[Federal Register Volume 75, Number 94 (Monday, May 17, 2010)]
[Notices]
[Pages 27601-27602]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-11657]
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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 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.
[[Page 27602]]
Applicants for orders under the Advisers Act can include registered
investment advisers, affiliated persons of registered investment
advisers, and entities seeking to avoid investment adviser status,
among others. 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 x $80,000) + (4 x
$43,500) + (3 x $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.
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 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: [email protected].
Dated: May 10, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-11657 Filed 5-14-10; 8:45 am]
BILLING CODE 8010-01-P