Proposed Collection; Comment Request, 81682-81683 [2010-32520]

Download as PDF emcdonald on DSK2BSOYB1PROD with NOTICES 81682 Federal Register / Vol. 75, No. 248 / Tuesday, December 28, 2010 / Notices securities or other property to or from, the fund or any company that the fund controls.1 Rule 17a–6 (17 CFR 270.17a– 6) permits a fund and a ‘‘portfolio affiliate’’ (a company that is an affiliated person of the fund because the fund controls the company, or holds five percent or more of the company’s outstanding voting securities) to engage in principal transactions that would otherwise be prohibited under section 17(a) of the Act under certain conditions. A fund may not rely on the exemption in the rule to enter into a principal transaction with a portfolio affiliate if certain prohibited participants (e.g., directors, officers, employees, or investment advisers of the fund) have a financial interest in a party to the transaction. Rule 17a–6 specifies certain interests that are not ‘‘financial interests,’’ including any interest that the fund’s board of directors (including a majority of the directors who are not interested persons of the fund) finds to be not material. A board making this finding is required to record the basis for the finding in its meeting minutes. This recordkeeping requirement is a collection of information under the Paperwork Reduction Act of 1995 (‘‘PRA’’).2 The rule is designed to permit transactions between funds and their portfolio affiliates in circumstances in which it is unlikely that the affiliate would be in a position to take advantage of the fund. In determining whether a financial interest is ‘‘material,’’ the board of the fund should consider whether the nature and extent of the interest in the transaction is sufficiently small that a reasonable person would not believe that the interest affected the determination of whether to enter into the transaction or arrangement or the terms of the transaction or arrangement. The information collection requirements in rule 17a–6 are intended to ensure that Commission staff can review, in the course of its compliance and examination functions, the basis for a board of director’s finding that the financial interest of an otherwise prohibited participant in a party to a transaction with a portfolio affiliate is not material. Based on staff discussions with fund representatives, we estimate that funds currently do not rely on the exemption from the term ‘‘financial interest’’ with respect to any interest that the fund’s board of directors (including a majority of the directors who are not interested persons of the fund) finds to be not material. Accordingly, we estimate that 1 15 2 44 U.S.C. 80a–17(a). U.S.C. 3501. VerDate Mar<15>2010 22:37 Dec 27, 2010 annually there will be no principal transactions under rule 17a–6 that will result in a collection of information. The Commission requests authorization to maintain an inventory of one burden hour to ease future renewals of rule 17a–6’s collection of information analysis should funds rely on this exemption to the term ‘‘financial interest’’ as defined in rule 17a–6. The estimate of burden hours is made solely for the purposes of the Paperwork Reduction Act. The estimate is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Complying with this collection of information requirement is necessary to obtain the benefit of relying on rule 17a–6. 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 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 Thomas Bayer/Chief Information Officer, 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: December 20, 2010. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–32518 Filed 12–27–10; 8:45 am] BILLING CODE 8011–01–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 27d–2; SEC File No. 270– Jkt 223001 PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 500; OMB Control No. 3235–0566. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collections of information under the Investment Company Act of 1940 (15 U.S.C. 80a) (‘‘Act’’) summarized below. The Commission plans to submit these collections of information to the Office of Management and Budget for approval. Rule 27d–2 (17 CFR 270.27d–2) is entitled ‘‘Insurance Company Undertaking in Lieu of Segregated Trust Account.’’ Rule 27d–1 (17 CFR 270.27d– 1) under the Act requires the depositor or principal underwriter for an issuer of periodic payment plans to deposit funds into a segregated trust account to provide assurance of its ability to fulfill its refund obligations under sections 27(d) and 27(f) of the Act.1 Rule 27d– 2 provides an exemption from rule 27d– 1 under the Act for depositors or principal underwriters for the issuers of periodic payments plans. In order to comply with the rule: (i) The depositor or principal underwriter must secure from an insurance company a written guarantee of the refund requirements; (ii) the insurance company must satisfy certain financial criteria; and (iii) the depositor or principal underwriter must file as an exhibit to the issuer’s registration statement, a copy of the written undertaking, an annual statement that the insurance company has met the requisite financial criteria on a monthly basis, and an annual audited balance sheet. Rule 27d–2, which was explicitly authorized by statute, provides assurance that depositors and principal underwriters of issuers have access to sufficient cash to meet the demands of certificate holders who reconsider their decisions to invest in a periodic payment plan. The information collection requirement in rule 27d–2 enables the Commission to monitor compliance with insurance company undertaking requirements. 1 The rule sets forth minimum reserve amounts and guidelines for the management and disbursement of the assets in the account. Rule 27d–1(j) directs depositors and principal underwriters annually to make an accounting of their segregated trust accounts on Form N–27D–1, which is filed with the Commission. The form requires depositors and principal underwriters to report deposits to a segregated trust account, including those made pursuant to paragraphs (c) and (e) of the rule. Withdrawals pursuant to paragraph (f) of the rule also must be reported. In addition, the form solicits information regarding the minimum amount required to be maintained under paragraphs (d) and (e) of rule 27d–1. E:\FR\FM\28DEN1.SGM 28DEN1 Federal Register / Vol. 75, No. 248 / Tuesday, December 28, 2010 / Notices emcdonald on DSK2BSOYB1PROD with NOTICES Effective October 27, 2006, the Military Personnel Financial Services Protection Act banned the issuance or sale of new periodic payment plans. Accordingly, the staff estimates that there is no longer any information collection burden associated with rule 27d–2. For administrative purposes, however, we are requesting approval for an information collection burden of one hour per year. This estimate of burden hours is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules and forms. Complying with the collection of information requirements of rule 27d–2 is mandatory for depositors or principal underwriters of issuers of periodic payment plans who rely on the rule for an exemption from complying with rule 27d–1 and filing Form N–27D–1. The information provided pursuant to rule 27d–2 is public and, therefore, 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 OMB 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 of this publication. Please direct your written comments to Thomas Bayer, Chief Information Officer, 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. December 20, 2010 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–32520 Filed 12–27–10; 8:45 am] BILLING CODE 8011–01–P VerDate Mar<15>2010 22:37 Dec 27, 2010 Jkt 223001 SECURITIES AND EXCHANGE COMMISSION [Rule 425; OMB Control No. 3235–0521; SEC File No. 270–462] 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 425, OMB Control No. 3235– 0521, SEC File No. 270–462. 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 the request for extension of the previously approved collection of information discussed below. Rule 425 (17 CFR 230.425) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) requires the filing of certain prospectuses and communications under Rule 135 (17 CFR 230.135) and Rule 165 (17 CFR 230.165) in connection with business combination transactions. The purpose of the rule is to permit more oral and written communications with shareholders about tender offers, mergers and other business combination transactions on a more timely basis, so long as the written communications are filed on the date of first use. The information provided under Rule 425 is made available to the public upon request. Also, the information provided under Rule 425 is mandatory. Approximately 1,680 issuers file communications under Rule 425 at an estimated 0.25 hours per response for a total of 420 annual burden hours. 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 public may view the background documentation for this information collection at the following Web site, https://www.reginfo.gov. Written comments regarding the above information should be directed to the following persons: (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 send an email to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik- PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 81683 Simon, 6432 General Green Way, Alexandria, Virginia 22312; or send email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: December 20, 2010. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–32553 Filed 12–27–10; 8:45 am] BILLING CODE 8011–01–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 12d3–1, SEC File No. 270– 504, OMB Control No. 3235–0561. 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 collections of information summarized below. The Commission plans to submit these existing collections of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Section 12(d)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a) generally prohibits registered investment companies (‘‘funds’’), and companies controlled by funds, from purchasing securities issued by a registered investment adviser, broker, dealer, or underwriter (‘‘securitiesrelated businesses’’). Rule 12d3–1 (‘‘Exemption of acquisitions of securities issued by persons engaged in securities related businesses’’ (17 CFR 270.12d3– 1)) permits a fund to invest up to five percent of its assets in securities of an issuer deriving more than fifteen percent of its gross revenues from securities-related businesses, but a fund may not rely on rule 12d3–1 to acquire securities of its own investment adviser or any affiliated person of its own investment adviser. A fund may, however, rely on an exemption in rule 12d3–1 to acquire securities issued by its subadvisers in circumstances in which the subadviser would have little ability to take advantage of the fund, because it is not in a position to direct the fund’s securities purchases. The exemption in rule 12d3–1(c)(3) is available if (i) the subadviser is not, and is not an affiliated person of, an investment adviser that E:\FR\FM\28DEN1.SGM 28DEN1

Agencies

[Federal Register Volume 75, Number 248 (Tuesday, December 28, 2010)]
[Notices]
[Pages 81682-81683]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-32520]


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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 27d-2; SEC File No. 270-500; OMB Control No. 3235-
0566.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange 
Commission (the ``Commission'') is soliciting comments on the 
collections of information under the Investment Company Act of 1940 (15 
U.S.C. 80a) (``Act'') summarized below. The Commission plans to submit 
these collections of information to the Office of Management and Budget 
for approval.
    Rule 27d-2 (17 CFR 270.27d-2) is entitled ``Insurance Company 
Undertaking in Lieu of Segregated Trust Account.'' Rule 27d-1 (17 CFR 
270.27d-1) under the Act requires the depositor or principal 
underwriter for an issuer of periodic payment plans to deposit funds 
into a segregated trust account to provide assurance of its ability to 
fulfill its refund obligations under sections 27(d) and 27(f) of the 
Act.\1\ Rule 27d-2 provides an exemption from rule 27d-1 under the Act 
for depositors or principal underwriters for the issuers of periodic 
payments plans. In order to comply with the rule: (i) The depositor or 
principal underwriter must secure from an insurance company a written 
guarantee of the refund requirements; (ii) the insurance company must 
satisfy certain financial criteria; and (iii) the depositor or 
principal underwriter must file as an exhibit to the issuer's 
registration statement, a copy of the written undertaking, an annual 
statement that the insurance company has met the requisite financial 
criteria on a monthly basis, and an annual audited balance sheet.
---------------------------------------------------------------------------

    \1\ The rule sets forth minimum reserve amounts and guidelines 
for the management and disbursement of the assets in the account. 
Rule 27d-1(j) directs depositors and principal underwriters annually 
to make an accounting of their segregated trust accounts on Form N-
27D-1, which is filed with the Commission. The form requires 
depositors and principal underwriters to report deposits to a 
segregated trust account, including those made pursuant to 
paragraphs (c) and (e) of the rule. Withdrawals pursuant to 
paragraph (f) of the rule also must be reported. In addition, the 
form solicits information regarding the minimum amount required to 
be maintained under paragraphs (d) and (e) of rule 27d-1.
---------------------------------------------------------------------------

    Rule 27d-2, which was explicitly authorized by statute, provides 
assurance that depositors and principal underwriters of issuers have 
access to sufficient cash to meet the demands of certificate holders 
who reconsider their decisions to invest in a periodic payment plan. 
The information collection requirement in rule 27d-2 enables the 
Commission to monitor compliance with insurance company undertaking 
requirements.

[[Page 81683]]

    Effective October 27, 2006, the Military Personnel Financial 
Services Protection Act banned the issuance or sale of new periodic 
payment plans. Accordingly, the staff estimates that there is no longer 
any information collection burden associated with rule 27d-2. For 
administrative purposes, however, we are requesting approval for an 
information collection burden of one hour per year. This estimate of 
burden hours is not derived from a comprehensive or even a 
representative survey or study of the costs of Commission rules and 
forms.
    Complying with the collection of information requirements of rule 
27d-2 is mandatory for depositors or principal underwriters of issuers 
of periodic payment plans who rely on the rule for an exemption from 
complying with rule 27d-1 and filing Form N-27D-1. The information 
provided pursuant to rule 27d-2 is public and, therefore, 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 OMB 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 of this 
publication.
    Please direct your written comments to Thomas Bayer, Chief 
Information Officer, 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.

     December 20, 2010
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-32520 Filed 12-27-10; 8:45 am]
BILLING CODE 8011-01-P
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