Submission for OMB Review; Comment Request, 1724-1725 [E9-442]

Download as PDF 1724 Federal Register / Vol. 74, No. 8 / Tuesday, January 13, 2009 / Notices Section 213.3312 Department of the Interior Section 213.3384 Department of Housing and Urban Development DIGS01120 Special Assistant to the Director—Scheduling and Advance. Effective November 13, 2008. DIGS01130 Director, External Affairs to the Chief of Staff. Effective November 13, 2008. DIGS01131 Director, Intergovernmental Affairs to the Chief of Staff. Effective November 14, 2008. DUGS60580 Congressional Relations Specialist to the Deputy Assistant Secretary for Congressional Relations. Effective November 13, 2008. Section 213.3316 Department of Health and Human Services DHGS60522 Confidential Assistant to the Deputy Secretary, Health and Human Services. Effective November 07, 2008. Section 213.3396 National Transportation Safety Board TBGS91126 Confidential Assistant to the Vice Chairman. Effective November 13, 2008. TBGS91126 Confidential Assistant to the Vice Chairman. Effective November 13, 2008. Authority: 5 U.S.C. 3301 and 3302; E.O. 10577, 3 CFR 1954–1958 Comp., p. 218. Section 213.3325 United States Tax Court JCGS60056 00301 Chambers Administrator to the Chief Judge. Effective November 07, 2008. Office of Personnel Management. Howard Weizmann, Deputy Director. [FR Doc. E9–406 Filed 1–12–09; 8:45 am] BILLING CODE 6325–39–P Section 213.3331 Department of Energy DEGS00681 White House Liaison to the Chief of Staff. Effective November 06, 2008. DEGS00682 Special Assistant to the Assistant Secretary for Congressional and Intergovernmental Affairs. Effective November 21, 2008. Section 213.3332 Small Business Administration SBGS00672 Special Assistant to the Chief of Staff. Effective November 05, 2008. SBGS00653 Deputy General Counsel to the General Counsel. Effective November 13, 2008. SBGS00674 Staff Assistant to the Associate Administrator for the Office of Field Operations. Effective November 25, 2008. Section 213.3337 General Services Administration GSGS60120 Public Affairs Specialist to the Associate Administrator for Citizen Services and Communications. Effective November 21, 2008. Section 213.3339 United States International Trade Commission TCGS60019 Staff Assistant (Economist) to a Commissioner. Effective November 25, 2008. TCGS60036 Staff Assistant (Economist) to the Chairman. Effective November 25, 2008. Section 213.3343 Farm Credit Administration FLOT00027 Director to the Chairman, Farm Credit Administration Board. Effective November 13, 2008. VerDate Nov<24>2008 19:10 Jan 12, 2009 Jkt 217001 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: Form N–17f–1; SEC File No. 270–316; OMB Control No. 3235–0359. 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’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Form N–17f–1 (17 CFR 274.219) is entitled ‘‘Certificate of Accounting of Securities and Similar Investments of a Management Investment Company in the Custody of Members of National Securities Exchanges.’’ The form serves as a cover sheet to the accountant’s certificate that is required to be filed periodically with the Commission pursuant to rule 17f–1 (17 CFR 270.17f– 1) under the Act, entitled ‘‘Custody of Securities with Members of National Securities Exchanges,’’ which sets forth the conditions under which a fund may place its assets in the custody of a member of a national securities exchange. Rule 17f–1 requires, among other things, that an independent public accountant verify the fund’s assets at the end of every annual and semi-annual PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 fiscal period, and at least one other time during the fiscal year as chosen by the independent accountant. Requiring an independent accountant to examine the fund’s assets in the custody of a member of a national securities exchange assists Commission staff in its inspection program and helps to ensure that the fund assets are subject to proper auditing procedures. The accountant’s certificate stating that it has made an examination, and describing the nature and the extent of the examination, must be attached to Form N–17f–1 and filed with the Commission promptly after each examination. The form facilitates the filing of the accountant’s certificates, and increases the accessibility of the certificates to both Commission staff and interested investors. Commission staff estimates that on an annual basis it takes: (i) 1 hour of clerical time to prepare and file Form N–17f–1; and (ii) 0.5 hour for the fund’s chief compliance officer to review Form N–17f–1 prior to filing with the Commission, for a total of 1.5 hours. Each fund is required to make 3 filings annually, for a total annual burden per fund of approximately 4.5 hours.1 Commission staff estimates that an average of 5 funds currently file Form N–17f–1 with the Commission 3 times each year, for a total of 15 responses annually.2 The total annual hour burden for Form N–17f–1 is therefore estimated to be approximately 22.5 hours.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. Compliance with the collections of information required by Form N–17f–1 is mandatory for funds that place their assets in the custody of a national securities exchange member. 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 1 This estimate is based on the following calculation: (1.5 hours × 3 responses annually = 4.5 hours). 2 This estimate is based on a review of Form N– 17f–1filings made with the Commission over the last three years. 3 This estimate is based on the following calculations: (4.5 hours × 5 funds = 22.5 total hours). E:\FR\FM\13JAN1.SGM 13JAN1 Federal Register / Vol. 74, No. 8 / Tuesday, January 13, 2009 / Notices or send an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, 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: January 7, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–442 Filed 1–12–09; 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 11a–3, SEC File No. 270–321, OMB Control No. 3235–0358. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Section 11(a) of the Investment Company Act of 1940 (‘‘Act’’) (15 U.S.C. 80a–11(a)) provides that it is unlawful for a registered open-end investment company (‘‘fund’’) or its underwriter to make an offer to the fund’s shareholders or the shareholders of any other fund to exchange the fund’s securities for securities of the same or another fund on any basis other than the relative net asset values (‘‘NAVs’’) of the respective securities to be exchanged, ‘‘unless the terms of the offer have first been submitted to and approved by the Commission or are in accordance with such rules and regulations as the Commission may have prescribed in respect of such offers.’’ Section 11(a) was designed to prevent ‘‘switching,’’ the practice of inducing shareholders of one fund to exchange their shares for the shares of another fund for the purpose of exacting additional sales charges. Rule 11a–3 (17 CFR 270.11a–3) under the Act of 1940 is an exemptive rule that permits open-end investment companies (‘‘funds’’), other than VerDate Nov<24>2008 19:10 Jan 12, 2009 Jkt 217001 insurance company separate accounts, and funds’ principal underwriters, to make certain exchange offers to fund shareholders and shareholders of other funds in the same group of investment companies. The rule requires a fund, among other things, (i) to disclose in its prospectus and advertising literature the amount of any administrative or redemption fee imposed on an exchange transaction, (ii) if the fund imposes an administrative fee on exchange transactions, other than a nominal one, to maintain and preserve records with respect to the actual costs incurred in connection with exchanges for at least six years, and (iii) give the fund’s shareholders a sixty day notice of a termination of an exchange offer or any material amendment to the terms of an exchange offer (unless the only material effect of an amendment is to reduce or eliminate an administrative fee, sales load or redemption fee payable at the time of an exchange). The rule’s requirements are designed to protect investors against abuses associated with exchange offers, provide fund shareholders with information necessary to evaluate exchange offers and certain material changes in the terms of exchange offers, and enable the Commission staff to monitor funds’ use of administrative fees charged in connection with exchange transactions. The staff estimates that there are approximately 1958 active open-end investment companies registered with the Commission as of September 2008. The staff estimates that 25 percent (or 490) of these funds impose a nonnominal administrative fee on exchange transactions. The staff estimates that the recordkeeping requirement of the rule requires approximately 1 hour annually of clerical time per fund, for a total of 490 hours for all funds.1 The staff estimates that 5 percent of these 1958 funds (or 98) terminate an exchange offer or make a material change to the terms of their exchange offer each year, requiring the fund to comply with the notice requirement of the rule. The staff estimates that complying with the notice requirement of the rule requires approximately 1 hour of attorney time and 2 hours of clerical time) per fund, for a total of approximately 294 hours for all funds to comply with the notice requirement.2 1 This estimate is based on the following calculations: (1958 funds ×0.25% = 490 funds); (490 × 1 (clerical hour) = 490 clerical hours). 2 This estimate is based on the following calculations: (1958 (funds) × 0.05% = 98 funds); (98 × 1 (attorney hour) = 98 total attorney hours); (98 (funds) × 2 (clerical hours) = 196 total clerical hours); (98 (attorney hours) + 196 (clerical hours) = 294 total hours). PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 1725 The recordkeeping and notice requirements together therefore impose a total burden of 784 hours on all funds.3 The total number of respondents is 588, each responding once a year.4 The burdens associated with the disclosure requirement of the rule are accounted for in the burdens associated with the Form N–1A registration statement for funds. 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. 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 send an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, 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: January 7, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–443 Filed 1–12–09; 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 17f–1, SEC File No. 270–236, OMB Control No. 3235–0222. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities 3 This estimate is based on the following calculations: (294 (notice hours) + 490 (recordkeeping hours) = 784 total hours). 4 This estimate is based on the following calculation: (490 fundsresponding to recordkeeping requirement + 98 funds responding to notice requirement = 588 total respondents). E:\FR\FM\13JAN1.SGM 13JAN1

Agencies

[Federal Register Volume 74, Number 8 (Tuesday, January 13, 2009)]
[Notices]
[Pages 1724-1725]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-442]


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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:
    Form N-17f-1; SEC File No. 270-316; OMB Control No. 3235-0359.

    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'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Form N-17f-1 (17 CFR 274.219) is entitled ``Certificate of 
Accounting of Securities and Similar Investments of a Management 
Investment Company in the Custody of Members of National Securities 
Exchanges.'' The form serves as a cover sheet to the accountant's 
certificate that is required to be filed periodically with the 
Commission pursuant to rule 17f-1 (17 CFR 270.17f-1) under the Act, 
entitled ``Custody of Securities with Members of National Securities 
Exchanges,'' which sets forth the conditions under which a fund may 
place its assets in the custody of a member of a national securities 
exchange. Rule 17f-1 requires, among other things, that an independent 
public accountant verify the fund's assets at the end of every annual 
and semi-annual fiscal period, and at least one other time during the 
fiscal year as chosen by the independent accountant. Requiring an 
independent accountant to examine the fund's assets in the custody of a 
member of a national securities exchange assists Commission staff in 
its inspection program and helps to ensure that the fund assets are 
subject to proper auditing procedures. The accountant's certificate 
stating that it has made an examination, and describing the nature and 
the extent of the examination, must be attached to Form N-17f-1 and 
filed with the Commission promptly after each examination. The form 
facilitates the filing of the accountant's certificates, and increases 
the accessibility of the certificates to both Commission staff and 
interested investors.
    Commission staff estimates that on an annual basis it takes: (i) 1 
hour of clerical time to prepare and file Form N-17f-1; and (ii) 0.5 
hour for the fund's chief compliance officer to review Form N-17f-1 
prior to filing with the Commission, for a total of 1.5 hours. Each 
fund is required to make 3 filings annually, for a total annual burden 
per fund of approximately 4.5 hours.\1\ Commission staff estimates that 
an average of 5 funds currently file Form N-17f-1 with the Commission 3 
times each year, for a total of 15 responses annually.\2\ The total 
annual hour burden for Form N-17f-1 is therefore estimated to be 
approximately 22.5 hours.\3\
---------------------------------------------------------------------------

    \1\ This estimate is based on the following calculation: (1.5 
hours x 3 responses annually = 4.5 hours).
    \2\ This estimate is based on a review of Form N-17f-1filings 
made with the Commission over the last three years.
    \3\ This estimate is based on the following calculations: (4.5 
hours x 5 funds = 22.5 total 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 of the costs of 
Commission rules. Compliance with the collections of information 
required by Form N-17f-1 is mandatory for funds that place their assets 
in the custody of a national securities exchange member. 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

[[Page 1725]]

or send an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Charles 
Boucher, 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: January 7, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-442 Filed 1-12-09; 8:45 am]
BILLING CODE 8011-01-P
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