Submission for OMB Review; Comment Request, 42175-42176 [2010-17642]
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Federal Register / Vol. 75, No. 138 / Tuesday, July 20, 2010 / Notices
Commission staff estimates that it
receives approximately 9 applications
per year submitted under rule 0–4 of the
Act. Although each application
typically is submitted on behalf of
multiple applicants, the applicants in
the vast majority of cases are related
entities and are treated as a single
respondent for purposes of this analysis.
Most of the work of preparing an
application is performed by outside
counsel and, therefore, imposes no
hourly burden on respondents. The cost
outside counsel charges applicants
depends on the complexity of the issues
covered by the application and the time
required. Based on conversations with
applicants and attorneys, the cost ranges
from approximately $7,000 for
preparing a well-precedented, routine
application to approximately $80,000 to
prepare a complex or novel application.
We estimate that the Commission
receives 2 of the most time-consuming
applications annually, 4 applications of
medium difficulty, and 3 of the least
difficult applications subject to rule 0–
4. This distribution gives a total
estimated annual cost burden to
applicants of filing all applications of
$355,000 [(2 × $80,000) + (4 × $43,500)
+ (3 × $7,000)]. The estimates of annual
burden hours and costs are made solely
for the purposes of the Paperwork
Reduction Act, and are not derived from
a comprehensive or even representative
survey or study of the costs of
Commission rules and forms.
The requirements of this collection of
information are required to obtain or
retain benefits. Responses 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.
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: July 14, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–17640 Filed 7–19–10; 8:45 am]
BILLING CODE 8010–01–P
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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 19b–5 and Form PILOT, SEC File No.
270–448, OMB Control No. 3235–0507.
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’’) has submitted to the
Office of Management and Budget a
request for approval of extension of the
previously approved collection of
information provided for in Rule 19b–5
(17 CFR 240.19b–5) and Form PILOT
(17 CFR 249.821) under the Securities
Exchange Act of 1934, as amended
(‘‘Act’’) (15 U.S.C. 78a et seq.).
Rule 19b–5 provides a temporary
exemption from the rule-filing
requirements of Section 19(b) of the Act
(15 U.S.C. 78s(b)) to self-regulatory
organizations (‘‘SROs’’) wishing to
establish and operate pilot trading
systems. Rule 19b–5 permits an SRO to
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) of the
Act (15 U.S.C. 78s(b)(2)) 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
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42175
the use of Form PILOT, it is estimated
that approximately three respondents
will file a total of 3 initial reports (for
a 72 hour estimated annual burden), 12
quarterly reports (for a 36 hour
estimated annual burden), and 6
amendments (for an 18 hour estimated
annual burden) on Form PILOT per
year, with an estimated total annual
response burden of 126 hours. At an
average hourly cost of $307.74, the
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).
Although Rule 19b–5 does not in
itself impose recordkeeping burdens on
SROs, it relies on existing requirements
imposed by Rule 17a–1 under the Act
(17 CFR 240.17a–1) to require SROs to
retain all the rules and procedures
relating to each pilot trading system
operating pursuant to Rule 19b–5, and
to make such records available for
Commission inspection for a period of
not less than five years, the first two
years in an easily accessible place.
The filing of a Form PILOT is
mandatory for any SRO seeking a
temporary exemption under Rule 19b–5
from the rule filing requirements of
Section 19(b) of the Act in connection
with the operation of a pilot trading
system. It is also mandatory that an SRO
operating a pilot trading system file
with the Commission notices of material
systems changes and quarterly
transaction reports on Form PILOT.
Information provided on Form PILOT is
deemed confidential and shall be
available only for examination by the
Commission, other agencies of the
federal government and state securities
authorities.
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.
Comments should be directed to: (i)
Desk Officer for the Securities and
Exchange Commission, Office of
Information and Regulatory Affairs,
Office of Management and Budget,
Room 10102, New Executive Office
Building, Washington, DC 20503, or by
sending an e-mail to:
Shagufta_Ahmed@omb.eop.gov; and (ii)
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. Comments
must be submitted within 30 days of
this notice.
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42176
Federal Register / Vol. 75, No. 138 / Tuesday, July 20, 2010 / Notices
Dated: July 14, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–17642 Filed 7–19–10; 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.
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
Approval of Existing Information Collection:
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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
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
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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.
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: July 14, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–17641 Filed 7–19–10; 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
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
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’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 15a–6 (17 CFR 240.15a–6) under
the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (‘‘Exchange Act’’)
provides, among other things, an
exemption from broker-dealer
registration for foreign broker-dealers
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
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).
In general, the records to be
maintained under Rule 15a–6 must be
kept for the applicable time periods as
set forth in Rule 17a–4 (17 CFR
240.17a–4) under the Exchange Act or,
with respect to the consents to service
of process, for a period of not less than
six years after the applicable person
ceases engaging in U.S. securities
activities. Reliance on the exemption set
forth in Rule 15a–6 is voluntary, but if
a foreign broker-dealer elects to rely on
such exemption, the collection of
information described therein is
mandatory. The collection does not
involve confidential information.
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Agencies
[Federal Register Volume 75, Number 138 (Tuesday, July 20, 2010)]
[Notices]
[Pages 42175-42176]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-17642]
-----------------------------------------------------------------------
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 19b-5 and Form PILOT, SEC File No. 270-448, OMB Control No.
3235-0507.
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'') has submitted to the Office of Management
and Budget a request for approval of extension of the previously
approved collection of information provided for in Rule 19b-5 (17 CFR
240.19b-5) and Form PILOT (17 CFR 249.821) under the Securities
Exchange Act of 1934, as amended (``Act'') (15 U.S.C. 78a et seq.).
Rule 19b-5 provides a temporary exemption from the rule-filing
requirements of Section 19(b) of the Act (15 U.S.C. 78s(b)) to self-
regulatory organizations (``SROs'') wishing to establish and operate
pilot trading systems. Rule 19b-5 permits an SRO to 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) of the Act (15 U.S.C. 78s(b)(2)) 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
(for a 72 hour estimated annual burden), 12 quarterly reports (for a 36
hour estimated annual burden), and 6 amendments (for an 18 hour
estimated annual burden) on Form PILOT per year, with an estimated
total annual response burden of 126 hours. At an average hourly cost of
$307.74, the 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).
Although Rule 19b-5 does not in itself impose recordkeeping burdens
on SROs, it relies on existing requirements imposed by Rule 17a-1 under
the Act (17 CFR 240.17a-1) to require SROs to retain all the rules and
procedures relating to each pilot trading system operating pursuant to
Rule 19b-5, and to make such records available for Commission
inspection for a period of not less than five years, the first two
years in an easily accessible place.
The filing of a Form PILOT is mandatory for any SRO seeking a
temporary exemption under Rule 19b-5 from the rule filing requirements
of Section 19(b) of the Act in connection with the operation of a pilot
trading system. It is also mandatory that an SRO operating a pilot
trading system file with the Commission notices of material systems
changes and quarterly transaction reports on Form PILOT. Information
provided on Form PILOT is deemed confidential and shall be available
only for examination by the Commission, other agencies of the federal
government and state securities authorities.
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.
Comments should be directed to: (i) Desk Officer for the Securities
and Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503, or by sending an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) 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. Comments must be submitted within 30 days of this
notice.
[[Page 42176]]
Dated: July 14, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-17642 Filed 7-19-10; 8:45 am]
BILLING CODE 8010-01-P