Submission for OMB Review; Comment Request, 4020-4021 [E8-1058]

Download as PDF 4020 Federal Register / Vol. 73, No. 15 / Wednesday, January 23, 2008 / Notices Week of February 25, 2008—Tentative There are no meetings scheduled for the Week of February 25, 2008. The schedule for Commission meetings is subject to change on short notice. To verify the status of meetings, call (recording)—(301) 415–1292. Contact person for more information: Michelle Schroll, (301) 415–1662. The NRC Commission Meeting Schedule can be found on the Internet at: http://www.nrc.gov/about-nrc/policymaking/schedule.html. The NRC provides reasonable accommodation to individuals with disabilities where appropriate. If you need a reasonable accommodation to participate in these public meetings, or need this meeting notice or the transcript or other information from the public meetings in another format (e.g., braille, large print), please notify the NRC’s Disability Program Coordinator, Rohn Brown, at 301–492–2279, TDD: 301–415–2100, or by e-mail at REB3@nrc.gov. Determinations on requests for reasonable accommodation will be made on a case-by-case basis. This notice is distributed by mail to several hundred subscribers; if you no longer wish to receive it, or would like to be added to the distribution, please contact the Office of the Secretary, Washington, DC 20555 (301–415–1969). In addition, distribution of this meeting notice over the Internet system is available. If you are interested in receiving this Commission meeting schedule electronically, please send an electronic message to dkw@nrc.gov. Dated: January 17, 2008. R. Michelle Schroll, Office of the Secretary. [FR Doc. 08–259 Filed 1–18–08; 11:31 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. ebenthall on PROD1PC69 with NOTICES Extension: Rule 204–2; SEC File No. 270–215; OMB Control No. 3235–0278. 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 VerDate Aug<31>2005 15:17 Jan 22, 2008 Jkt 214001 (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. 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 requires SEC-registered investment advisers to maintain copies of certain books and records relating to their advisory business. The collection of information under rule 204–2 is necessary for the Commission staff to use in its examination and oversight program. This collection of information is mandatory. The respondents to the collection of information are investment advisers registered with the Commission. As of August 31, 2007, there were 10,787 SEC registered advisers. Responses provided to the Commission in the context of its examination and oversight program are generally kept confidential. The records that an adviser must keep in accordance with rule 204–2 must generally be retained for not less than five years. The Commission has estimated that compliance with the requirements of the rule imposes a total burden of approximately 181.1541 hours for an adviser. Based on our experience, the Commission staff estimates a total annual burden of 1,954,109 hours for the collection of this information. 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 control number. General comments regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or e-mail to: Alexander_T._Hunt@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: January 14, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–1056 Filed 1–22–08; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor 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’’) has submitted to the Office of Management and Budget a request for extension and approval of the collection of information discussed below. 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 1 15 U.S.C. 77a. 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 E:\FR\FM\23JAN1.SGM 23JAN1 Federal Register / Vol. 73, No. 15 / Wednesday, January 23, 2008 / Notices ebenthall on PROD1PC69 with NOTICES 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 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. Compliance with the collection of information requirements of the rule is mandatory and is necessary to comply with the requirements of the rule in general. 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 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: Alexander_T._Hunt@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 email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. 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 BILLING CODE 8011–01–P VerDate Aug<31>2005 15:17 Jan 22, 2008 Jkt 214001 Dated: January 14, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–1058 Filed 1–22–08; 8:45 am] 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. PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 4021 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 7d–2, SEC File No. 270–464, OMB Control No. 3235–0527. 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’’) has submitted to the Office of Management and Budget a request for extension and approval of the collection of information discussed below. 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 1 15 U.S.C. 77a. U.S.C. 80a. 3 See Offer and Sale of Securities to Canadian Tax-Deferred Retirement Savings Account, Release 2 15 E:\FR\FM\23JAN1.SGM Continued 23JAN1

Agencies

[Federal Register Volume 73, Number 15 (Wednesday, January 23, 2008)]
[Notices]
[Pages 4020-4021]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-1058]


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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 Investor 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'') has submitted to the Office of 
Management and Budget a request for extension and approval of the 
collection of information discussed below.
    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. 77a.
---------------------------------------------------------------------------

    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

[[Page 4021]]

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.
    Compliance with the collection of information requirements of the 
rule is mandatory and is necessary to comply with the requirements of 
the rule in general. 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 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: Alexander--T.--
Hunt@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 email to: 
PRA--Mailbox@sec.gov. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: January 14, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-1058 Filed 1-22-08; 8:45 am]
BILLING CODE 8011-01-P