Proposed Collection; Comment Request, 11958-11959 [E8-4206]
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11958
Federal Register / Vol. 73, No. 44 / Wednesday, March 5, 2008 / Notices
any oral statement. Such statements
should be sent to the Office of the
Secretary using the methods prescribed
above, with a copy to the Licensing
Board Chair.
Dated: February 27, 2008, at Rockville,
Maryland.
For the Atomic Safety and Licensing
Board.
Ann Marshall Young,
Chair, Administrative Judge.
[FR Doc. E8–4226 Filed 3–4–08; 8:45 am]
BILLING CODE 7590–01–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.
jlentini on PROD1PC65 with NOTICES
Extension:
Rule 17d–1; SEC File No. 270–505; OMB
Control No. 3235–0562.
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 collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget for
extension and approval.
Section 17(d) (15 U.S.C. 80a–17(d)) of
the Investment Company Act of 1940
(15 U.S.C. 80a et seq.) (the ‘‘Act’’)
prohibits first- and second-tier affiliates
of a fund, the fund’s principal
underwriters, and affiliated persons of
the fund’s principal underwriters, acting
as principal, to effect any transaction in
which the fund or a company controlled
by the fund is a joint or a joint and
several participant in contravention of
the Commission’s rules. Rule 17d–1 (17
CFR 270.17d–1) prohibits an affiliated
person of or principal underwriter for
any fund (a ‘‘first-tier affiliate’’), or any
affiliated person of such person or
underwriter (a ‘‘second-tier affiliate’’),
acting as principal, from participating in
or effecting any transaction in
connection with a joint enterprise or
other joint arrangement in which the
fund is a participant, unless prior to
entering into the enterprise or
arrangement ‘‘an application regarding
(the transaction) has been filed with the
Commission and has been granted by an
order.’’ In reviewing the proposed
affiliated transaction, the rule provides
VerDate Aug<31>2005
18:03 Mar 04, 2008
Jkt 214001
that the Commission will consider
whether the proposal is (i) consistent
with the provisions, policies, and
purposes of the Act, and (ii) on a basis
different from or less advantageous than
that of other participants in determining
whether to grant an exemptive
application for a proposed joint
enterprise, joint arrangement, or profitsharing plan.
Rule 17d–1 also contains a number of
exceptions to the requirement that a
fund must obtain Commission approval
prior to entering into joint transactions
or arrangements with affiliates. For
example, funds do not have to obtain
Commission approval for certain
employee compensation plans, certain
tax-deferred employee benefit plans,
certain transactions involving small
business investment companies, the
receipt of securities or cash by certain
affiliates pursuant to a plan of
reorganization, and arrangements
regarding liability insurance policies.
The Commission amended rule 17d–1
most recently in 2003 to expand the
current exemptions from the
Commission approval process to permit
funds to engage in transactions with
‘‘portfolio affiliates’’—companies that
are affiliated with the fund solely as a
result of the fund (or an affiliated fund)
controlling them or owning more than
five percent of their voting securities.
This amendment was designed to
permit funds’ transactions with
portfolio affiliates without seeking
Commission approval, as long as certain
other affiliated persons of the fund (e.g.,
the fund’s adviser, persons controlling
the fund, and persons under common
control with the fund) (‘‘prohibited
participants’’) are not parties to the
transaction and do not have a ‘‘financial
interest’’ in a party to the transaction.
The rule excludes from the definition of
‘‘financial interest’’ any interest that the
fund’s board of directors (including a
majority of the directors who are not
interested persons of the fund) finds to
be not material, as long as the board
records the basis for its finding in their
meeting minutes.
Thus, the rule contains two filing and
recordkeeping requirements that
constitute collections of information.
First, rule 17d–1 requires funds that
wish to engage in a joint transaction or
arrangement with affiliates to meet the
procedural requirements for obtaining
exemptive relief from the rule’s
prohibition on joint transactions or
arrangements involving first- or secondtier affiliates. Second, rule 17d–1
permits a portfolio affiliate to enter into
a joint transaction or arrangement with
the fund if a prohibited participant has
a financial interest that the fund’s board
PO 00000
Frm 00100
Fmt 4703
Sfmt 4703
determines is not material and records
the basis for this finding in their
meeting minutes. These requirements of
rule 17d–1 are designed to prevent fund
insiders from managing funds for their
own benefit, rather than for the benefit
of the funds’ shareholders.
Based on an analysis of past filings,
Commission staff estimates that 4 funds
file applications under section 17(d) and
rule 17d–1 per year. Based on a limited
survey of persons in the mutual fund
industry, the Commission staff estimates
that each applicant will spend an
average of 154 hours to comply with the
Commission’s applications process. The
Commission staff therefore estimates the
annual burden hours per year for all
funds under rule 17d–1’s application
process to be 616 hours.
Based on analysis of past filings, the
Commission’s staff estimates that 148
funds are affiliated persons of 668
issuers as a result of the fund’s
ownership or control of the issuer’s
voting securities, and that there are
approximately 1,000 such affiliate
relationships. Staff discussions with
mutual fund representatives have
suggested that no funds are currently
relying on rule 17d–1 exemptions. We
do not know definitively the reasons for
this transactional behavior, but differing
market conditions from year to year may
offer some explanation for the current
lack of fund interest in the exemptions
under rule 17d–1. Accordingly, we
estimate that annually there will be no
joint transactions under rule 17d–1 that
will result in a collection of
information. The Commission,
therefore, requests authorization to
maintain an inventory of total burden
hours per year for all funds under rule
17d–1 of 616 hours.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. The estimate
is not derived from a comprehensive or
even a representative survey or study of
the costs of Commission rules.
Complying with these collections of
information requirement is necessary to
obtain the benefit of relying on rule
17d–1. 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.
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
E:\FR\FM\05MRN1.SGM
05MRN1
Federal Register / Vol. 73, No. 44 / Wednesday, March 5, 2008 / Notices
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.
Dated: February 27, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–4206 Filed 3–4–08; 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.
jlentini on PROD1PC65 with NOTICES
Extension:
Rule 18f–1 and Form N–18f–1; SEC File
No. 270–187; OMB Control No. 3235–
0211.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), 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 18f–1 (17 CFR 270.18f–1)
enables a registered open-end
management investment company
(‘‘fund’’) that may redeem its securities
in-kind, by making a one-time election,
to commit to make cash redemptions
pursuant to certain requirements
without violating section 18(f) of the
Investment Company Act of 1940 (15
U.S.C. 80a–18(f)). A fund relying on the
rule must file Form N–18F–1 (17 CFR
274.51) to notify the Commission of this
election. The Commission staff
estimates that approximately 39 funds
file Form N–18F–1 annually, and that
each response takes approximately one
hour. Based on these estimates, the total
annual burden hours associated with
the rule is estimated to be 39 hours.
VerDate Aug<31>2005
18:03 Mar 04, 2008
Jkt 214001
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules. 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 OMB control
number.
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 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: February 27, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–4207 Filed 3–4–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
28176; 812–13348]
Patriot Capital Funding, Inc.; Notice of
Application
February 28, 2008.
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
23(a), 23(b) and 63 of the Act, and under
sections 57(a)(4) and 57(i) of the Act and
rule 17d–1 under the Act permitting
certain joint transactions otherwise
prohibited by section 57(a)(4) of the Act.
AGENCY:
Patriot
Capital Funding, Inc. (‘‘Applicant’’)
requests an order to permit Applicant to
SUMMARY OF THE APPLICATION:
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
11959
issue restricted shares of its common
stock under the terms of its employee
compensation plan.
FILING DATES: The application was filed
on November 29, 2006, and amended on
February 15, 2008. Applicant has agreed
to file an amendment during the notice
period, the substance of which is
reflected in the 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
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 March 24, 2008, 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. Applicant, c/o Richard P.
Buckanavage, President and Chief
Executive Officer, Patriot Capital
Funding, Inc., 274 Riverside Avenue,
Westport, CT 06880.
FOR FURTHER INFORMATION CONTACT:
Shannon Conaty, Senior Counsel, at
(202) 551–6827, or Janet M. Grossnickle,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
The
following is a summary of the
application. The complete application
may be obtained for a fee at the
Commission’s Public Reference Desk,
100 F Street, NE., Washington, DC
20549–1520 (tel. 202–551–5850).
SUPPLEMENTARY INFORMATION:
Applicant’s Representations
1. Applicant, a Delaware corporation,
is an internally managed, nondiversified, closed-end investment
company that has elected to be
regulated as a business development
company (‘‘BDC’’) under the Act.1
1 Applicant was organized on November 4, 2002.
When Applicant commenced business operations in
2003, its business was conducted through two
separate entities, Patriot Capital Funding, Inc. and
Wilton Funding, LLC. On July 27, 2005, Wilton
Funding, LLC merged with and into Patriot Capital
Funding, Inc. and the surviving entity, Applicant,
elected to be regulated as a BDC. Section 2(a)(48)
E:\FR\FM\05MRN1.SGM
Continued
05MRN1
]]>Agencies
[Federal Register Volume 73, Number 44 (Wednesday, March 5, 2008)]
[Notices]
[Pages 11958-11959]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4206]
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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 Education and Advocacy, Washington, DC
20549-0213.
Extension:
Rule 17d-1; SEC File No. 270-505; OMB Control No. 3235-0562.
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 collections of
information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget for extension and approval.
Section 17(d) (15 U.S.C. 80a-17(d)) of the Investment Company Act
of 1940 (15 U.S.C. 80a et seq.) (the ``Act'') prohibits first- and
second-tier affiliates of a fund, the fund's principal underwriters,
and affiliated persons of the fund's principal underwriters, acting as
principal, to effect any transaction in which the fund or a company
controlled by the fund is a joint or a joint and several participant in
contravention of the Commission's rules. Rule 17d-1 (17 CFR 270.17d-1)
prohibits an affiliated person of or principal underwriter for any fund
(a ``first-tier affiliate''), or any affiliated person of such person
or underwriter (a ``second-tier affiliate''), acting as principal, from
participating in or effecting any transaction in connection with a
joint enterprise or other joint arrangement in which the fund is a
participant, unless prior to entering into the enterprise or
arrangement ``an application regarding (the transaction) has been filed
with the Commission and has been granted by an order.'' In reviewing
the proposed affiliated transaction, the rule provides that the
Commission will consider whether the proposal is (i) consistent with
the provisions, policies, and purposes of the Act, and (ii) on a basis
different from or less advantageous than that of other participants in
determining whether to grant an exemptive application for a proposed
joint enterprise, joint arrangement, or profit-sharing plan.
Rule 17d-1 also contains a number of exceptions to the requirement
that a fund must obtain Commission approval prior to entering into
joint transactions or arrangements with affiliates. For example, funds
do not have to obtain Commission approval for certain employee
compensation plans, certain tax-deferred employee benefit plans,
certain transactions involving small business investment companies, the
receipt of securities or cash by certain affiliates pursuant to a plan
of reorganization, and arrangements regarding liability insurance
policies. The Commission amended rule 17d-1 most recently in 2003 to
expand the current exemptions from the Commission approval process to
permit funds to engage in transactions with ``portfolio affiliates''--
companies that are affiliated with the fund solely as a result of the
fund (or an affiliated fund) controlling them or owning more than five
percent of their voting securities. This amendment was designed to
permit funds' transactions with portfolio affiliates without seeking
Commission approval, as long as certain other affiliated persons of the
fund (e.g., the fund's adviser, persons controlling the fund, and
persons under common control with the fund) (``prohibited
participants'') are not parties to the transaction and do not have a
``financial interest'' in a party to the transaction. The rule excludes
from the definition of ``financial interest'' any interest that the
fund's board of directors (including a majority of the directors who
are not interested persons of the fund) finds to be not material, as
long as the board records the basis for its finding in their meeting
minutes.
Thus, the rule contains two filing and recordkeeping requirements
that constitute collections of information. First, rule 17d-1 requires
funds that wish to engage in a joint transaction or arrangement with
affiliates to meet the procedural requirements for obtaining exemptive
relief from the rule's prohibition on joint transactions or
arrangements involving first- or second-tier affiliates. Second, rule
17d-1 permits a portfolio affiliate to enter into a joint transaction
or arrangement with the fund if a prohibited participant has a
financial interest that the fund's board determines is not material and
records the basis for this finding in their meeting minutes. These
requirements of rule 17d-1 are designed to prevent fund insiders from
managing funds for their own benefit, rather than for the benefit of
the funds' shareholders.
Based on an analysis of past filings, Commission staff estimates
that 4 funds file applications under section 17(d) and rule 17d-1 per
year. Based on a limited survey of persons in the mutual fund industry,
the Commission staff estimates that each applicant will spend an
average of 154 hours to comply with the Commission's applications
process. The Commission staff therefore estimates the annual burden
hours per year for all funds under rule 17d-1's application process to
be 616 hours.
Based on analysis of past filings, the Commission's staff estimates
that 148 funds are affiliated persons of 668 issuers as a result of the
fund's ownership or control of the issuer's voting securities, and that
there are approximately 1,000 such affiliate relationships. Staff
discussions with mutual fund representatives have suggested that no
funds are currently relying on rule 17d-1 exemptions. We do not know
definitively the reasons for this transactional behavior, but differing
market conditions from year to year may offer some explanation for the
current lack of fund interest in the exemptions under rule 17d-1.
Accordingly, we estimate that annually there will be no joint
transactions under rule 17d-1 that will result in a collection of
information. The Commission, therefore, requests authorization to
maintain an inventory of total burden hours per year for all funds
under rule 17d-1 of 616 hours.
The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act. The estimate is not derived
from a comprehensive or even a representative survey or study of the
costs of Commission rules. Complying with these collections of
information requirement is necessary to obtain the benefit of relying
on rule 17d-1. 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.
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
[[Page 11959]]
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: February 27, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-4206 Filed 3-4-08; 8:45 am]
BILLING CODE 8011-01-P
