Proposed Collection; Comment Request, 54923-54924 [2010-22451]
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Federal Register / Vol. 75, No. 174 / Thursday, September 9, 2010 / Notices
three separate sets of provisions—in
Title I (Labor provisions), Title II
(Internal Revenue Code provisions), and
Title IV PBGC provisions)—requiring
administrators of employee benefit
pension and welfare plans (collectively
referred to as employee benefit plans) to
file returns or reports annually with the
federal government.
Since enactment of ERISA, PBGC, the
Department of Labor (DOL), and the
Internal Revenue Service (IRS)
(collectively, the Agencies), have
worked together (under DOL’s
leadership) to produce the Form 5500
Annual Return/Report, through which
the regulated public can satisfy the
combined reporting/filing requirements
applicable to employee benefit plans.
On November 16, 2007, the Agencies
adopted revisions to the Form 5500
Annual Return/Report, including the
establishment of a new Form 5500–SF
(Short Form 5500) for certain small
plans, in order to update and streamline
the annual reporting process in
conjunction with establishing a wholly
electronic processing system for the
receipt of the Form 5500 Annual
Return/Reports and conform the forms
to the provisions of the Pension
Protection Act of 2006 (PPA). A final
rule, which was published
contemporaneously with the revisions,
amended DOL’s electronic filing
regulation at 29 CFR 2520.104a–2 to
provide that the electronic filing
requirement is applicable only for plan
years beginning on or after January 1,
2009.
On July 17, 2007, PBGC submitted a
regular change request to OMB for
approval of a three-year renewal period
for the information collection requests
(ICRs) contained under OMB Control
Number 1212–0057. At that time, PBGC
and OMB agreed that PBGC would file
a non-material, non-substantive change
request for the 2008 Form 5500 and
Instructions and the 2008 Form 5500–
SF and Instructions (Forms and
Instructions) (and in 2009 for the 2009
Forms and Instructions) as long as no
additional program changes were made.
OMB approved the three-year renewal
on September 24, 2007.
On November 10, 2008, PBGC
submitted a non-material, nonsubstantive change request with
updated cost and hour burden estimates
for the 2008 Forms and Instructions,
which were approved by OMB on
November 10, 2008.
On July 25, 2009, PBGC submitted a
non-material, non-substantive change
request with updated cost and hour
burden estimates for the 2009 and 2010
Forms and Instructions (without the
Instructions for the 2010 Schedules SB
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17:24 Sep 08, 2010
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54923
and MB), which were approved on
November 6, 2009 with the
understanding that these Instructions
would be submitted to OMB when they
are available.
On April 16, 2010, PBGC submitted a
non-material, non-substantive change
request for the 2009 and 2010 Forms
and Instructions, to reflect revisions to
the Instructions for Schedules SB and
MB. This ICR was approved by OMB on
April 26, 2010.
On May 20, 2010, PBGC submitted a
non-material, non-substantive change
request for guidance on the 2009
Instructions for Schedule R (Retirement
Plan Information). This ICR was
approved by OMB on June 6, 2010.
Thus, OMB has approved PBGCs
annual reporting and disclosure
collection of information (2008–2010
Forms and Instructions) under control
number 1212–0057 through September
30, 2010. PBGC is requesting that OMB
extend approval of this collection of
information for three years, without
change. 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.
PBGC estimates that it will receive
30,300 Form 5500 and Form 5500–SF
filings per year under this collection of
information. PBGC further estimates
that the total annual burden of this
collection of information is 1,200 hours
and $1,250,000.
Physical Loan Application Deadline
Date: 10/18/2010.
Economic Injury (EIDL) Loan
Application Deadline Date: 05/17/2011.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for Private Non-Profit
organizations in the State of Missouri,
dated 08/17/2010, is hereby amended to
include the following areas as adversely
affected by the disaster.
Primary Counties: Knox, Linn,
Marion, Monroe, Pike, Ralls, Shelby.
All other information in the original
declaration remains unchanged.
Issued in Washington, DC, this 3rd day of
September, 2010.
Catherine B. Klion,
Manager,Regulatory and Policy
Division,Legislative and Regulatory
Department,Pension Benefit Guaranty
Corporation.
Proposed Collection; Comment
Request
[FR Doc. 2010–22493 Filed 9–8–10; 8:45 am]
BILLING CODE 7709–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #12283 and #12284]
Missouri Disaster Number MO–00041
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
This is an amendment of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Missouri (FEMA–1934–DR),
dated 08/17/2010.
Incident: Severe storms, flooding, and
tornadoes.
Incident Period: 06/12/2010 through
07/31/2010.
DATES: Effective Date: 08/26/2010.
SUMMARY:
PO 00000
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(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
James E. Rivera,
Associate Administrator for Disaster
Assistance.
[FR Doc. 2010–22298 Filed 9–8–10; 8:45 am]
BILLING CODE 8025–01–M
SECURITIES AND EXCHANGE
COMMISSION
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor Education
and Advocacy, Washington, DC 20549–
0213.
Extension:
Rule 237; SEC File No. 270–465; OMB
Control No. 3235–0528.
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 (‘‘OMB’’) for
extension and approval.
In Canada, as in the United States,
individuals can invest a portion of their
earnings in tax-deferred retirement
savings accounts (‘‘Canadian retirement
accounts’’). These accounts, which
operate in a manner similar to
individual retirement accounts in the
United States, encourage retirement
E:\FR\FM\09SEN1.SGM
09SEN1
54924
Federal Register / Vol. 75, No. 174 / Thursday, September 9, 2010 / Notices
savings by permitting savings on a taxdeferred basis. Individuals who
establish Canadian retirement accounts
while living and working in Canada and
who later move to the United States
(‘‘Canadian-U.S. Participants’’ or
‘‘participants’’) often continue to hold
their retirement assets in their Canadian
retirement accounts rather than
prematurely withdrawing (or ‘‘cashing
out’’) those assets, which would result in
immediate taxation in Canada.
Once in the United States, however,
these participants historically have been
unable to manage their Canadian
retirement account investments. Most
securities that are ‘‘qualified
investments’’ for Canadian retirement
accounts are not registered under the
U.S. securities laws. Those securities,
therefore, generally cannot be publicly
offered and sold in the United States
without violating the registration
requirement of the Securities Act of
1933 (‘‘Securities Act’’).1 As a result of
this registration requirement, CanadianU.S. Participants previously were not
able to purchase or exchange securities
for their Canadian retirement accounts
as needed to meet their changing
investment goals or income needs.
The Commission issued a rulemaking
in 2000 that enabled Canadian-U.S.
Participants to manage the assets in
their Canadian retirement accounts by
providing relief from the U.S.
registration requirements for offers of
securities of foreign issuers to CanadianU.S. Participants and sales to Canadian
retirement accounts.2 Rule 237 under
the Securities Act 3 permits securities of
foreign issuers, including securities of
foreign funds, to be offered to CanadianU.S. Participants and sold to their
Canadian retirement accounts without
being registered under the Securities
Act.
Rule 237 requires written offering
documents for securities offered and
sold in reliance on the rule to disclose
prominently that the securities are not
registered with the Commission and are
exempt from registration under the U.S.
securities laws. The burden under the
mstockstill on DSKH9S0YB1PROD with NOTICES
1 15
U.S.C. 77. In addition, the offering and
selling of securities of investment companies
(‘‘funds’’) that are not registered pursuant to the
Investment Company Act of 1940 (‘‘Investment
Company Act’’) is generally prohibited by U.S.
securities laws. 15 U.S.C. 80a.
2 See Offer and Sale of Securities to Canadian
Tax-Deferred Retirement Savings Accounts, Release
Nos. 33–7860, 34–42905, IC–24491 (June 7, 2000)
[65 FR 37672 (June 15, 2000)]. This rulemaking also
included new rule 7d–2 under the Investment
Company Act, permitting foreign funds to offer
securities to Canadian-U.S. Participants and sell
securities to Canadian retirement accounts without
registering as investment companies under the
Investment Company Act. 17 CFR 270.7d–2.
3 17 CFR 230.237.
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17:24 Sep 08, 2010
Jkt 220001
rule associated with adding this
disclosure to written offering documents
is minimal and is non-recurring. The
foreign issuer, underwriter, or brokerdealer can redraft an existing prospectus
or other written offering material to add
this disclosure statement, or may draft
a sticker or supplement containing this
disclosure to be added to existing
offering materials. In either case, based
on discussions with representatives of
the Canadian fund industry, the staff
estimates that it would take an average
of 10 minutes per document to draft the
requisite disclosure statement.
The Commission understands that
there are approximately 3811 Canadian
issuers other than funds that may rely
on rule 237 to make an initial public
offering of their securities to CanadianU.S. Participants.4 The staff estimates
that in any given year approximately 38
(or 1 percent) of those issuers are likely
to rely on rule 237 to make a public
offering of their securities to
participants, and that each of those 38
issuers, on average, distributes 3
different written offering documents
concerning those securities, for a total of
114 offering documents.
The staff therefore estimates that
during each year that rule 237 is in
effect, approximately 38 respondents 5
would be required to make 114
responses by adding the new disclosure
statements to approximately 114 written
offering documents. Thus, the staff
estimates that the total annual burden
associated with the rule 237 disclosure
requirement would be approximately 19
hours (114 offering documents × 10
minutes per document). The total
annual cost of burden hours is estimated
to be $6004 (19 hours × $316 per hour
of attorney time).6
In addition, issuers from foreign
countries other than Canada could rely
on rule 237 to offer securities to
4 This estimate is based on the following
calculation: 3700 equity issuers + 111 bond issuers
= 3811 total issuers. See World Federation of
Exchanges, Number of Listed Issuers, available at
https://www.world-exchanges.org/statistics/annual/
2009 (providing numbers of equity and fixedincome issuers on Canada’s Toronto Stock
Exchange in 2009).
5 This estimate of respondents only includes
foreign issuers. The number of respondents would
be greater if foreign underwriters or broker-dealers
draft stickers or supplements to add the required
disclosure to existing offering documents.
6 The Commission’s estimate concerning the wage
rate for attorney time is based on salary information
for the securities industry compiled by the
Securities Industry and Financial Markets
Association (‘‘SIFMA’’). The $316 per hour figure for
an attorney is from SIFMA’s Management &
Professional Earnings in the Securities Industry
2009, modified by Commission staff to account for
an 1800-hour work-year and multiplied by 5.35 to
account for bonuses, firm size, employee benefits,
and overhead.
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Fmt 4703
Sfmt 9990
Canadian-U.S. Participants and sell
securities to their accounts without
becoming subject to the registration
requirements of the Securities Act.
However, the staff believes that the
number of issuers from other countries
that rely on rule 237, and that therefore
are required to comply with the offering
document disclosure requirements, is
negligible.
These burden hour estimates are
based upon the Commission staff’s
experience and discussions with the
fund industry. The estimates of average
burden hours are made solely for the
purposes of the Paperwork Reduction
Act. These estimates are not derived
from a comprehensive or even a
representative survey or study of the
costs of Commission rules.
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 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 burdens 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 Remi Pavlik-Simon,
6432 General Green Way, Alexandria,
VA 22312; or send an e-mail to:
PRA_Mailbox@sec.gov.
Dated: September 1, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–22451 Filed 9–8–10; 8:45 am]
BILLING CODE 8010–01–P
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09SEN1
Agencies
[Federal Register Volume 75, Number 174 (Thursday, September 9, 2010)]
[Notices]
[Pages 54923-54924]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-22451]
=======================================================================
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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 237; SEC File No. 270-465; OMB Control No. 3235-0528.
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 (``OMB'') for extension and approval.
In Canada, as in the United States, individuals can invest a
portion of their earnings in tax-deferred retirement savings accounts
(``Canadian retirement accounts''). These accounts, which operate in a
manner similar to individual retirement accounts in the United States,
encourage retirement
[[Page 54924]]
savings by permitting savings on a tax-deferred basis. Individuals who
establish Canadian retirement accounts while living and working in
Canada and who later move to the United States (``Canadian-U.S.
Participants'' or ``participants'') often continue to hold their
retirement assets in their Canadian retirement accounts rather than
prematurely withdrawing (or ``cashing out'') those assets, which would
result in immediate taxation in Canada.
Once in the United States, however, these participants historically
have been unable to manage their Canadian retirement account
investments. Most securities that are ``qualified investments'' for
Canadian retirement accounts are not registered under the U.S.
securities laws. Those securities, therefore, generally cannot be
publicly offered and sold in the United States without violating the
registration requirement of the Securities Act of 1933 (``Securities
Act'').\1\ As a result of this registration requirement, Canadian-U.S.
Participants previously were not able to purchase or exchange
securities for their Canadian retirement accounts as needed to meet
their changing investment goals or income needs.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 77. In addition, the offering and selling of
securities of investment companies (``funds'') that are not
registered pursuant to the Investment Company Act of 1940
(``Investment Company Act'') is generally prohibited by U.S.
securities laws. 15 U.S.C. 80a.
---------------------------------------------------------------------------
The Commission issued a rulemaking in 2000 that enabled Canadian-
U.S. Participants to manage the assets in their Canadian retirement
accounts by providing relief from the U.S. registration requirements
for offers of securities of foreign issuers to Canadian-U.S.
Participants and sales to Canadian retirement accounts.\2\ Rule 237
under the Securities Act \3\ permits securities of foreign issuers,
including securities of foreign funds, to be offered to Canadian-U.S.
Participants and sold to their Canadian retirement accounts without
being registered under the Securities Act.
---------------------------------------------------------------------------
\2\ See Offer and Sale of Securities to Canadian Tax-Deferred
Retirement Savings Accounts, Release Nos. 33-7860, 34-42905, IC-
24491 (June 7, 2000) [65 FR 37672 (June 15, 2000)]. This rulemaking
also included new rule 7d-2 under the Investment Company Act,
permitting foreign funds to offer securities to Canadian-U.S.
Participants and sell securities to Canadian retirement accounts
without registering as investment companies under the Investment
Company Act. 17 CFR 270.7d-2.
\3\ 17 CFR 230.237.
---------------------------------------------------------------------------
Rule 237 requires written offering documents for securities offered
and sold in reliance on the rule to disclose prominently that the
securities are not registered with the Commission and are exempt from
registration under the U.S. securities laws. The burden under the rule
associated with adding this disclosure to written offering documents is
minimal and is non-recurring. The foreign issuer, underwriter, or
broker-dealer can redraft an existing prospectus or other written
offering material to add this disclosure statement, or may draft a
sticker or supplement containing this disclosure to be added to
existing offering materials. In either case, based on discussions with
representatives of the Canadian fund industry, the staff estimates that
it would take an average of 10 minutes per document to draft the
requisite disclosure statement.
The Commission understands that there are approximately 3811
Canadian issuers other than funds that may rely on rule 237 to make an
initial public offering of their securities to Canadian-U.S.
Participants.\4\ The staff estimates that in any given year
approximately 38 (or 1 percent) of those issuers are likely to rely on
rule 237 to make a public offering of their securities to participants,
and that each of those 38 issuers, on average, distributes 3 different
written offering documents concerning those securities, for a total of
114 offering documents.
---------------------------------------------------------------------------
\4\ This estimate is based on the following calculation: 3700
equity issuers + 111 bond issuers = 3811 total issuers. See World
Federation of Exchanges, Number of Listed Issuers, available at
https://www.world-exchanges.org/statistics/annual/2009 (providing
numbers of equity and fixed-income issuers on Canada's Toronto Stock
Exchange in 2009).
---------------------------------------------------------------------------
The staff therefore estimates that during each year that rule 237
is in effect, approximately 38 respondents \5\ would be required to
make 114 responses by adding the new disclosure statements to
approximately 114 written offering documents. Thus, the staff estimates
that the total annual burden associated with the rule 237 disclosure
requirement would be approximately 19 hours (114 offering documents x
10 minutes per document). The total annual cost of burden hours is
estimated to be $6004 (19 hours x $316 per hour of attorney time).\6\
---------------------------------------------------------------------------
\5\ This estimate of respondents only includes foreign issuers.
The number of respondents would be greater if foreign underwriters
or broker-dealers draft stickers or supplements to add the required
disclosure to existing offering documents.
\6\ The Commission's estimate concerning the wage rate for
attorney time is based on salary information for the securities
industry compiled by the Securities Industry and Financial Markets
Association (``SIFMA''). The $316 per hour figure for an attorney is
from SIFMA's Management & Professional Earnings in the Securities
Industry 2009, modified by Commission staff to account for an 1800-
hour work-year and multiplied by 5.35 to account for bonuses, firm
size, employee benefits, and overhead.
---------------------------------------------------------------------------
In addition, issuers from foreign countries other than Canada could
rely on rule 237 to offer securities to Canadian-U.S. Participants and
sell securities to their accounts without becoming subject to the
registration requirements of the Securities Act. However, the staff
believes that the number of issuers from other countries that rely on
rule 237, and that therefore are required to comply with the offering
document disclosure requirements, is negligible.
These burden hour estimates are based upon the Commission staff's
experience and discussions with the fund industry. The estimates of
average burden hours are made solely for the purposes of the Paperwork
Reduction Act. These estimates are not derived from a comprehensive or
even a representative survey or study of the costs of Commission rules.
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 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 burdens 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 Remi Pavlik-
Simon, 6432 General Green Way, Alexandria, VA 22312; or send an e-mail
to: PRA_Mailbox@sec.gov.
Dated: September 1, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-22451 Filed 9-8-10; 8:45 am]
BILLING CODE 8010-01-P