Proposed Collection; Comment Request, 37999-38000 [E8-14986]
Download as PDF
<![CDATA[
Federal Register / Vol. 73, No. 128 / Wednesday, July 2, 2008 / Notices
jlentini on PROD1PC65 with NOTICES
Extension: Form N–17D–1, SEC File No. 270–
231, OMB Control No. 3235–0229.
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’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit the existing collection
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
(‘‘Act’’) authorizes the Commission to
adopt rules that protect funds and their
security holders from overreaching by
affiliated persons when the fund and the
affiliated person participate in any joint
enterprise or other joint arrangement or
profit-sharing plan. Rule 17d–1 under
the Act (17 CFR 270.17d–1) prohibits
funds and their affiliated persons from
participating in a joint enterprise, unless
an application regarding the transaction
has been filed with and approved by the
Commission. Paragraph (d)(3) of the rule
provides an exemption from this
requirement for any loan or advance of
credit to, or acquisition of securities or
other property of, a small business
concern, or any agreement to do any of
the foregoing (‘‘investments’’) made by a
small business investment company
(‘‘SBIC’’) and an affiliated bank,
provided that reports about the
investments are made on forms the
Commission may prescribe. Rule 17d–2
(17 CFR 270.17d–2) designates Form N–
17D–1 (17 CFR 274.00) (‘‘form’’) as the
form for reports required by rule 17d–
1(3).
SBICs and their affiliated banks use
form N–17D–1 to report any
contemporaneous investments in a
small business concern. The form
provides shareholders and persons
seeking to make an informed decision
about investing in an SBIC an
opportunity to learn about transactions
of the SBIC that have the potential for
self dealing and other forms of
overreaching by affiliated persons at the
expense of shareholders.
Form N–17D–1 requires SBICs and
their affiliated banks to report
identifying information about the small
business concern and the affiliated
bank. The report must include, among
other things, the SBIC’s and affiliated
bank’s outstanding investments in the
small business concern, the use of the
proceeds of the investments made
during the reporting period, any
changes in the nature and amount of the
affiliated bank’s investment, the name of
any affiliated person of the SBIC or the
VerDate Aug<31>2005
18:51 Jul 01, 2008
Jkt 214001
affiliated bank (or any affiliated person
of the affiliated person of the SBIC or
the affiliated bank) who has any interest
in the transactions, the basis of the
affiliation, the nature of the interest, and
the consideration the affiliated person
has received or will receive.
Up to five SBICs may file the form in
any year.1 The Commission estimates
the burden of filling out the form is
approximately one hour per response
and would likely be completed by an
accountant or other professional. Based
on past filings, the Commission
estimates that no more than one SBIC is
likely to use the form each year. Most
of the information requested on the form
should be readily available to the SBIC
or the affiliated bank in records kept in
the ordinary course of business, or with
respect to the SBIC, pursuant to the
recordkeeping requirements under the
Act. Commission staff estimates that it
should take approximately one hour for
an accountant or other professional to
complete the form.2 The estimated total
annual burden of filling out the form is
1 hour, at an estimated total annual cost
of $185.3 The Commission will not keep
responses on Form N–17D–1
confidential.
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
1 As of May 22, 2008, five SBICs were registered
with the Commission.
2 This estimate of hours is based on past
conversations with representatives of SBICs and
accountants that have filed the form.
3 Commission staff estimates that the annual
burden would be incurred by a senior accountant
with an average hourly wage rate of $185 per hour.
See Securities Industry Association and Financial
Markets Association, Report on Management and
Professional Earnings in the Securities Industry—
2007 (2007), 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 00072
Fmt 4703
Sfmt 4703
37999
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: June 24, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14985 Filed 7–1–08; 8:45 am]
BILLING CODE 8010–01–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.
Extension: Form N–8b–4; SEC File No. 270–
180; OMB Control No. 3235–0247.
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’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
Form N–8b–4 (17 CFR 274.14) is the
form used by face-amount certificate
companies to comply with the filing and
disclosure requirements imposed by
section 8(b) of the Investment Company
Act of 1940 (15 U.S.C. 80a–8(b)). Form
N–8b–4 requires disclosure about the
organization of a face-amount certificate
company, its business and policies, its
investment in securities, its certificates
issued, the personnel and affiliated
persons of the depositor, the
distribution and redemption of
securities, and financial statements. The
Commission uses the information
provided in the collection of
information to determine compliance
with section 8(b) of the Investment
Company Act of 1940.
Based on the Commission’s industry
statistics, the Commission estimates that
there would be approximately 1 annual
filing on Form N–8b–4. The
Commission estimates that each
registrant filing a Form N–8b–4 would
E:\FR\FM\02JYN1.SGM
02JYN1
38000
Federal Register / Vol. 73, No. 128 / Wednesday, July 2, 2008 / Notices
spend 171 hours in preparing and filing
the Form and that the total hour burden
for all Form N–8b–4 filings would be
171 hours. Estimates of the burden
hours are made solely for the purposes
of the PRA, and are not derived from a
comprehensive or even a representative
survey or study of the costs of SEC rules
and forms.
The information provided on Form
N–8b–4 is mandatory. The information
provided on Form N–8b–4 will not be
kept confidential. The Commission 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 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
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.
notice is hereby given that on June 23,
2008, the International Securities
Exchange, LLC (‘‘Exchange’’ or ‘‘ISE’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been substantially prepared by the
Exchange. The Exchange has designated
this proposal as non-controversial under
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposed rule change
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE proposes to amend its rules
to extend the Short Term Options Series
Pilot Program (‘‘Pilot Program’’) for an
additional year. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.ise.com), at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
BILLING CODE 8010–01–P
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Dated: June 24, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14986 Filed 7–1–08; 8:45 am]
[Release No. 34–58020; File No. SR–ISE–
2008–48]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Extend the Short Term
Options Series Pilot Program
jlentini on PROD1PC65 with NOTICES
June 25, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Aug<31>2005
18:51 Jul 01, 2008
Jkt 214001
1. Purpose
On July 12, 2005, the Commission
approved the Pilot Program that allows
ISE to list and trade options series that
expire one week after being opened for
trading (‘‘Short Term Options Series’’).5
Under the terms of the Pilot Program,
the Exchange can select up to five
options classes on which Short Term
Options Series may be opened on any
U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 52012
(July 12, 2005), 70 FR 41246 (July 18, 2005) (SR–
ISE 2005–17).
PO 00000
3 15
Frm 00073
Fmt 4703
Sfmt 4703
Short Term Options Series opening
date. The Exchange also may list Short
Term Options Series on any options
class selected by other securities
exchanges employing a similar pilot
program under their respective rules.
The Pilot Program was subsequently
extended 6 and the current Pilot
Program is set to expire on July 12,
2008.7 The purpose of this proposed
rule change is to extend the Pilot
Program for an additional year. The
Exchange believes that Short Term
Options Series provide investors with a
flexible and valuable tool to manage risk
exposure, minimize capital outlays, and
be more responsive to the timing of
events affecting the securities
underlying options contracts. Although
ISE has not listed any Short Term
Options Series during the Pilot Program,
there has been investor interest in
trading short term options at the
Chicago Board Options Exchange. For
competitive reasons and in order to
have the ability to respond to customer
interest in Short Term Options Series,
the Exchange proposes to extend its
Pilot Program.
In the original proposal to establish
the Pilot Program, the Exchange stated
that if it were to propose an extension
or an expansion of the Pilot Program,
the Exchange would submit, along with
any filing proposing such amendments
to the Pilot Program, a report (‘‘Pilot
Program Report’’) analyzing the Pilot
Program, which would cover the entire
period during which the Pilot Program
was in effect. Since the Exchange has
not listed any Short Term Options
Series under the Pilot Program, there is
no data available to compile such a
report at this time. Therefore, the
Exchange is not submitting a Pilot
Program Report with this proposal.
Finally, the Exchange represents that
it has the necessary systems capacity to
support the listing of Short Term
Options Series should it determine to do
so in the future.
2. Statutory Basis
The Exchange believes that short-term
options series increase the variety of
listed options available to investors and
provide investors with a valuable tool to
manage risk exposure, minimize capital
outlays and be more responsive to the
timing of events affecting the securities
underlying options contracts. For these
reasons, the Exchange believes the
proposed rule change is consistent with
6 See Securities Exchange Act Release No. 54117
(July 10, 2006), 71 FR 40564 (July 17, 2006) (SR–
ISE 2006–37).
7 See Securities Exchange Act Release No. 56047
(July 11, 2007), 72 FR 39106 (July 17, 2007) (SR–
ISE 2007–54).
E:\FR\FM\02JYN1.SGM
02JYN1
]]>Agencies
[Federal Register Volume 73, Number 128 (Wednesday, July 2, 2008)]
[Notices]
[Pages 37999-38000]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-14986]
-----------------------------------------------------------------------
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: Form N-8b-4; SEC File No. 270-180; OMB Control No. 3235-
0247.
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'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Form N-8b-4 (17 CFR 274.14) is the form used by face-amount
certificate companies to comply with the filing and disclosure
requirements imposed by section 8(b) of the Investment Company Act of
1940 (15 U.S.C. 80a-8(b)). Form N-8b-4 requires disclosure about the
organization of a face-amount certificate company, its business and
policies, its investment in securities, its certificates issued, the
personnel and affiliated persons of the depositor, the distribution and
redemption of securities, and financial statements. The Commission uses
the information provided in the collection of information to determine
compliance with section 8(b) of the Investment Company Act of 1940.
Based on the Commission's industry statistics, the Commission
estimates that there would be approximately 1 annual filing on Form N-
8b-4. The Commission estimates that each registrant filing a Form N-8b-
4 would
[[Page 38000]]
spend 171 hours in preparing and filing the Form and that the total
hour burden for all Form N-8b-4 filings would be 171 hours. Estimates
of the burden hours are made solely for the purposes of the PRA, and
are not derived from a comprehensive or even a representative survey or
study of the costs of SEC rules and forms.
The information provided on Form N-8b-4 is mandatory. The
information provided on Form N-8b-4 will not be kept confidential. The
Commission 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 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 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: June 24, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-14986 Filed 7-1-08; 8:45 am]
BILLING CODE 8010-01-P
