Proposed Collection; Comment Request, 72871-72872 [E8-28418]

Download as PDF Federal Register / Vol. 73, No. 231 / Monday, December 1, 2008 / Notices public burden of this collection of information is accurate, and based on valid assumptions and methodology; and ways in which we can minimize the burden of the collection of information on those who are to respond, through the use of appropriate technological collection techniques or other forms of information technology. There are approximately 30,000 changes to health benefits coverage per year. Of these, 20,000 are submitted on OPM Form 2809 and 10,000 verbally or in written correspondence. Each form takes approximately 45 minutes to complete; data collection by telephone or mail takes approximately 10 minutes. The annual burden for the form is 15,000 hours; the burden not using the form is 1,667 hours. The total burden is 16,667 hours. For copies of this proposal, contact Cyrus S. Benson on (202) 606–4808, FAX (202) 606–0910 or via E-mail to Cyrus.Benson@opm.gov. Please include a mailing address with your request. DATES: Comments on this proposal should be received within 60 calendar days from the date of this publication. ADDRESSES: Send or deliver comments to—Ronald W. Melton, Deputy Assistant Director, Retirement Services Program, Center for Retirement and Insurance Services, U.S. Office of Personnel Management, 1900 E Street, NW., Room 3305, Washington, DC 20415–3500. For Information Regarding Administrative Coordination—Contact: Cyrus S. Benson, Team Leader, Publications Team, RIS Support Services/Support Group, (202) 606– 0623. Office of Personnel Management. Howard Weizmann, Deputy Director. [FR Doc. E8–28442 Filed 11–28–08; 8:45 am] BILLING CODE 6325–38–P RAILROAD RETIREMENT BOARD rwilkins on PROD1PC63 with NOTICES Actuarial Advisory Committee With Respect to the Railroad Retirement Account; Notice of Public Meeting Notice is hereby given in accordance with Public Law 92–463 that the Actuarial Advisory Committee will hold a meeting on December 16, 2008, at 12:30 p.m. at the office of the Chief Actuary of the U.S. Railroad Retirement Board, 844 North Rush Street, Chicago, Illinois, on the conduct of the 24th Actuarial Valuation of the Railroad Retirement System. The agenda for this meeting will include a discussion of the assumptions to be used in the 24th Actuarial Valuation. A report containing VerDate Aug<31>2005 16:47 Nov 28, 2008 Jkt 217001 recommended assumptions and the experience on which the recommendations are based will have been sent by the Chief Actuary to the Committee before the meeting. The meeting will be open to the public. Persons wishing to submit written statements or make oral presentations should address their communications or notices to the RRB Actuarial Advisory Committee, c/o Chief Actuary, U.S. Railroad Retirement Board, 844 North Rush Street, Chicago, Illinois 60611–2092. Dated: November 20, 2008. Beatrice Ezerski, Secretary to the Board. [FR Doc. E8–28440 Filed 11–28–08; 8:45 am] BILLING CODE 7905–01–M 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–2, SEC File No. 270–233, OMB Control No. 3235–0223. 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 (the ‘‘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 17f–2 (17 CFR 270.17f–2) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a–1) is entitled: ‘‘Custody of Investments by Registered Management Investment Company.’’ Rule 17f–2 establishes safeguards for arrangements in which a registered management investment company (‘‘fund’’) is deemed to maintain custody of its own assets, such as when the fund maintains its assets in a facility that provides safekeeping but not custodial services. The rule includes several recordkeeping or reporting requirements. The fund’s directors must prepare a resolution designating not more than five fund officers or responsible employees who may have access to the fund’s assets. The designated access persons (two or more of whom must act jointly when handling fund assets) must prepare a PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 72871 written notation providing certain information about each deposit or withdrawal of fund assets, and must transmit the notation to another officer or director designated by the directors. Independent public accountants must verify the fund’s assets at least three times a year and two of the examinations must be unscheduled. The requirement that directors designate access persons is intended to ensure that directors evaluate the trustworthiness of insiders who handle fund assets. The requirements that access persons act jointly in handling fund assets, prepare a written notation of each transaction, and transmit the notation to another designated person are intended to reduce the risk of misappropriation of fund assets by access persons, and to ensure that adequate records are prepared, reviewed by a responsible third person, and available for examination by the Commission’s examination staff. The requirement that auditors verify fund assets without notice twice each year is intended to provide an additional deterrent to the misappropriation of fund assets and to detect any irregularities. The Commission staff estimates that each fund makes 941 responses and spends and average of 271 hours annually in complying with the rule’s requirements.1 Commission staff estimates that on an annual basis it takes: (i) 0.5 hours of fund accounting personnel at a total cost of $75.50 to draft director resolutions; 2 (ii) 0.5 hours of the fund’s board of directors at a total cost of $1000 to adopt the resolution; (iii) 263 hours for the fund’s accounting personnel at a total cost of $60,864 to prepare written notations of transactions; 3 and (iv) 7 hours for the fund’s accounting personnel at a total cost of $1057 to assist the independent public accountants when they perform 1 The 941 responses are: 1 (one) response to draft and adopt the resolution and 940 notations. Estimates of the number of hours are based on conversations with individuals in the mutual fund industry. The actual number of hours may vary significantly depending on individual fund assets. 2 This estimate is based on the following calculation: 0.5 (burden hours per fund) × $151 (fund senior accountant’s hourly rate) = $75.50. 3 Respondents estimated that each fund makes 941 responses on an annual basis and spent a total of 0.28 hours per response. The fund personnel involved are Fund Payable Manager ($156 hourly rate), Fund Operations Manager ($252 hourly rate) and Fund Accounting Manager ($285 hourly rate). The weighted hourly rate of these personnel is $231. The estimated cost of preparing notations is based on the following calculation: 941 × 0.28 × $231 = $60,863.88. E:\FR\FM\01DEN1.SGM 01DEN1 72872 Federal Register / Vol. 73, No. 231 / Monday, December 1, 2008 / Notices rwilkins on PROD1PC63 with NOTICES verifications of fund assets.4 Approximately 300 funds rely upon rule 17f–2 annually.5 Thus, the total annual hour burden for rule 17f–2 is estimated to be 81,300 hours.6 Based on the total costs per fund listed above, the total cost of the Rule 17f–2’s collection of information requirements is estimated to be $18.9 million.7 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 of the costs of Commission rules and forms. Complying with the collections of information required by rule 17f–2 is mandatory for those funds that maintain custody of their own assets. 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. 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 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. 4 This estimate is based on the following calculation: 7 × $151 (fund senior accountant hourly rate) = $1057. 5 Based on a review of Form N–17f–2 filings in 2007, the Commission staff estimates that 300 funds relied on rule 17f–2 in 2007. 6 This estimate is based on the following calculation: 300 (funds) × 271 (total annual hourly burden per fund) = 81,300 hours for rule. The annual burden for rule 17f–2 does not include time spent preparing Form N–17f–2. The burden for Form N–17f–2 is included in a separate collection of information. 7 This estimate is based on the following calculation: $62,996.50 (total annual cost per fund) × 300 funds = $18,898,950. VerDate Aug<31>2005 16:47 Nov 28, 2008 Jkt 217001 Dated: November 20, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–28418 Filed 11–28–08; 8:45 am] BILLING CODE 8011–01–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: Form N–17f–2; SEC File No. 270–317; OMB Control No. 3235–0360. 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 (the ‘‘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. Form N–17f–2 (17 CFR 274.220) under the Act is entitled ‘‘Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies.’’ Form N–17f–2 is the cover sheet for the accountant examination certificates filed under rule 17f–2 (17 CFR 270.17f– 2) by registered management investment companies (‘‘funds’’) maintaining custody of securities or other investments. Form N–17f–2 facilitates the filing of the accountant’s examination certificates prepared under rule 17f–2. The use of the form allows the certificates to be filed electronically, and increases the accessibility of the examination certificates to both the Commission’s examination staff and interested investors by ensuring that the certificates are filed under the proper Commission file number and the correct name of a fund. Commission staff estimates that on an annual basis it takes: (i) On average 1.25 hours of fund accounting personnel at a total cost of $188.75 to prepare each Form N–17f–2; 1 and (ii) .75 hours of clerical time at a total cost of $48.75 to file the Form N–17f–2 with the Commission.2 Approximately 300 funds 1 This estimate is based on the following calculation: 1.25 x $151 (fund senior accountant’s hourly rate) = $188.75. 2 This estimate is based on the following calculation: 75 x $65 (secretary hourly rate) = $48.75. PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 currently file Form N–17f–2 with the Commission, and each fund is required to make three filings annually for a total annual hourly burden per fund of approximately 6 hours at a total cost of $712.50. The total annual hour burden for Form N–17f–2 is therefore estimated to be approximately 1800 hours. Based on the total annual costs per fund listed above, the total cost of Form N–17f–2’s collection of information requirements is estimated to be approximately $213,750.3 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 of the costs of Commission rules and forms. Complying with the collections of information required by Form N–17f–2 is mandatory for those funds that maintain custody of their own assets. 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. The Commission requests written comments 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 burdens 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/ 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: November 20, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–28427 Filed 11–28–08; 8:45 am] BILLING CODE 8011–01–P 3 This estimate is based on the following calculation: 300 funds x $712.50 (total annual cost per fund) = $213,750. E:\FR\FM\01DEN1.SGM 01DEN1

Agencies

[Federal Register Volume 73, Number 231 (Monday, December 1, 2008)]
[Notices]
[Pages 72871-72872]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-28418]


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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 17f-2, SEC File No. 270-233, OMB Control No. 3235-0223.

    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 (the ``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 17f-2 (17 CFR 270.17f-2) under the Investment Company Act of 
1940 (the ``Act'') (15 U.S.C. 80a-1) is entitled: ``Custody of 
Investments by Registered Management Investment Company.'' Rule 17f-2 
establishes safeguards for arrangements in which a registered 
management investment company (``fund'') is deemed to maintain custody 
of its own assets, such as when the fund maintains its assets in a 
facility that provides safekeeping but not custodial services. The rule 
includes several recordkeeping or reporting requirements. The fund's 
directors must prepare a resolution designating not more than five fund 
officers or responsible employees who may have access to the fund's 
assets. The designated access persons (two or more of whom must act 
jointly when handling fund assets) must prepare a written notation 
providing certain information about each deposit or withdrawal of fund 
assets, and must transmit the notation to another officer or director 
designated by the directors. Independent public accountants must verify 
the fund's assets at least three times a year and two of the 
examinations must be unscheduled.
    The requirement that directors designate access persons is intended 
to ensure that directors evaluate the trustworthiness of insiders who 
handle fund assets. The requirements that access persons act jointly in 
handling fund assets, prepare a written notation of each transaction, 
and transmit the notation to another designated person are intended to 
reduce the risk of misappropriation of fund assets by access persons, 
and to ensure that adequate records are prepared, reviewed by a 
responsible third person, and available for examination by the 
Commission's examination staff. The requirement that auditors verify 
fund assets without notice twice each year is intended to provide an 
additional deterrent to the misappropriation of fund assets and to 
detect any irregularities.
    The Commission staff estimates that each fund makes 941 responses 
and spends and average of 271 hours annually in complying with the 
rule's requirements.\1\ Commission staff estimates that on an annual 
basis it takes: (i) 0.5 hours of fund accounting personnel at a total 
cost of $75.50 to draft director resolutions; \2\ (ii) 0.5 hours of the 
fund's board of directors at a total cost of $1000 to adopt the 
resolution; (iii) 263 hours for the fund's accounting personnel at a 
total cost of $60,864 to prepare written notations of transactions; \3\ 
and (iv) 7 hours for the fund's accounting personnel at a total cost of 
$1057 to assist the independent public accountants when they perform

[[Page 72872]]

verifications of fund assets.\4\ Approximately 300 funds rely upon rule 
17f-2 annually.\5\ Thus, the total annual hour burden for rule 17f-2 is 
estimated to be 81,300 hours.\6\ Based on the total costs per fund 
listed above, the total cost of the Rule 17f-2's collection of 
information requirements is estimated to be $18.9 million.\7\
    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 of the costs of 
Commission rules and forms. Complying with the collections of 
information required by rule 17f-2 is mandatory for those funds that 
maintain custody of their own assets. 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.
    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 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: November 20, 2008.
Florence E. Harmon,
Acting Secretary.
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    \1\ The 941 responses are: 1 (one) response to draft and adopt 
the resolution and 940 notations. Estimates of the number of hours 
are based on conversations with individuals in the mutual fund 
industry. The actual number of hours may vary significantly 
depending on individual fund assets.
    \2\ This estimate is based on the following calculation: 0.5 
(burden hours per fund) x $151 (fund senior accountant's hourly 
rate) = $75.50.
    \3\ Respondents estimated that each fund makes 941 responses on 
an annual basis and spent a total of 0.28 hours per response. The 
fund personnel involved are Fund Payable Manager ($156 hourly rate), 
Fund Operations Manager ($252 hourly rate) and Fund Accounting 
Manager ($285 hourly rate). The weighted hourly rate of these 
personnel is $231. The estimated cost of preparing notations is 
based on the following calculation: 941 x 0.28 x $231 = $60,863.88.
    \4\ This estimate is based on the following calculation: 7 x 
$151 (fund senior accountant hourly rate) = $1057.
    \5\ Based on a review of Form N-17f-2 filings in 2007, the 
Commission staff estimates that 300 funds relied on rule 17f-2 in 
2007.
    \6\ This estimate is based on the following calculation: 300 
(funds) x 271 (total annual hourly burden per fund) = 81,300 hours 
for rule. The annual burden for rule 17f-2 does not include time 
spent preparing Form N-17f-2. The burden for Form N-17f-2 is 
included in a separate collection of information.
    \7\ This estimate is based on the following calculation: 
$62,996.50 (total annual cost per fund) x 300 funds = $18,898,950.
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 [FR Doc. E8-28418 Filed 11-28-08; 8:45 am]
BILLING CODE 8011-01-P