Submission for OMB Review; Comment Request, 76067-76068 [E8-29505]

Download as PDF pwalker on PROD1PC71 with NOTICES Federal Register / Vol. 73, No. 241 / Monday, December 15, 2008 / Notices 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 31a–1 (17 CFR 270.31a–1) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a) is entitled ‘‘Records to be maintained by registered investment companies, certain majorityowned subsidiaries thereof, and other persons having transactions with registered investment companies.’’ Rule 31a–1 requires registered investment companies (‘‘funds’’), and every underwriter, broker, dealer, or investment adviser that is a majorityowned subsidiary of a fund, to maintain and keep current accounts, books, and other documents which constitute the record forming the basis for financial statements required to be filed pursuant to section 31 of the Act (15 U.S.C. 80a– 30) and of the auditor’s certificates relating thereto. The rule lists specific records to be maintained by funds. The rule also requires certain underwriters, brokers, dealers, depositors, and investment advisers to maintain the records that they are required to maintain under federal securities laws. The Commission periodically inspects the operations of funds to insure their compliance with the provisions of the Act and the rules thereunder. The books and records required to be maintained by rule 31a–1 constitute a major focus of the Commission’s inspection program. There are approximately 4621 investment companies registered with the Commission, all of which are required to comply with rule 31a–1. For purposes of determining the burden imposed by rule 31a–1, the Commission staff estimates that each fund is divided into approximately four series, on average, and that each series is required to comply with the recordkeeping requirements of rule 31a–1. Based on conversations with fund representatives, it is estimated that rule 31a–1 imposes an average burden of approximately 1750 hours annually per series for a total of 7000 annual hours per fund. The estimated total annual burden for all 4621 investment companies subject to the rule therefore is approximately 32,347,000 hours. Based on conversations with fund representatives, however, the Commission staff estimates that even absent the requirements of rule 31a–1, 90 percent of the records created pursuant to the rule are the type that generally would be VerDate Aug<31>2005 20:00 Dec 12, 2008 Jkt 217001 created as a matter of normal business practice and to prepare financial statements. Thus, the Commission staff estimates that the total annual burden associated with rule 31a–1 is 3,234,700 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. The collection of information required by rule 31a–1 is mandatory. Responses will not be kept confidential. The records required by rule 31a–1 are required to be preserved pursuant to rule 31a–2 under the Investment Company Act (17 CFR 270.31a–2). Rule 31a–2 requires that certain of these records be preserved permanently, and that others be preserved six years from the end of the fiscal year in which any transaction occurred. In both cases, the records should be kept in an easily accessible place for the first two years. 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 OMB 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: December 8, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–29503 Filed 12–12–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 76067 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 ADV–E (17 CFR 279.8) is the cover sheet for accountant examination certificates filed pursuant to rule 206(4)–2 (17 CFR 275.206(4)–2) under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) by certain investment advisers retaining custody of client securities or funds. Respondents each spend approximately three minutes, annually, complying with the requirements of the form. The estimate of burden hours set forth above is made solely for the purposes of the Paperwork Reduction Act and is not derived from a comprehensive or representative survey or study of the cost of Commission rules and forms. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’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: December 5, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–29504 Filed 12–12–08; 8:45 am] BILLING CODE 8011–01–P Comment Request Upon written request, copies available from: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. SECURITIES AND EXCHANGE COMMISSION Extension: Form ADV–E, Sec File No. 270– 318, OMB Control No. 3235–0361. Upon written request, copies available from: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) the Securities PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 Submission for OMB Review; Comment Request E:\FR\FM\15DEN1.SGM 15DEN1 76068 Federal Register / Vol. 73, No. 241 / Monday, December 15, 2008 / Notices pwalker on PROD1PC71 with NOTICES Extension: Rule 11a1–1(T); OMB Control No. 3235–0478; SEC File No. 270–428. 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 (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in the following rule: Rule 11a1–1(T) (17 CFR 240.11a1–1(T)) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). On January 27, 1976, the Commission adopted Rule 11a1–1(T), to certain exempt transactions of exchange members for their own accounts that would otherwise be prohibited under section 11(a) of the Exchange Act. The rule provides that a member’s proprietary order may be executed on the exchange of which the trader is a member, if, among other things: (1) The member discloses that a bid or offer for its account is for its account to any member with whom such bid or offer is placed or to whom it is communicated; (2) any such member through whom that bid or offer is communicated discloses to others participating in effecting the order that it is for the account of a member; and (3) immediately before executing the order, a member (other than a specialist in such security) presenting any order for the account of a member on the exchange clearly announces or otherwise indicates to the specialist and to other members then present that he is presenting an order for the account of a member. Without these requirements, it would not be possible for the Commission to monitor its mandate under the Exchange Act to promote fair and orderly markets and ensure that exchange members have, as the principle purpose of their exchange memberships, the conduct of a public securities business. There are approximately 1,151 respondents that require an aggregate total of 32 hours to comply with this rule. Each of these approximately 1,151 respondents makes an estimated 20 annual responses, for an aggregate of 23,020 responses per year. Each response takes approximately 5 seconds to complete. Thus, the total compliance burden per year is 32 hours (23,020 × 5 seconds/60 seconds per minute/60 minutes per hour = 32 hours). The approximate cost per hour is $519, resulting in a total cost of compliance for the annual burden of $16,608 (32 hours @ $519). Compliance with Rule 11a–1(T) is necessary for exchange members to VerDate Aug<31>2005 20:00 Dec 12, 2008 Jkt 217001 make transactions for their own accounts under a specific exemption from the general prohibition of such transactions under Section 11(a) of the Exchange Act. Compliance with Rule 11a–1(T) does not involve the collection of confidential information. Rule 11a– 1(T) does not have a record retention requirement per se. However, responses made pursuant to Rule 11a–1(T) may be subject to the recordkeeping requirements of Rules 17a–3 and 17a–4. 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 e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: December 8, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–29505 Filed 12–12–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon written request, copies available from: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 12f–1, OMB Control No. 3235–0128, SEC File No. 270–139. 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 extension of the previously approved collection of information provided for in the following rule: Rule 12f–1 (17 CFR 240.12f–1). Rule 12f–1 (the ‘‘Rule’’), originally adopted in 1934 pursuant to Sections 12(f) and 23(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78a et PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 seq.) (‘‘Act’’), as modified in 1995 and 2005, sets forth the information which an exchange must include in an application to reinstate its ability to extend unlisted trading privileges to any security for which such unlisted trading privileges have been suspended by the Commission, pursuant to Section 12(f)(2)(A) of the Act. An application must provide the name of the issuer, the title of the security, the name of each national securities exchange, if any, on which the security is listed or admitted to unlisted trading privileges, whether transaction information concerning the security is reported pursuant to an effective transaction reporting plan contemplated by Rule 601 of Regulation NMS, the date of the Commission’s suspension of unlisted trading privileges in the security on the exchange, and any other pertinent information. Rule 12f–1 further requires a national securities exchange seeking to reinstate its ability to extend unlisted trading privileges to a security to indicate that it has provided a copy of such application to the issuer of the security, as well as to any other national securities exchange on which the security is listed or admitted to unlisted trading privileges. The information required by Rule 12f–1 enables the Commission to make the necessary findings under the Act prior to granting applications to reinstate unlisted trading privileges. This information is also made available to members of the public who may wish to comment upon the applications. Without the Rule, the Commission would be unable to fulfill these statutory responsibilities. There are currently 11 national securities exchanges subject to Rule 12f–1. The burden of complying with Rule 12f–1 arises when a potential respondent seeks to reinstate its ability to extend unlisted trading privileges to any security for which unlisted trading privileges have been suspended by the Commission, pursuant to Section 12(f)(2)(A) of the Act. The staff estimates that each application would require approximately one hour to complete. Thus each potential respondent would incur on average one burden hour in complying with the Rule. The Commission staff estimates that there could be as many as 11 responses annually and that each respondent’s related cost of compliance with Rule 12f–1 would be $168.00, or the cost of one hour of professional work needed to complete the application. The total annual related reporting cost for all potential respondents, therefore, is $1,848.00 (11 responses × $168.00/ response). E:\FR\FM\15DEN1.SGM 15DEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 241 (Monday, December 15, 2008)]
[Notices]
[Pages 76067-76068]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-29505]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon written request, copies available from: U.S. Securities and 
Exchange Commission, Office of Investor Education and Advocacy, 
Washington, DC 20549-0213.


[[Page 76068]]


Extension: Rule 11a1-1(T); OMB Control No. 3235-0478; SEC File No. 
270-428.

    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 (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in the 
following rule: Rule 11a1-1(T) (17 CFR 240.11a1-1(T)) under the 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange 
Act'').
    On January 27, 1976, the Commission adopted Rule 11a1-1(T), to 
certain exempt transactions of exchange members for their own accounts 
that would otherwise be prohibited under section 11(a) of the Exchange 
Act. The rule provides that a member's proprietary order may be 
executed on the exchange of which the trader is a member, if, among 
other things: (1) The member discloses that a bid or offer for its 
account is for its account to any member with whom such bid or offer is 
placed or to whom it is communicated; (2) any such member through whom 
that bid or offer is communicated discloses to others participating in 
effecting the order that it is for the account of a member; and (3) 
immediately before executing the order, a member (other than a 
specialist in such security) presenting any order for the account of a 
member on the exchange clearly announces or otherwise indicates to the 
specialist and to other members then present that he is presenting an 
order for the account of a member.
    Without these requirements, it would not be possible for the 
Commission to monitor its mandate under the Exchange Act to promote 
fair and orderly markets and ensure that exchange members have, as the 
principle purpose of their exchange memberships, the conduct of a 
public securities business.
    There are approximately 1,151 respondents that require an aggregate 
total of 32 hours to comply with this rule. Each of these approximately 
1,151 respondents makes an estimated 20 annual responses, for an 
aggregate of 23,020 responses per year. Each response takes 
approximately 5 seconds to complete. Thus, the total compliance burden 
per year is 32 hours (23,020 x 5 seconds/60 seconds per minute/60 
minutes per hour = 32 hours). The approximate cost per hour is $519, 
resulting in a total cost of compliance for the annual burden of 
$16,608 (32 hours @ $519).
    Compliance with Rule 11a-1(T) is necessary for exchange members to 
make transactions for their own accounts under a specific exemption 
from the general prohibition of such transactions under Section 11(a) 
of the Exchange Act. Compliance with Rule 11a-1(T) does not involve the 
collection of confidential information. Rule 11a-1(T) does not have a 
record retention requirement per se. However, responses made pursuant 
to Rule 11a-1(T) may be subject to the recordkeeping requirements of 
Rules 17a-3 and 17a-4. 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 e-
mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 
days of this notice.

    Dated: December 8, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-29505 Filed 12-12-08; 8:45 am]
BILLING CODE 8011-01-P

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