[Federal Register Volume 79, Number 193 (Monday, October 6, 2014)]
[Notices]
[Page 60201]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-23707]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736.
Extension: Form N-17f-1, OMB Control No. 3235-0359, SEC File No.
270-316.
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'') has submitted to the Office of
Management and Budget a request for extension of the previously
approved collection of information discussed below.
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, and increases
the accessibility of the certificates to both Commission staff and
interested investors.
Commission staff estimates that 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 4 funds
currently file Form N-17f-1 with the Commission 3 times each year, for
a total of 12 responses annually.\2\ The total annual hour burden for
Form N-17f-1 is therefore estimated to be approximately 18 hours.\3\
---------------------------------------------------------------------------
\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 4 funds = 18 total hours).
---------------------------------------------------------------------------
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 public may view the background documentation for this
information collection at the following Web site, www.reginfo.gov.
Comments should be directed to: (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 by sending an email to:
[email protected]; and (ii) Thomas Bayer, Chief Information
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100
F Street NE., Washington, DC 20549 or send an email to:
[email protected]. Comments must be submitted to OMB within 30 days
of this notice.
Dated: September 30, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-23707 Filed 10-3-14; 8:45 am]
BILLING CODE 8011-01-P