Submission for OMB Review; Comment Request, 53297 [E8-21407]
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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
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15SEN1
]]>Agencies
[Federal Register Volume 73, Number 179 (Monday, September 15, 2008)]
[Notices]
[Page 53297]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-21407]
-----------------------------------------------------------------------
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 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 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. 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
