Submission for OMB Review; Comment Request, 19985-19986 [E7-7491]

Download as PDF Federal Register / Vol. 72, No. 76 / Friday, April 20, 2007 / Notices 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. Please direct your written comments to 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. Dated: April 12, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–7488 Filed 4–19–07; 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 17a–12; SEC File No. 270–442; OMB Control No. 3235–0498. 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. also enable the Commission to review the business activities of OTC derivatives dealers and to anticipate, where possible, how these dealers may be affected by significant economic events. The staff estimates that that the average amount of time necessary to prepare and file the information required by Rule 17a–12 is 180 hours per OTC derivatives dealer annually: an average of twenty hours preparing each of four quarterly reports and an additional 100 hours for the annual audit. Five entities are presently registered as OTC derivatives dealers and the staff does not expect that any additional OTC derivatives dealers will become registered within the next three years. Thus the total burden is estimated to be 900 hours annually (180 times 5 equals 900). General comments regarding the estimated burden hours 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 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: April 16, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–7490 Filed 4–19–07; 8:45 am] sroberts on PROD1PC70 with NOTICES • Rule17a–12, Reports To Be Made by Certain OTC Derivatives Dealers BILLING CODE 8010–01–P Rule17a–12 (17 CFR 240.17a–12) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) requires OTC derivatives dealers to file quarterly Financial and Operational Combined Uniform Single Reports (‘‘FOCUS’’ reports) on Part IIB of Form X–17A–5,1 the basic document for reporting the financial and operational condition of OTC derivatives dealers. Rule 17a–12 also requires that OTC derivatives dealers file audited financial statements annually. The reports required under Rule 17a–12 provide the Commission with information used to monitor the operations of OTC derivatives dealers and to enforce their compliance with the Commission’s rules. These reports SECURITIES AND EXCHANGE COMMISSION 1 Form X–17A–5 (17 CFR 249.617). VerDate Aug<31>2005 18:52 Apr 19, 2007 Jkt 211001 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 23c–3 and Form N–23c–3; SEC File No. 270–373; OMB Control No. 3235– 0422. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350 et. seq.), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 19985 Office of Management and Budget (‘‘OMB’’) a request for extension and approval of the collections of information discussed below. Rule 23c–3 (17 CFR 270.23c–3) under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) is entitled: ‘‘Repurchase of Securities of Closed-End Companies.’’ The rule permits certain closed-end investment companies (‘‘closed-end funds’’ or ‘‘funds’’) periodically to offer to repurchase from shareholders a limited number of shares at net asset value. The rule includes several reporting and recordkeeping requirements. The fund must send shareholders a notification that contains specified information each time the fund makes a repurchase offer (on a quarterly, semi-annual, or annual basis, or for certain funds, on a discretionary basis not more often than every two years). The fund also must file copies of the shareholder notification with the Commission (electronically through the Commission’s Electronic Data Gathering, Analysis, and Retrieval System (‘‘EDGAR’’)) attached to Form N–23c–3 (17 CFR 274.221), a cover sheet that provides limited information about the fund and the type of offer the fund is making.1 The fund must describe in its annual report to shareholders the fund’s policy concerning repurchase offers and the results of any repurchase offers made during the reporting period. The fund’s board of directors must adopt written procedures designed to ensure that the fund’s investment portfolio is sufficiently liquid to meet its repurchase obligations and other obligations under the rule. The board periodically must review the composition of the fund’s portfolio and change the liquidity procedures as necessary. The fund also must file copies of advertisements and other sales literature with the Commission as if it were an open-end investment company subject to section 24 of the Investment Company Act (15 U.S.C. 80a–24) and the rules that implement section 24.2 The requirement that the fund send a notification to shareholders of each offer is intended to ensure that a fund provides material information to shareholders about the terms of each offer, which may differ from previous 1 Form N–23c–3 requires the fund to state its registration number, its full name and address, the date of the accompanying shareholder notification, and the type of offer being made (periodic, discretionary, or both). 2 Rule 24b–3 under the Investment Company Act (17 CFR 270.24b–3), however, would generally exempt the fund from that requirement when the materials are filed instead with the NASD, as nearly always occurs under NASD procedures, which apply to the underwriter of every fund. E:\FR\FM\20APN1.SGM 20APN1 sroberts on PROD1PC70 with NOTICES 19986 Federal Register / Vol. 72, No. 76 / Friday, April 20, 2007 / Notices offers on such matters as the maximum amount of shares to be repurchased (the maximum repurchase amount may range from 5% to 25% of outstanding shares). The requirement that copies be sent to the Commission is intended to enable the Commission to monitor the fund’s compliance with the notification requirement. The requirement that the shareholder notification be attached to Form N–23c–3 is intended to ensure that the fund provides basic information necessary for the Commission to process the notification and to monitor the fund’s use of repurchase offers. The requirement that the fund describe its current policy on repurchase offers and the results of recent offers in the annual shareholder report is intended to provide shareholders current information about the fund’s repurchase policies and its recent experience. The requirement that the board approve and review written procedures designed to maintain portfolio liquidity is intended to ensure that the fund has enough cash or liquid securities to meet its repurchase obligations, and that written procedures are available for review by shareholders and examination by the Commission. The requirement that the fund file advertisements and sales literature as if it were an open-end investment company is intended to facilitate the review of these materials by the Commission or the NASD to prevent incomplete, inaccurate, or misleading disclosure about the special characteristics of a closed-end fund that makes periodic repurchase offers. Compliance with the collection of information requirements of the rule and form is mandatory only for those funds that rely on the rule in order to repurchase shares of the fund. The information provided to the Commission on Form N–23c–3 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. The Commission staff estimates that approximately 34 funds make use of rule 23c–3, and that on average a fund spends approximately 126 hours annually in complying with the requirements of the rule and Form N– 23c–3. The Commission staff therefore estimates the total annual burden of the rule’s and form’s paperwork requirements to be 4284 hours. 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 18:52 Apr 19, 2007 Jkt 211001 or 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 e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: April 16, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–7491 Filed 4–19–07; 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 19b–4(e) and Form 19b–4(e); SEC File No. 270–447; OMB Control No. 3235– 0504. 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 requests for extension of the previously approved collections of information discussed below. The Code of Federal Regulation citation to this collection of information is 17 CFR 240.19b–4(e) under the Securities Exchange Act of 1934 (17 U.S.C. 78a et seq.) (the ‘‘Act’’). Rule 19b–4(e) permits a selfregulatory organization (‘‘SRO’’) to immediately list and trade a new derivative securities product so long as such product is in compliance with the criteria of Rule 19b–4(e) under the Act. However, in order for the Commission to maintain an accurate record of all new derivative securities products traded through the facilities of SROs and to determine whether an SRO has properly availed itself of the permission granted by Rule 19b–4(e), it is necessary that the SRO maintain, on-site, a copy of Form 19b–4(e) under the Act. Rule 19b–4(e) requires SROs to file a summary form, Form 19b–4(e), and thereby notify the Commission, within five business days after the commencement of trading a new derivative securities product. In addition, the Commission reviews SRO PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 compliance with Rule 19b–4(e) through its routine inspections of the SROs. The collection of information is designed to allow the Commission to maintain an accurate record of all new derivative securities products traded through the facilities of SROs and to determine whether an SRO has properly availed itself of the permission granted by Rule 19b–4(e). The respondents to the collection of information are self-regulatory organizations (as defined by the Act), including national securities exchanges and national securities associations. Fourteen respondents file an average total of 50 responses per year, which corresponds to an estimated annual response burden of 50 hours. At an average cost per burden hour of $239.50, the resultant total related cost of compliance for these respondents is $11,975 per year (50 burden hours multiplied by $239.50/hour = $11,975). Compliance with Rule 19b–4(e) is mandatory. Information received in response to Rule 19b–4(e) shall not be kept confidential; the information collected is public information. 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) 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; 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: April 16, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–7495 Filed 4–19–07; 8:45 am] BILLING CODE 8010–01–P E:\FR\FM\20APN1.SGM 20APN1

Agencies

[Federal Register Volume 72, Number 76 (Friday, April 20, 2007)]
[Notices]
[Pages 19985-19986]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-7491]


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

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 23c-3 and Form N-23c-3; SEC File No. 270-373; OMB Control 
No. 3235-0422.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 350 et. seq.), the Securities and Exchange 
Commission (the ``Commission'') has submitted to the Office of 
Management and Budget (``OMB'') a request for extension and approval of 
the collections of information discussed below.
    Rule 23c-3 (17 CFR 270.23c-3) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) is entitled: ``Repurchase of Securities 
of Closed-End Companies.'' The rule permits certain closed-end 
investment companies (``closed-end funds'' or ``funds'') periodically 
to offer to repurchase from shareholders a limited number of shares at 
net asset value. The rule includes several reporting and recordkeeping 
requirements. The fund must send shareholders a notification that 
contains specified information each time the fund makes a repurchase 
offer (on a quarterly, semi-annual, or annual basis, or for certain 
funds, on a discretionary basis not more often than every two years). 
The fund also must file copies of the shareholder notification with the 
Commission (electronically through the Commission's Electronic Data 
Gathering, Analysis, and Retrieval System (``EDGAR'')) attached to Form 
N-23c-3 (17 CFR 274.221), a cover sheet that provides limited 
information about the fund and the type of offer the fund is making.\1\ 
The fund must describe in its annual report to shareholders the fund's 
policy concerning repurchase offers and the results of any repurchase 
offers made during the reporting period. The fund's board of directors 
must adopt written procedures designed to ensure that the fund's 
investment portfolio is sufficiently liquid to meet its repurchase 
obligations and other obligations under the rule. The board 
periodically must review the composition of the fund's portfolio and 
change the liquidity procedures as necessary. The fund also must file 
copies of advertisements and other sales literature with the Commission 
as if it were an open-end investment company subject to section 24 of 
the Investment Company Act (15 U.S.C. 80a-24) and the rules that 
implement section 24.\2\
---------------------------------------------------------------------------

    \1\ Form N-23c-3 requires the fund to state its registration 
number, its full name and address, the date of the accompanying 
shareholder notification, and the type of offer being made 
(periodic, discretionary, or both).
    \2\ Rule 24b-3 under the Investment Company Act (17 CFR 270.24b-
3), however, would generally exempt the fund from that requirement 
when the materials are filed instead with the NASD, as nearly always 
occurs under NASD procedures, which apply to the underwriter of 
every fund.
---------------------------------------------------------------------------

    The requirement that the fund send a notification to shareholders 
of each offer is intended to ensure that a fund provides material 
information to shareholders about the terms of each offer, which may 
differ from previous

[[Page 19986]]

offers on such matters as the maximum amount of shares to be 
repurchased (the maximum repurchase amount may range from 5% to 25% of 
outstanding shares). The requirement that copies be sent to the 
Commission is intended to enable the Commission to monitor the fund's 
compliance with the notification requirement. The requirement that the 
shareholder notification be attached to Form N-23c-3 is intended to 
ensure that the fund provides basic information necessary for the 
Commission to process the notification and to monitor the fund's use of 
repurchase offers. The requirement that the fund describe its current 
policy on repurchase offers and the results of recent offers in the 
annual shareholder report is intended to provide shareholders current 
information about the fund's repurchase policies and its recent 
experience. The requirement that the board approve and review written 
procedures designed to maintain portfolio liquidity is intended to 
ensure that the fund has enough cash or liquid securities to meet its 
repurchase obligations, and that written procedures are available for 
review by shareholders and examination by the Commission. The 
requirement that the fund file advertisements and sales literature as 
if it were an open-end investment company is intended to facilitate the 
review of these materials by the Commission or the NASD to prevent 
incomplete, inaccurate, or misleading disclosure about the special 
characteristics of a closed-end fund that makes periodic repurchase 
offers.
    Compliance with the collection of information requirements of the 
rule and form is mandatory only for those funds that rely on the rule 
in order to repurchase shares of the fund. The information provided to 
the Commission on Form N-23c-3 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.
    The Commission staff estimates that approximately 34 funds make use 
of rule 23c-3, and that on average a fund spends approximately 126 
hours annually in complying with the requirements of the rule and Form 
N-23c-3. The Commission staff therefore estimates the total annual 
burden of the rule's and form's paperwork requirements to be 4284 
hours.
    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 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 e-
mail to: PRA--Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: April 16, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-7491 Filed 4-19-07; 8:45 am]
BILLING CODE 8010-01-P