Submission for OMB Review; Comment Request, 43171-43172 [E9-20528]
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Federal Register / Vol. 74, No. 164 / Wednesday, August 26, 2009 / Notices
provided to the Designated Federal
Official 30 minutes before the meeting.
In addition, one electronic copy of each
presentation should be e-mailed to the
Designated Federal Official 1 day before
meeting. If an electronic copy cannot be
provided within this timeframe,
presenters should provide the
Designated Federal Official with a CD
containing each presentation at least 30
minutes before the meeting. Electronic
recordings will be permitted. Detailed
procedures for the conduct of and
participation in ACRS meetings were
published in the Federal Register on
October 6, 2008 (73 FR 58268–58269).
Further information regarding this
meeting can be obtained by contacting
the Designated Federal Official between
7:30 a.m. and 5:15 p.m. (ET). Persons
planning to attend this meeting are
urged to contact the above named
individual at least two working days
prior to the meeting to be advised of any
potential changes to the agenda.
Dated: August 19, 2009.
Antonio F. Dias,
Chief, Reactor Safety Branch B, Advisory
Committee on Reactor Safeguards.
[FR Doc. E9–20588 Filed 8–25–09; 8:45 am]
BILLING CODE 7590–01–P
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.
jlentini on DSKJ8SOYB1PROD with NOTICES
Extension: Rule 17f–6, SEC File No. 270–392,
OMB Control No. 3235–0447.
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’’) 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.
Rule 17f–6 (17 CFR 270.17f-6) under
the Investment Company Act of 1940
(15 U.S.C. 80a) permits registered
investment companies (‘‘funds’’) to
maintain assets (i.e., margin) with
futures commission merchants
(‘‘FCMs’’) in connection with
commodity transactions effected on
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17:05 Aug 25, 2009
Jkt 217001
both domestic and foreign exchanges.1
Prior to the rule’s adoption, funds
generally were required to maintain
these assets in special accounts with a
custodian bank.
The rule requires a written contract
that contains certain provisions
designed to ensure important safeguards
and other benefits relating to the
custody of fund assets by FCMs. To
protect fund assets, the contract must
require that FCMs comply with the
segregation or secured amount
requirements of the Commodity
Exchange Act (‘‘CEA’’) and the rules
under that statute. The contract also
must contain a requirement that FCMs
obtain an acknowledgment from any
clearing organization that the fund’s
assets are held on behalf of the FCM’s
customers according to CEA provisions.
Finally, FCMs are required to furnish to
the Commission or its staff on request
information concerning the fund’s assets
in order to facilitate Commission
inspections.
The Commission estimates that
approximately 2270 funds effect
commodities transactions and could
deposit margin with FCMs under Rule
17f-6 in connection with those
transactions. Commission staff estimates
that each fund uses and deposits margin
with two different FCMs in connection
with its commodity transactions.2
The Commission estimates that each
of the 2270 funds spends an average of
1 hour annually complying with the
contract requirements of the rule (i.e.,
executing contracts that contain the
requisite provisions with additional
FCMs), for a total of 2270 annual burden
hours. The estimate does not include
the time required by an FCM to comply
with the rule’s contract requirements
because, to the extent that complying
with the contract provisions could be
considered ‘‘collections of information,’’
the burden hours for compliance are
already included in other PRA
submissions or are de minimis.3 The
1 Custody of Investment Company Assets With
Futures Commission Merchants and Commodity
Clearing Organizations, Investment Company Act
Release No. 22389 (Dec. 11, 1996) [61 FR 66207
(Dec. 17, 1996)].
2 This estimate is based on information
conversations with representatives of the fund
industry.
3 The rule requires a contract with the FCM to
contain three provisions. Two of the provisions
require the FCM to comply with existing
requirements under the CEA and rules adopted
under that Act. Thus, to the extent these provisions
could be considered collections of information, the
hours required for compliance would be included
in the collection of information burden hours
submitted by the Commodity Futures Trading
Commission for its rules. The third contract
provision requires that the FCM produce records or
other information requested by the Commission or
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43171
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.
Compliance with the collection of
information requirements of the rule is
necessary to obtain the benefit of relying
on the rule. If an FCM furnishes records
pertaining to a fund’s assets at the
request of the Commission or its staff,
the records will be kept confidential to
the extent permitted by relevant
statutory or regulatory provisions. The
rule does not require these records be
retained for any specific period of time.
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.
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 after 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: August 19, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–20527 Filed 8–25–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon written request, copies available
from: U.S. Securities and Exchange
Commission, Office of Investor
its staff. Commission staff has requested this type
of information from an FCM so infrequently in the
past that the annual burden hours are de minimis.
E:\FR\FM\26AUN1.SGM
26AUN1
43172
Federal Register / Vol. 74, No. 164 / Wednesday, August 26, 2009 / Notices
Education and Advocacy,
Washington, DC 20549–0213.
jlentini on DSKJ8SOYB1PROD with NOTICES
Extension: Rule 35d–1, SEC File No. 270–
491, OMB Control No. 3235–0548.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Act’’), 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 35d–1 (17 CFR 270.35d–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) generally
requires that investment companies
with certain names invest at least 80%
of their assets according to what their
names suggests. The rule provides that
an affected investment company must
either adopt this 80% requirement as a
fundamental policy or adopt a policy to
provide notice to shareholders at least
60 days prior to any change in its 80%
investment policy. This preparation and
delivery of the notice to existing
shareholders is a collection of
information within the meaning of the
Act.
The Commission estimates that there
are 8,681 open-end and closed-end
management investment companies and
series that have descriptive names that
are governed by the rule. The
Commission estimates that of these
8,681 investment companies,
approximately 29 provide prior notice
to their shareholders of a change in their
investment policies per year. The
Commission estimates that the annual
burden associated with the notice
requirement of the rule is 20 hours per
response. The total burden hours for
Rule 35d–1 is 580 per year in the
aggregate (29 responses × 20 hours per
response). Estimates of average burden
hours are made solely for the purposes
of the Act, and are not derived from a
comprehensive or even a representative
survey or study of the costs of
Commission rules and forms.
The collection of information under
Rule 35d–1 is mandatory. The
information provided under Rule 35d–
1 is not 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
VerDate Nov<24>2008
19:53 Aug 25, 2009
Jkt 217001
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: August 18, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–20528 Filed 8–25–09; 8:45 am]
BILLING CODE 8010–01–P
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 12b–1, SEC File No. 270–
188, OMB Control No. 3235–0212.
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.
Rule 12b–1 (17 CFR 270.12b–1)
permits a registered open-end
investment company (‘‘mutual fund’’) to
distribute its own shares and pay the
expenses of distribution out of the
mutual fund’s assets provided, among
other things, that the mutual fund
adopts a written plan (‘‘Rule 12b–1
plan’’) and has in writing any
agreements relating to the
implementation of the Rule 12b–1 plan.
The rule in part requires that (i) the
adoption or material amendment of a
Rule 12b–1 plan be approved by the
mutual fund’s directors and
shareholders; (ii) the board review
quarterly reports of amounts spent
under the Rule 12b–1 plan; and (iii) the
board consider continuation of the Rule
12b–1 plan at least annually. Rule 12b–
1 also requires funds relying on the rule
to preserve for six years, the first two
years in an easily accessible place,
copies of the Rule 12b–1 plan, related
agreements and reports, as well as
minutes of board meetings that describe
the factors considered and the basis for
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Fmt 4703
Sfmt 4703
adopting or continuing a Rule 12b–1
plan.
The board and shareholder approval
requirements of Rule 12b–1 are
designed to ensure that fund
shareholders and directors receive
adequate information to evaluate and
approve a 12b–1 plan. The requirement
of quarterly reporting to the board is
designed to ensure that the 12b–1 plan
continues to benefit the fund and its
shareholders. The recordkeeping
requirements of the rule are necessary to
enable Commission staff to oversee
compliance with the rule.
Based on information filed with the
Commission by funds, Commission staff
estimates that there are approximately
6,871 mutual fund portfolios that have
at least one share class subject to a rule
12b–1 plan.1 However, many of these
portfolios are part of an affiliated group
of funds known as a ‘‘mutual fund
family’’ that is overseen by a common
board of directors. Although the board
must review and approve the 12b–1
plan for each fund separately, we have
allocated the costs and hourly burden
related to rule 12b–1 based on the
number of fund families that have at
least one fund that charges 12b–1 fees,
rather than on the total number of
mutual fund portfolios that individually
have a 12b–1 plan.2 Based on
information filed with the Commission,
the staff estimates that there are
approximately 371 fund families with
common boards of directors that have at
least one fund with a 12b–1 plan.
Based on conversations with fund
representatives, Commission staff
estimates that for each of the 371 mutual
fund families with a portfolio that has
a rule 12b–1 plan, the average annual
burden of complying with the rule is
425 hours. This estimate takes into
account the time needed to prepare
quarterly reports to the board of
directors, the board’s consideration of
those reports, and the board’s annual
consideration of whether to continue
the plan.3 We therefore estimate that the
1 This estimate is based on information from the
Commission’s NSAR database.
2 This allocation is based on conversations with
fund representatives on how fund boards comply
with the requirements of rule 12b–1. Despite this
allocation of hourly burdens and costs, the number
of annual responses each year will continue to
depend on the number of fund portfolios with 12b–
1 plans rather than the number of fund families
with 12b–1 plans. The staff estimates that the
number of annual responses per fund portfolio will
be four per year (quarterly, with the annual reviews
taking place at one of the quarterly intervals). Thus,
we estimate that funds will make 27,484 responses
(6871 fund portfolios × 4 responses per fund
portfolio = 27,484 responses) each year.
3 We do not estimate any costs or time burden
related to the recordkeeping requirement, as funds
are already required to maintain these records
E:\FR\FM\26AUN1.SGM
26AUN1
]]>Agencies
[Federal Register Volume 74, Number 164 (Wednesday, August 26, 2009)]
[Notices]
[Pages 43171-43172]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-20528]
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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
[[Page 43172]]
Education and Advocacy, Washington, DC 20549-0213.
Extension: Rule 35d-1, SEC File No. 270-491, OMB Control No. 3235-
0548.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) (``Act''), 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 35d-1 (17 CFR 270.35d-1) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) generally requires that investment
companies with certain names invest at least 80% of their assets
according to what their names suggests. The rule provides that an
affected investment company must either adopt this 80% requirement as a
fundamental policy or adopt a policy to provide notice to shareholders
at least 60 days prior to any change in its 80% investment policy. This
preparation and delivery of the notice to existing shareholders is a
collection of information within the meaning of the Act.
The Commission estimates that there are 8,681 open-end and closed-
end management investment companies and series that have descriptive
names that are governed by the rule. The Commission estimates that of
these 8,681 investment companies, approximately 29 provide prior notice
to their shareholders of a change in their investment policies per
year. The Commission estimates that the annual burden associated with
the notice requirement of the rule is 20 hours per response. The total
burden hours for Rule 35d-1 is 580 per year in the aggregate (29
responses x 20 hours per response). Estimates of average burden hours
are made solely for the purposes of the Act, and are not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules and forms.
The collection of information under Rule 35d-1 is mandatory. The
information provided under Rule 35d-1 is not 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 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: August 18, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-20528 Filed 8-25-09; 8:45 am]
BILLING CODE 8010-01-P
