Proposed Collection; Comment Request, 21729 [E9-10690]
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Federal Register / Vol. 74, No. 88 / Friday, May 8, 2009 / Notices
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.
hsrobinson on PROD1PC76 with NOTICES
Extension: Rule 27f-1 and Form N–27F–1,
SEC File No. 270–487, OMB Control No.
3235–0546.
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.
Section 27(f) of the Investment
Company Act of 1940 (‘‘Act’’) (15 U.S.C.
80a–27(f)) provides that ‘‘[w]ith respect
to any periodic payment plan (other
than a plan under which the amount of
sales load deducted from any payment
thereon does not exceed 9 per centum
of such payment), the custodian bank
for such plan shall mail to each
certificate holder, within sixty days after
the issuance of the certificate, a
statement of charges to be deducted
from the projected payments on the
certificate and a notice of his right of
withdrawal as specified in this
section.’’ 1 The certificate holder then
has forty-five days from the mailing of
the notice to surrender his or her
certificate and receive ‘‘in payment
thereof, in cash, the sum of (1) the value
of his account, and (2) an amount, from
the underwriter or depositor, equal to
the difference between the gross
payments made and the net amount
invested.’’
Section 27(f) authorizes the Securities
and Exchange Commission
(‘‘Commission’’) to ‘‘make rules
specifying the method, form, and
contents of the notice required by this
subsection.’’ Rule 27f–1 (17 CFR
270.27f–1) under the Act, entitled
‘‘Notice of Right of Withdrawal
Required to be Mailed to Periodic
Payment Plan Certificate Holders and
Exemption from Section 27(f) for
Certain Periodic Payment Plan
Certificates,’’ provides instructions for
the delivery of the notice required by
section 27(f).
1 As discussed below, the Military Personnel
Financial Services Protection Act banned the
issuance or sale of new periodic payment plans,
effective October 2006.
VerDate Nov<24>2008
19:00 May 07, 2009
Jkt 217001
Rule 27f–1(d) prescribes Form N–
27F–1 (17 CFR 274.127f–1), which sets
forth the language that custodian banks
for periodic payment plans must use in
informing certificate holders of their
withdrawal right pursuant to section
27(f). The instructions to the form
provide that the notice must be on the
sender’s letterhead. The Commission
does not receive a copy of the form N–
27F–1 notice.
The Form N–27F–1 notice informs
certificate holders of their rights in
connection with the certificates they
hold. Specifically, it is intended to
encourage new purchasers of plan
certificates to reassess the costs and
benefits of their investment and to
provide them with an opportunity to
recover their initial investment without
penalty. The disclosure assists
certificate holders in making careful and
fully informed decisions about whether
to invest in periodic payment plan
certificates.
Complying with the collection of
information requirements of rule 27f–1
is mandatory for custodian banks of
periodic payment plans for which the
sales load deducted from any payment
exceeds 9 percent of the payment.2 The
information provided pursuant to rule
27f–1 will be provided to third parties
and, therefore, 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.
Effective October 27, 2006, the
Military Personnel Financial Services
Protection Act banned the issuance or
sale of new periodic payment plans.
Accordingly, the staff estimates that
there is no information collection
burden associated with rule 27f–1 and
Form N–27F–1. For administrative
purposes, however, we are requesting
approval for an information collection
burden of one hour per year. This
estimate of burden hours is not derived
from a comprehensive or necessarily
even representative study of the cost of
the Commission’s rules and forms
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
2 The rule also permits the issuer, its principal
underwriter, its depositor, or its record-keeping
agent to mail the notice if the custodian bank has
delegated the mailing of the notice to any of them
or if the issuer has been permitted to operate
without a custodian bank by Commission order. See
17 CFR 270.27f–1.
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
21729
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 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.
Dated: April 30, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–10690 Filed 5–7–09; 8:45 am]
BILLING CODE P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
In the Matter of Wade Cook Financial
Corp., Warning Management Services,
Inc., Weldotron Corp., Western
Microwave, Inc., Wickes, Inc.,
Worldwide Technologies, Inc., and
Worldwide Xceed Group, Inc. (n/k/a
Liquidating WXG, Inc.); Order of
Suspension of Trading
May 6, 2009.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Wade Cook
Financial Corp. because it has not filed
any periodic reports since the period
ended September 30, 2002.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Warning
Management Services, Inc. because it
has not filed any periodic reports since
the period ended December 31, 2004.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Weldotron
Corp. because it has not filed any
periodic reports since February 28,
1998.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Western
Microwave, Inc. because it has not filed
any periodic reports since the period
ended March 31, 1997.
E:\FR\FM\08MYN1.SGM
08MYN1
]]>Agencies
[Federal Register Volume 74, Number 88 (Friday, May 8, 2009)]
[Notices]
[Page 21729]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-10690]
[[Page 21729]]
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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 27f-1 and Form N-27F-1, SEC File No. 270-487, OMB
Control No. 3235-0546.
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.
Section 27(f) of the Investment Company Act of 1940 (``Act'') (15
U.S.C. 80a-27(f)) provides that ``[w]ith respect to any periodic
payment plan (other than a plan under which the amount of sales load
deducted from any payment thereon does not exceed 9 per centum of such
payment), the custodian bank for such plan shall mail to each
certificate holder, within sixty days after the issuance of the
certificate, a statement of charges to be deducted from the projected
payments on the certificate and a notice of his right of withdrawal as
specified in this section.'' \1\ The certificate holder then has forty-
five days from the mailing of the notice to surrender his or her
certificate and receive ``in payment thereof, in cash, the sum of (1)
the value of his account, and (2) an amount, from the underwriter or
depositor, equal to the difference between the gross payments made and
the net amount invested.''
---------------------------------------------------------------------------
\1\ As discussed below, the Military Personnel Financial
Services Protection Act banned the issuance or sale of new periodic
payment plans, effective October 2006.
---------------------------------------------------------------------------
Section 27(f) authorizes the Securities and Exchange Commission
(``Commission'') to ``make rules specifying the method, form, and
contents of the notice required by this subsection.'' Rule 27f-1 (17
CFR 270.27f-1) under the Act, entitled ``Notice of Right of Withdrawal
Required to be Mailed to Periodic Payment Plan Certificate Holders and
Exemption from Section 27(f) for Certain Periodic Payment Plan
Certificates,'' provides instructions for the delivery of the notice
required by section 27(f).
Rule 27f-1(d) prescribes Form N-27F-1 (17 CFR 274.127f-1), which
sets forth the language that custodian banks for periodic payment plans
must use in informing certificate holders of their withdrawal right
pursuant to section 27(f). The instructions to the form provide that
the notice must be on the sender's letterhead. The Commission does not
receive a copy of the form N-27F-1 notice.
The Form N-27F-1 notice informs certificate holders of their rights
in connection with the certificates they hold. Specifically, it is
intended to encourage new purchasers of plan certificates to reassess
the costs and benefits of their investment and to provide them with an
opportunity to recover their initial investment without penalty. The
disclosure assists certificate holders in making careful and fully
informed decisions about whether to invest in periodic payment plan
certificates.
Complying with the collection of information requirements of rule
27f-1 is mandatory for custodian banks of periodic payment plans for
which the sales load deducted from any payment exceeds 9 percent of the
payment.\2\ The information provided pursuant to rule 27f-1 will be
provided to third parties and, therefore, 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.
---------------------------------------------------------------------------
\2\ The rule also permits the issuer, its principal underwriter,
its depositor, or its record-keeping agent to mail the notice if the
custodian bank has delegated the mailing of the notice to any of
them or if the issuer has been permitted to operate without a
custodian bank by Commission order. See 17 CFR 270.27f-1.
---------------------------------------------------------------------------
Effective October 27, 2006, the Military Personnel Financial
Services Protection Act banned the issuance or sale of new periodic
payment plans. Accordingly, the staff estimates that there is no
information collection burden associated with rule 27f-1 and Form N-
27F-1. For administrative purposes, however, we are requesting approval
for an information collection burden of one hour per year. This
estimate of burden hours is not derived from a comprehensive or
necessarily even representative study of the cost of the Commission's
rules and forms
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 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.
Dated: April 30, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-10690 Filed 5-7-09; 8:45 am]
BILLING CODE P
