11406 Federal Register / Vol. 72, No. 48 / Tuesday, March 13, 2007 / Notices 

6See Cerulli Associates, The Cerulli Edge: 

Managed Accounts Edition, Advisors Issue 10 (3d 

quarter 2006). 

7 Id. at 13. 

8The requirement for initial client contact and 

evaluation is not a recurring obligation, but only 

occurs when the account is opened. The estimated 

annual hourly burden is based on the average 

number of new accounts opened each year. 

size ($345.5 billion 6 divided by 

$126,202),7 for a total of 2,737,675 

clients. Additionally, an average 

number of new accounts opened each 

year can be estimated by dividing the 

average annual increase in account 

assets in 2003 through 2006, by the 

average account size ($57.7 billion 

divided by $126,202), for an average 

annual number of new accounts of 

457,204.8

The Commission staff estimates that 

each program sponsor spends 

approximately 1.25 hours annually in 

preparing, conducting and/or reviewing 

interviews for each new client; 30 

minutes annually preparing, conducting 

and/or reviewing annual interviews for 

each continuing client; and one hour 

preparing and mailing quarterly account 

activity statements, including the notice 

to update information to each client. 

Based on the foregoing, the Commission 

staff therefore estimates the total annual 

burden of the rule’s paperwork 

requirements for all program sponsors to 

be 4,449,415.5 hours. This represents a 

decrease of 2,063,087 hours from the 

prior estimate of 6,512,502.5 hours. The 

decrease results from a change in the 

method of computation for the number 

of clients that participate in these 

investment advisory programs. 

Previously, we have computed the 

number of clients based on the 

minimum account requirement for 

participation in these programs. For this 

estimate we computed the number of 

clients based on the industry average 

account size in these programs resulting 

in a decrease in the estimated number 

of clients in these investment advisory 

programs. 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act. The estimate 

is not derived from a comprehensive or 

even a representative survey or study of 

the costs of Commission rules and 

forms. 

Written comments are invited on: (a) 

Whether the collections of information 

are 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 collections of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burdens of the collections 

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 R. Corey Booth, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Shirley 

Martinson, 6432 General Green Way, 

Alexandria, Virginia, 22312; or send an 

e-mail to: PRA_Mailbox@sec.gov. 

Dated: March 5, 2007. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–4459 Filed 3–12–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copy Available 

From: Securities and Exchange 

Commission, Office of Filings and 

Information Services, Washington, DC 

20549. 

Extension: 

Form N–5, SEC File No. 270–172, OMB 

Control No. 3235–0169. 

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’’) 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 (‘‘OMB’’) for 

extension and approval. 

Form N–5 (17 CFR 239.24 and 

274.5)—Registration Statement of Small 

Business Investment Companies Under 

the Securities Act of 1933 (15 U.S.C. 77a 

et seq.) and the Investment Company 

Act of 1940 (15 U.S.C. 80a-1 et seq.) 

Form N–5 is the integrated registration 

statement form adopted by the 

Commission for use by a small business 

investment company which has been 

licensed as such under the Small 

Business Investment Act of 1958 and 

has been notified by the Small Business 

Administration that the company may 

submit a license application, to register 

its securities under the Securities Act of 

1933 (‘‘Securities Act’’), and to register 

as an investment company under 

section 8 of the Investment Company 

Act of 1940 (‘‘Investment Company 

Act’’). The purpose of registration under 

the Securities Act is to ensure that 

investors are provided with material 

information concerning securities 

offered for public sale that will permit 

investors to make informed decisions 

regarding such securities. The 

Commission staff reviews the 

registration statements for the adequacy 

and accuracy of the disclosure 

contained therein. Without Form N–5, 

the Commission would be unable to 

carry out the requirements of the 

Securities Act and the Investment 

Company Act for registration of small 

business investment companies. The 

respondents to the collection of 

information are small business 

investment companies seeking to 

register under the Investment Company 

Act and to register their securities for 

sale to the public under the Securities 

Act. The estimated number of 

respondents is one and the proposed 

frequency of response is annually. The 

estimate of the total annual reporting 

burden of the collection of information 

is approximately 352 hours per 

respondent, for a total of 352 hours. 

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 R. Corey Booth, Director/ 

Chief Information Officer, Securities 

and Exchange Commission, C/O Shirley 

Martinson 6432 General Green Way, 

Alexandria, Virginia, 22312; or send an 

e-mail to: PRA_Mailbox@sec.gov. 

Dated: March 5, 2007. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–4461 Filed 3–12–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copy Available 

From: Securities and Exchange 


cprice-sewell on PROD1PC66 with NOTICES