Request for Public Comment, 53609-53610 [E7-18451]
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Federal Register / Vol. 72, No. 181 / Wednesday, September 19, 2007 / Notices
(Authority: 39 U.S.C. 3691)
Steven W. Williams,
Secretary.
[FR Doc. E7–18382 Filed 9–18–07; 8:45 am]
BILLING CODE 7719–FW–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
rwilkins on PROD1PC63 with NOTICES
Extension: Rule 17a–4(b)(11); SEC File No.
270–449; OMB Control No. 3235–0506.
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.
Rule 17a–4(b)(11) (17 CFR 240.17a–
4(b)(11)) under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.)
describes the record preservation
requirements for those records required
to be kept pursuant to Rule 17a–3(a)(16),
including how such records should be
kept and for how long, to be used in
monitoring compliance with the
Commission’s financial responsibility
program and antifraud and
antimanipulative rules as well as other
rules and regulations of the Commission
and the self-regulatory organizations. It
is estimated that approximately 105
active broker-dealer respondents
registered with the Commission incur
an average burden of 315 hours per year
(105 respondents multiplied by 3
burden hours per respondent equals 315
total burden hours) to comply with this
rule.
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
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17:49 Sep 18, 2007
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other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
Comments regarding the above
information should be directed to: R.
Corey Booth, Director/Chief Information
Officer, Securities and Exchange
Commission, C/O Shirley Martinson,
6432 General Green Way, Alexandria,
VA 22312 or by sending an e-mail to:
PRA_Mailbox@sec.gov. Comments must
be submitted within 60 days of this
notice.
Dated: September 13, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–18392 Filed 9–18–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Request for Public Comment
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension: Rule 15c3–3; SEC File No. 270–
087; OMB Control No. 3235–0078.
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’’) intends to submit to
the Office of Management and Budget a
request for extension of the previously
approved collections of information
discussed below. The Code of Federal
Regulations citation to this collection of
information is: 17 CFR 240.15c3–3
Customer Protection—Reserves and
Custody of Securities.
Rule 15c3–3 under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) requires that a broker-dealer that
holds customer securities obtain and
maintain possession and control of
fully-paid and excess margin securities
they hold for customers. In addition, the
Rule requires that a broker-dealer that
holds customer funds make either a
weekly or monthly computation to
determine whether certain customer
funds need to be segregated in a special
reserve bank account for the exclusive
benefit of the firm’s customers. It also
requires that a broker-dealer maintain a
written notification from each bank
where a Special Reserve Bank Account
is held acknowledging that all assets in
the account are for the exclusive benefit
of the broker-dealer’s customers, and to
provide written notification to the
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Sfmt 4703
53609
Commission (and its designated
examining authority) under certain,
specified circumstances. Finally, Rule
15c3–3 was amended in 2001 to add
paragraph (o), which only applies to
broker-dealers that sell securities futures
products to customers. Paragraph (o)
requires that such broker-dealers
provide certain notifications to
customers, and to make a record of any
changes of account type.
There are approximately 344 brokerdealers fully subject to the Rule (i.e.,
broker-dealers that can not claim any of
the exemptions enumerated at
paragraph (k)), of which approximately
9 make daily, 245 make weekly, and 90
make monthly, reserve computations.
On average, each of these respondents
require approximately 2.5 hours to
complete a computation. Accordingly,
Commission staff estimates that the
resulting burden totals 45,960 hours
annually ((2.5 hours × 240 computations
× 9 respondents that calculate daily) +
(2.5 hours × 52 computations × 245
respondents that calculate weekly) +
(2.5 hours × 12 computations × 90
respondents that calculate monthly)).
A broker-dealer required to maintain
the Special Reserve Bank Account
prescribed by Rule 15c3–3 must obtain
and retain a written notification from
each bank in which it has a Special
Reserve Bank Account to evidence
bank’s acknowledgement that assets
deposited in the Account are being held
by the bank for the exclusive benefit of
the broker-dealer’s customers. As stated
previously, 344 broker-dealers are
presently fully-subject to Rule 15c3–3.
In addition, 140 broker-dealers operate
in accordance with the exemption
provided in paragraph (k)(2)(i) which
also requires that a broker-dealer
maintain a Special Reserve Bank
Account. The staff estimates that of the
total broker-dealers that must comply
with this rule, only 25%, or 121 ((344
+ 140) × .25) must obtain 1 new letter
each year (either because the brokerdealer changed the type of business it
does and became subject to either
paragraph (e)(3) or (k)(2)(i) or simply
because the broker-dealer established a
new Special Reserve Bank Account).
The staff estimates that it would take a
broker-dealer approximately 1 hour to
obtain this written notification from a
bank regarding a Special Reserve Bank
Account because the language in these
letters is largely standardized.
Therefore, Commission staff estimates
that broker-dealers will spend
approximately 121 hours each year to
obtain these written notifications.
In addition, a broker-dealer must
immediately notify the Commission and
its designated examining authority if it
E:\FR\FM\19SEN1.SGM
19SEN1
53610
Federal Register / Vol. 72, No. 181 / Wednesday, September 19, 2007 / Notices
rwilkins on PROD1PC63 with NOTICES
fails to make a required deposit to its
Special Reserve Bank Account.
Commission staff estimates that brokerdealers file approximately 65 such
notices per year. Broker-dealers would
require approximately 30 minutes, on
average, to file such a notice. Therefore,
Commission staff estimates that brokerdealers would spend a total of
approximately 33 hours each year to
comply with the notice requirement of
Rule 15c3–3.
Finally, a broker-dealer that effects
transactions in SFPs for customers 1 also
will have paperwork burdens associated
with the requirement in paragraph (o) of
Rule 15c3–3 to make a record of each
change in account type.2 More
specifically, a broker-dealer that
changes the type of account in which a
customer’s SFPs are held must create a
record of each change in account type
that includes the name of the customer,
the account number, the date the brokerdealer received the customer’s request
to change the account type, and the date
the change in account type took place.
As of December 31, 2006, broker-dealers
that were also registered as FCMs
reported that they maintained
38,815,092 customer accounts. The staff
estimates that 8% of these customers
may engage in SFP transactions
(38,815,092 accounts × 8% = 3,105,207).
Further, the staff estimates that 20% per
year may change account type. Thus,
broker-dealers may be required to create
this record for up to 621,041 accounts
(3,105,207 accounts × 20%). The staff
believes that it will take approximately
3 minutes to create each record.3 Thus,
the total annual burden associated with
creating a record of change of account
type will be 31,052 hours (621,041
accounts × (3min/60min)).
Consequently, the staff estimates that
the total annual burden hours associated
with Rule 15c3–3 would be
approximately 77,166 hours (45,960
hours + 121 hours + 33 hours + 31,052
hours).
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
1 Broker-dealers that do not engage in an SFP
business with or for customers are not affected by
this section of Rule 15c3–3. Broker-dealers that
engage in an SFP business must also register with
the CFTC as a futures commission merchant
(‘‘FCM’’). As of January 31, 2007 there were 64
broker-dealers that were also registered as FCMs.
2 17 CFR 240.15c3–3(o)(3)(i).
3 In fact, the staff believes that most firms will
have this process automated. To the extent that no
person need be involved in the generation of this
record, the burden will be very minimal.
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16:58 Sep 18, 2007
Jkt 211001
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.
Comments should be directed 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. Comments must
be submitted within 60 days of this
notice.
Dated: September 14, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–18451 Filed 9–18–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
27968; 812–13388]
Hercules Technology Growth Capital,
Inc.; Notice of Application
September 12, 2007.
Securities and Exchange
Commission (The ‘‘Commission’’).
ACTION: Notice of an application for an
order under section 61(a)(3)(B) of the
Investment Company Act of 1940 (the
‘‘Act’’).
AGENCY:
Applicant,
Hercules Technology Growth Capital,
Inc. (‘‘HTGC’’), requests an order that
would approve the proposal to issue
stock options to directors who are not
officers or employees of HTGC (‘‘Nonemployee Directors’’) under HTGC’s
amended and restated 2006 Nonemployee Director Plan (the ‘‘Amended
and Restated 2006 Plan’’). The requested
order would supersede a prior order
issued to HTGC under section
61(a)(3)(B) of the Act (the ‘‘HTGC
Options Order’’).1
FILING DATES: The application was filed
on May 24, 2007 and amended on
September 10, 2007. HTGC has agreed
to file an amendment during the notice
period, the substance of which is
reflected in this notice.
SUMMARY OF APPLICATION:
1 Hercules Technology Growth Capital, Inc.,
Investment Company Act release Nos. 27668 (Jan.
19, 2007) (notice) and 27699 (Feb. 15, 2007) (order).
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Frm 00089
Fmt 4703
Sfmt 4703
HEARING OR NOTIFICATION OF HEARING:
An order granting the application will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing by writing to the
Commission’s Secretary and serving
applicant with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on October 9, 2007, and
should be accompanied by proof of
service on applicant, in the form of an
affidavit or, for lawyers, a certificate of
service. Hearing requests should state
the nature of the writer’s interest, the
reason for the request, and the issues
contested. Persons who wish to be
notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F.
Street, NE., Washington, DC 20549–
1090. HTGC, c/o Manuel A. Henriquez,
Chairman of the Board, President and
Chief Executive Officer, 400 Hamilton
Avenue, Suite 310, Palo Alto, California
94301.
FOR FURTHER INFORMATION CONTACT:
Laura J. Riegel, Senior Counsel, at (202)
551–6873, or Nadya B. Roytblat,
Assistant Director, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
The
following is a summary of the
application. The complete application is
available for a fee at the Commission’s
Public Reference Branch, 100 F Street,
NE., Washington, DC 20549–0102 (tel.
202–551–5850).
SUPPLEMENTARY INFORMATION:
Applicant’s Representations
1. HTGC, a Maryland corporation, is
a business development company
(‘‘BDC’’) within the meaning of section
2(a)(48) of the Act.2 HTGC is a specialty
finance company that provides debt and
equity growth capital to technologyrelated and life-science companies at all
stages of development. HTGC’s business
and affairs are managed under the
direction of its board of directors
(‘‘Board’’). HTGC does not have an
external investment adviser within the
meaning of section 2(a)(20) of the Act.
2. HTGC requests an order under
section 61(a)(3)(B) of the Act that would
approve the proposal under the
Amended and Restated 2006 Plan to
2 Section 2(a)(48) generally defines a BDC to be
any closed-end investment company that operates
for the purpose of making investments in securities
described in sections 55(a)(1) through 55(a)(3) of the
Act and makes available significant managerial
assistance with respect to the issuers of such
securities.
E:\FR\FM\19SEN1.SGM
19SEN1
]]>Agencies
[Federal Register Volume 72, Number 181 (Wednesday, September 19, 2007)]
[Notices]
[Pages 53609-53610]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18451]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Request for Public Comment
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension: Rule 15c3-3; SEC File No. 270-087; OMB Control No. 3235-
0078.
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'') intends to submit to the Office of Management and
Budget a request for extension of the previously approved collections
of information discussed below. The Code of Federal Regulations
citation to this collection of information is: 17 CFR 240.15c3-3
Customer Protection--Reserves and Custody of Securities.
Rule 15c3-3 under the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.) requires that a broker-dealer that holds customer
securities obtain and maintain possession and control of fully-paid and
excess margin securities they hold for customers. In addition, the Rule
requires that a broker-dealer that holds customer funds make either a
weekly or monthly computation to determine whether certain customer
funds need to be segregated in a special reserve bank account for the
exclusive benefit of the firm's customers. It also requires that a
broker-dealer maintain a written notification from each bank where a
Special Reserve Bank Account is held acknowledging that all assets in
the account are for the exclusive benefit of the broker-dealer's
customers, and to provide written notification to the Commission (and
its designated examining authority) under certain, specified
circumstances. Finally, Rule 15c3-3 was amended in 2001 to add
paragraph (o), which only applies to broker-dealers that sell
securities futures products to customers. Paragraph (o) requires that
such broker-dealers provide certain notifications to customers, and to
make a record of any changes of account type.
There are approximately 344 broker-dealers fully subject to the
Rule (i.e., broker-dealers that can not claim any of the exemptions
enumerated at paragraph (k)), of which approximately 9 make daily, 245
make weekly, and 90 make monthly, reserve computations. On average,
each of these respondents require approximately 2.5 hours to complete a
computation. Accordingly, Commission staff estimates that the resulting
burden totals 45,960 hours annually ((2.5 hours x 240 computations x 9
respondents that calculate daily) + (2.5 hours x 52 computations x 245
respondents that calculate weekly) + (2.5 hours x 12 computations x 90
respondents that calculate monthly)).
A broker-dealer required to maintain the Special Reserve Bank
Account prescribed by Rule 15c3-3 must obtain and retain a written
notification from each bank in which it has a Special Reserve Bank
Account to evidence bank's acknowledgement that assets deposited in the
Account are being held by the bank for the exclusive benefit of the
broker-dealer's customers. As stated previously, 344 broker-dealers are
presently fully-subject to Rule 15c3-3. In addition, 140 broker-dealers
operate in accordance with the exemption provided in paragraph
(k)(2)(i) which also requires that a broker-dealer maintain a Special
Reserve Bank Account. The staff estimates that of the total broker-
dealers that must comply with this rule, only 25%, or 121 ((344 + 140)
x .25) must obtain 1 new letter each year (either because the broker-
dealer changed the type of business it does and became subject to
either paragraph (e)(3) or (k)(2)(i) or simply because the broker-
dealer established a new Special Reserve Bank Account). The staff
estimates that it would take a broker-dealer approximately 1 hour to
obtain this written notification from a bank regarding a Special
Reserve Bank Account because the language in these letters is largely
standardized. Therefore, Commission staff estimates that broker-dealers
will spend approximately 121 hours each year to obtain these written
notifications.
In addition, a broker-dealer must immediately notify the Commission
and its designated examining authority if it
[[Page 53610]]
fails to make a required deposit to its Special Reserve Bank Account.
Commission staff estimates that broker-dealers file approximately 65
such notices per year. Broker-dealers would require approximately 30
minutes, on average, to file such a notice. Therefore, Commission staff
estimates that broker-dealers would spend a total of approximately 33
hours each year to comply with the notice requirement of Rule 15c3-3.
Finally, a broker-dealer that effects transactions in SFPs for
customers \1\ also will have paperwork burdens associated with the
requirement in paragraph (o) of Rule 15c3-3 to make a record of each
change in account type.\2\ More specifically, a broker-dealer that
changes the type of account in which a customer's SFPs are held must
create a record of each change in account type that includes the name
of the customer, the account number, the date the broker-dealer
received the customer's request to change the account type, and the
date the change in account type took place. As of December 31, 2006,
broker-dealers that were also registered as FCMs reported that they
maintained 38,815,092 customer accounts. The staff estimates that 8% of
these customers may engage in SFP transactions (38,815,092 accounts x
8% = 3,105,207). Further, the staff estimates that 20% per year may
change account type. Thus, broker-dealers may be required to create
this record for up to 621,041 accounts (3,105,207 accounts x 20%). The
staff believes that it will take approximately 3 minutes to create each
record.\3\ Thus, the total annual burden associated with creating a
record of change of account type will be 31,052 hours (621,041 accounts
x (3min/60min)).
---------------------------------------------------------------------------
\1\ Broker-dealers that do not engage in an SFP business with or
for customers are not affected by this section of Rule 15c3-3.
Broker-dealers that engage in an SFP business must also register
with the CFTC as a futures commission merchant (``FCM''). As of
January 31, 2007 there were 64 broker-dealers that were also
registered as FCMs.
\2\ 17 CFR 240.15c3-3(o)(3)(i).
\3\ In fact, the staff believes that most firms will have this
process automated. To the extent that no person need be involved in
the generation of this record, the burden will be very minimal.
---------------------------------------------------------------------------
Consequently, the staff estimates that the total annual burden
hours associated with Rule 15c3-3 would be approximately 77,166 hours
(45,960 hours + 121 hours + 33 hours + 31,052 hours).
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.
Comments should be directed 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. Comments must be submitted within
60 days of this notice.
Dated: September 14, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-18451 Filed 9-18-07; 8:45 am]
BILLING CODE 8010-01-P
