Proposed Collection; Comment Request, 39738-39739 [E8-15642]

Download as PDF 39738 Federal Register / Vol. 73, No. 133 / Thursday, July 10, 2008 / Notices can provide, and what, if any, actions they have taken. Use of the Investor Form is strictly voluntary. Moreover, the SEC does not require investors to submit complaints, questions, tips, or other feedback. Absent the forms, the public still has several ways to contact the agency, including telephone, facsimile, letters, and e-mail. Nevertheless, the SEC created these forms to make it easier for the public to contact the agency with complaints, questions, or tips. The forms further streamline the workflow of SEC staff who record, process, and respond to investor contacts. The staff of the SEC estimates that the total reporting burden for using the complaint and question forms is 5,000 hours. The calculation of this estimate depends on the number of investors who use the forms each year and the estimated time it takes to complete the forms: 20,000 respondents × 15 minutes = 5,000 burden hours. Members of the public should be aware that an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless a currently valid Office of Management and Budget control number is displayed. 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 send an email to Alexander_T._Hunt@omb.eop.gov; and (ii) Lewis W. Walker, Acting Director and 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: July 2, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–15640 Filed 7–9–08; 8:45 am] BILLING CODE 8010–01–P jlentini on PROD1PC65 with NOTICES SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon written request, copies available from: Securities and Exchange Commission, Office of Investor VerDate Aug<31>2005 16:58 Jul 09, 2008 Jkt 214001 Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 17Ab2–1, Form CA–1; SEC File No. 270–203; OMB Control No. 3235–0195. 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 this existing collection of information to the Office of Management and Budget for extension and approval. • Rule 17Ab2–1 and Form CA–1: Registration of Clearing Agencies (17 CFR 240.17Ab2–1). Rule 17Ab2–1 and Form CA–1 require clearing agencies to register with the Commission and to meet certain requirements with regard to, among other things, a clearing agency’s organization, capacities, and rules. The information is collected from the clearing agency upon the initial application for registration on Form CA–1. Thereafter, information is collected by amendment to the initial Form CA–1 when material changes in circumstances necessitate modification of the information previously provided to the Commission. The Commission uses the information disclosed on Form CA–1 to (i) Determine whether an applicant meets the standards for registration set forth in Section 17A of the Securities Exchange Act of 1934 (‘‘Exchange Act’’), (ii) enforce compliance with the Exchange Act’s registration requirement, and (iii) provide information about specific registered clearing agencies for compliance and investigatory purposes. Without Rule 17Ab2–1, the Commission could not perform these duties as statutorily required. There are currently approximately six operational clearing agencies and five clearing agencies that have been granted an exemption from registration. The Commission staff estimates that each initial Form CA–1 requires approximately 130 hours to complete and submit for approval. Hours required for amendments to Form CA–1 that must be submitted to the Commission in connection with material changes to the initial CA–1 can vary, depending upon the nature and extent of the amendment. Since the Commission only receives an average of one submission per year, the aggregate annual burden associated with compliance with Rule 17Ab2–1 and Form CA–1 is 130 hours. Based upon the staff’s experience, the average cost to clearing agencies of preparing and filing PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 the initial Form CA–1 is estimated to be $18,000. 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 Lewis W. Walker, Acting Director/ Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, Virginia, 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Dated: July 2, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–15641 Filed 7–9–08; 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: Rule 17Ad–3(b); SEC File No. 270–424; OMB Control No. 3235–0473. 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 this existing collection of information to the Office of Management and Budget for extension and approval. • Rule 17Ad–3(b) (17 CFR 240.17Ad– 3(b)). Rule 17Ad–3(b) requires registered transfer agents that for each of two consecutive months have failed to turnaround at least 75% of all routine items in accordance with the requirements of Rule 17Ad–2(a) or to E:\FR\FM\10JYN1.SGM 10JYN1 jlentini on PROD1PC65 with NOTICES Federal Register / Vol. 73, No. 133 / Thursday, July 10, 2008 / Notices process at least 75% of all routine items in accordance with the requirements of Rule 17Ad–2(a) to send to the chief executive officer of each issuer for which such registered transfer agent acts a copy of the written notice required under Rule 17Ad–2(c), (d), and (h). The issuer may use the information contained in the notices in several ways: (1) To provide an early warning to the issuer of the transfer agent’s noncompliance with the Commission’s minimum performance standards regarding registered transfer agents, and (2) to assure that issuers are aware of certain problems and poor performances with respect to the transfer agents that are servicing the issuer’s securities. If the issuer does not receive notice of a registered transfer agent’s failure to comply with the Commission’s minimum performance standards, then the issuer will be unable to take remedial action to correct the problem or to find another registered transfer agent. Pursuant to Rule 17Ad–3(b), a transfer agent that has already filed a Notice of Non-Compliance with the Commission pursuant to Rule 17Ad–2 will only be required to send a copy of that notice to issuers for which it acts when that transfer agent fails to turnaround 75% of all routine items or to process 75% of all items. The Commission estimates that only two transfer agents will meet the requirements of Rule 17Ad–3(b). If a transfer agent fails to meet the minimum requirements under 17Ad–3(b), such transfer agent is simply sending a copy of a form that had already been produced for the Commission. The Commission estimates a requirement will take each respondent approximately one hour to complete, for a total annual estimate burden of two hours at cost of approximately $60.00 for each hour. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of functions for the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate 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. Please direct your written comments to Lewis W. Walker, Acting Director/ VerDate Aug<31>2005 16:58 Jul 09, 2008 Jkt 214001 39739 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 (‘‘OMB’’) for extension and approval. Rule 17f–7 (17 CFR 270.17f–7) permits funds to maintain their assets in foreign securities depositories based on conditions that reflect the operations and role of these depositories.1 Rule 17f–7 contains some ‘‘collection of information’’ requirements. An eligible securities depository has to meet minimum standards for a depository. The fund or its investment adviser generally determines whether the depository complies with those requirements based on information provided by the fund’s primary custodian (a bank that acts as global custodian). The depository custody arrangement has to meet certain risk limiting requirements. The fund can obtain indemnification or insurance arrangements that adequately protect the fund against custody risks. The fund or its investment adviser generally determines whether indemnification or insurance provisions are adequate. If the fund does not rely on indemnification or insurance, the fund’s contract with its primary custodian is required to state that the custodian will provide to the fund or its investment adviser a custody risk analysis of each depository, monitor risks on a continuous basis, and promptly notify the fund or its adviser of material changes in risks. The primary custodian and other custodians also are required to agree to exercise reasonable care. The collection of information requirements in rule 17f–7 are intended to provide workable standards that protect funds from the risks of using securities depositories while assigning appropriate responsibilities to the fund’s primary custodian and investment adviser based on their capabilities. The requirement that the depository meet specified minimum standards is intended to ensure that the depository is subject to basic safeguards deemed appropriate for all depositories. The requirement that the custody contract state that the fund’s primary custodian will provide an analysis of the custody risks of depository arrangements, monitor the risks, and report on material changes is intended to provide essential information about custody risks to the fund’s investment adviser as necessary for it to approve the continued use of the depository. The requirement that the primary custodian agree to exercise reasonable care is intended to provide assurances that its services and the information it provides will meet an appropriate standard of care. The alternative requirement that the funds obtain adequate indemnification or insurance against the custody risks of depository arrangements is intended to provide another, potentially less burdensome means to protect assets held in depository arrangements. The staff estimates that each of approximately 828 investment advisers 2 would make an average of 7 responses annually under the rule to address depository compliance with minimum requirements, any indemnification or insurance arrangements, and reviews of risk analyses or notifications. The staff estimates each response would take 5.5 hours, requiring a total of approximately 38.5 hours for each adviser. The total annual burden associated with these requirements of the rule would be approximately 31,878 hours (828 advisers × 38.5 hours per adviser). The staff further estimates that during each year, each of approximately 15 global custodians would make an average of 4 responses to analyze custody risks and 1 Custody of Investment Company Assets Outside the United States, Investment Company Act Release No. 23815 (April 29, 1999) (64 FR 24489 (May 6, 1999)). 2 At the start of 2008, there were more than 9300 open-end (including ETFs) portfolios and closedend funds. These entities were managed or sponsored by more 828 investment advisers. Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Dated: July 2, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–15642 Filed 7–9–08; 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: Rule 17f–7; SEC File No. 270–470; OMB Control No. 3235–0529. PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 E:\FR\FM\10JYN1.SGM 10JYN1

Agencies

[Federal Register Volume 73, Number 133 (Thursday, July 10, 2008)]
[Notices]
[Pages 39738-39739]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-15642]


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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 17Ad-3(b); SEC File No. 270-424; OMB Control No. 3235-0473.

    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 this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
     Rule 17Ad-3(b) (17 CFR 240.17Ad-3(b)).
    Rule 17Ad-3(b) requires registered transfer agents that for each of 
two consecutive months have failed to turnaround at least 75% of all 
routine items in accordance with the requirements of Rule 17Ad-2(a) or 
to

[[Page 39739]]

process at least 75% of all routine items in accordance with the 
requirements of Rule 17Ad-2(a) to send to the chief executive officer 
of each issuer for which such registered transfer agent acts a copy of 
the written notice required under Rule 17Ad-2(c), (d), and (h). The 
issuer may use the information contained in the notices in several 
ways: (1) To provide an early warning to the issuer of the transfer 
agent's non-compliance with the Commission's minimum performance 
standards regarding registered transfer agents, and (2) to assure that 
issuers are aware of certain problems and poor performances with 
respect to the transfer agents that are servicing the issuer's 
securities. If the issuer does not receive notice of a registered 
transfer agent's failure to comply with the Commission's minimum 
performance standards, then the issuer will be unable to take remedial 
action to correct the problem or to find another registered transfer 
agent. Pursuant to Rule 17Ad-3(b), a transfer agent that has already 
filed a Notice of Non-Compliance with the Commission pursuant to Rule 
17Ad-2 will only be required to send a copy of that notice to issuers 
for which it acts when that transfer agent fails to turnaround 75% of 
all routine items or to process 75% of all items.
    The Commission estimates that only two transfer agents will meet 
the requirements of Rule 17Ad-3(b). If a transfer agent fails to meet 
the minimum requirements under 17Ad-3(b), such transfer agent is simply 
sending a copy of a form that had already been produced for the 
Commission. The Commission estimates a requirement will take each 
respondent approximately one hour to complete, for a total annual 
estimate burden of two hours at cost of approximately $60.00 for each 
hour.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
functions for the agency, including whether the information shall have 
practical utility; (b) the accuracy of the agency's estimate 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.
    Please direct your written comments to Lewis W. Walker, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
C/O Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 
22312; or send an e-mail to: PRA_Mailbox@sec.gov.

    Dated: July 2, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-15642 Filed 7-9-08; 8:45 am]
BILLING CODE 8010-01-P