Submission for OMB Review; Comment Request, 27596-27598 [E7-9363]

Download as PDF 27596 Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices For the Nuclear Regulatory Commission. Dated this 8th day of May 2007 at Rockville, Maryland. Janice Dunn Lee, Director, Office of International Programs. [FR Doc. E7–9414 Filed 5–15–07; 8:45 am] BILLING CODE 7590–01–P PENSION BENEFIT GUARANTY CORPORATION Proposed Submission of Information Collection for OMB Review; Comment Request; Termination of SingleEmployer Plans, Missing Participants Pension Benefit Guaranty Corporation. ACTION: Notice of intention to request extension of OMB approval cprice-sewell on PROD1PC66 with NOTICES AGENCY: SUMMARY: Pension Benefit Guaranty Corporation intends to request that the Office of Management and Budget (‘‘OMB’’) extend approval (with modifications), under the Paperwork Reduction Act of 1995, of a collection of information in its regulations on Termination of Single-Employer Plans and Missing Participants, and implementing forms and instructions (OMB control number 1212–0036; expires September 30, 2007). This notice informs the public of PBGC’s intent and solicits public comment on the collection of information. DATES: Comments should be submitted by July 16, 2007. ADDRESSES: Comments may be submitted by any of the following methods: • Federal eRulemaking Portal: http:// www.regulations.gov. • Follow the Web site instructions for submitting comments. • E-mail: paperwork.comments@pbgc.gov. • Fax: 202–326–4224. • Mail or Hand Delivery: Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005– 4026 Comments received will be posted to http://www.pbgc.gov. Copies of the collection of information may be obtained without charge by writing to PBGC’s Communications and Public Affairs Department at Suite 240 at the above address or by visiting that office or calling 202–326–4040 during normal business hours. (TTY and TDD users may call the Federal relay service tollfree at 1–800–877–8339 and ask to be connected to 202–326–4040.) The regulations and forms and instructions VerDate Aug<31>2005 15:27 May 15, 2007 Jkt 211001 relating to this collection of information may be accessed on PBGC’s Web site at http://www.pbgc.gov. FOR FURTHER INFORMATION CONTACT: Jo Amato Burns, Attorney, or Catherine B. Klion, Manager, Regulatory and Policy Division, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005–4026, 202–326– 4024. (For TTY and TDD, call 800–877– 8339 and request connection to 202– 326–4024.) SUPPLEMENTARY INFORMATION: Under section 4041 of the Employee Retirement Income Security Act of 1974, as amended, a single-employer pension plan may terminate voluntarily only if it satisfies the requirements for either a standard or a distress termination. Pursuant to ERISA section 4041(b), for standard terminations, and section 4041(c), for distress terminations, and PBGC’s termination regulation (29 CFR part 4041), a plan administrator wishing to terminate a plan is required to submit specified information to PBGC in support of the proposed termination and to provide specified information regarding the proposed termination to third parties (participants, beneficiaries, alternate payees, and employee organizations). In the case of a plan with participants or beneficiaries who cannot be located when their benefits are to be distributed, the plan administrator is subject to the requirements of ERISA section 4050 and PBGC’s regulation on missing participants (29 CFR part 4050). PBGC is making clarifying, simplifying, editorial, and other changes to the existing forms and instructions. PBGC estimates that 1,175 plan administrators will be subject to the collection of information requirements in PBGC’s regulations on termination and missing participants and implementing forms and instructions each year, and that the total annual burden of complying with these requirements is 2,175 hours and $2,886,003. (Much of the work associated with terminating a plan is performed for purposes other than meeting these requirements.) PBGC is soliciting public comments to— • Evaluate whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; • Evaluate the accuracy of the agency’s estimate of the burden of the collection of information, including the validity of the methodology and assumptions used; PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 • Enhance the quality, utility, and clarity of the information to be collected; and • Minimize the burden of the collection of information on those who are to respond, including the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses. Issued in Washington, DC, this 10th day of May, 2007. John H. Hanley, Director, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation. [FR Doc. E7–9397 Filed 5–15–07; 8:45 am] BILLING CODE 7709–01–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 3a–4; SEC File No. 270–401; OMB Control No. 3235–0459. Notice is hereby given that, pursuant to 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 collections of information discussed below. Rule 3a–4 (17 CFR 270.3a–4) under the Investment Company Act of 1940 (15 U.S.C. 80a) (‘‘Investment Company Act’’ or ‘‘Act’’) provides a nonexclusive safe harbor from the definition of investment company under the Act for certain investment advisory programs. These programs, which include ‘‘wrap fee’’ and ‘‘mutual fund wrap’’ programs, generally are designed to provide professional portfolio management services to clients who are investing less than the minimum usually required by portfolio managers but more than the minimum account size of most mutual funds. Under wrap fee and similar programs, a client’s account is typically managed on a discretionary basis according to pre-selected investment objectives. Clients with similar investment objectives often receive the same investment advice and may hold the same or substantially the same securities in their accounts. Some of E:\FR\FM\16MYN1.SGM 16MYN1 Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices cprice-sewell on PROD1PC66 with NOTICES these investment advisory programs may meet the definition of investment company under the Act because of the similarity of account management. In 1997, the Commission adopted rule 3a–4, which clarifies that programs organized and operated in a manner consistent with the conditions of rule 3a–4 are not required to register under the Investment Company Act or comply with the Act’s requirements.1 These programs differ from investment companies because, among other things, they provide individualized investment advice to the client. The rule’s provisions have the effect of ensuring that clients in a program relying on the rule receive advice tailored to the client’s needs. Rule 3a–4 provides that each client’s account must be managed on the basis of the client’s financial situation and investment objectives and consistent with any reasonable restrictions the client imposes on managing the account. When an account is opened, the sponsor 2 (or its designee) must obtain information from each client regarding the client’s financial situation and investment objectives, and must allow the client an opportunity to impose reasonable restrictions on managing the account.3 In addition, the sponsor (or its designee) annually must contact the client to determine whether the client’s financial situation or investment objectives have changed and whether the client wishes to impose any reasonable restrictions on the management of the account or reasonably modify existing restrictions. The sponsor (or its designee) also must notify the client quarterly, in writing, to contact the sponsor (or the designee) regarding changes to the client’s financial situation, investment objectives, or restrictions on the account’s management.4 1 Status of Investment Advisory Programs Under the Investment Company Act of 1940, Investment Company Act Release No. 22579 (Mar. 24, 1997) (62 FR 15098 (Mar. 31,1997)) (‘‘Adopting Release’’). In addition, there are no registration requirements under section 5 of the Securities Act of 1933 for these programs. See 17 CFR 270.3a–4, introductory note. 2 For purposes of rule 3a–4, the term ‘‘sponsor’’ refers to any person who receives compensation for sponsoring, organizing or administering the program, or for selecting, or providing advice to clients regarding the selection of, persons responsible for managing the client’s account in the program. 3 Clients specifically must be allowed to designate securities that should not be purchased for the account or that should be sold if held in the account. The rule does not require that a client be able to require particular securities be purchased for the account. 4 The sponsor also must provide a means by which clients can contact the sponsor (or its designee). VerDate Aug<31>2005 15:27 May 15, 2007 Jkt 211001 The program must provide each client with a quarterly statement describing all activity in the client’s account during the previous quarter. The sponsor and personnel of the client’s account manager who know about the client’s account and its management must be reasonably available to consult with the client. Each client also must retain certain indicia of ownership of all securities and funds in the account. Rule 3a–4 is intended primarily to provide guidance regarding the status of investment advisory programs under the Investment Company Act. The rule is not intended to create a presumption about a program that is not operated according to the rule’s guidelines. The requirement that the sponsor (or its designee) obtain information about the client’s financial situation and investment objectives when the account is opened is designed to ensure that the investment adviser has sufficient information regarding the client’s unique needs and goals to enable the portfolio manager to provide individualized investment advice. The sponsor is required to contact clients annually and provide them with quarterly notices to ensure that the sponsor has current information about the client’s financial status, investment objectives, and restrictions on management of the account. Maintaining current information enables the portfolio manager to evaluate the client’s portfolio in light of the client’s changing needs and circumstances. The requirement that clients be provided with quarterly statements of account activity is designed to ensure the client receives an individualized report, which the Commission believes is a key element of individualized advisory services. The Commission staff estimates that approximately 64 wrap fee and mutual fund wrap programs administered by 56 program sponsors use the procedures under rule 3a–4.5 Although it is impossible to determine the exact number of clients that participate in investment advisory programs, an estimate can be made by dividing total assets by the industry average account size ($345.5 billion 6 divided by $126,202),7 for a total of 2,737,675 clients. Additionally, an average number of new accounts opened each 5 These estimates are based on statistical information on wrap fee and mutual fund wrap programs provided by Cerulli Associates in 2003. We request comment on whether the number of wrap programs and program sponsors has changed. 6 See Cerulli Associates, The Cerulli Edge: Managed Accounts Edition, Advisors Issue 10 (3d quarter 2006). 7 Id. at 13. PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 27597 year can be estimated by dividing the average annual increase in account assets in 2003 through 2006, by the average account size ($57.7 billion divided by $126,202), for an average annual number of new accounts of 457,204.8 The Commission staff estimates that each program sponsor spends approximately 1.25 hours annually in preparing, conducting and/or reviewing interviews for each new client; 30 minutes annually preparing, conducting and/or reviewing annual interviews for each continuing client; and one hour preparing and mailing quarterly account activity statements, including the notice to update information to each client. Based on the foregoing, the Commission staff therefore estimates the total annual burden of the rule’s paperwork requirements for all program sponsors to be 4,449,415.5 hours. This represents a decrease of 2,063,087 hours from the prior estimate of 6,512,502.5 hours. The decrease results from a change in the method of computation for the number of clients that participate in these investment advisory programs. Previously, we have computed the number of clients based on the minimum account requirement for participation in these programs. For this estimate we computed the number of clients based on the industry average account size in these programs resulting in a decrease in the estimated number of clients in these investment advisory programs. The estimate of average 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 and forms. Compliance with the collection of information requirements of the rule is necessary to obtain the benefit of relying on the rule’s safe harbor. Nevertheless, rule 3a-4 is a nonexclusive safe harbor, and a program that does not comply with the rule’s collection of information requirements does not necessarily meet the Investment Company Act’s definition of investment company. 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 OMB control number. Please direct general comments regarding the above information to the following persons: (i) Desk Officer for 8 The requirement for initial client contact and evaluation is not a recurring obligation, but only occurs when the account is opened. The estimated annual hourly burden is based on the average number of new accounts opened each year. E:\FR\FM\16MYN1.SGM 16MYN1 27598 Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices 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: May 11, 2007. Florence E. Hartmon, Deputy Secretary. [FR Doc. E7–9363 Filed 5–15–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copy Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. cprice-sewell on PROD1PC66 with NOTICES Extension: Form N–5; SEC File No. 270–172; OMB Control No. 3235–0169. 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’’) requests for extension of the previously approved collection of information discussed below. Form N–5 (17 CFR 239.24 and 274.5)—Registration Statement of Small Business Investment Companies Under the Securities Act of 1933 (15 U.S.C. 77a et seq.) and the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) Form N–5 is the integrated registration statement form adopted by the Commission for use by a small business investment company which has been licensed as such under the Small Business Investment Act of 1958 and has been notified by the Small Business Administration that the company may submit a license application, to register its securities under the Securities Act of 1933 (‘‘Securities Act’’), and to register as an investment company under section 8 of the Investment Company Act of 1940 (‘‘Investment Company Act’’). The purpose of registration under the Securities Act is to ensure that investors are provided with material information concerning securities VerDate Aug<31>2005 15:27 May 15, 2007 Jkt 211001 offered for public sale that will permit investors to make informed decisions regarding such securities. The Commission staff reviews the registration statements for the adequacy and accuracy of the disclosure contained therein. Without Form N–5, the Commission would be unable to carry out the requirements to the Securities Act and Investment Company Act for registration of small business investment companies. The respondents to the collection of information are small business investment companies seeking to register under the Investment Company Act and to register their securities for sale to the public under the Securities Act. The estimated number of respondents is one and the proposed frequency of response is annually. The estimate of the total annual reporting burden of the collection of information is approximately 352 hours per respondent, for a total of 352 hours. Providing the information on Form N– 5 is mandatory. Responses will not be kept confidential. Estimates of the burden hours 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 SEC rules and forms. 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 OMB 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: May 11, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–9367 Filed 5–15–07; 8:45 am] BILLING CODE 8010–01–P PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copy Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Extension: Form N–8A; File No. 270–135; OMB Control No. 3235–0175. 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 collection of information discussed below. Form N–8A (17 CFR 274.10)— Notification of Registration of Investment Companies Form N–8A is the form that investment companies file to notify the Commission of the existence of active investment companies. After an investment company has filed its notification of registration under section 8(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’), the company is then subject to the provisions of the 1940 Act which govern certain aspects of its organization and activities, such as the composition of its board of directors and the issuance of senior securities. Form N–8A requires an investment company to provide its name, state of organization, form of organization, classification, if it is a management company, the name and address of each investment adviser of the investment company, the current value of its total assets and certain other information readily available to the investment company. If the investment company is filing simultaneously its notification of registration and registration statement, Form N–8A requires only that the registrant file the cover page (giving its name, address and agent for service of process) and sign the form in order to effect registration. The Commission uses the information provided in the notification on Form N– 8A to determine the existence of active investment companies and to enable the Commission to administer the provisions of the 1940 Act with respect to those companies. Each year approximately 156 investment companies file a notification on Form N–8A, which is required to be filed only once by an investment company. The Commission estimates that preparing Form N–8A requires an investment E:\FR\FM\16MYN1.SGM 16MYN1

Agencies

[Federal Register Volume 72, Number 94 (Wednesday, May 16, 2007)]
[Notices]
[Pages 27596-27598]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9363]


=======================================================================
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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 3a-4; SEC File No. 270-401; OMB Control No. 3235-0459.

    Notice is hereby given that, pursuant to 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 collections of information discussed below.
    Rule 3a-4 (17 CFR 270.3a-4) under the Investment Company Act of 
1940 (15 U.S.C. 80a) (``Investment Company Act'' or ``Act'') provides a 
nonexclusive safe harbor from the definition of investment company 
under the Act for certain investment advisory programs. These programs, 
which include ``wrap fee'' and ``mutual fund wrap'' programs, generally 
are designed to provide professional portfolio management services to 
clients who are investing less than the minimum usually required by 
portfolio managers but more than the minimum account size of most 
mutual funds. Under wrap fee and similar programs, a client's account 
is typically managed on a discretionary basis according to pre-selected 
investment objectives. Clients with similar investment objectives often 
receive the same investment advice and may hold the same or 
substantially the same securities in their accounts. Some of

[[Page 27597]]

these investment advisory programs may meet the definition of 
investment company under the Act because of the similarity of account 
management.
    In 1997, the Commission adopted rule 3a-4, which clarifies that 
programs organized and operated in a manner consistent with the 
conditions of rule 3a-4 are not required to register under the 
Investment Company Act or comply with the Act's requirements.\1\ These 
programs differ from investment companies because, among other things, 
they provide individualized investment advice to the client. The rule's 
provisions have the effect of ensuring that clients in a program 
relying on the rule receive advice tailored to the client's needs.
---------------------------------------------------------------------------

    \1\ Status of Investment Advisory Programs Under the Investment 
Company Act of 1940, Investment Company Act Release No. 22579 (Mar. 
24, 1997) (62 FR 15098 (Mar. 31,1997)) (``Adopting Release''). In 
addition, there are no registration requirements under section 5 of 
the Securities Act of 1933 for these programs. See 17 CFR 270.3a-4, 
introductory note.
---------------------------------------------------------------------------

    Rule 3a-4 provides that each client's account must be managed on 
the basis of the client's financial situation and investment objectives 
and consistent with any reasonable restrictions the client imposes on 
managing the account. When an account is opened, the sponsor \2\ (or 
its designee) must obtain information from each client regarding the 
client's financial situation and investment objectives, and must allow 
the client an opportunity to impose reasonable restrictions on managing 
the account.\3\ In addition, the sponsor (or its designee) annually 
must contact the client to determine whether the client's financial 
situation or investment objectives have changed and whether the client 
wishes to impose any reasonable restrictions on the management of the 
account or reasonably modify existing restrictions. The sponsor (or its 
designee) also must notify the client quarterly, in writing, to contact 
the sponsor (or the designee) regarding changes to the client's 
financial situation, investment objectives, or restrictions on the 
account's management.\4\
---------------------------------------------------------------------------

    \2\ For purposes of rule 3a-4, the term ``sponsor'' refers to 
any person who receives compensation for sponsoring, organizing or 
administering the program, or for selecting, or providing advice to 
clients regarding the selection of, persons responsible for managing 
the client's account in the program.
    \3\ Clients specifically must be allowed to designate securities 
that should not be purchased for the account or that should be sold 
if held in the account. The rule does not require that a client be 
able to require particular securities be purchased for the account.
    \4\ The sponsor also must provide a means by which clients can 
contact the sponsor (or its designee).
---------------------------------------------------------------------------

    The program must provide each client with a quarterly statement 
describing all activity in the client's account during the previous 
quarter. The sponsor and personnel of the client's account manager who 
know about the client's account and its management must be reasonably 
available to consult with the client. Each client also must retain 
certain indicia of ownership of all securities and funds in the 
account.
    Rule 3a-4 is intended primarily to provide guidance regarding the 
status of investment advisory programs under the Investment Company 
Act. The rule is not intended to create a presumption about a program 
that is not operated according to the rule's guidelines.
    The requirement that the sponsor (or its designee) obtain 
information about the client's financial situation and investment 
objectives when the account is opened is designed to ensure that the 
investment adviser has sufficient information regarding the client's 
unique needs and goals to enable the portfolio manager to provide 
individualized investment advice. The sponsor is required to contact 
clients annually and provide them with quarterly notices to ensure that 
the sponsor has current information about the client's financial 
status, investment objectives, and restrictions on management of the 
account. Maintaining current information enables the portfolio manager 
to evaluate the client's portfolio in light of the client's changing 
needs and circumstances. The requirement that clients be provided with 
quarterly statements of account activity is designed to ensure the 
client receives an individualized report, which the Commission believes 
is a key element of individualized advisory services.
    The Commission staff estimates that approximately 64 wrap fee and 
mutual fund wrap programs administered by 56 program sponsors use the 
procedures under rule 3a-4.\5\ Although it is impossible to determine 
the exact number of clients that participate in investment advisory 
programs, an estimate can be made by dividing total assets by the 
industry average account size ($345.5 billion \6\ divided by 
$126,202),\7\ for a total of 2,737,675 clients. Additionally, an 
average number of new accounts opened each year can be estimated by 
dividing the average annual increase in account assets in 2003 through 
2006, by the average account size ($57.7 billion divided by $126,202), 
for an average annual number of new accounts of 457,204.\8\
---------------------------------------------------------------------------

    \5\ These estimates are based on statistical information on wrap 
fee and mutual fund wrap programs provided by Cerulli Associates in 
2003. We request comment on whether the number of wrap programs and 
program sponsors has changed.
    \6\ See Cerulli Associates, The Cerulli Edge: Managed Accounts 
Edition, Advisors Issue 10 (3d quarter 2006).
    \7\ Id. at 13.
    \8\ The requirement for initial client contact and evaluation is 
not a recurring obligation, but only occurs when the account is 
opened. The estimated annual hourly burden is based on the average 
number of new accounts opened each year.
---------------------------------------------------------------------------

    The Commission staff estimates that each program sponsor spends 
approximately 1.25 hours annually in preparing, conducting and/or 
reviewing interviews for each new client; 30 minutes annually 
preparing, conducting and/or reviewing annual interviews for each 
continuing client; and one hour preparing and mailing quarterly account 
activity statements, including the notice to update information to each 
client. Based on the foregoing, the Commission staff therefore 
estimates the total annual burden of the rule's paperwork requirements 
for all program sponsors to be 4,449,415.5 hours. This represents a 
decrease of 2,063,087 hours from the prior estimate of 6,512,502.5 
hours. The decrease results from a change in the method of computation 
for the number of clients that participate in these investment advisory 
programs. Previously, we have computed the number of clients based on 
the minimum account requirement for participation in these programs. 
For this estimate we computed the number of clients based on the 
industry average account size in these programs resulting in a decrease 
in the estimated number of clients in these investment advisory 
programs.
    The estimate of average 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 and forms.
    Compliance with the collection of information requirements of the 
rule is necessary to obtain the benefit of relying on the rule's safe 
harbor. Nevertheless, rule 3a-4 is a nonexclusive safe harbor, and a 
program that does not comply with the rule's collection of information 
requirements does not necessarily meet the Investment Company Act's 
definition of investment company. 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 OMB control number.
    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for

[[Page 27598]]

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: May 11, 2007.
Florence E. Hartmon,
Deputy Secretary.
 [FR Doc. E7-9363 Filed 5-15-07; 8:45 am]
BILLING CODE 8010-01-P