Submission for OMB Review; Comment Request, 25785-25786 [E8-10043]
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Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Notices
Exchange Commission (‘‘Commission’’)
has submitted to the Office of
Management and Budget a request for
extension of the previously approved
collection of information discussed
below.
Section 17(a) of the Investment
Company Act of 1940 (15 U.S.C. 80a)
(the ‘‘Act’’) generally prohibits affiliated
persons of a registered investment
company (‘‘fund’’) from borrowing
money or other property from, or selling
or buying securities or other property to
or from the fund, or any company that
the fund controls. Rule 17a–6 (17 CFR
270.17a–6) permits a fund and a
‘‘portfolio affiliate’’ (a company that is
an affiliated person of the fund because
the fund controls the company, or holds
5 percent or more of the company’s
outstanding voting securities) to engage
in principal transactions that would
otherwise be prohibited under section
17(a) of the Act under certain
conditions. A fund may not rely on the
exemption in the rule to enter into a
principal transaction with a portfolio
affiliate if certain prohibited
participants (e.g., directors, officers,
employees, or investment advisers of
the fund) have a financial interest in a
party to the transaction. Rule 17a–6
specifies certain interests that are not
‘‘financial interests,’’ including 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. A
board making this finding is required to
record the basis for the finding in its
meeting minutes. This recordkeeping
requirement is a collection of
information under the rule.
The rule is designed to permit
transactions between funds and their
portfolio affiliates in circumstances in
which it is unlikely that the affiliate
would be in a position to take advantage
of the fund. In determining whether a
financial interest is ‘‘material,’’ the
board of the fund should consider
whether the nature and extent of the
interest in the transaction is sufficiently
small that a reasonable person would
not believe that the interest affected the
determination of whether to enter into
the transaction or arrangement or the
terms of the transaction or arrangement.
The information collection requirements
in rule 17a–6 are intended to ensure that
Commission staff can review, in the
course of its compliance and
examination functions, the basis for a
board of directors’ finding that the
financial interest of an otherwise
prohibited participant in a party to a
transaction with a portfolio affiliate is
not material.
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Based on analysis of past filings,
Commission 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. Based on staff discussions
with a limited number of fund
representatives, we estimate that funds
currently do not rely on the exemption
from the term ‘‘financial interest’’ with
respect to 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. Accordingly, we estimate that
annually there will be no principal
transactions under rule 17a–6 that will
result in a collection of information.
The Commission requests
authorization to maintain an inventory
of one burden hour to ease future
renewals of rule 17a–6’s collection of
information analysis should funds rely
on this exemption to the term ‘‘financial
interest’’ as defined in rule 17a–6.
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 this collection of
information requirement is necessary to
obtain the benefit of relying on rule
17a–6. 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: April 30, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–10042 Filed 5–6–08; 8:45 am]
BILLING CODE 8010–01–P
PO 00000
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25785
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 206(4)–6; SEC File No. 270–513; OMB
Control No. 3235–0571.
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 extension of the previously
approved collection of information
discussed below.
The title for the collection of
information is ‘‘Rule 206(4)–6’’ under
the Investment Advisers Act of 1940 (15
U.S.C. 80b–1 et seq.) (‘‘Advisers Act’’)
and the collection has been approved
under OMB Control No. 3235–0571. The
Commission adopted rule 206(4)–6 (17
CFR 275.206(4)–6), the proxy voting
rule, to address an investment adviser’s
fiduciary obligation to clients who have
given the adviser authority to vote their
securities. Under the rule, an
investment adviser that exercises voting
authority over client securities is
required to: (i) Adopt and implement
policies and procedures that are
reasonably designed to ensure that the
adviser votes securities in the best
interest of clients, including procedures
to address any material conflict that
may arise between the interest of the
adviser and the client; (ii) disclose to
clients how they may obtain
information on how the adviser has
voted with respect to their securities;
and (iii) describe to clients the advisers
proxy voting policies and procedures
and, on request, furnish a copy of the
policies and procedures to the
requesting client. The rule is designed
to assure that advisers that vote proxies
for their clients vote those proxies in
their clients’ best interest and provide
clients with information about how
their proxies were voted.
Rule 206(4)–6 contains ‘‘collection of
information’’ requirements within the
meaning of the Paperwork Reduction
Act. 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. The collection is
mandatory and responses to the
disclosure requirement are not kept
confidential.
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sroberts on PROD1PC70 with NOTICES
25786
Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Notices
The respondents are investment
advisers registered with the Commission
that vote proxies with respect to clients’
securities. Advisory clients of these
investment advisers use the information
required by the rule to assess
investment advisers’ proxy voting
policies and procedures and to monitor
the advisers’ performance of its proxy
voting activities. The information
required by Rule 206(4)–6 also is used
by the Commission staff in its
examination and oversight program.
Without the information collected under
the rules, advisory clients would not
have information they need to assess the
adviser’s services and monitor the
adviser’s handling of their accounts, and
the Commission would be less efficient
and effective in its programs.
The estimated number of investment
advisers subject to the collection of
information requirements under the rule
is 9,166. It is estimated that each of
these advisers is required to spend on
average 10 hours annually documenting
its proxy voting procedures under the
requirements of the proposed rule, for a
total burden of 91,660 hours. We further
estimate that on average, approximately
101 clients of each adviser, would
request copies of the underlying policies
and procedures. We estimate that it
would take these advisers 0.1 hours per
client to deliver copies of the policies
and procedures, for a total burden of
approximately 92,577 hours.
Accordingly, we estimate that rule
206(4)–6 results in an annual aggregate
burden of collection for SEC-registered
investment advisers by a total of
184,237 hours.
Records related to an adviser’s proxy
voting policies and procedures and
proxy voting history are separately
required under the Advisers Act
recordkeeping rule 204–2 (17 CFR
275.204–2). The standard retention
period required for books and records
under rule 204–2 is five years, in an
easily accessible place, the first two
years in an appropriate office of the
investment adviser. OMB has previously
approved the collection with this
retention period.
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,
VerDate Aug<31>2005
21:00 May 06, 2008
Jkt 214001
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: April 30, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–10043 Filed 5–6–08; 8:45 am]
BILLING CODE 8010–01–P
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.
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Dated: April 30, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–10044 Filed 5–6–08; 8:45 am]
BILLING CODE 8010–01–P
Upon written request, copies available
from: U.S. Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Rule 102; OMB Control No. 3235–0467;
SEC File No. 270–409.
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
102 of Regulation M (17 CFR 242.102).
Rule 102 prohibits distribution
participants, issuers, and selling
security holders from purchasing
activities at specified times during a
distribution of securities. Persons
otherwise covered by these rules may
seek to use several applicable
exceptions such as an exclusion for
actively traded reference securities and
the maintenance of policies regarding
information barriers between their
affiliates.
There are approximately 945
respondents per year that require an
aggregate total of 1845 hours to comply
with this rule. Each respondent makes
an estimated 1 annual response. Each
response takes approximately 1.95
hours to complete. Thus, the total
compliance burden per year is 1845
burden hours.
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
PO 00000
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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 17a–10; SEC File No. 270–507; OMB
Control No. 3235–0563.
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
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Section 17(a) of the Investment
Company Act of 1940 (15 U.S.C. 80a)
(the ‘‘Act’’), prohibits affiliated persons
of a registered investment company
(‘‘fund’’) from borrowing money or other
property from, or selling or buying
securities or other property to or from
the fund, or any company that the fund
controls. Section 2(a)(3) of the Act (15
U.S.C. 80a–2(a)(3)(E) defines ‘‘affiliated
person’’ of a fund to include its
investment advisers. Rule 17a–10 (17
CFR 270.17a–10) permits (i) a
subadviser of a fund to enter into
transactions with funds the subadviser
does not advise but which are affiliated
persons of a fund that it does advise
(e.g., other funds in the fund complex),
and (ii) a subadviser (and its affiliated
persons) to enter into transactions and
arrangements with funds the subadviser
does advise, but only with respect to
discrete portions of the subadvised fund
for which the subadviser does not
provide investment advice.
To qualify for the exemptions in rule
17a–10, the subadvisory relationship
must be the sole reason why section
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]]>Agencies
[Federal Register Volume 73, Number 89 (Wednesday, May 7, 2008)]
[Notices]
[Pages 25785-25786]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10043]
-----------------------------------------------------------------------
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 206(4)-6; SEC File No. 270-513; OMB Control No. 3235-0571.
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 extension of the previously approved collection of
information discussed below.
The title for the collection of information is ``Rule 206(4)-6''
under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.)
(``Advisers Act'') and the collection has been approved under OMB
Control No. 3235-0571. The Commission adopted rule 206(4)-6 (17 CFR
275.206(4)-6), the proxy voting rule, to address an investment
adviser's fiduciary obligation to clients who have given the adviser
authority to vote their securities. Under the rule, an investment
adviser that exercises voting authority over client securities is
required to: (i) Adopt and implement policies and procedures that are
reasonably designed to ensure that the adviser votes securities in the
best interest of clients, including procedures to address any material
conflict that may arise between the interest of the adviser and the
client; (ii) disclose to clients how they may obtain information on how
the adviser has voted with respect to their securities; and (iii)
describe to clients the advisers proxy voting policies and procedures
and, on request, furnish a copy of the policies and procedures to the
requesting client. The rule is designed to assure that advisers that
vote proxies for their clients vote those proxies in their clients'
best interest and provide clients with information about how their
proxies were voted.
Rule 206(4)-6 contains ``collection of information'' requirements
within the meaning of the Paperwork Reduction Act. 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. The collection is mandatory and responses to the disclosure
requirement are not kept confidential.
[[Page 25786]]
The respondents are investment advisers registered with the
Commission that vote proxies with respect to clients' securities.
Advisory clients of these investment advisers use the information
required by the rule to assess investment advisers' proxy voting
policies and procedures and to monitor the advisers' performance of its
proxy voting activities. The information required by Rule 206(4)-6 also
is used by the Commission staff in its examination and oversight
program. Without the information collected under the rules, advisory
clients would not have information they need to assess the adviser's
services and monitor the adviser's handling of their accounts, and the
Commission would be less efficient and effective in its programs.
The estimated number of investment advisers subject to the
collection of information requirements under the rule is 9,166. It is
estimated that each of these advisers is required to spend on average
10 hours annually documenting its proxy voting procedures under the
requirements of the proposed rule, for a total burden of 91,660 hours.
We further estimate that on average, approximately 101 clients of each
adviser, would request copies of the underlying policies and
procedures. We estimate that it would take these advisers 0.1 hours per
client to deliver copies of the policies and procedures, for a total
burden of approximately 92,577 hours. Accordingly, we estimate that
rule 206(4)-6 results in an annual aggregate burden of collection for
SEC-registered investment advisers by a total of 184,237 hours.
Records related to an adviser's proxy voting policies and
procedures and proxy voting history are separately required under the
Advisers Act recordkeeping rule 204-2 (17 CFR 275.204-2). The standard
retention period required for books and records under rule 204-2 is
five years, in an easily accessible place, the first two years in an
appropriate office of the investment adviser. OMB has previously
approved the collection with this retention period.
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: April 30, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-10043 Filed 5-6-08; 8:45 am]
BILLING CODE 8010-01-P
