Proposed Collection; Comment Request, 62700-62701 [E7-21763]
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Federal Register / Vol. 72, No. 214 / Tuesday, November 6, 2007 / Notices
Extension: Rule 7d–2, SEC File No. 270–465,
OMB Control No. 3235–0528.
mstockstill on PROD1PC66 with NOTICES
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 and, in the
case of securities of an unregistered
fund, the Investment Company Act of
1940 (‘‘Investment Company Act’’).2 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 two
rules 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.3 Rule 237 under the Securities
Act 4 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
7d–2 under the Investment Company
Act 5 permits foreign funds to offer
1 15
U.S.C. 77.
U.S.C. 80a.
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)].
4 17 CFR 230.237.
5 17 CFR 270.7d–2.
2 15
3 See
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16:55 Nov 05, 2007
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securities to Canadian/U.S. Participants
and sell securities to their Canadian
retirement accounts without registering
as investment companies under the
Investment Company Act.
Rule 7d–2 requires written offering
documents for securities offered or sold
in reliance on the rule to disclose
prominently that the securities are not
registered with the Commission and
may not be offered or sold in the United
States unless registered or exempt from
registration under the U.S. securities
laws, and also to disclose prominently
that the fund that issued the securities
is not registered 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 staff estimates that there are
approximately 1,994 publicly offered
Canadian funds that potentially would
rely on the rule to offer securities to
participants and sell securities to their
Canadian retirement accounts without
registering under the Investment
Company Act. Most of these funds have
already relied upon the rule and have
made the one time change to their
offering documents required to rely on
the rule. The staff estimates that
approximately 100 (5 percent)
additional Canadian funds may newly
rely on the rule each year to offer
securities to Canadian/U.S. Participants
and sell securities to their Canadian
retirement accounts, thus incurring the
paperwork burden required under the
rule. The staff estimates that each of
those funds, on average, distributes 3
different written offering documents
concerning those securities, for a total of
300 offering documents. The staff
therefore estimates that approximately
100 respondents would make 300
responses by adding the new disclosure
statement to approximately 300 written
offering documents. The staff therefore
estimates that the annual burden
associated with the rule 7d–2 disclosure
requirement would be approximately 50
hours (300 offering documents × 10
minutes per document). The total
annual cost of these burden hours is
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estimated to be $14,600.00 (50 hours ×
$292.00 per hour of attorney time).6
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.
Dated: October 31, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–21738 Filed 11–5–07; 8:45 am]
BILLING CODE 8011–01–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.
Extension:
Rule 204–2, SEC File No. 270–215, OMB
Control No. 3235–0278.
6 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.
E:\FR\FM\06NON1.SGM
06NON1
Federal Register / Vol. 72, No. 214 / Tuesday, November 6, 2007 / Notices
mstockstill on PROD1PC66 with NOTICES
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 (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 (‘‘OMB’’) for
extension and approval.
The title for the collection of
information is ‘‘Rule 204–2’’ (17 CFR
275.204–2) under the Investment
Advisers Act of 1940 (15 U.S.C. 80b–1).
Rule 204–2 sets forth the requirements
for maintaining and preserving specified
books and records. The collection of
information under rule 204–2 is
necessary for the Commission staff to
use in its examination and oversight
program. The respondents to the
collection of information are investment
advisers registered with us. The
Commission staff estimates that the total
reporting and recordkeeping burden of
the collection of information for each
respondent is approximately 181.1541
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 will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of 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.
Dated: October 30, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–21763 Filed 11–5–07; 8:45 am]
BILLING CODE 8011–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
20840; 812–13376]
MyShares Trust, et al.; Notice of
Application
October 31, 2007.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 6(c) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
2(a)(32), 5(a)(1), 22(d), and 24(d) of the
Act and rule 22c–1 under the Act, and
under sections 6(c) and 17(b) of the Act
for an exemption from sections 17(a)(1)
and (a)(2) of the Act.
AGENCY:
SUMMARY: Applicants request an order
that would permit: (a) Series of openend management investment
companies, to issue shares (‘‘Shares’’)
that can be redeemed only in large
aggregations (‘‘Creation Units’’); (b)
secondary market transactions in Shares
to occur at negotiated prices on a
national securities exchange as defined
in section 2(a)(26) of the Act (each an
‘‘Exchange’’); (c) dealers to sell Shares to
purchasers in the secondary market
unaccompanied by a prospectus, when
prospectus delivery is not required by
the Securities Act of 1933 (‘‘Securities
Act’’); (d) certain affiliated persons of
the series to deposit securities into, and
receive securities from, the series in
connection with the purchase and
redemption of Creation Units.
Applicants: MyShares Trust (the
‘‘Trust’’); MyShares, LLC (the
‘‘Advisor’’); and Foreside Fund
Services, LLC (the ‘‘Distributor’’).
Filing Dates: The application was
filed on April 9, 2007, and amended on
September 6, 2007 and October 31,
2007. Applicants have agreed to file an
amendment during the notice period,
the substance of which is reflected in
this notice.
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
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on November 26, 2007, and
should be accompanied by proof of
service on applicants, 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
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62701
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; Applicants, MyShares Trust and
MyShares, LLC, c/o MyShares, LLC, 210
Summit Avenue, Suite C11, Montvale,
NJ 07645, and Foreside Fund Services,
LLC, Two Portland Square, Portland,
ME 04101.
FOR FURTHER INFORMATION CONTACT:
Barbara T. Heussler, Senior Counsel at
(202) 551–6990, or Julia Kim Gilmer,
Branch Chief, at (202) 551–6871
(Division of Investment Management,
Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained for a fee at the Public
Reference Desk, U.S. Securities and
Exchange Commission, 100 F Street,
NE., Washington DC 20549–0102,
telephone (202) 551–5850.
Applicants’ Representations
1. The Trust is registered as an openend management investment company
under the Act and organized as a
Delaware statutory trust. The Trust will
initially offer four series (‘‘Initial
Funds’’).1 The Trust may offer
additional investment companies in the
future as well as additional series of any
existing open-end investment company
registered under the Act (‘‘Future
Funds’’).2
2. The Advisor is registered as an
‘‘investment adviser’’ under the
Investment Advisers Act of 1940, as
amended (the ‘‘Advisers Act’’) and will
serve as the investment adviser to each
of the Initial Funds. The Advisor
intends to enter into sub-advisory
agreements with Northern Bank and
Trust Company (‘‘Initial Sub-Advisor’’),
to act as sub-advisor to the Initial Funds
and may in the future enter into
additional agreements with one or more
sub-advisors with respect to Future
Funds (all such sub-advisors
collectively referred to as ‘‘SubAdvisor’’). The Initial Sub-Advisor for
1 The Initial Funds are: MyShares ISE
Homebuilders Index Fund; MyShares ISE SINdex
Fund; MyShares ISE–CCM Homeland Security
Index Fund; and MyShares ISE–REVERE Wal-Mart
Suppliers Index Fund.
2 References to ‘‘Fund(s)’’ include the Initial
Funds and the Future Funds. All existing entities
that intend to rely on the requested order have been
named as applicants. Any other existing or future
entity that subsequently relies on the order will
comply with the terms and conditions of the
application. Any Future Fund will be advised by
the Advisor or an entity controlled by or under
common control with the Advisor.
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]]>Agencies
[Federal Register Volume 72, Number 214 (Tuesday, November 6, 2007)]
[Notices]
[Pages 62700-62701]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-21763]
-----------------------------------------------------------------------
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.
Extension:
Rule 204-2, SEC File No. 270-215, OMB Control No. 3235-0278.
[[Page 62701]]
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
(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 (``OMB'') for extension and approval.
The title for the collection of information is ``Rule 204-2'' (17
CFR 275.204-2) under the Investment Advisers Act of 1940 (15 U.S.C.
80b-1). Rule 204-2 sets forth the requirements for maintaining and
preserving specified books and records. The collection of information
under rule 204-2 is necessary for the Commission staff to use in its
examination and oversight program. The respondents to the collection of
information are investment advisers registered with us. The Commission
staff estimates that the total reporting and recordkeeping burden of
the collection of information for each respondent is approximately
181.1541 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 will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of 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.
Dated: October 30, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-21763 Filed 11-5-07; 8:45 am]
BILLING CODE 8011-01-P
