48616 Federal Register / Vol. 74, No. 183 / Wednesday, September 23, 2009 / Notices 

Dated: September 16, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–22879 Filed 9–22–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

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 206(3)–2, SEC File No. 270– 

216, OMB Control No. 3235–0243. 

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. 

Rule 206(3)–2, (17 CFR 275.206(3)–2) 

which is entitled ‘‘Agency Cross 

Transactions for Advisory Clients,’’ 

permits investment advisers to comply 

with section 206(3) of the Investment 

Advisers Act of 1940 (the ‘‘Act’’) (15 

U.S.C. 80b–6(3)) by obtaining a client’s 

blanket consent to enter into agency 

cross transactions (i.e., a transaction in 

which an adviser acts as a broker to both 

the advisory client and the opposite 

party to the transaction). Rule 206(3)–2 

applies to all registered investment 

advisers. In relying on the rule, 

investment advisers must provide 

certain disclosures to their clients. 

Advisory clients can use the disclosures 

to monitor agency cross transactions 

that affect their advisory account. The 

Commission also uses the information 

required by Rule 206(3)–2 in connection 

with its investment adviser inspection 

program to ensure that advisers are in 

compliance with the rule. Without the 

information collected under the rule, 

advisory clients would not have 

information necessary for monitoring 

their adviser’s handling of their 

accounts and the Commission would be 

less efficient and effective in its 

inspection program. 

The information requirements of the 

rule consist of the following: (1) Prior to 

obtaining the client’s consent, 

appropriate disclosure must be made to 

the client as to the practice of, and the 

conflicts of interest involved in, agency 

cross transactions; (2) at or before the 

completion of any such transaction, the 

client must be furnished with a written 

confirmation containing specified 

information and offering to furnish 

upon request certain additional 

information; and (3) at least annually, 

the client must be furnished with a 

written statement or summary as to the 

total number of transactions during the 

period covered by the consent and the 

total amount of commissions received 

by the adviser or its affiliated brokerdealer attributable to such transactions. 

The Commission estimates that 

approximately 631 respondents use the 

rule annually, necessitating about 32 

responses per respondent each year, for 

a total of 20,192 responses. Each 

response requires an estimated 0.5 

hours, for a total of 10,096 hours. The 

estimated average burden hours are 

made solely for the purposes of the 

Paperwork Reduction Act and are not 

derived from a comprehensive or 

representative survey or study of the 

cost of Commission rules and forms. 

This collection of information is 

found at (17 CFR 275.206(3)–2) and is 

necessary in order for the investment 

adviser to obtain the benefits of Rule 

206(3)–2. The collection of information 

requirements under the rule is 

mandatory. Information subject to the 

disclosure requirements of Rule 206(3)– 

2 does not require submission to the 

Commission; and, accordingly, the 

disclosure pursuant to the rule is not 

kept confidential. 

Commission-registered investment 

advisers are required to maintain and 

preserve certain information required 

under Rule 206(3)–2 for five (5) years. 

The long-term retention of these records 

is necessary for the Commission’s 

inspection program to ascertain 

compliance with the Advisers Act. 

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. 

Please direct general comments 

regarding the above information to the 

following persons: (i) Desk Officer for 

the Securities and Exchange 

Commission, Office of Management and 

Budget, Room 10102, New Executive 

Office Building, Washington, DC 20503 

or send an e-mail to Shagufta Ahmed at 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

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: 

PRA_Mailbox@sec.gov. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: September 16, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–22878 Filed 9–22–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Thursday, September 24, 2009 at 2 

p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matters at the Closed 

Meeting. 

Commissioner Casey, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in a closed session, and 

determined that no earlier notice thereof 

was possible. 

The subject matter of the Closed 

Meeting scheduled for Thursday, 

September 24, 2009 will be: 

Institution and settlement of injunctive 

actions; 

Institution and settlement of 

administrative proceedings; 

A litigation matter; and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

Dated: September 21, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–23017 Filed 9–21–09; 4:15 pm] 

BILLING CODE P 

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