Proposed Collection; Comment Request, 72871-72872 [E8-28418]
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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
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Fmt 4703
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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.
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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.
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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
