Proposed Collection; Comment Request, 38473-38474 [E8-15200]
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Federal Register / Vol. 73, No. 130 / Monday, July 7, 2008 / Notices
Form X–17A–5 with its Form X–17A–5
for the calendar quarter ending
December 31 of each year.
Paragraph (b) of Rule 17a–10 provides
that the provisions of paragraph (a) do
not apply to members of national
securities exchanges or registered
national securities associations that
maintain records containing the
information required by Form X–17A–5
and which transmit to the Commission
copies of the records pursuant to a plan
which has been declared effective by the
Commission.
The primary purpose of Rule 17a–10
is to obtain the economic and statistical
data necessary for an ongoing analysis
of the securities industry.
As originally adopted in 1968, Rule
17a–10 required brokers and dealers to
provide their revenue and expense data
on a special form. The Rule was
amended in 1977 to eliminate the form.
The data previously reported on the
form is now reported using Form X–
17A–5 and its supplementary schedules.
The Commission estimates that
approximately 500 broker-dealers will
spend an average of approximately 12
hours per year complying with Rule
17a–10. Thus, the total compliance
burden is estimated to be approximately
6,000 burden-hours per year.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information to be 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.
Comments should be directed 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 26, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–15199 Filed 7–3–08; 8:45 am]
BILLING CODE 8010–01–P
VerDate Aug<31>2005
17:39 Jul 03, 2008
Jkt 214001
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 17f–5, SEC File No. 270–259,
OMB Control No. 3235–0269.
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.
Rule 17f–5 under the Investment
Company Act of 1940 (15 U.S.C. 80a)
(‘‘Investment Company Act’’ or ‘‘Act’’)
governs the custody of the assets of
registered management investment
companies (‘‘funds’’) with custodians
outside the United States.1 Under Rule
17f–5, the fund’s board of directors must
find that it is reasonable to rely on each
delegate it selects to act as the fund’s
foreign custody manager. The delegate
must agree to provide written reports
that notify the board when the fund’s
assets are placed with a foreign
custodian and when any material
change occurs in the fund’s custody
arrangements. The delegate must agree
to exercise reasonable care, prudence,
and diligence, or to adhere to a higher
standard of care. When the foreign
custody manager selects an eligible
foreign custodian, it must determine
that the fund’s assets will be subject to
reasonable care if maintained with that
custodian, and that the written contract
that governs each custody arrangement
will provide reasonable care for fund
assets. The contract must contain
certain specified provisions or others
that provide at least equivalent care.
The foreign custody manager must
establish a system to monitor the
contract and the appropriateness of
continuing to maintain assets with the
eligible foreign custodian.
The collection of information
requirements in rule 17f–5 are intended
to provide protection for fund assets
maintained with a foreign bank
custodian whose use is not authorized
1 17 CFR 270.17f–5. All references to rules 17f–
5, 17f–7, 17d–1, or 19b–1 in this notice are to 17
CFR 270.17f–5, 17 CFR 270.17f–7, 17 CFR 270.17d–
1, and 17 CFR 270.19b–1, respectively.
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38473
by statutory provisions that govern fund
custody arrangements,2 and that is not
subject to regulation and examination
by U.S. regulators. The requirement that
the fund board determine that it is
reasonable to rely on each delegate is
intended to ensure that the board
carefully considers each delegate’s
qualifications to perform its
responsibilities. The requirement that
the delegate provide written reports to
the board is intended to ensure that the
delegate notifies the board of important
developments concerning custody
arrangements so that the board may
exercise effective oversight. The
requirement that the delegate agree to
exercise reasonable care is intended to
provide assurances to the fund that the
delegate will properly perform its
duties.
The requirements that the foreign
custody manager determine that fund
assets will be subject to reasonable care
with the eligible foreign custodian and
under the custody contract, and that
each contract contain specified
provisions or equivalent provisions, are
intended to ensure that the delegate has
evaluated the level of care provided by
the custodian, that it weighs the
adequacy of contractual provisions, and
that fund assets are protected by
minimal contractual safeguards. The
requirement that the foreign custody
manager establish a monitoring system
is intended to ensure that the manager
periodically reviews each custody
arrangement and takes appropriate
action if developing custody risks may
threaten fund assets.
The Commission’s staff estimates that
each year, approximately 159
registrants 3 could be required to make
an average of one response per registrant
under rule 17f–5, requiring
approximately 2 hours of board of
director time per response, to make the
necessary findings concerning foreign
custody managers. The total annual
burden associated with these
requirements of the rule would be up to
approximately 318 hours (159
registrants × 2 hours per registrant). The
staff further estimates that during each
year, approximately 15 global
custodians 4 would be required to make
an average of 4 responses per custodian
concerning the use of foreign custodians
other than depositories. The staff
2 See section 17(f) of the Investment Company Act
(15 U.S.C. 80a–17(f)).
3 This figure is an estimate of the number of new
funds each year, based on data reported by funds
in 2007 on Form N–1A and Form N–2 (17 CFR
274.101). In practice, not all funds will use foreign
custody managers, and the actual figure may be
smaller.
4 This estimate is based on staff research.
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07JYN1
38474
Federal Register / Vol. 73, No. 130 / Monday, July 7, 2008 / Notices
mstockstill on PROD1PC66 with NOTICES
estimates that each response would take
approximately 262 hours, requiring
approximately 1048 total hours
annually per custodian. The total
annual burden associated with these
requirements of the rule would be
approximately 15,720 hours (15 global
custodians × 1048 hours per custodian).
Therefore, the total annual burden of all
collection of information requirements
of rule 17f–5 is estimated to be up to
16,038 hours (318 + 15,720). The total
annual cost of burden hours is estimated
to be $3,214,080 (318 hours × $2000/
hour for board of director’s time, plus
15,720 hours × $164/hour for a trust
administrator’s time).5 Compliance with
the collection of information
requirements of the rule is necessary to
obtain the benefit of relying on the
rule’s permission for funds to maintain
their assets in foreign custodians.
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 and
forms. Compliance with the collection
of information requirements of the rule
is necessary to obtain the benefit of
relying on the rule’s permission for
funds to maintain their assets in foreign
custodians.
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.
5 The
$164/hour figure for a trust administrator is
from SIFMA’s Management & Professional Earnings
in the Securities Industry 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. The $2000/hr board of director time
is from industry sources.
VerDate Aug<31>2005
17:39 Jul 03, 2008
Jkt 214001
Dated: June 26, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–15200 Filed 7–3–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Wireless
Frontier Internet, Inc. because it has not
filed any periodic reports since
September 30, 2004.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of World
Associates, Inc. because it has not filed
any periodic reports since the period
ended September 30, 2004.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the abovelisted companies is suspended for the
period from 9:30 a.m. EDT on July 2,
2008, through 11:59 p.m. EDT on July
16, 2008.
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Pub. L. 94–409, that the
Securities and Exchange Commission
will hold a Roundtable on Fair Value
Accounting Standards on Wednesday,
July 9, 2008 beginning at 9 a.m.
The Roundtable will take place in the
Auditorium of the Commission’s
headquarters at 100 F Street, NE.,
Washington, DC. The Roundtable will
be open to the public with seating on a
first-come, first-served basis. Doors will
open at 8:30 a.m. Visitors will be subject
to security checks.
The roundtable will consist of an
open discussion of the benefits and
potential challenges associated with
existing fair value accounting and
auditing standards and will be
organized as two panels: The first panel
will discuss fair value accounting issues
from the perspective of larger financial
institutions and the needs of their
investors; and the second panel will
discuss the issues from the perspective
of all public companies, including small
public companies and the needs of their
investors.
For further information, please
contact the Office of the Secretary at
(202) 551–5400.
By the Commission.
Florence E. Harmon,
Acting Secretary.
[FR Doc. 08–1415 Filed 7–2–08; 11:14 am]
Dated: July 1, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–15285 Filed 7–3–08; 8:45 am]
June 30, 2008.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
In the Matter of WarpRadio.com, Inc.,
Wireless Frontier Internet, Inc., and
World Associates, Inc.; Order of
Suspension of Trading
July 2, 2008.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of
WarpRadio.com, Inc. because it has not
filed any periodic reports since the
period ended September 30, 2000.
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BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58057; File No. SR–Amex–
2008–36]
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Granting Accelerated Approval of
Proposed Rule Change to List and
Trade Shares of the MacroShares $100
Oil Up Trust and the MacroShares $100
Oil Down Trust
I. Introduction
On May 20, 2008, the American Stock
Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’),
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to: (1) Amend Amex Rules 1400,
1401, 1402 and 1405 relating to the
trading of Paired Trust Shares; and (2)
list and trade shares (‘‘Shares’’) of the
MacroShares $100 Oil Up Trust (‘‘Up
Trust’’) and the MacroShares $100 Oil
Down Trust (‘‘Down Trust’’)
(collectively, the ‘‘Trusts’’). The
proposed rule change was published for
comment in the Federal Register on
1 15
2 17
E:\FR\FM\07JYN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
07JYN1
Agencies
[Federal Register Volume 73, Number 130 (Monday, July 7, 2008)]
[Notices]
[Pages 38473-38474]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-15200]
-----------------------------------------------------------------------
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 17f-5, SEC File No. 270-259, OMB Control No. 3235-
0269.
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.
Rule 17f-5 under the Investment Company Act of 1940 (15 U.S.C. 80a)
(``Investment Company Act'' or ``Act'') governs the custody of the
assets of registered management investment companies (``funds'') with
custodians outside the United States.\1\ Under Rule 17f-5, the fund's
board of directors must find that it is reasonable to rely on each
delegate it selects to act as the fund's foreign custody manager. The
delegate must agree to provide written reports that notify the board
when the fund's assets are placed with a foreign custodian and when any
material change occurs in the fund's custody arrangements. The delegate
must agree to exercise reasonable care, prudence, and diligence, or to
adhere to a higher standard of care. When the foreign custody manager
selects an eligible foreign custodian, it must determine that the
fund's assets will be subject to reasonable care if maintained with
that custodian, and that the written contract that governs each custody
arrangement will provide reasonable care for fund assets. The contract
must contain certain specified provisions or others that provide at
least equivalent care. The foreign custody manager must establish a
system to monitor the contract and the appropriateness of continuing to
maintain assets with the eligible foreign custodian.
---------------------------------------------------------------------------
\1\ 17 CFR 270.17f-5. All references to rules 17f-5, 17f-7, 17d-
1, or 19b-1 in this notice are to 17 CFR 270.17f-5, 17 CFR 270.17f-
7, 17 CFR 270.17d-1, and 17 CFR 270.19b-1, respectively.
---------------------------------------------------------------------------
The collection of information requirements in rule 17f-5 are
intended to provide protection for fund assets maintained with a
foreign bank custodian whose use is not authorized by statutory
provisions that govern fund custody arrangements,\2\ and that is not
subject to regulation and examination by U.S. regulators. The
requirement that the fund board determine that it is reasonable to rely
on each delegate is intended to ensure that the board carefully
considers each delegate's qualifications to perform its
responsibilities. The requirement that the delegate provide written
reports to the board is intended to ensure that the delegate notifies
the board of important developments concerning custody arrangements so
that the board may exercise effective oversight. The requirement that
the delegate agree to exercise reasonable care is intended to provide
assurances to the fund that the delegate will properly perform its
duties.
---------------------------------------------------------------------------
\2\ See section 17(f) of the Investment Company Act (15 U.S.C.
80a-17(f)).
---------------------------------------------------------------------------
The requirements that the foreign custody manager determine that
fund assets will be subject to reasonable care with the eligible
foreign custodian and under the custody contract, and that each
contract contain specified provisions or equivalent provisions, are
intended to ensure that the delegate has evaluated the level of care
provided by the custodian, that it weighs the adequacy of contractual
provisions, and that fund assets are protected by minimal contractual
safeguards. The requirement that the foreign custody manager establish
a monitoring system is intended to ensure that the manager periodically
reviews each custody arrangement and takes appropriate action if
developing custody risks may threaten fund assets.
The Commission's staff estimates that each year, approximately 159
registrants \3\ could be required to make an average of one response
per registrant under rule 17f-5, requiring approximately 2 hours of
board of director time per response, to make the necessary findings
concerning foreign custody managers. The total annual burden associated
with these requirements of the rule would be up to approximately 318
hours (159 registrants x 2 hours per registrant). The staff further
estimates that during each year, approximately 15 global custodians \4\
would be required to make an average of 4 responses per custodian
concerning the use of foreign custodians other than depositories. The
staff
[[Page 38474]]
estimates that each response would take approximately 262 hours,
requiring approximately 1048 total hours annually per custodian. The
total annual burden associated with these requirements of the rule
would be approximately 15,720 hours (15 global custodians x 1048 hours
per custodian). Therefore, the total annual burden of all collection of
information requirements of rule 17f-5 is estimated to be up to 16,038
hours (318 + 15,720). The total annual cost of burden hours is
estimated to be $3,214,080 (318 hours x $2000/hour for board of
director's time, plus 15,720 hours x $164/hour for a trust
administrator's time).\5\ Compliance with the collection of information
requirements of the rule is necessary to obtain the benefit of relying
on the rule's permission for funds to maintain their assets in foreign
custodians.
---------------------------------------------------------------------------
\3\ This figure is an estimate of the number of new funds each
year, based on data reported by funds in 2007 on Form N-1A and Form
N-2 (17 CFR 274.101). In practice, not all funds will use foreign
custody managers, and the actual figure may be smaller.
\4\ This estimate is based on staff research.
\5\ The $164/hour figure for a trust administrator is from
SIFMA's Management & Professional Earnings in the Securities
Industry 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. The $2000/hr board of director time is from
industry sources.
---------------------------------------------------------------------------
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 and forms. Compliance with the collection of
information requirements of the rule is necessary to obtain the benefit
of relying on the rule's permission for funds to maintain their assets
in foreign custodians.
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: June 26, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-15200 Filed 7-3-08; 8:45 am]
BILLING CODE 8010-01-P