Proposed Collection; Comment Request, 27600-27601 [2010-11659]

Download as PDF srobinson on DSKHWCL6B1PROD with NOTICES 27600 Federal Register / Vol. 75, No. 94 / Monday, May 17, 2010 / Notices develop a pilot trading system and to begin operation of such system shortly after submitting an initial report on Form PILOT to the Commission. During operation of any such pilot trading system, the SRO must submit quarterly reports of the system’s operation to the Commission, as well as timely amendments describing any material changes to the system. After two years of operating such pilot trading system under the exemption afforded by Rule 19b–5, the SRO must submit a rule filing pursuant to Section 19(b)(2) (15 U.S.C. 78s(b)(2)) of the Act in order to obtain permanent approval of the pilot trading system from the Commission. The collection of information is designed to allow the Commission to maintain an accurate record of all new pilot trading systems operated by SROs and to determine whether an SRO has properly availed itself of the exemption afforded by Rule 19b–5, is operating a pilot trading system in compliance with the Act, and is carrying out its statutory oversight obligations under the Act. The respondents to the collection of information are national securities exchanges and national securities associations. While there are 14 national securities exchanges and national securities associations that may avail themselves of the exemption under Rule 19b–5 and the use of Form PILOT, it is estimated that approximately three respondents will file a total of 3 initial reports, 12 quarterly reports, and 6 amendments on Form PILOT per year, with an estimated total annual response burden of 126 hours. At an average hourly cost of $307.74, the estimated aggregate related cost of compliance with Rule 19b–5 for all respondents is $38,775 per year (126 burden hours multiplied by $307.74/ hour = $38,775). Written comments are invited on (a) whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’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. Please direct your written comments to: Charles Boucher, Director/Chief VerDate Mar<15>2010 17:36 May 14, 2010 Jkt 220001 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. Dated: May 10, 2010. Elizabeth M. Murphy, Secretary. [FR Doc. 2010–11660 Filed 5–14–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Rule 17a–8; SEC File No. 270–225; OMB Control No. 3235–0235] 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 17a–8; SEC File No. 270–225; OMB Control No. 3235–0235. 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 17a–8 (17 CFR 270.17a–8) under the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a) is entitled ‘‘Mergers of affiliated companies.’’ Rule 17a–8 exempts certain mergers and similar business combinations (‘‘mergers’’) of affiliated registered investment companies (‘‘funds’’) from prohibitions under section 17(a) of the Act (15 U.S.C. 80a–17(a)) on purchases and sales between a fund and its affiliates. The rule requires fund directors to consider certain issues and to record their findings in board minutes. The rule requires the directors of any fund merging with an unregistered entity to approve procedures for the valuation of assets received from that entity. These procedures must provide for the preparation of a report by an independent evaluator that sets forth the fair value of each such asset for which market quotations are not readily available. The rule also requires a fund being acquired to obtain approval of the merger transaction by a majority of its outstanding voting securities, except in PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 certain situations, and requires any surviving fund to preserve written records describing the merger and its terms for six years after the merger (the first two in an easily accessible place). The average annual burden of meeting the requirements of rule 17a–8 is estimated to be 7 hours for each fund. The Commission staff estimates that each year approximately 610 funds rely on the rule. The estimated total average annual burden for all respondents therefore is 4270 hours. This estimate represents a decrease of 2170 hours from the prior estimate of 6440 hours. The decrease results from a change in the methodology used to estimate the number of mergers between affiliated funds or fund portfolios. The average cost burden of preparing a report by an independent evaluator in a merger with an unregistered entity is estimated to be $15,000. The average net cost burden of obtaining approval of a merger transaction by a majority of a fund’s outstanding voting securities is estimated to be $80,000. The Commission staff estimates that each year approximately 0 mergers with unregistered entities occur and approximately 15 funds hold shareholder votes that would not otherwise have held a shareholder vote to comply with State law. The total annual cost burden of meeting these requirements is estimated to be $1,200,000. The estimates of average burden hours and average cost burdens are made solely for the purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even a representative survey or study. 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 OMB control number. Written comments are requested 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 burdens 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, E:\FR\FM\17MYN1.SGM 17MYN1 Federal Register / Vol. 75, No. 94 / Monday, May 17, 2010 / Notices 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: May 10, 2010. Elizabeth M. Murphy, Secretary. [FR Doc. 2010–11659 Filed 5–14–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Rule 15a–6; SEC File No. 270–0329; OMB Control No. 3235–0371] Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. srobinson on DSKHWCL6B1PROD with NOTICES Extension: Rule 15a–6; SEC File No. 270–0329; OMB Control No. 3235–0371. 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 (‘‘Commission’’) is soliciting comments on the existing 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 15a–6 (17 CFR 240.15a–6) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) provides, among other things, an exemption from brokerdealer registration for foreign brokerdealers that effect trades with or for U.S. institutional investors through a U.S. registered broker-dealer, provided that the U.S. broker-dealer obtains certain information about, and consents to service of process from, the personnel of the foreign broker-dealer involved in such transactions, and maintains certain records in connection therewith. These requirements are intended to ensure (a) that the U.S. broker-dealer will receive notice of the identity of, and has reviewed the background of, foreign personnel who will contact U.S. institutional investors, (b) that the foreign broker-dealer and its personnel effectively may be served with process in the event enforcement action is necessary, and (c) that the Commission has ready access to information concerning these persons and their U.S. securities activities. It is estimated that approximately 2,000 respondents will incur an average VerDate Mar<15>2010 17:36 May 14, 2010 Jkt 220001 burden of three hours per year to comply with this rule, for a total burden of 6,000 hours. At an average cost per hour of approximately $105, the resultant total cost of compliance for the respondents is $600,000 per year (2,000 entities × 3 hours/entity × $105/hour = $630,000). Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information will have practical utility; (b) the accuracy of the Commission’s estimate 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. Direct your written comments 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. Dated: May 10, 2010. Elizabeth M. Murphy, Secretary. [FR Doc. 2010–11658 Filed 5–14–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Rule 0–4; SEC File No. 270–569; OMB Control No. 3235–0633] Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Existing Collection; New OMB Control No.: Rule 0–4; SEC File No. 270–569; OMB Control No. 3235–0633. 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 collection of information to the Office of PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 27601 Management and Budget for extension and approval. Rule 0–4 (17 CFR 275.0–4) under the Investment Advisers Act of 1940 (‘‘Act’’ or ‘‘Advisers Act’’) (15 U.S.C. 80b–1 et seq.) entitled ‘‘General Requirements of Papers and Applications,’’ prescribes general instructions for filing an application seeking exemptive relief with the Commission. Rule 0–4 currently requires that every application for an order for which a form is not specifically prescribed and which is executed by a corporation, partnership or other company and filed with the Commission contain a statement of the applicable provisions of the articles of incorporation, bylaws or similar documents, relating to the right of the person signing and filing such application to take such action on behalf of the applicant, and a statement that all such requirements have been complied with and that the person signing and filing the application is fully authorized to do so. If such authorization is dependent on resolutions of stockholders, directors, or other bodies, such resolutions must be attached as an exhibit to or quoted in the application. Any amendment to the application must contain a similar statement as to the applicability of the original statement of authorization. When any application or amendment is signed by an agent or attorney, rule 0–4 requires that the power of attorney evidencing his authority to sign shall state the basis for the agent’s authority and shall be filed with the Commission. Every application subject to rule 0–4 must be verified by the person executing the application by providing a notarized signature in substantially the form specified in the rule. Each application subject to rule 0– 4 must state the reasons why the applicant is deemed to be entitled to the action requested with a reference to the provisions of the Act and rules thereunder, the name and address of each applicant, and the name and address of any person to whom any questions regarding the application should be directed. Rule 0–4 requires that a proposed notice of the proceeding initiated by the filing of the application accompany each application as an exhibit and, if necessary, be modified to reflect any amendment to the application. The requirements of rule 0–4 are designed to provide Commission staff with the necessary information to assess whether granting the orders of exemption are necessary and appropriate in the public interest and consistent with the protection of investors and the intended purposes of the Act. E:\FR\FM\17MYN1.SGM 17MYN1

Agencies

[Federal Register Volume 75, Number 94 (Monday, May 17, 2010)]
[Notices]
[Pages 27600-27601]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-11659]


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SECURITIES AND EXCHANGE COMMISSION

[Rule 17a-8; SEC File No. 270-225; OMB Control No. 3235-0235]


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 17a-8; SEC File No. 270-225; OMB Control No. 3235-0235.

    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 17a-8 (17 CFR 270.17a-8) under the Investment Company Act of 
1940 (the ``Act'') (15 U.S.C. 80a) is entitled ``Mergers of affiliated 
companies.'' Rule 17a-8 exempts certain mergers and similar business 
combinations (``mergers'') of affiliated registered investment 
companies (``funds'') from prohibitions under section 17(a) of the Act 
(15 U.S.C. 80a-17(a)) on purchases and sales between a fund and its 
affiliates. The rule requires fund directors to consider certain issues 
and to record their findings in board minutes. The rule requires the 
directors of any fund merging with an unregistered entity to approve 
procedures for the valuation of assets received from that entity. These 
procedures must provide for the preparation of a report by an 
independent evaluator that sets forth the fair value of each such asset 
for which market quotations are not readily available. The rule also 
requires a fund being acquired to obtain approval of the merger 
transaction by a majority of its outstanding voting securities, except 
in certain situations, and requires any surviving fund to preserve 
written records describing the merger and its terms for six years after 
the merger (the first two in an easily accessible place).
    The average annual burden of meeting the requirements of rule 17a-8 
is estimated to be 7 hours for each fund. The Commission staff 
estimates that each year approximately 610 funds rely on the rule. The 
estimated total average annual burden for all respondents therefore is 
4270 hours.
    This estimate represents a decrease of 2170 hours from the prior 
estimate of 6440 hours. The decrease results from a change in the 
methodology used to estimate the number of mergers between affiliated 
funds or fund portfolios.
    The average cost burden of preparing a report by an independent 
evaluator in a merger with an unregistered entity is estimated to be 
$15,000. The average net cost burden of obtaining approval of a merger 
transaction by a majority of a fund's outstanding voting securities is 
estimated to be $80,000. The Commission staff estimates that each year 
approximately 0 mergers with unregistered entities occur and 
approximately 15 funds hold shareholder votes that would not otherwise 
have held a shareholder vote to comply with State law. The total annual 
cost burden of meeting these requirements is estimated to be 
$1,200,000.
    The estimates of average burden hours and average cost burdens are 
made solely for the purposes of the Paperwork Reduction Act, and are 
not derived from a comprehensive or even a representative survey or 
study. 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 OMB control number.
    Written comments are requested 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 burdens 
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,

[[Page 27601]]

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: May 10, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-11659 Filed 5-14-10; 8:45 am]
BILLING CODE 8010-01-P
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