Submission for OMB Review; Comment Request, 67900 [E8-27240]

Download as PDF 67900 Federal Register / Vol. 73, No. 222 / Monday, November 17, 2008 / Notices The Commission estimates that approximately 275 broker-dealer respondents carrying approximately 110 million public customer accounts incur an average burden of 138,000 hours per year to comply with the Rule. 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. Comments 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: nfraser@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, VA 22312, or send an email to PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: November 10, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–27238 Filed 11–14–08; 8:45 am] BILLING CODE 8011–01–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. jlentini on PROD1PC65 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 (‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Rule 22d–1 (17 CFR 270.22d–1) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a et seq.) 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 VerDate Aug<31>2005 18:18 Nov 14, 2008 Jkt 217001 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. Responses will not be kept confidential. 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. Please direct general comments regarding the above information to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or email to: nfraser@omb.eop.gov; and (ii) 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. Comments must be submitted to OMB within 30 days of this notice. Dated: November 10, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–27240 Filed 11–14–08; 8:45 am] BILLING CODE 8011–01–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 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. 350l et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 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 collection 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 associated with maintaining the charter in this form.5 1 Rule 32a–4(a). 32a–4(b). 3 Rule 32a–4(c). 4 This estimate is based on staff discussions with a staff representative of an entity that surveys funds and calculates fund board statistics based on responses to its surveys. 5 No hour burden related to such maintenance of the charter was identified by the funds the Commission staff surveyed. Commission staff understands that many audit committee charters have been significantly revised after their adoption in response to the Sarbanes-Oxley Act (Pub. L. No. 2 Rule E:\FR\FM\17NON1.SGM 17NON1

Agencies

[Federal Register Volume 73, Number 222 (Monday, November 17, 2008)]
[Notices]
[Page 67900]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-27240]


-----------------------------------------------------------------------

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 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 
(``Commission'') has submitted to the Office of Management and Budget a 
request for extension of the previously approved collection of 
information discussed below.
    Rule 22d-1 (17 CFR 270.22d-1) under the Investment Company Act of 
1940 (the ``Act'') (15 U.S.C. 80a et seq.) 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. Responses will 
not be kept confidential. 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.
    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Management and Budget, Room 10102, New Executive 
Office Building, Washington, DC 20503 or email to: nfraser@omb.eop.gov; 
and (ii) 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. Comments must be 
submitted to OMB within 30 days of this notice.

    Dated: November 10, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-27240 Filed 11-14-08; 8:45 am]
BILLING CODE 8011-01-P