Submission for OMB Review; Comment Request, 13262-13263 [E8-4823]

Download as PDF 13262 Federal Register / Vol. 73, No. 49 / Wednesday, March 12, 2008 / Notices upon the entitlement of a spouse or survivor of an employee whose entitlement is based upon having a stepchild of the employee in care, or on an individual seeking a child’s annuity as a stepchild of an employee. Therefore, depending on the employee for at least one-half support is a condition affecting eligibility for increasing an employee or spouse annuity under the social security overall minimum provisions on the basis of the presence of a dependent child, the employee’s natural child in limited situations, adopted children, stepchildren, grandchildren and stepgrandchildren and equitably adopted children. The regulations outlining child support and dependency requirements are prescribed in 20 CFR 222.50–57. In order to correctly determine if an applicant is entitled to a child’s annuity based on actual dependency, the RRB uses Form G–139, Statement Regarding Contributions and Support of Children, to obtain financial information needed to make a comparison between the amount of support received from the railroad employee and the amount received from other sources. Completion is required to obtain a benefit. One response is required of each respondent. Previous Requests for Comments: The RRB has already published the initial 60-day notice (73 FR 215 on January 2, 2008) required by 44 U.S.C. 3506(c)(2). That request elicited no comments. pwalker on PROD1PC71 with NOTICES Information Collection Request (ICR) Title: Statement Regarding Contributions and Support of Children. OMB Control Number: OMB 3220– 0195. Form(s) submitted: G–139. Type of request: Extension without change of a currently approved collection. Affected public: Individuals or Households. Abstract: Dependency on the employee for at least one-half support is a condition for increasing an employee or spouse annuity under the social security overall minimum provisions on the basis of the presence of a dependent child, the employee’s natural child in limited situations, adopted children, stepchildren, grandchildren, and stepgrandchildren. The information collected solicits financial information needed to determine entitlement to a child’s annuity based on actual dependency. Changes Proposed: The RRB proposes no changed to Form G–139. The burden estimate for the ICR is as follows: VerDate Aug<31>2005 19:30 Mar 11, 2008 Jkt 214001 Estimated Completion Time for Form(s): Completion time for Form G– 139 is estimated at 60 minutes. Estimated annual number of respondents: 500. Total annual responses: 500. Total annual reporting hours: 500. Additional Information or Comments: Copies of the forms and supporting documents can be obtained from Charles Mierzwa, the agency clearance officer (312–751–3363) or Charles.Mierzwa@rrb.gov. Comments regarding the information collection should be addressed to Ronald J. Hodapp, Railroad Retirement Board, 844 North Rush Street, Chicago, Illinois 60611–2092 or Ronald.Hodapp@rrb.gov and to the OMB Desk Officer for the RRB, at the Office of Management and Budget, Room 10230, New Executive Office Building, Washington, DC 20503. Charles Mierzwa, Clearance Officer. [FR Doc. E8–4914 Filed 3–11–08; 8:45 am] BILLING CODE 7905–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213 Extension: Rule 19b–7 and Form 19b–7; OMB Control No. 3235–0553; SEC File No. 270–495. 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 a request for approval of extension of the existing collection of information provided for in the following rule: Rule 19b–7 (17 CFR 240.19b–7). The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’) provides a framework for self-regulation under which various entities involved in the securities business, including national securities exchanges and national securities associations (collectively, self-regulatory organizations or ‘‘SROs’’), have primary responsibility for regulating their members or participants. The role of the Commission in this framework is primarily one of oversight: the Exchange Act charges the Commission with supervising the SROs and assuring that PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 each complies with and advances the policies of the Exchange Act. The Exchange Act was amended by the Commodity Futures Modernization Act of 2000 (‘‘CFMA’’). Prior to the CFMA, federal law did not allow the trading of futures on individual stocks or on narrow-based stock indexes (collectively, ‘‘security futures products’’). The CFMA removed this restriction and provides that trading in security futures products would be regulated jointly by the Commission and the Commodity Futures Trading Commission (‘‘CFTC’’). The Exchange Act requires all SROs to submit to the SEC any proposals to amend, add, or delete any of their rules. Certain entities (Security Futures Product Exchanges) would be national securities exchanges only because they trade security futures products. Similarly, certain entities (Limited Purpose National Securities Associations) would be national securities associations only because their members trade security futures products. The Exchange Act, as amended by the CFMA, established a procedure for Security Futures Product Exchanges and Limited Purpose National Securities Associations to provide notice of proposed rule changes relating to certain matters.1 Rule 19b–7 and Form 19b–7 (17 CFR 249.822) implemented this procedure. The collection of information is designed to provide the Commission with the information necessary to determine, as required by the Act, whether the proposed rule change is consistent with the Act and the rules thereunder. The information is used to determine if the proposed rule change should remain in affect or be abrogated. The respondents to the collection of information are SROs. Five respondents file an average total of 12 responses per year. Each response takes approximately 17.25 hours to complete, which corresponds to an estimated annual response burden of 207 (12 responses × 17.25 hours) hours. The average cost per response is approximately $4,607.25 (17.25 hours multiplied by an average hourly rate of $267.09). The resultant total related cost of compliance for these respondents is approximately $55,287 per year (12 responses × $4,607.25 per response). 1These matters are higher margin levels, fraud or manipulation, recordkeeping, reporting, listing standards, or decimal pricing for security futures products; sales practices for security futures products for persons who effect transactions in security futures products; or rules effectuating the obligation of Security Futures Product Exchanges and Limited Purpose National Securities Associations to enforce the securities laws. See 15 U.S.C. 78s(b)(7)(A). E:\FR\FM\12MRN1.SGM 12MRN1 Federal Register / Vol. 73, No. 49 / Wednesday, March 12, 2008 / Notices Compliance with Rule 19b–7 is mandatory. Information received in response to Rule 19b–7 shall not be kept confidential; the information collected is public 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. Comments should be directed to (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 by sending an 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 within 30 days of this notice. Dated: March 4, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–4823 Filed 3–11–08; 8:45 am] BILLING CODE 8011–01–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 pwalker on PROD1PC71 with NOTICES Extension: Rule 10f–3; SEC File No. 270–237; OMB Control No. 3235–0226. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension and approval of the collection of information discussed below. Section 10(f) of the Investment Company Act of 1940 (15 U.S.C. 80a) (the ‘‘Act’’) prohibits a registered investment company (‘‘fund’’) from purchasing any security during an underwriting or selling syndicate if the fund has certain relationships with a principal underwriter for the security. Congress enacted this provision in 1940 to protect funds and their shareholders by preventing underwriters from VerDate Aug<31>2005 19:30 Mar 11, 2008 Jkt 214001 ‘‘dumping’’ unmarketable securities on affiliated funds. Rule 10f–3 (17 CFR 270.10f–3) permits a fund to engage in a securities transaction that otherwise would violate section 10(f) if, among other things: (i) Each transaction effected under the rule is reported on Form N–SAR; (ii) the fund’s directors have approved procedures for purchases made in reliance on the rule, regularly review fund purchases to determine whether they comply with these procedures, and approve necessary changes to the procedures; and (iii) a written record of each transaction effected under the rule is maintained for six years, the first two of which in an easily accessible place. The written record must state: (i) From whom the securities were acquired; (ii) the identity of the underwriting syndicate’s members; (iii) the terms of the transactions; and (iv) the information or materials on which the fund’s board of directors has determined that the purchases were made in compliance with procedures established by the board. The rule also conditionally allows managed portions of fund portfolios to purchase securities offered in otherwise off-limits primary offerings. To qualify for this exemption, rule 10f–3 requires that the subadviser that is advising the purchaser be contractually prohibited from providing investment advice to any other portion of the fund’s portfolio and consulting with any other of the fund’s advisers that is a principal underwriter or affiliated person of a principal underwriter concerning the fund’s securities transactions. These requirements provide a mechanism for fund boards to oversee compliance with the rule. The required recordkeeping facilitates the Commission staff’s review of rule 10f– 3 transactions during routine fund inspections and, when necessary, in connection with enforcement actions. The staff estimates that approximately 350 funds engage in a total of approximately 4,400 rule 10f–3 transactions each year.1 Rule 10f–3 requires that the purchasing fund create a written record of each transaction that includes, among other things, from whom the securities were purchased and the terms of the transaction. The staff estimates 2 that it takes an average fund approximately 30 minutes per transaction and approximately 2,200 1These estimates are based on staff extrapolations from filings with the Commission. 2Unless stated otherwise, the information collection burden estimates contained in this Supporting Statement are based on conversations between the staff and representatives of funds. PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 13263 hours 3 in the aggregate to comply with this portion of the rule. The funds also must maintain and preserve these transactional records in accordance with the rule’s recordkeeping requirement, and the staff estimates that it takes a fund approximately 20 minutes per transaction and that annually, in the aggregate, funds spend approximately 1,467 hours 4 to comply with this portion of the rule. In addition, fund boards must, no less than quarterly, examine each of these transactions to ensure that they comply with the fund’s policies and procedures. The information or materials upon which the board relied to come to this determination also must be maintained and the staff estimates that it takes a fund 1 hour per quarter and, in the aggregate, approximately 1,400 hours 5 annually to comply with this rule requirement. The staff estimates that reviewing and revising as needed written procedures for rule 10f–3 transactions takes, on average for each fund, two hours of a compliance attorney’s time per year.6 Thus, annually, in the aggregate, the staff estimates that funds spend a total of approximately 700 hours 7 on monitoring and revising rule 10f–3 procedures. Based on an analysis of fund filings, the staff estimates that approximately 600 fund portfolios enter into subadvisory agreements each year.8 Based on discussions with industry representatives, the staff estimates that it will require approximately 3 attorney hours to draft and execute additional clauses in new subadvisory contracts in order for funds and subadvisers to be able to rely on the exemptions in rule 10f–3. Because these additional clauses are identical to the clauses that a fund would need to insert in their subadvisory contracts to rely on rules 12d3–1, 17a–10, and 17e–1, and because we believe that funds that use one such 3This estimate is based on the following calculation: (30 minutes × 4,400 = 2,200 hours). 4This estimate is based on the following calculations: (20 minutes × 4,400 transactions = 88,000 minutes; 88,000 minutes / 60 = 1,467 hours). 5This estimate is based on the following calculation: (1 hour per quarter × 4 quarters × 350 funds = 1,400 hours). 6 These averages take into account the fact that in most years, fund attorneys and boards spend little or no time modifying procedures and in other years, they spend significant time doing so. 7 This estimate is based on the following calculation: (350 funds × 2 hours = 700 hours). 8 The use of subadvisers has grown rapidly over the last several years, with approximately 600 portfolios that use subadvisers registering between December 2005 and December 2006. Based on information in Commission filings, we estimate that 31 percent of funds are advised by subadvisers. E:\FR\FM\12MRN1.SGM 12MRN1

Agencies

[Federal Register Volume 73, Number 49 (Wednesday, March 12, 2008)]
[Notices]
[Pages 13262-13263]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4823]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission, Office of Investor Education and Advocacy, 
Washington, DC 20549-0213

Extension:
    Rule 19b-7 and Form 19b-7; OMB Control No. 3235-0553; SEC File 
No. 270-495.

    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 a request for approval of extension of the existing 
collection of information provided for in the following rule: Rule 19b-
7 (17 CFR 240.19b-7).
    The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
(``Exchange Act'') provides a framework for self-regulation under which 
various entities involved in the securities business, including 
national securities exchanges and national securities associations 
(collectively, self-regulatory organizations or ``SROs''), have primary 
responsibility for regulating their members or participants. The role 
of the Commission in this framework is primarily one of oversight: the 
Exchange Act charges the Commission with supervising the SROs and 
assuring that each complies with and advances the policies of the 
Exchange Act.
    The Exchange Act was amended by the Commodity Futures Modernization 
Act of 2000 (``CFMA''). Prior to the CFMA, federal law did not allow 
the trading of futures on individual stocks or on narrow-based stock 
indexes (collectively, ``security futures products''). The CFMA removed 
this restriction and provides that trading in security futures products 
would be regulated jointly by the Commission and the Commodity Futures 
Trading Commission (``CFTC'').
    The Exchange Act requires all SROs to submit to the SEC any 
proposals to amend, add, or delete any of their rules. Certain entities 
(Security Futures Product Exchanges) would be national securities 
exchanges only because they trade security futures products. Similarly, 
certain entities (Limited Purpose National Securities Associations) 
would be national securities associations only because their members 
trade security futures products. The Exchange Act, as amended by the 
CFMA, established a procedure for Security Futures Product Exchanges 
and Limited Purpose National Securities Associations to provide notice 
of proposed rule changes relating to certain matters.\1\ Rule 19b-7 and 
Form 19b-7 (17 CFR 249.822) implemented this procedure.
---------------------------------------------------------------------------

    \1\These matters are higher margin levels, fraud or 
manipulation, recordkeeping, reporting, listing standards, or 
decimal pricing for security futures products; sales practices for 
security futures products for persons who effect transactions in 
security futures products; or rules effectuating the obligation of 
Security Futures Product Exchanges and Limited Purpose National 
Securities Associations to enforce the securities laws. See 15 
U.S.C. 78s(b)(7)(A).
---------------------------------------------------------------------------

    The collection of information is designed to provide the Commission 
with the information necessary to determine, as required by the Act, 
whether the proposed rule change is consistent with the Act and the 
rules thereunder. The information is used to determine if the proposed 
rule change should remain in affect or be abrogated.
    The respondents to the collection of information are SROs. Five 
respondents file an average total of 12 responses per year. Each 
response takes approximately 17.25 hours to complete, which corresponds 
to an estimated annual response burden of 207 (12 responses x 17.25 
hours) hours. The average cost per response is approximately $4,607.25 
(17.25 hours multiplied by an average hourly rate of $267.09). The 
resultant total related cost of compliance for these respondents is 
approximately $55,287 per year (12 responses x $4,607.25 per response).

[[Page 13263]]

    Compliance with Rule 19b-7 is mandatory. Information received in 
response to Rule 19b-7 shall not be kept confidential; the information 
collected is public 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.
    Comments should be directed to (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 by sending an 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 within 30 
days of this notice.

     Dated: March 4, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-4823 Filed 3-11-08; 8:45 am]
BILLING CODE 8011-01-P
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