Proposed Collection; Comment Request, 62698-62699 [E7-21737]

Download as PDF 62698 Federal Register / Vol. 72, No. 214 / Tuesday, November 6, 2007 / Notices Safety and Health. Effective September 19, 2007. DLGS60170 Special Assistant to the Director, Office of Faith Based and Community Initiatives. Effective September 19, 2007. DLGS60255 Counselor to the Deputy Secretary of Labor. Effective September 19, 2007. DLGS60042 Special Assistant to the Assistant Secretary for Public Affairs. Effective September 26, 2007. Section 213.3316 Department of Health and Human Services DHGS60016 Confidential Assistant to the Director, Center for Faith Based and Community Initiatives. Effective September 7, 2007. DHGS60542 Confidential Assistant to the Administrator Centers for Medicare and Medicaid Services. Effective September 7, 2007. DHGS60627 Confidential Assistant to the Administrator, Substance Abuse and Mental Health Services. Effective September 26, 2007. mstockstill on PROD1PC66 with NOTICES Section 213.3317 Education Department of DBGS00637 Confidential Assistant to the Assistant Secretary for Legislation and Congressional Affairs. Effective September 6, 2007. DBGS00636 Confidential Assistant to the Assistant Secretary for Postsecondary Education. Effective September 7, 2007. DBGS00638 Confidential Assistant to the Chief of Staff. Effective September 7, 2007. DBGS00642 Confidential Assistant to the Assistant Deputy Secretary for Safe and Drug-Free Schools. Effective September 12, 2007. DBGS00643 Confidential Assistant to the Assistant Secretary, Office of Communications and Outreach. Effective September 12, 2007. DBGS00647 Special Assistant to the Assistant Secretary, Office of Communications and Outreach. Effective September 21, 2007. DBGS00648 Confidential Assistant to the Assistant Secretary for Civil Rights. Effective September 21, 2007. DBGS00639 Special Assistant to the Director, White House Initiative on Hispanic Education. Effective September 28, 2007. DBGS00641 Chief of Staff to the Chief Financial Officer. Effective September 28, 2007. DBGS00649 Confidential Assistant to the Director, Scheduling and Advance Staff. Effective September 28, 2007. VerDate Aug<31>2005 16:55 Nov 05, 2007 Jkt 214001 Section 213.3318 Environmental Protection Agency EPGS0702 Special Assistant to the Administrator/Executive Assistant to the Assistant Administrator for International Activities. Effective September 12, 2007. Section 213.3323 Federal Communications Commission FCGS07224 Assistant Chief to the Chief, Office of Strategic Planning and Policy Analysis. Effective September 7, 2007. Section 213.3331 Energy Department of DEGS00612 Special Assistant to the Director, Office of Scheduling and Advance. Effective September 7, 2007. DEGS00613 Senior Advisor to the Director, Office of Scheduling and Advance. Effective September 7, 2007. DEGS00614 Trip Coordinator to the Director, Office of Scheduling and Advance. Effective September 7, 2007. DEGS00616 Special Assistant to the Assistant Secretary for Policy and International Affairs. Effective September 19, 2007. Section 213.3332 Administration Small Business SBGS00632 Speechwriter to the Associate Administrator for Communications and Public Liaison. Effective September 5, 2007. SBGS00583 Deputy Assistant Administrator for Policy and Strategic Planning to the Associate Administrator for Policy. Effective September 6, 2007. SBGS00633 Congressional Liaison to the Assistant Administrator for Congressional and Legislative Affairs. Effective September 7, 2007. SBGS00619 Senior Policy Analyst to the Assistant Administrator for Policy and Strategic Planning. Effective September 18, 2007. Section 213.3337 Administration General Services GSGS00165 Senior Advisor to the Chief of Staff. Effective September 12, 2007. GSGS00180 Confidential Assistant to the Associate Administrator for Congressional and Intergovernmental Affairs. Effective September 18, 2007. GSGS00099 Senior Advisor to the Regional Administrator, Region 3, Philadelphia, Pennsylvania. Effective September 28, 2007. Section 213.3342 Export-Import Bank EBSL45010 Senior Vice President and General Counsel to the President and PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 Chairman. Effective September 25, 2007. Section 213.3379 Commodity Futures Trading Commission CTOT00082 Chief of Staff to the Chairperson. Effective September 18, 2007. CTOT00097 Administrative Assistant to the Commissioner. Effective September 24, 2007. Section 213.3384 Department of Housing and Urban Development DUGS60472 Deputy Assistant Secretary for Legislative Relations to the Assistant Secretary for Congressional and Intergovernmental Relations. Effective September 6, 2007. DUGS60534 Deputy Director to the Director, Center for Faith Based and Community Initiatives. Effective September 11, 2007. DUGS60596 Staff Assistant to the General Deputy Assistant Secretary for Public Affairs. Effective September 28, 2007. Section 213.3391 Management Office of Personnel PMGS00043 White House Liaison to the Chief of Staff and Director of External Affairs. Effective September 25, 2007. PMGS00070 Deputy White House Liaison to the Chief of Staff and Director of External Affairs. Effective September 25, 2007. Section 213.3394 Transportation Department of DTGS60294 Counselor to the Under Secretary of Transportation for Policy. Effective September 12, 2007. DTGS60369 Deputy Assistant Secretary for Governmental Affairs to the Assistant Secretary for Governmental Affairs. Effective September 24, 2007. Authority: 5 U.S.C. 3301 and 3302; E.O. 10577, 3 CFR 1954–1958 Comp., p. 218. U.S. Office of Personnel Management. Howard C. Weitzman, Deputy Director. [FR Doc. E7–21767 Filed 11–5–07; 8:45 am] BILLING CODE 6325–39–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor E:\FR\FM\06NON1.SGM 06NON1 Federal Register / Vol. 72, No. 214 / Tuesday, November 6, 2007 / Notices Education and Advocacy, Washington, DC 20549–0213. mstockstill on PROD1PC66 with NOTICES Extension: Rule 237, SEC File No. 270–465, OMB Control No. 3235–0528. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (the ‘‘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. In Canada, as in the United States, individuals can invest a portion of their earnings in tax-deferred retirement savings accounts (‘‘Canadian retirement accounts’’). In cases where these individuals move to the United States, these participants (‘‘Canadian/U.S. Participants’’ or ‘‘participants’’) may not be able to manage their Canadian retirement account investments. Most securities and most investment companies (‘‘funds’’) that are ‘‘qualified investments’’ for Canadian retirement accounts are not registered under the U.S. securities laws. Those securities, therefore, generally cannot be publicly offered and sold in the United States without violating the registration requirements of the Securities Act of 1933 (‘‘Securities Act’’).1 As a result of these registration requirements of the U.S. securities laws, Canadian/U.S. Participants, in the past, had not been able to purchase or exchange securities for their Canadian retirement accounts as needed to meet their changing investment goals or income needs. In 2000, the Commission issued a rule that enabled Canadian/U.S. Participants to manage the assets in their Canadian retirement accounts by providing relief from the U.S. registration requirements for offers of securities of foreign issuers to Canadian/U.S. Participants and sales to their accounts.2 Rule 237 under the Securities Act 3 permits securities of foreign issuers, including securities of foreign funds, to be offered to Canadian/U.S. Participants and sold to their Canadian retirement accounts without being registered under the Securities Act. Rule 237 requires written offering materials for securities that are offered and sold in reliance on the rule to disclose prominently that those 1 15 U.S.C. 77. Offer and Sale of Securities to Canadian Tax-Deferred Retirement Savings Account, Release Nos. 33–7860, 34–42905, IC–24491 (June 7, 2000) [65 FR 37672 (June 15, 2000)]. 3 17 CFR 230.237. 2 See VerDate Aug<31>2005 16:55 Nov 05, 2007 Jkt 214001 62699 securities are not registered with the Commission and may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. securities laws. Rule 237 does not require any documents to be filed with the Commission. The burden under the rule associated with adding this disclosure to written offering documents is minimal and is nonrecurring. The foreign issuer, underwriter or broker-dealer can redraft an existing prospectus or other written offering material to add this disclosure statement, or may draft a sticker or supplement containing this disclosure to be added to existing offering materials. In either case, based on discussions with representatives of the Canadian fund industry, the staff estimates that it would take an average of 10 minutes per document to draft the requisite disclosure statement. The Commission understands that there are approximately 3,500 Canadian issuers other than funds that may rely on rule 237 to make an initial public offering of their securities to Canadian/U.S. Participants. The staff estimates that in any given year approximately 35 (or 1 percent) of those issuers are likely to rely on rule 237 to make a public offering of their securities to participants, and that each of those 35 issuers, on average, distributes 3 different written offering documents concerning those securities, for a total of 105 offering documents. The staff therefore estimates that during each year that rule 237 is in effect, approximately 35 respondents 4 would be required to make 105 responses by adding the new disclosure statements to approximately 105 written offering documents. Thus, the staff estimates that the total annual burden associated with the rule 237 disclosure requirement would be approximately 17.5 hours (105 offering documents x 10 minutes per document). The total annual cost of burden hours is estimated to be $5,110.00 (17.5 hours x $292 5 per hour of attorney time). In addition, issuers from foreign countries other than Canada could rely on rule 237 to offer securities to Canadian/U.S. Participants and sell securities to their accounts without becoming subject to the registration requirements of the Securities Act. Because Canadian law strictly limits the amount of foreign investments that may be held in a Canadian retirement account, however, the staff believes that the number of issuers from other countries that relies on rule 237, and that therefore is required to comply with the offering document disclosure requirements, is negligible. These burden hour estimates are based upon the Commission staff’s experience and discussions with the fund industry. The estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act. These estimates are not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Written comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; (b) the accuracy of the Commission’s estimate of the burdens of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burdens 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. 4 This estimate of respondents also assumes that all respondents are foreign issuers. The number of respondents may be greater if foreign underwriters or broker-dealers draft a sticker or supplement to add the required disclosure to an existing offering document. 5 The Commission’s estimate concerning the wage rate for attorney time is based on salary information for the securities industry compiled by the Securities Industry Association. $292 per hour figure for an attorney is from the SIA Report on Management & Professional Earnings in the Securities Industry 2006, modified to account for an 1800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. BILLING CODE 8011–01–P PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 Dated: October 31, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–21737 Filed 11–5–07; 8:45 am] 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. E:\FR\FM\06NON1.SGM 06NON1

Agencies

[Federal Register Volume 72, Number 214 (Tuesday, November 6, 2007)]
[Notices]
[Pages 62698-62699]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-21737]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor

[[Page 62699]]

Education and Advocacy, Washington, DC 20549-0213.

Extension:
    Rule 237, SEC File No. 270-465, OMB Control No. 3235-0528.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange 
Commission (the ``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.
    In Canada, as in the United States, individuals can invest a 
portion of their earnings in tax-deferred retirement savings accounts 
(``Canadian retirement accounts''). In cases where these individuals 
move to the United States, these participants (``Canadian/U.S. 
Participants'' or ``participants'') may not be able to manage their 
Canadian retirement account investments. Most securities and most 
investment companies (``funds'') that are ``qualified investments'' for 
Canadian retirement accounts are not registered under the U.S. 
securities laws. Those securities, therefore, generally cannot be 
publicly offered and sold in the United States without violating the 
registration requirements of the Securities Act of 1933 (``Securities 
Act'').\1\ As a result of these registration requirements of the U.S. 
securities laws, Canadian/U.S. Participants, in the past, had not been 
able to purchase or exchange securities for their Canadian retirement 
accounts as needed to meet their changing investment goals or income 
needs.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 77.
---------------------------------------------------------------------------

    In 2000, the Commission issued a rule that enabled Canadian/U.S. 
Participants to manage the assets in their Canadian retirement accounts 
by providing relief from the U.S. registration requirements for offers 
of securities of foreign issuers to Canadian/U.S. Participants and 
sales to their accounts.\2\ Rule 237 under the Securities Act \3\ 
permits securities of foreign issuers, including securities of foreign 
funds, to be offered to Canadian/U.S. Participants and sold to their 
Canadian retirement accounts without being registered under the 
Securities Act.
---------------------------------------------------------------------------

    \2\ See Offer and Sale of Securities to Canadian Tax-Deferred 
Retirement Savings Account, Release Nos. 33-7860, 34-42905, IC-24491 
(June 7, 2000) [65 FR 37672 (June 15, 2000)].
    \3\ 17 CFR 230.237.
---------------------------------------------------------------------------

    Rule 237 requires written offering materials for securities that 
are offered and sold in reliance on the rule to disclose prominently 
that those securities are not registered with the Commission and may 
not be offered or sold in the United States unless they are registered 
or exempt from registration under the U.S. securities laws. Rule 237 
does not require any documents to be filed with the Commission. The 
burden under the rule associated with adding this disclosure to written 
offering documents is minimal and is non-recurring. The foreign issuer, 
underwriter or broker-dealer can redraft an existing prospectus or 
other written offering material to add this disclosure statement, or 
may draft a sticker or supplement containing this disclosure to be 
added to existing offering materials. In either case, based on 
discussions with representatives of the Canadian fund industry, the 
staff estimates that it would take an average of 10 minutes per 
document to draft the requisite disclosure statement.
    The Commission understands that there are approximately 3,500 
Canadian issuers other than funds that may rely on rule 237 to make an 
initial public offering of their securities to Canadian/U.S. 
Participants. The staff estimates that in any given year approximately 
35 (or 1 percent) of those issuers are likely to rely on rule 237 to 
make a public offering of their securities to participants, and that 
each of those 35 issuers, on average, distributes 3 different written 
offering documents concerning those securities, for a total of 105 
offering documents.
    The staff therefore estimates that during each year that rule 237 
is in effect, approximately 35 respondents \4\ would be required to 
make 105 responses by adding the new disclosure statements to 
approximately 105 written offering documents. Thus, the staff estimates 
that the total annual burden associated with the rule 237 disclosure 
requirement would be approximately 17.5 hours (105 offering documents x 
10 minutes per document). The total annual cost of burden hours is 
estimated to be $5,110.00 (17.5 hours x $292 \5\ per hour of attorney 
time).
---------------------------------------------------------------------------

    \4\ This estimate of respondents also assumes that all 
respondents are foreign issuers. The number of respondents may be 
greater if foreign underwriters or broker-dealers draft a sticker or 
supplement to add the required disclosure to an existing offering 
document.
    \5\ The Commission's estimate concerning the wage rate for 
attorney time is based on salary information for the securities 
industry compiled by the Securities Industry Association. $292 per 
hour figure for an attorney is from the SIA Report on Management & 
Professional Earnings in the Securities Industry 2006, modified to 
account for an 1800-hour work-year and multiplied by 5.35 to account 
for bonuses, firm size, employee benefits and overhead.
---------------------------------------------------------------------------

    In addition, issuers from foreign countries other than Canada could 
rely on rule 237 to offer securities to Canadian/U.S. Participants and 
sell securities to their accounts without becoming subject to the 
registration requirements of the Securities Act. Because Canadian law 
strictly limits the amount of foreign investments that may be held in a 
Canadian retirement account, however, the staff believes that the 
number of issuers from other countries that relies on rule 237, and 
that therefore is required to comply with the offering document 
disclosure requirements, is negligible.
    These burden hour estimates are based upon the Commission staff's 
experience and discussions with the fund industry. The estimates of 
average burden hours are made solely for the purposes of the Paperwork 
Reduction Act. These estimates are not derived from a comprehensive or 
even a representative survey or study of the costs of Commission rules.
    Written comments are invited on: (a) Whether the collection of 
information is necessary for the proper performance of the functions of 
the Commission, including whether the information has practical 
utility; (b) the accuracy of the Commission's estimate of the burdens 
of the collection of information; (c) ways to enhance the quality, 
utility, and clarity of the information collected; and (d) ways to 
minimize the burdens 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.

    Dated: October 31, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-21737 Filed 11-5-07; 8:45 am]
BILLING CODE 8011-01-P