Submission for OMB Review; Comment Request, 27581-27582 [E8-10575]

Download as PDF rwilkins on PROD1PC63 with NOTICES Federal Register / Vol. 73, No. 93 / Tuesday, May 13, 2008 / Notices Education and Advocacy, Washington, DC 20549–0213. 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(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 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 VerDate Aug<31>2005 16:14 May 12, 2008 Jkt 214001 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 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 PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 27581 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. 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: May 5, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–10573 Filed 5–12–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Extension: Rule 18f–1 and Form N–18F– 1, SEC File No. 270–187, OMB Control No. 3235–0211] 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. E:\FR\FM\13MYN1.SGM 13MYN1 27582 Federal Register / Vol. 73, No. 93 / Tuesday, May 13, 2008 / Notices rwilkins on PROD1PC63 with NOTICES 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’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. 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. 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. The collection of information required by rule 18f–1 is necessary to obtain the benefits of the rule. Responses to the collection of information will not be kept confidential. 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: May 5, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–10575 Filed 5–12–08; 8:45 am] BILLING CODE 8010–01–P VerDate Aug<31>2005 16:14 May 12, 2008 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: US Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 17f–2(e); SEC File No. 270–37; OMB Control No. 3235–0031. 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 on the following rule: Rule 17f–2(e) (17 CFR 240.17f–2(e)). Rule 17f–2(e) requires members of national securities exchanges, brokers, dealers, registered transfer agents, and registered clearing agencies claiming exemption from the fingerprinting requirements of Rule 17f–2 to prepare and maintain a statement supporting their claim exemption. This requirement assists the Commission and other regulatory agencies with ensuring compliance with Rule 17f–2 (17 CFR 240.17f–2). Notices prepared pursuant to Rule 17f–2(e) must be maintained for as long as the covered entity claims an exemption from the fingerprinting requirements of Rule 17f–2. The recordkeeping requirement under Rule 17f–2(e) is mandatory to assist the Commission and other regulatory agencies with ensuring compliance with Rule 17f–2. This rule does not involve the collection of confidential information. It is estimated that approximately 75 respondents will incur an average burden of 30 minutes per year to comply with this rule, for a total approximate burden of 38 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 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 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 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: May 7, 2008. Nancy M. Morris, Secretary. [FR Doc. E8–10623 Filed 5–12–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 73 FR 21165, April 18, 2008 and 73 FR 22184, dated April 24, 2008. Status: Open Meeting. Place: 100 F Street, NE., Washington, DC. Date and Time of Previously Announced Meeting: May 14, 2008 at 10 a.m. Change in the Meeting: Additional Item. The following matter will also be considered during the 10 a.m. Open Meeting scheduled for Wednesday, May 14, 2008, at 10 a.m., in the Auditorium, Room L–002: Item 2: The Commission will consider whether to propose amendments to provide for mutual fund risk/return summary information to be filed with the Commission in interactive data format. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551–5400. Dated: May 7, 2008. Nancy M. Morris, Secretary. [FR Doc. E8–10617 Filed 5–12–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57794; File No. SR–Amex– 2008–34] Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change To Give Retroactive Effect to Its Revenue Sharing Program for ETF Quoting Participants May 7, 2007. On March 27, 2008, the American Stock Exchange LLC (‘‘Amex’’ or E:\FR\FM\13MYN1.SGM 13MYN1

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[Federal Register Volume 73, Number 93 (Tuesday, May 13, 2008)]
[Notices]
[Pages 27581-27582]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10575]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Extension: Rule 18f-1 and Form N-18F-1, SEC File No. 270-187, OMB 
Control No. 3235-0211]


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.


[[Page 27582]]


    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'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    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.
    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. The collection of information required by rule 18f-1 
is necessary to obtain the benefits of the rule. Responses to the 
collection of information will not be kept confidential. 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 e-mail to: 
PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: May 5, 2008.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-10575 Filed 5-12-08; 8:45 am]
BILLING CODE 8010-01-P
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