Submission for OMB Review; Comment Request, 27207-27208 [E9-13260]

Download as PDF cprice-sewell on PRODPC61 with NOTICES Federal Register / Vol. 74, No. 108 / Monday, June 8, 2009 / Notices Regulation S–P—Privacy of Consumer Financial Information (17 CFR Part 248) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. The Commission adopted Regulation S–P (17 CFR Part 248) under the authority set forth in section 504 of the Gramm-Leach-Bliley Act (15 U.S.C. 6804), sections 17 and 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78q, 78w), sections 31 and 38 of the Investment Company Act of 1940 (15 U.S.C. 80a–30(a), 80a–37), and sections 204 and 211 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–4, 80b–11). Regulation S–P implements the requirements of Title V of the GrammLeach-Bliley Act (‘‘GLBA’’), which include the requirement that at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a financial institution shall provide a clear and conspicuous disclosure to such consumer of such financial institution’s policies and practices with respect to disclosing nonpublic personal information to affiliates and nonaffiliated third parties (‘‘privacy notice’’). Title V of the GLBA also provides that, unless an exception applies, a financial institution may not disclose nonpublic personal information of a consumer to a nonaffiliated third party unless the financial institution clearly and conspicuously discloses to the consumer that such information may be disclosed to such third party; the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party; and the consumer is given an explanation of how the consumer can exercise that nondisclosure option (‘‘opt out notice’’). The privacy notices required by the GLBA are mandatory. The opt out notices are not mandatory for financial institutions that do not share nonpublic personal information with nonaffiliated third parties except as permitted under an exception to the statute’s opt out provisions. Regulation S–P implements the statute’s privacy notice requirements with respect to broker-dealers, investment companies, and registered investment advisers (‘‘covered entities’’). The Act and Regulation S–P also contain consumer reporting requirements. In order for consumers to opt out, they must respond to opt out notices. At any time during their continued relationship, consumers have the right to change or VerDate Nov<24>2008 15:15 Jun 05, 2009 Jkt 217001 update their opt out status. Most covered entities do not share nonpublic personal information with nonaffiliated third parties and therefore are not required to provide opt out notices to consumers under Regulation S–P. Therefore, few consumers are required to respond to opt out notices under the rule. Compliance with Regulation S–P is necessary for covered entities to achieve compliance with the consumer financial privacy notice requirements of Title V of the GLBA. The required consumer notices are not submitted to the Commission. Because the notices do not involve a collection of information by the Commission, Regulation S–P does not involve the collection of confidential information. Regulation S– P does not have a record retention requirement per se, although the notices to consumers it requires are subject to the recordkeeping requirements of Rules 17a–3 and 17a–4 (17 CFR 240.17a–3 and 17a–4). The Commission estimates that approximately 20,065 covered entities (approximately 5,326 registered brokerdealers, 4,571 investment companies, and, out of a total of 11,266 registered investment advisers, 10,168 registered investment advisers that are not also registered broker-dealers) that must prepare or revise their annual and initial privacy notices will spend an average of approximately 12 hours per year complying with Regulation S–P. Thus, the total compliance burden is estimated to be approximately 240,780 burden-hours per year. 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 shall have practical utility; (b) the accuracy of the agency’s estimates of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be 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. Comments should be directed to Charles Boucher, 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. PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 27207 Dated: June 1, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–13254 Filed 6–5–09; 8:45 am] BILLING CODE 8010–01–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 27e–1 and Form N–27E–1, SEC File No. 270–486, OMB Control No. 3235– 0545. 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. Section 27(e) of the Investment Company Act of 1940 (‘‘Act’’) (15 U.S.C. 80a–27(e)) provides in part that a registered investment company issuing a periodic payment plan certificate,1 or any depositor or underwriter for such company (collectively ‘‘issuer’’), must notify in writing ‘‘each certificate holder who has missed three payments or more, within thirty days following the expiration of fifteen months after the issuance of the certificate, or, if any such holder has missed one payment or more after such period of fifteen months but prior to the expiration of eighteen months after the issuance of the certificate, at any time prior to the expiration of such eighteen month period, of his right to surrender his certificate * * * and inform the certificate holder of (A) the value of the holder’s account * * * , and (B) the amount to which he is entitled * * * .’’ Section 27(e) authorizes the Commission to ‘‘make rules specifying the method, form, and contents of the notice required by this subsection.’’ Rule 27e–1 (17 CFR 270.27e–1) under the Act, entitled ‘‘Requirements for Notice to Be Mailed to Certain Purchasers of Periodic Payment Plan Certificates Sold Subject to Section 27(d) of the Act,’’ provides instructions 1 As discussed below, the Military Personnel Financial Services Protection Act banned the issuance or sale of new periodic payment plans, effective October 2006. E:\FR\FM\08JNN1.SGM 08JNN1 cprice-sewell on PRODPC61 with NOTICES 27208 Federal Register / Vol. 74, No. 108 / Monday, June 8, 2009 / Notices for the delivery of the notice required by section 27(e). Rule 27e–1(f) prescribes Form N–27E– 1 (17 CFR 274.127e–1), which sets forth the language the issuing registered investment company or its depositor or underwriter must use ‘‘to inform certificate holders of their right to surrender their certificates pursuant to Section 27(d).’’ The instructions to the form require that a notice containing the language on the form be sent to certificate holders on the sender’s letterhead. The issuer is not required to file with the Commission a copy of the Form N–27E–1 notice. The Form N–27E–1 notice to certificate holders who have missed certain payments is intended to encourage certificate holders, in light of the potential for further missed payments, to weigh the anticipated costs and benefits associated with continuing to hold their certificates. The disclosure assists certificate holders in making careful and fully informed decisions about whether to continue investing in periodic payment plan certificates. 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 longer any information collection burden associated with rule 27e–1 and Form N–27E–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. Complying with the collection of information requirements of rule 27e–1 is mandatory for issuers of periodic payment plans or their depositors or underwriters in the event holders of plan certificates miss certain payments within eighteen months after issuance. The information provided pursuant to rule 27e–1 will be provided to third parties and, therefore, will not be kept confidential. The Commission is seeking OMB approval, because 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 at Shagufta_Ahmed@omb.eop.gov; and (ii) VerDate Nov<24>2008 15:15 Jun 05, 2009 Jkt 217001 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: June 1, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–13260 Filed 6–5–09; 8:45 am] BILLING CODE 8010–01–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 23c–1; SEC File No. 270–253; OMB Control No. 3235–0260. 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. Rule 23c–1 (17 CFR 270.23c–1) under the Investment Company Act of 1940 (15 U.S.C. 80a), among other things, permits a closed-end fund to repurchase its securities for cash if in addition to the other requirements set forth in the rule: (i) Payment of the purchase price is accompanied or preceded by a written confirmation of the purchase; (ii) the asset coverage per unit of the security to be purchased is disclosed to the seller or his agent; and (iii) if the security is a stock, the fund has, within the preceding six months, informed stockholders of its intention to purchase stock. Commission staff estimates that approximately 36 closed-end funds rely on Rule 23c–1 annually to undertake approximately 324 repurchases of their securities. Commission staff estimates that, on average, a fund spends 2.5 hours to comply with the paperwork requirements listed above each time it undertakes a security repurchase under the rule. Commission staff thus estimates the total annual burden of the rule’s paperwork requirements is 810 hours. In addition, the fund must file with the Commission a copy of any written PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 solicitation to purchase securities given by or on behalf of the fund to 10 or more persons. The copy must be filed as an exhibit to Form N–CSR (17 CFR 249.331 and 274.128). The burden associated with filing Form N–CSR is addressed in the submission related to that form. 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 collection of information requirements of the rule is mandatory. The filings that the rule requires to be made with the Commission are available to the public. 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 at 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: June 1, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–13259 Filed 6–5–09; 8:45 am] BILLING CODE 8010–01–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 20a–1; SEC File No. 270–132; OMB Control No. 3235–0158. 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 E:\FR\FM\08JNN1.SGM 08JNN1

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[Federal Register Volume 74, Number 108 (Monday, June 8, 2009)]
[Notices]
[Pages 27207-27208]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-13260]


-----------------------------------------------------------------------

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 27e-1 and Form N-27E-1, SEC File No. 270-486, OMB Control 
No. 3235-0545.

    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.
    Section 27(e) of the Investment Company Act of 1940 (``Act'') (15 
U.S.C. 80a-27(e)) provides in part that a registered investment company 
issuing a periodic payment plan certificate,\1\ or any depositor or 
underwriter for such company (collectively ``issuer''), must notify in 
writing ``each certificate holder who has missed three payments or 
more, within thirty days following the expiration of fifteen months 
after the issuance of the certificate, or, if any such holder has 
missed one payment or more after such period of fifteen months but 
prior to the expiration of eighteen months after the issuance of the 
certificate, at any time prior to the expiration of such eighteen month 
period, of his right to surrender his certificate * * * and inform the 
certificate holder of (A) the value of the holder's account * * * , and 
(B) the amount to which he is entitled * * * .''
---------------------------------------------------------------------------

    \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(e) authorizes the Commission to ``make rules specifying 
the method, form, and contents of the notice required by this 
subsection.'' Rule 27e-1 (17 CFR 270.27e-1) under the Act, entitled 
``Requirements for Notice to Be Mailed to Certain Purchasers of 
Periodic Payment Plan Certificates Sold Subject to Section 27(d) of the 
Act,'' provides instructions

[[Page 27208]]

for the delivery of the notice required by section 27(e).
    Rule 27e-1(f) prescribes Form N-27E-1 (17 CFR 274.127e-1), which 
sets forth the language the issuing registered investment company or 
its depositor or underwriter must use ``to inform certificate holders 
of their right to surrender their certificates pursuant to Section 
27(d).'' The instructions to the form require that a notice containing 
the language on the form be sent to certificate holders on the sender's 
letterhead. The issuer is not required to file with the Commission a 
copy of the Form N-27E-1 notice.
    The Form N-27E-1 notice to certificate holders who have missed 
certain payments is intended to encourage certificate holders, in light 
of the potential for further missed payments, to weigh the anticipated 
costs and benefits associated with continuing to hold their 
certificates. The disclosure assists certificate holders in making 
careful and fully informed decisions about whether to continue 
investing in periodic payment plan certificates.
    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 longer 
any information collection burden associated with rule 27e-1 and Form 
N-27E-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.
    Complying with the collection of information requirements of rule 
27e-1 is mandatory for issuers of periodic payment plans or their 
depositors or underwriters in the event holders of plan certificates 
miss certain payments within eighteen months after issuance. The 
information provided pursuant to rule 27e-1 will be provided to third 
parties and, therefore, will not be kept confidential. The Commission 
is seeking OMB approval, because 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 at 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: June 1, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-13260 Filed 6-5-09; 8:45 am]
BILLING CODE 8010-01-P
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