Agency Information Collection Activities; Proposals, Submissions, and Approvals

Federal Register: December 1, 2008 (Volume 73, Number 231)

Notices

Page 72872

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr01de08-129

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-2; SEC File No. 270-317; OMB Control No. 3235-0360.

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 collection 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-2 (17 CFR 274.220) under the Act is entitled

``Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies.'' Form N-17f-2 is the cover sheet for the accountant examination certificates filed under rule 17f-2 (17 CFR 270.17f-2) by registered management investment companies (``funds'') maintaining custody of securities or other investments. Form N-17f-2 facilitates the filing of the accountant's examination certificates prepared under rule 17f-2. The use of the form allows the certificates to be filed electronically, and increases the accessibility of the examination certificates to both the Commission's examination staff and interested investors by ensuring that the certificates are filed under the proper Commission file number and the correct name of a fund.

Commission staff estimates that on an annual basis it takes: (i) On average 1.25 hours of fund accounting personnel at a total cost of

$188.75 to prepare each Form N-17f-2; \1\ and (ii) .75 hours of clerical time at a total cost of $48.75 to file the Form N-17f-2 with the Commission.\2\ Approximately 300 funds currently file Form N-17f-2 with the Commission, and each fund is required to make three filings annually for a total annual hourly burden per fund of approximately 6 hours at a total cost of $712.50. The total annual hour burden for Form

N-17f-2 is therefore estimated to be approximately 1800 hours. Based on the total annual costs per fund listed above, the total cost of Form N- 17f-2's collection of information requirements is estimated to be approximately $213,750.\3\

\1\ This estimate is based on the following calculation: 1.25 x

$151 (fund senior accountant's hourly rate) = $188.75.

\2\ This estimate is based on the following calculation: 75 x

$65 (secretary hourly rate) = $48.75.

\3\ This estimate is based on the following calculation: 300 funds x $712.50 (total annual cost per fund) = $213,750.

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 and forms. Complying with the collections of information required by Form N-17f-2 is mandatory for those funds that maintain custody of their own assets. 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 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 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: PRA_Mailbox@sec.gov.

Dated: November 20, 2008.

Florence E. Harmon,

Acting Secretary.

FR Doc. E8-28427 Filed 11-28-08; 8:45 am

BILLING CODE 8011-01-P