period is to permit public comment on two papers prepared by the Office 
of Economic Analysis on this topic that will be made public by 
including them in the comment file. The comments the Commission 
receives will be used to inform our further consideration of the 
matter.

DATES: Comments must be received on or before 60 days after publication 
of the second of the two staff economic papers in the public comment 
file. When the second of the two staff economic papers in the public 
comment file is published, the Commission will publish a document 
announcing the comment deadline.

ADDRESSES: To help us process and review your comments more 
efficiently, comments should be sent by one method only.

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/proposed.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number S7-03-04 on the subject line; or
     Use the Federal eRulemaking Portal (http://
www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549.

All submissions should refer to File Number S7-03-04. The Commission 
will post all comments on the Commission's Internet Web site (http://
www.sec.gov/rules/proposed.shtml). Comments are also available for 
public inspection and copying in the Commission's Public Reference 
Room, 100 F Street, NE., Washington, DC 20549. All comments received 
will be posted without change; we do not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Jonathan Sokobin, Deputy Chief 
Economist, Office of Economic Analysis, (202) 551-6600 or Vincent 
Meehan, Staff Attorney, or Penelope Saltzman, Branch Chief, Office of 
Regulatory Policy, (202) 551-6792, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street, NE., Washington, DC 
20549.

SUPPLEMENTARY INFORMATION: In June 2006, the Commission requested 
additional comment \1\ regarding amendments to fund governance 
provisions of rules under the Investment Company Act.\2\ We received 
many comments in response to our request, some of which provided 
information on the costs of the provisions. Few, however, directly 
addressed in a meaningful way the economic implications of the 
provisions. Before considering further rulemaking on this matter, the 
Commission wishes to develop a more comprehensive record and a more 
thorough understanding of the economic consequences of the provisions.
---------------------------------------------------------------------------

    \1\ Investment Company Governance, Investment Company Act 
Release No. 27395 (June 13, 2006) [71 FR 35366 (June 19, 2006)].
    \2\ 15 U.S.C. 80a.
---------------------------------------------------------------------------

    To that end, the Commission invites comment on any aspect of the 
two staff economic papers that will be published shortly after the 
issuance of this release. Specifically, our staff economists have 
reviewed existing relevant economic literature related to conflicts of 
interest that advisers have with regard to mutual funds they advise, as 
well as literature related to mutual fund governance, independent 
chairmen, and board independence. Our staff economists also have 
performed an analysis of the statistical properties of mutual fund 
returns and potential limitations inherent in any empirical analysis 
designed to identify a relationship between those returns and fund 
governance. We will include their papers in the public comment file, 
and we request comment on them. In addition, in order to facilitate our 
assessment of the economic implications of the fund governance 
provisions and any alternative approaches available to us, we also seek 
comment on any other extant analyses, and we request that commenters 
provide us their best assessment of these.

    Dated: December 15, 2006.

    By the Commission.
Nancy M. Morris,
Secretary.
 [FR Doc. E6-21903 Filed 12-20-06; 8:45 am]
BILLING CODE 8011-01-P