[Federal Register Volume 73, Number 220 (Thursday, November 13, 2008)]
[Notices]
[Pages 67217-67218]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-26958]
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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:
Form N-17f-1, SEC File No. 270-316, OMB Control No. 3235-0359.
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 this existing collection of information to the Office of
Management and Budget for extension and approval.
Form N-17f-1 (17 CFR 274.219) is entitled ``Certificate of
Accounting of Securities and Similar Investments of a Management
Investment Company in the Custody of Members of National Securities
Exchanges.'' The form serves as a cover sheet to the accountant's
certificate that is required to be filed periodically with the
Commission pursuant to rule 17f-1 (17 CFR 270.17f-1) under the Act,
entitled ``Custody of Securities with Members of National Securities
Exchanges,'' which sets forth the conditions under which a fund may
place its assets in the custody of a member of a national securities
exchange. Rule 17f-1 requires, among other things, that an independent
public accountant verify the fund's assets at the end of every annual
and semi-annual fiscal period, and at least one other time during the
fiscal year as chosen by the independent accountant. Requiring an
independent accountant to examine the fund's assets in the custody of a
member of a national securities exchange assists Commission staff in
its inspection program and helps to ensure that the fund assets are
subject to proper auditing procedures. The accountant's certificate
stating that it has made an examination, and describing the nature and
the extent of the examination, must be attached to Form N-17f-1 and
filed with the Commission promptly after each examination. The form
facilitates the filing of the accountant's certificates,
[[Page 67218]]
and increases the accessibility of the certificates to both Commission
staff and interested investors. Commission staff estimates that on an
annual basis it takes: (i) 1 hour of clerical time to prepare and file
Form N-17f-1; and (ii) 0.5 hour for the fund's chief compliance officer
to review Form N-17f-1 prior to filing with the Commission, for a total
of 1.5 hours. Each fund is required to make 3 filings annually, for a
total annual burden per fund of approximately 4.5 hours.\1\ Commission
staff estimates that an average of 5 funds currently file Form N-17f-1
with the Commission 3 times each year, for a total of 15 responses
annually.\2\ The total annual hour burden for Form N-17f-1 is therefore
estimated to be approximately 22.5 hours.\3\
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\1\ This estimate is based on the following calculation: (1.5
hours x 3 responses annually = 4.5 hours).
\2\ This estimate is based on a review of Form N-17f-1 filings
made with the Commission over the last three years.
\3\ This estimate is based on the following calculations: (4.5
hours x 5 funds = 22.5 total hours).
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The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act, and is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules. Compliance with the collections of information
required by Form N-17f-1 is mandatory for funds that place their assets
in the custody of a national securities exchange member. 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.
The Commission requests written comments on: (a) Whether the
collections of information are 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 Lewis W. Walker, Acting
Director/CIO, Securities and Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-
mail to: [email protected].
Dated: November 5, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-26958 Filed 11-12-08; 8:45 am]
BILLING CODE 8011-01-P