Proposed Collection; Comment Request, 72873 [E8-28428]

Download as PDF Federal Register / Vol. 73, No. 231 / Monday, December 1, 2008 / Notices SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. rwilkins on PROD1PC63 with NOTICES Extension: Form N–2; SEC File No. 270–21; OMB Control No. 3235–0026. 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. The title for the collection of information is ‘‘Form N–2 (17 CFR 239.14 and 274.11a–1) under the Securities Act of 1933 and under the Investment Company Act of 1940, Registration Statement of Closed-End Management Investment Companies.’’ Form N–2 is the form used by closedend management investment companies (‘‘closed-end funds’’) to register as investment companies under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘Investment Company Act’’) and to register their securities under the Securities Act of 1933 (15 U.S.C. 77a et seq.) (‘‘Securities Act’’). The primary purpose of the registration process is to provide disclosure of financial and other information to investors and potential investors for the purpose of evaluating an investment in a security. Form N–2 also permits closed-end funds to provide investors with a prospectus containing information required in a registration statement prior to the sale or at the time of confirmation of delivery of securities. The form also may be used by the Commission in its regulatory review, inspection, and policy-making roles. The Commission estimates that there are 140 initial registration statements and 60 post-effective amendments to initial registration statements filed on Form N–2 annually and that the average number of portfolios referenced in each initial filing and post-effective amendment is 1. The Commission further estimates that the hour burden for preparing and filing a post-effective amendment on Form N–2 is 116.5 hours per portfolio. The total annual hour burden for preparing and filing post- VerDate Aug<31>2005 16:47 Nov 28, 2008 Jkt 217001 effective amendments is 6,990 hours (60 post-effective amendments x 1 portfolios x 116.5 hours per portfolio). The estimated annual hour burden for preparing and filing initial registration statements is 79,478 hours (140 initial registration statements x 1 portfolios x 567.7 hours per portfolio). The total annual hour burden for Form N–2, therefore, is estimated to be 86,468 hours (6,990 hours + 79,478 hours). The information collection requirements imposed by Form N–2 are mandatory. Responses to the collection of information 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 e-mail 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 17, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–28428 Filed 11–28–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59003; File No. 4–574] Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d– 2; Notice of Filing of Proposed Plan for the Allocation of Regulatory Responsibilities Between the International Securities Exchange, LLC and the Financial Industry Regulatory Authority, Inc. November 24, 2008. Pursuant to Section 17(d) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 17d–2 thereunder,2 notice is hereby given that on November 21, 2008, the International Securities Exchange, LLC (‘‘ISE’’) and the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) (together 1 15 2 17 PO 00000 U.S.C. 78q(d). CFR 240.17d–2. Frm 00113 Fmt 4703 Sfmt 4703 72873 with the ISE, the ‘‘Parties’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a plan for the allocation of regulatory responsibilities (the ‘‘17d–2 Plan’’). The Commission is publishing this notice to solicit comments on the 17d–2 Plan from interested persons. I. Introduction Section 19(g)(1) of the Act,3 among other things, requires every selfregulatory organization (‘‘SRO’’) registered as either a national securities exchange or registered national securities association to examine for, and enforce compliance by, its members and persons associated with its members with the Act, the rules and regulations thereunder, and the SRO’s own rules, unless the SRO is relieved of this responsibility pursuant to Section 17(d) 4 or Section 19(g)(2) 5 of the Act. Without this relief, the statutory obligation of each individual SRO could result in a pattern of multiple examinations of broker-dealers that maintain memberships in more than one SRO (‘‘common members’’). Such regulatory duplication would add unnecessary expenses for common members and their SROs. Section 17(d)(1) of the Act 6 was intended, in part, to eliminate unnecessary multiple examinations and regulatory duplication.7 With respect to a common member, Section 17(d)(1) authorizes the Commission, by rule or order, to relieve an SRO of the responsibility to receive regulatory reports, to examine for and enforce compliance with applicable statutes, rules, and regulations, or to perform other specified regulatory functions. To implement Section 17(d)(1), the Commission adopted two rules: Rule 17d–1 and Rule 17d–2 under the Act.8 Rule 17d–1 authorizes the Commission to name a single SRO as the designated examining authority (‘‘DEA’’) to examine common members for compliance with the financial responsibility requirements imposed by the Act, or by Commission or SRO rules.9 When an SRO has been named as a common member’s DEA, all other SROs to which the common member 3 15 U.S.C. 78s(g)(1). U.S.C. 78q(d). 5 15 U.S.C. 78s(g)(2). 6 15 U.S.C. 78q(d)(1). 7 See Securities Act Amendments of 1975, Report of the Senate Committee on Banking, Housing, and Urban Affairs to Accompany S. 249, S. Rep. No. 94– 75, 94th Cong., 1st Session 32 (1975). 8 17 CFR 240.17d–1 and 17 CFR 240.17d–2, respectively. 9 See Securities Exchange Act Release No. 12352 (April 20, 1976), 41 FR 18808 (May 7, 1976). 4 15 E:\FR\FM\01DEN1.SGM 01DEN1

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[Federal Register Volume 73, Number 231 (Monday, December 1, 2008)]
[Notices]
[Page 72873]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-28428]



[[Page 72873]]

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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549.

Extension:
    Form N-2; SEC File No. 270-21; OMB Control No. 3235-0026.

    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.
    The title for the collection of information is ``Form N-2 (17 CFR 
239.14 and 274.11a-1) under the Securities Act of 1933 and under the 
Investment Company Act of 1940, Registration Statement of Closed-End 
Management Investment Companies.'' Form N-2 is the form used by closed-
end management investment companies (``closed-end funds'') to register 
as investment companies under the Investment Company Act of 1940 (15 
U.S.C. 80a-1 et seq.) (``Investment Company Act'') and to register 
their securities under the Securities Act of 1933 (15 U.S.C. 77a et 
seq.) (``Securities Act''). The primary purpose of the registration 
process is to provide disclosure of financial and other information to 
investors and potential investors for the purpose of evaluating an 
investment in a security. Form N-2 also permits closed-end funds to 
provide investors with a prospectus containing information required in 
a registration statement prior to the sale or at the time of 
confirmation of delivery of securities. The form also may be used by 
the Commission in its regulatory review, inspection, and policy-making 
roles.
    The Commission estimates that there are 140 initial registration 
statements and 60 post-effective amendments to initial registration 
statements filed on Form N-2 annually and that the average number of 
portfolios referenced in each initial filing and post-effective 
amendment is 1. The Commission further estimates that the hour burden 
for preparing and filing a post-effective amendment on Form N-2 is 
116.5 hours per portfolio. The total annual hour burden for preparing 
and filing post-effective amendments is 6,990 hours (60 post-effective 
amendments x 1 portfolios x 116.5 hours per portfolio). The estimated 
annual hour burden for preparing and filing initial registration 
statements is 79,478 hours (140 initial registration statements x 1 
portfolios x 567.7 hours per portfolio). The total annual hour burden 
for Form N-2, therefore, is estimated to be 86,468 hours (6,990 hours + 
79,478 hours).
    The information collection requirements imposed by Form N-2 are 
mandatory. Responses to the collection of information 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 e-mail 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 17, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-28428 Filed 11-28-08; 8:45 am]
BILLING CODE 8011-01-P