Submission for OMB Review; Comment Request, 53296-53297 [E8-21406]

Download as PDF 53296 Federal Register / Vol. 73, No. 179 / Monday, September 15, 2008 / Notices Dated: September 9, 2008. Karen A. Cook, General Counsel. [FR Doc. E8–21399 Filed 9–12–08; 8:45 am] BILLING CODE 4310–4R–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. mstockstill on PROD1PC66 with NOTICES Extension: Rule 22d–1, Sec File No. 270–275, OMB Control No. 3235–0310. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collections 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 22d–1 under the Investment Company Act of 1940 (the ‘‘Act’’) (17 CFR 270.22d–1) provides registered investment companies that issue redeemable securities (‘‘funds’’) an exemption from section 22(d) of the Investment Company Act (15 U.S.C. 80a–22(d)) to the extent necessary to permit scheduled variations in or elimination of the sales load on fund securities for particular classes of investors or transactions, provided certain conditions are met. The rule imposes an annual burden per series of a fund of approximately 15 minutes, so that the total annual burden for the approximately 4,735 series of funds that might rely on the rule is estimated to be 1,184 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. 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 requested 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(s) of the collection of VerDate Aug<31>2005 20:22 Sep 12, 2008 Jkt 214001 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/ CIO, 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: September 8, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–21405 Filed 9–12–08; 8:45 am] BILLING CODE 8010–01–P 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 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’’) has submitted to the Office of Management and Budget a request for approval of extension of the following previously approved collection of information as discussed below. • 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. PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 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 the initial Form CA–1 is estimated to be $18,000. There is no recordkeeping requirement for Rule 17Ab2–1 or Form CA–1. The rule and form do not involve the collection of confidential information. Please note that 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. General comments regarding the estimated burden hours 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: Kimberly_P._Nelson@omb.eop.gov; and (ii) Lewis W. Walker, Acting Director/ Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312; or by sending an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. E:\FR\FM\15SEN1.SGM 15SEN1 Federal Register / Vol. 73, No. 179 / Monday, September 15, 2008 / Notices Dated: September 8, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–21406 Filed 9–12–08; 8:45 am] BILLING CODE 8010–01–P 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. mstockstill on PROD1PC66 with NOTICES 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’’) has submitted to the Office of Management and Budget a request for approval of extension of the following previously approved collection of information as discussed below. • 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 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 VerDate Aug<31>2005 20:22 Sep 12, 2008 Jkt 214001 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. Please note that 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. General comments regarding the estimated burden hours 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: Kimberly_P._Nelson@omb.eop.gov; and (ii) Lewis W. Walker, Acting Director/ Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312; or by sending an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: September 8, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–21407 Filed 9–12–08; 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. Extension: Rule 32a–4, SEC File No. 270– 473, OMB Control No. 3235–0530. 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 collections of information summarized below. The Commission PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 53297 plans to submit these existing collections of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Section 32(a)(2) of the Investment Company Act (15 U.S.C. 80a–31(a)(2)) requires that shareholders of a registered investment management or face-amount certificate company (‘‘fund’’) ratify or reject the selection of a fund’s independent public accountant. Rule 32a–4 (17 CFR 270.32a–4) exempts a fund from this requirement if (i) the fund’s board of directors establishes an audit committee composed solely of independent directors with responsibility for overseeing the fund’s accounting and auditing processes,1 (ii) the fund’s board of directors adopts an audit committee charter setting forth the committee’s structure, duties, powers and methods of operation, or sets out similar provisions in the fund’s charter or bylaws,2 and (iii) the fund maintains a copy of such an audit committee charter permanently in an easily accessible place.3 Each fund that chooses to rely on rule 32a–4 incurs two collections of information burdens. The first, related to the board of directors’ adoption of the audit committee charter, occurs once, when the committee is established. The second, related to the fund’s maintenance and preservation of a copy of the charter in an easily accessible place, is an ongoing annual burden. The information collection requirement in rule 32a–4 enables the Commission to monitor the duties and responsibilities of an independent audit committee formed by a fund relying on the rule. Commission staff estimates that, on average, the board of directors takes 15 minutes to adopt the audit committee charter. Commission staff has estimated that with an average of 8 directors on the board,4 total director time to adopt the charter is 2 hours. Combined with an estimated 1 hour of paralegal time to prepare the charter for board review, the staff estimates a total one-time collection of information burden of 3 hours for each fund. Once a board adopts an audit committee charter, a fund generally maintains it in a file cabinet or as a computer file. Commission staff has estimated that there is no annual hourly burden 1 Rule 32a–4(a). 32a–4(b). 3 Rule 32a–4(c). 4 This estimate is based on staff discussions with a representative of an entity that surveys funds and calculates fund board statistics based on responses to its surveys. 2 Rule E:\FR\FM\15SEN1.SGM 15SEN1

Agencies

[Federal Register Volume 73, Number 179 (Monday, September 15, 2008)]
[Notices]
[Pages 53296-53297]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-21406]


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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 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'') has submitted to the Office of Management 
and Budget a request for approval of extension of the following 
previously approved collection of information as discussed below.
 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 the initial 
Form CA-1 is estimated to be $18,000. There is no recordkeeping 
requirement for Rule 17Ab2-1 or Form CA-1. The rule and form do not 
involve the collection of confidential information. Please note that 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.
    General comments regarding the estimated burden hours 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: Kimberly_P._
Nelson@omb.eop.gov; and (ii) Lewis W. Walker, Acting Director/Chief 
Information Officer, Securities and Exchange Commission, C/O Shirley 
Martinson, 6432 General Green Way, Alexandria, Virginia 22312; or by 
sending an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted 
to OMB within 30 days of this notice.


[[Page 53297]]


    Dated: September 8, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-21406 Filed 9-12-08; 8:45 am]
BILLING CODE 8010-01-P