Proposed Collection; Comment Request, 9628-9629 [2010-4335]
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Federal Register / Vol. 75, No. 41 / Wednesday, March 3, 2010 / Notices
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[FR Doc. 2010–4406 Filed 3–2–10; 8:45 am]
BILLING CODE 7590–01–P
SMALL BUSINESS ADMINISTRATION
Surrender of License of Small
Business Investment Company
Pursuant to the authority granted to
the United States Small Business
Administration under the Small
Business Investment Act of 1958, under
Section 309 of the Act and Section
107.1900 of the Small Business
Administration Rules and Regulations
(13 CFR 107.1900) to function as a small
business investment company under the
Small business Investment Company
License No. 09/79–0412 issued to
Telesoft Partners, L.P., and said license
is hereby declared null and void.
United States Small Business
Administration.
Dated: January 5, 2010.
Sean J. Green,
AA/Investment.
[FR Doc. 2010–4292 Filed 3–2–10; 8:45 am]
BILLING CODE M
SECURITIES AND EXCHANGE
COMMISSION
mstockstill on DSKH9S0YB1PROD with NOTICES
[Rule 248.30; SEC File No. 270–549; OMB
Control No. 3235–0610]
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
VerDate Nov<24>2008
16:08 Mar 02, 2010
Jkt 220001
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 248.30 (17 CFR 248.30), under
Regulation S–P is titled ‘‘Procedures to
Safeguard Customer Records and
Information; Disposal of Consumer
Report Information.’’ Rule 248.30 (the
‘‘safeguard rule’’) requires brokers,
dealers, investment companies, and
investment advisers registered with the
Commission (‘‘registered investment
advisers’’) (collectively ‘‘covered
institutions’’) to adopt written policies
and procedures for administrative,
technical, and physical safeguards to
protect customer records and
information. The safeguards must be
reasonably designed to ‘‘insure the
security and confidentiality of customer
records and information,’’ ‘‘protect
against any anticipated threats or
hazards to the security and integrity’’ of
those records, and protect against
unauthorized access to or use of those
records or information, which ‘‘could
result in substantial harm or
inconvenience to any customer.’’ The
safeguard rule’s requirement that
covered institutions’ policies and
procedures be documented in writing
constitutes a collection of information
and must be maintained on an ongoing
basis. This requirement eliminates
uncertainty as to required employee
actions to protect customer records and
information and promotes more
systematic and organized reviews of
safeguard policies and procedures by
institutions. The information collection
also assists the Commission’s
examination staff in assessing the
existence and adequacy of covered
institutions’ safeguard policies and
procedures.
We estimate that as of the end of
2009, there are 5253 broker-dealers,
4522 investment companies, and 11,450
investment advisers currently registered
with the Commission, for a total of
21,225 covered institutions. We expect
that all of these covered institutions
have already documented their
safeguard policies and procedures in
writing and therefore will incur no
hourly burdens related to the initial
documentation of policies and
procedures.
However, we expect that
approximately 10 percent of the 21,225
covered institutions currently registered
PO 00000
Frm 00057
Fmt 4703
Sfmt 4703
with the Commission will review and
update their policies and procedures
each year, for a total of 2123 covered
institutions that will spend time to
update their policies and procedures.
The amount of time spent reviewing and
updating safeguard policies and
procedures is likely to vary widely,
based on the size of the entity, the
complexity of its operations, and any
significant changes in the security
environment. We estimate that it will
take a typical covered institution that
reviews and updates its safeguard
policies and procedures approximately
20 hours to complete such a review and
document the results, for a total hourly
burden for all institutions of 42,460
hours.
Although existing covered institutions
would not incur any initial hourly
burden in complying with the
safeguards rule, we expect that newly
registered institutions would incur some
hourly burdens associated with
documenting their safeguard policies
and procedures. We estimate that
approximately 1500 broker-dealers,
investment companies, or investment
advisers register with the Commission
annually. However, we also expect that
approximately 70% of these newly
registered covered institutions (1050)
are affiliated with an existing covered
institution, and will rely on an
organization-wide set of previously
documented safeguard policies and
procedures created by their affiliates.
We estimate that these affiliated newly
registered covered institutions will
incur a significantly reduced hourly
burden in complying with the
safeguards rule, as they will need only
to review their affiliate’s existing
policies and procedures, and identify
and adopt the relevant policies for their
business. Therefore, we expect that
newly registered covered institutions
with existing affiliates will incur an
hourly burden of approximately 15
hours in identifying and adopting
safeguard policies and procedures for
their business, for a total hourly burden
for all affiliated new institutions of
15,750 hours.
Finally, we expect that the 450 newly
registered entities that are not affiliated
with an existing institution will incur a
significantly higher hourly burden in
reviewing and documenting their
safeguard policies and procedures. We
expect that virtually all of the newly
registered covered entities that do not
have an affiliate are likely to be small
entities and are likely to have smaller
and less complex operations, with a
correspondingly smaller set of safeguard
policies and procedures to document,
compared to other larger existing
E:\FR\FM\03MRN1.SGM
03MRN1
Federal Register / Vol. 75, No. 41 / Wednesday, March 3, 2010 / Notices
institutions with multiple affiliates. We
estimate that it will take a typical newly
registered unaffiliated institution
approximately 65 hours to review,
identify, and document their safeguard
policies and procedures, for a total of
29,250 hours for all newly registered
unaffiliated entities.
Therefore, we estimate that the total
annual hourly burden associated with
the safeguards rule is 87,460 hours. We
also estimate that all covered
institutions will be respondents each
year, for a total of 21,225 respondents.
These estimates of average burden
hours are made solely for the purposes
of the Paperwork Reduction Act. 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. The safeguard rule does not
require the reporting of any information
or the filing of any documents with the
Commission. The collection of
information required by the safeguard
rule is mandatory.
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 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.
mstockstill on DSKH9S0YB1PROD with NOTICES
Dated: February 23, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–4335 Filed 3–2–10; 8:45 am]
BILLING CODE 8011–01–P
VerDate Nov<24>2008
16:08 Mar 02, 2010
Jkt 220001
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
29160; 812–13595]
Millington Securities, Inc. and
Millington Unit Investment Trusts;
Notice of Application
February 25, 2010.
AGENCY: Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
(a) section 6(c) of the Investment
Company Act of 1940 (‘‘Act’’) for an
exemption from sections 2(a)(32),
2(a)(35), 14(a), 19(b), 22(d) and
26(a)(2)(C) of the Act and rules 19b–1
and rule 22c–1 thereunder and (b)
sections 11(a) and 11(c) of the Act for
approval of certain exchange and
rollover privileges.
APPLICANTS: Millington Securities, Inc.
(‘‘Millington’’) and Millington Unit
Investment Trusts (the ‘‘Millington
Trusts’’).1
SUMMARY OF APPLICATION: Applicants
request an order to permit certain unit
investment trusts to: (a) Impose sales
charges on a deferred basis and waive
the deferred sales charge in certain
cases; (b) offer unitholders certain
exchange and rollover options; (c)
publicly offer units without requiring
the Depositor to take for its own account
$100,000 worth of units; and (d)
distribute capital gains resulting from
the sale of portfolio securities within a
reasonable time after receipt.
FILING DATES: The application was filed
on October 27, 2008 and amended on
March 19, 2009, December 4, 2009,
February 24, 2010 and February 25,
2010.
HEARING OR NOTIFICATION OF HEARING: An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on March 19, 2010, and
should be accompanied by proof of
service on the applicants, in the form of
an affidavit, or, for lawyers, a certificate
1 Applicants also request relief for future unit
investment trusts (collectively, with the Millington
Trusts, the ‘‘Trusts’’) and series of the Trusts
(‘‘Series’’) that are sponsored by Millington or any
entity controlling, controlled by or under common
control with Millington (together with Millington,
the ‘‘Depositors’’). Any future Trust and Series that
relies on the requested order will comply with the
terms and conditions of the application. All existing
entities that currently intend to rely on the
requested order are named as applicants.
PO 00000
Frm 00058
Fmt 4703
Sfmt 4703
9629
of service. Hearing requests should state
the nature of the writer’s interest, the
reason for the request, and the issues
contested. Persons who wish to be
notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: Secretary, Securities and
Exchange Commission, 100 F Street,
NE., Washington, DC 20549–1090;
Applicants, 222 S. Mill Street,
Naperville, Illinois 60540.
FOR FURTHER INFORMATION CONTACT:
Emerson S. Davis, Sr., Senior Counsel,
at (202) 551–6868, or Julia Kim Gilmer,
Branch Chief, at (202) 551–6821 (Office
of Investment Company Regulation,
Division of Investment Management).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
Applicants’ Representations:
1. The Millington Trust is a unit
investment trust (‘‘UIT’’) that is
registered under the Act. Any future
Trust will be a registered UIT.
Millington, an Illinois corporation, is
registered under the Securities
Exchange Act of 1934 as a broker-dealer
and is the Depositor of the Millington
Trusts. Each Series will be created by a
trust indenture between the Depositor
and a banking institution or trust
company as trustee (‘‘Trustee’’).
2. The Depositor acquires a portfolio
of securities, which it deposits with the
Trustee in exchange for certificates
representing units of fractional
undivided interest in the Series’
portfolio (‘‘Units’’). The Units are offered
to the public through the Depositor and
dealers at a price which, during the
initial offering period, is based upon the
aggregate market value of the underlying
securities, or, the aggregate offering side
evaluation of the underlying securities if
the underlying securities are not listed
on a securities exchange, plus a frontend sales charge. The maximum sales
charge may be reduced in compliance
with rule 22d-1 under the Act in certain
circumstances, which are disclosed in
the Series’ prospectus.
3. The Depositor is not legally
obligated, and does not currently
intend, to maintain a secondary market
for Units of outstanding equity Series,
but may seek to do so in the future.
Other broker-dealers may or may not
maintain a secondary market for Units
of a Series. If a secondary market is
maintained, investors will be able to
E:\FR\FM\03MRN1.SGM
03MRN1
Agencies
[Federal Register Volume 75, Number 41 (Wednesday, March 3, 2010)]
[Notices]
[Pages 9628-9629]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4335]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Rule 248.30; SEC File No. 270-549; OMB Control No. 3235-0610]
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: 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 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 248.30 (17 CFR 248.30), under Regulation S-P is titled
``Procedures to Safeguard Customer Records and Information; Disposal of
Consumer Report Information.'' Rule 248.30 (the ``safeguard rule'')
requires brokers, dealers, investment companies, and investment
advisers registered with the Commission (``registered investment
advisers'') (collectively ``covered institutions'') to adopt written
policies and procedures for administrative, technical, and physical
safeguards to protect customer records and information. The safeguards
must be reasonably designed to ``insure the security and
confidentiality of customer records and information,'' ``protect
against any anticipated threats or hazards to the security and
integrity'' of those records, and protect against unauthorized access
to or use of those records or information, which ``could result in
substantial harm or inconvenience to any customer.'' The safeguard
rule's requirement that covered institutions' policies and procedures
be documented in writing constitutes a collection of information and
must be maintained on an ongoing basis. This requirement eliminates
uncertainty as to required employee actions to protect customer records
and information and promotes more systematic and organized reviews of
safeguard policies and procedures by institutions. The information
collection also assists the Commission's examination staff in assessing
the existence and adequacy of covered institutions' safeguard policies
and procedures.
We estimate that as of the end of 2009, there are 5253 broker-
dealers, 4522 investment companies, and 11,450 investment advisers
currently registered with the Commission, for a total of 21,225 covered
institutions. We expect that all of these covered institutions have
already documented their safeguard policies and procedures in writing
and therefore will incur no hourly burdens related to the initial
documentation of policies and procedures.
However, we expect that approximately 10 percent of the 21,225
covered institutions currently registered with the Commission will
review and update their policies and procedures each year, for a total
of 2123 covered institutions that will spend time to update their
policies and procedures. The amount of time spent reviewing and
updating safeguard policies and procedures is likely to vary widely,
based on the size of the entity, the complexity of its operations, and
any significant changes in the security environment. We estimate that
it will take a typical covered institution that reviews and updates its
safeguard policies and procedures approximately 20 hours to complete
such a review and document the results, for a total hourly burden for
all institutions of 42,460 hours.
Although existing covered institutions would not incur any initial
hourly burden in complying with the safeguards rule, we expect that
newly registered institutions would incur some hourly burdens
associated with documenting their safeguard policies and procedures. We
estimate that approximately 1500 broker-dealers, investment companies,
or investment advisers register with the Commission annually. However,
we also expect that approximately 70% of these newly registered covered
institutions (1050) are affiliated with an existing covered
institution, and will rely on an organization-wide set of previously
documented safeguard policies and procedures created by their
affiliates. We estimate that these affiliated newly registered covered
institutions will incur a significantly reduced hourly burden in
complying with the safeguards rule, as they will need only to review
their affiliate's existing policies and procedures, and identify and
adopt the relevant policies for their business. Therefore, we expect
that newly registered covered institutions with existing affiliates
will incur an hourly burden of approximately 15 hours in identifying
and adopting safeguard policies and procedures for their business, for
a total hourly burden for all affiliated new institutions of 15,750
hours.
Finally, we expect that the 450 newly registered entities that are
not affiliated with an existing institution will incur a significantly
higher hourly burden in reviewing and documenting their safeguard
policies and procedures. We expect that virtually all of the newly
registered covered entities that do not have an affiliate are likely to
be small entities and are likely to have smaller and less complex
operations, with a correspondingly smaller set of safeguard policies
and procedures to document, compared to other larger existing
[[Page 9629]]
institutions with multiple affiliates. We estimate that it will take a
typical newly registered unaffiliated institution approximately 65
hours to review, identify, and document their safeguard policies and
procedures, for a total of 29,250 hours for all newly registered
unaffiliated entities.
Therefore, we estimate that the total annual hourly burden
associated with the safeguards rule is 87,460 hours. We also estimate
that all covered institutions will be respondents each year, for a
total of 21,225 respondents.
These estimates of average burden hours are made solely for the
purposes of the Paperwork Reduction Act. 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. The
safeguard rule does not require the reporting of any information or the
filing of any documents with the Commission. The collection of
information required by the safeguard rule is mandatory.
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 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: February 23, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-4335 Filed 3-2-10; 8:45 am]
BILLING CODE 8011-01-P