Proposed Collection; Comment Request, 36529 [E7-12783]

Download as PDF Federal Register / Vol. 72, No. 127 / Tuesday, July 3, 2007 / Notices Commission, Office of Filings and Information Services, Washington, DC 20549. jlentini on PROD1PC65 with NOTICES Extension: Rule 206(4)–2; SEC File No. 270– 217; OMB Control No. 3235–0241. 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 collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 206(4)–2 (17 CFR 275.206(4)–2) under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) governs the custody of funds or securities of clients by Commission-registered investment advisers. Rule 206(4)–2 requires each investment adviser that has custody of client funds or securities to maintain those client funds or securities with a broker-dealer, bank or other ‘‘qualified custodian.’’ The rule also requires the adviser to promptly notify the clients as to the place and manner of custody, to send quarterly account statements to each client whose assets are in the adviser’s custody, and to have an independent public accountant conduct an annual surprise examination of the custodied assets. If the qualified custodian sends monthly account statements directly to an adviser’s clients, however, the adviser is relieved from sending its own account statements and undergoing an annual surprise examination. The rule exempts advisers from the rule with respect to clients that are registered investment companies. The rule also exempts advisers to limited partnerships and limited liability companies from the account statement delivery and annual surprise examination requirements if the limited partnerships or limited liability companies they advise are subject to annual audit by an independent public accountant. Advisory clients use this information to confirm proper handling of their accounts. The Commission’s staff uses the information obtained through this collection in its enforcement, regulatory and examination programs. Without the information collected under the rule, the Commission would be less efficient and effective in its programs and clients would not have information valuable for monitoring an adviser’s handling of their accounts. The respondents to this information collection are investment advisers registered with the Commission and have custody of clients’ funds or VerDate Aug<31>2005 17:57 Jul 02, 2007 Jkt 211001 securities. We estimate that 3352 advisers would be subject to the information collection burden under rule 206(4)–2. The number of responses under rule 206(4)–2 will vary considerably depending on the number of clients for which an adviser has custody of funds or securities. It is estimated that the average number of responses annually for each respondent would be 247.794, and the average time of .5 hour per response would remain the same. The annual aggregate burden for all respondents to the requirements of rule 206(4)–2 is estimated to be 415,303 hours. The estimated average burden hours are made solely for purposes of the Paperwork Reduction Act and are not derived from a comprehensive or even representative survey or study of the cost of Commission rules and forms. 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 estimate 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. 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, VA 22312; or send an email to: PRA_Mailbox@sec.gov. June 25, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–12781 Filed 7–2–07; 8:45 am] BILLING CODE 8010–01–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: Regulation A; OMB Control No. PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 36529 3235–0286; SEC File No. 270–110 (Forms 1–A and 2–A). 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. Regulation A (17 CFR 230.251 through 230.263) provides an exemption from registration under the Securities Act of 1933 (15 U.S.C. 77a et seq.) for certain limited securities offerings by issuers who do not otherwise file reports with the Commission. Form 1– A is an offering statement filed under Regulation A. Form 2–A is used to report sales and used of proceeds in Regulation A offerings. We estimate that approximately 100 issuers file Forms 1– A and 2–A annually. We estimated that Form 1–A takes approximately 608 hours to prepare, Form 2–A takes approximately 12 hours to prepare, and Regulation A takes one administrative hour to review for a total of 621 hours per response. We estimate that 75% of the 621 hours per response (465.75 hours) is prepared by the company for a total annual burden of 46,575 hours (465.75 hours per response × 100 responses). 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 will have practical utility; (b) the accuracy of the agency’s estimate of the burden imposed by the collection of information; (c) ways to enhance the quality, utility, and clarity of the information 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. 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, VA 22312; or send an email to: PRA_Mailbox@sec.gov. June 25, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–12783 Filed 7–2–07; 8:45 am] BILLING CODE 8010–01–P E:\FR\FM\03JYN1.SGM 03JYN1

Agencies

[Federal Register Volume 72, Number 127 (Tuesday, July 3, 2007)]
[Notices]
[Page 36529]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-12783]


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

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: Regulation A; OMB Control No. 3235-0286; SEC File No. 
270-110 (Forms 1-A and 2-A).

    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.
    Regulation A (17 CFR 230.251 through 230.263) provides an exemption 
from registration under the Securities Act of 1933 (15 U.S.C. 77a et 
seq.) for certain limited securities offerings by issuers who do not 
otherwise file reports with the Commission. Form 1-A is an offering 
statement filed under Regulation A. Form 2-A is used to report sales 
and used of proceeds in Regulation A offerings. We estimate that 
approximately 100 issuers file Forms 1-A and 2-A annually. We estimated 
that Form 1-A takes approximately 608 hours to prepare, Form 2-A takes 
approximately 12 hours to prepare, and Regulation A takes one 
administrative hour to review for a total of 621 hours per response. We 
estimate that 75% of the 621 hours per response (465.75 hours) is 
prepared by the company for a total annual burden of 46,575 hours 
(465.75 hours per response x 100 responses).
    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 will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden imposed by the collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information 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.
    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, VA 22312; or 
send an e-mail to: PRA--Mailbox@sec.gov.

    June 25, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-12783 Filed 7-2-07; 8:45 am]
BILLING CODE 8010-01-P