Federal Register / Vol. 65, No. 113 / Monday, June 12, 2000 / Notices 36847

1The Commission’s records show that five funds

filed Form N–17f–1 during calendar year 1999.

2The Commission staff estimates, based upon the

experience of staff familiar with the information

collection requirements of the rule, that each fund

spends approximately 4.5 hours annually in

complying with the rule’s requirements: 4 hours of

clerical time (1 hour to prepare the custodial

contract for board review and to transmit the

contract, and 1 hour to transmit of the accountant’s

certificates three times yearly), and 0.5 hours for the

board of directors to ratify the custodial contract.

3Commission staff estimates that it takes

approximately 9 minutes of clerical time to prepare

each Form N–17f–1. This estimated is based on

Commission staff members filling out the Form N–

17f–1. Each fund is required to file Form N–17f–1

three times annually, for an average hour burden

per dund of 27 minutes.

through the Internet by addressing

electronic mail to dlm1@nrc.gov.

Those considering public comment

may request a free single copy of draft

NUREG–1556, Volume 18, by writing to

the U.S. Nuclear Regulatory

Commission, ATTN: Mrs. Carrie Brown,

Mail Stop TWFN 9–C–24, Washington,

D.C. 20555–0001. Alternatively, submit

requests through the Internet by

addressing electronic mail to

cxb@nrc.gov. A copy of draft NUREG–

1556, Volume 18, is also available for

inspection and/or copying for a fee in

the NRC Public Document Room, 2120

L Street, NW. (Lower Level),

Washington, D.C. 20555–0001.

The Presidential Memorandum dated

June 1, 1998, entitled, ‘‘Plain Language

in Government Writing,’’ directed that

the Federal government’s writing be in

plain language. The NRC requests

comments on this licensing guidance

NUREG specifically with respect to the

clarity and effectiveness of the language

used. Comments should be sent to the

address listed above.

FOR FURTHER INFORMATION CONTACT: Mrs.

Carrie Brown, TWFN 9–F–24, Division

of Industrial and Medical Nuclear

Safety, Office of Nuclear Material Safety

and Safeguards, U.S. Nuclear Regulatory

Commission, Washington, D.C. 20555,

telephone (301) 415–8092; electronic

mail address: cxb@nrc.gov.

Electronic Access

Draft NUREG–1556, Vol. 18 is

available electronically by visiting the

NRC’s Home Page (http://www.nrc.gov/

nrc/nucmat.html).

For the Nuclear Regulatory Commission.

Dated at Rockville, Maryland, this 6th day

of June, 2000.

Catherine Haney,

Acting Chief, Rulemaking and Guidance

Branch, Division of Industrial and Medical

Nuclear Safety, NMSS.

[FR Doc. 00–14758 Filed 6–9–00; 8:45 am]

BILLING CODE 7590–01–P

SECURITIES AND EXCHANGE

COMMISSION

Submission for OMB Review;

Comment Request

Upon Written Request Copies Available

From: Securities and Exchange

Commission, Office of Filings and

Information Services, Washington, DC

20549.

Extension:

Rule 17f–1, SEC File No. 270–236, OMB

Control No. 3235–0222

Form N–17f–1, SEC File No. 270–316,

OMB Control No. 3235–0359

Rule 17f–2, SEC File No. 270–233, OMB

Control No. 3235–0223

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. 3501 et seq.) the Securities

and Exchange Commission

(‘‘Commission’’) has submitted to the

Office of Management and Budget

requests for extension of the previously

approved collections of information

discussed below.

Rule 17f–1 under the Investment

Company Act of 1940 (the ‘‘Act’’) is

entitled: ‘‘Custody of Securities with

Members of National Securities

Exchanges.’’ Rule 17f–1 provides that

any registered management investment

company (‘‘fund’’) that wishes to place

its assets in the custody of a national

securities exchange member may do so

only under a written contract that must

be ratified initially and approved

annually by a majority of the fund’s

board of directors. The written contract

also must contain certain specified

provisions. In addition, the rule requires

an independent public accountant to

examine the fund’s assets in the custody

of the exchange member at least three

times during the fund’s fiscal year. The

rule requires the written contract and

the certificate of each examination to be

transmitted to the Commission. The

purpose of the rule is to ensure the

safekeeping of fund assets.

Commission staff estimates that

approximately five funds maintain their

assets with a national securities

exchange member.1 The annual burden

of the rule’s requirements is estimated

to be approximately 4.5 hours for each

of these funds.2 Commission staff

estimates the total annual burden for all

funds is 22.5 hours.

Compliance with the collection of

information required by rule 17f–1 is

mandatory for funds that place their

assets in the custody of a national

securities exchange. Responses will not

be kept confidential. Form N–17f–1 is

entitled: ‘‘Certificate of Accounting of

Securities and Similar Investments of a

Management Investment Company in

the Custody of Members of National

Securities Exchanges.’’ Form N–17f–1 is

the cover sheet for accountant

examination certificates filed under rule

17f–1 of the Act. Rule 17f–1 requires the

accountant’s certificate of each

examination be attached to Form N–

17f–1 and transmitted to the

Commission promptly after each

examination. The form facilities the

filing of the accountant’s certificate, and

increases the accessibility of the

certificate to both Commission’s staff

and interested investors.

Commission staff estimates that

approximately five funds maintain their

assets with a national securities

exchange member. The annual burden

of the rule’s requirements is estimated

to be approximately 27 minutes for each

of these funds.3 The total annual burden

for all funds is therefore estimated to be

2.25 burden hours.

Compliance with the collection 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.

Rule 17f–2 under the Act is entitled:

‘‘Custody of Investments by Registered

Management Investment Company.’’

Rule 17f–2 establishes safeguards for

arrangements in which a registered

management investment company is

deemed to maintain custody of its own

assets, such as when the fund maintains

its assets in a facility that provides

safekeeping but not custodial services.

The rule includes several recordkeeping

or reporting requirements. The fund’s

directors must prepare a resolution

designating not more than five fund

officers or responsible employees who

may have access to the fund’s assets.

The designated access persons (two or

more of whom must act jointly when

handling fund assets) must prepare a

written notation providing certain

information about each deposit or

withdrawal of fund assets, and must

transmit the notation to another officer

or director designated by the directors.

Independent public accounts must

verify the fund’s assets at least three

times a year, and two of the

examinations must be unscheduled.

The requirement that directors

designate access persons is intended to

ensure that directors evaluate the

trustworthiness of insiders who handle

fund assets. The requirements that

access persons act jointly in handling

fund assets, prepare a written notation

of each transaction, and transmit the

notation to another designated person

36848 Federal Register / Vol. 65, No. 113 / Monday, June 12, 2000 / Notices

4A fund relying upon rules 17f–2 is required to

file Form N–17f–2 with the Commission three times

yearly. The Commission’s records indicate that

approximately 204 funds filed Form N–17f–2 with

the Commission during calendar year 1999.

5Each of these hour burden estimates is based

upon conversations with attorneys and accountants

familiar with the information collection

requirements of the rule.

6This estimate is based on the experience of

members of the Commission staff in completing

Form N–17f–2. 7This estimate is based on the following

calculation: 204 (respondents) × 3 (responses per

fund per year) × .015 (hours per response) = 91.8

burden hours. 8The estimate of the hour burden per fund per

response remains 9 minutes for each Form N–17f–

2 filed with the Commission. The prior annual hour

burden estimate was based on a calculation of .05

hours (which equals 3 minutes) instead of .015

hours (9 minutes). The annual hour burden for

Form N–17f–2 has, therefore, increased by only 42.3

burden hours if the prior annual hour burden is

recalculated: 110 (respondents) x 3 (responses per

respondent per year) x .015 (hours per response) =

49.5 burden hours.

are intended to reduce the risk of

misappropriation of fund assets by

access persons, and to ensure that

adequate records are prepared, reviewed

by a responsible third person, and

available for examination by the

Commission. The requirement that

auditors verify fund assets without

notice twice each year is intended to

provide an additional deterrent to the

misappropiation of fund assets and to

detect any irregulatirites.

Commission staff estimates that

approximately 204 funds rely upon the

rule (and that each fund offers an

average of two separate series or

portfolios subject to the rule) 4

Commission staff estimates that each

fund spends approximately 2 hours

annually in drafting resolutions by

directors, 24 hours annually in

preparing transaction notations, and 100

hours annually assisting independent

public accountants perform

unscheduled verifications of assets.5

The total annual burden of the rule’s

paperwork requirements thus is

estimated to be 25,704 hours. This

represents an increase of 10,844 hours

from a prior estimate of 13,860 hours,

based on an increase in the number of

funds relying on the rule from 110 to

204 funds.

Form N–17f–2 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 of the Act by

registered management investment

companies maintaining custody of

securities or other investments. Form

N–17f–2 facilitates the filing of the

accountant’s examination certificates.

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

SEC file number and the correct name

of a fund.

Commission staff estimates that

approximately 204 funds rely on rule

17f–2, and therefore, file Form N–17f–

2 with the Commission. A fund relying

on rule 17f–2 must file the form with

the Commission at least three times a

year. Commission staff estimates that

each fund spends approximately nine

minutes (0.15 hours) preparing each

response on Form N–17f–2 6 Therefore,

the total annual burden of Form N–17f–

2’s annual paperwork requirements is

estimated to be approximately 92

hours,7 an increase of 72 hours from the

prior estimate of 20 hours. The increase

in the annual hour burden is primarily

attributable to the increase in the

number of respondents from 130 funds

to 204 funds.8

Complying with the collection of

information requirements of the rule is

mandatory for those funds that maintain

custody of their own assets. The

information provided to the

Commission by the fund’s independent

public accounts about each verification

of the fund’s assets will not be kept

confidential.

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.

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 regarding the

above information should be directed to

the following persons: (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; and (ii) Michael

E. Bartell, Associate Executive Director,

Office of Information Technology,

Securities and Exchange Commission,

450 Fifth Street, NW., Washington, DC

20549. Comments must be submitted to

OMB within 30 days of this notice.

Dated: June 5, 2000.

Jonathan G. Katz,

Secretary.

[FR Doc. 00–14716 Filed 6–9–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 35–27180]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

June 5, 2000.

AGENCY: Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated under the Act. All

interested persons are referred to the

application(s) and/or declaration(s) for

complete statements of the proposed

transaction(s) summarized below. The

application(s) and/or declaration(s) and

any amendments(s) is/are available for

public inspection through the

Commission’s Branch of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

application(s) and/or declaration(s)

should submit their views in writing by

June 27, 2000, to the Secretary,

Securities and Exchange Commission,

Washington, DC 20549–0609, and serve

a copy on the relevant applicant(s) and/

or declarant(s) at the address(es)

specified below. Proof of service (by

affidavit or, in the case of an attorney at

law, by certificate) should be filed with

the request. Any request for hearing

should identify specifically the issues of

facts or law that are disputed. A person

who so requests will be notified of any

hearing, if ordered, and will receive a

copy of any notice or order issued in the

matter. After June 27, 2000, the

application(s) and/or declaration(s), as

filed or as amended, may be granted

and/or permitted to become effective.

Allegheny Energy, Inc., et al. (70–9627)

Allegheny Energy, Inc.,

(‘‘Allegheny’’), a registered holding

company, Allegheny Energy Service

Company (‘‘AESC’’), a service

subsidiary of Allegheny, The Potomac

Edison Company (‘‘Potomac Edison’’), a

wholly owned electric public utility

subsidiary of Allegheny, all located at

10435 Downsville Pike, Hagerstown,

Maryland 21740–1766, and Allegheny

Energy Supply Company, LLC, a wholly

owned nonutility subsidiary of

Allegheny located at 10435 Downsville

Pike, Hagerstown, Maryland 21740–

1766, and Allegheny Energy Supply

Company, LLC, a wholly owned

nonutility subsidiary of Allegheny

located at R.R. 12, P.O. Box 1000,

Roseytown, Pennsylvania 15601

(‘‘Genco’’ and collectively,

‘‘Applicants’’), have filed an

application-declaration under sections