19986 Federal Register / Vol. 72, No. 76 / Friday, April 20, 2007 / Notices 

offers on such matters as the maximum 

amount of shares to be repurchased (the 

maximum repurchase amount may 

range from 5% to 25% of outstanding 

shares). The requirement that copies be 

sent to the Commission is intended to 

enable the Commission to monitor the 

fund’s compliance with the notification 

requirement. The requirement that the 

shareholder notification be attached to 

Form N–23c–3 is intended to ensure 

that the fund provides basic information 

necessary for the Commission to process 

the notification and to monitor the 

fund’s use of repurchase offers. The 

requirement that the fund describe its 

current policy on repurchase offers and 

the results of recent offers in the annual 

shareholder report is intended to 

provide shareholders current 

information about the fund’s repurchase 

policies and its recent experience. The 

requirement that the board approve and 

review written procedures designed to 

maintain portfolio liquidity is intended 

to ensure that the fund has enough cash 

or liquid securities to meet its 

repurchase obligations, and that written 

procedures are available for review by 

shareholders and examination by the 

Commission. The requirement that the 

fund file advertisements and sales 

literature as if it were an open-end 

investment company is intended to 

facilitate the review of these materials 

by the Commission or the NASD to 

prevent incomplete, inaccurate, or 

misleading disclosure about the special 

characteristics of a closed-end fund that 

makes periodic repurchase offers. 

Compliance with the collection of 

information requirements of the rule 

and form is mandatory only for those 

funds that rely on the rule in order to 

repurchase shares of the fund. The 

information provided to the 

Commission on Form N–23c–3 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 staff estimates that 

approximately 34 funds make use of 

rule 23c–3, and that on average a fund 

spends approximately 126 hours 

annually in complying with the 

requirements of the rule and Form N–

23c–3. The Commission staff therefore 

estimates the total annual burden of the 

rule’s and form’s paperwork 

requirements to be 4284 hours. 

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 email to: 

David_Rostker@omb.eop.gov; and (ii) R. 

Corey Booth, Director/Chief Information 

Officer, 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: April 16, 2007. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–7491 Filed 4–19–07; 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 Filings and 

Information Services, Washington, DC 

20549. 

Extension: 

Rule 19b–4(e) and Form 19b–4(e); SEC File 

No. 270–447; OMB Control No. 3235–

0504. 

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. The Code of Federal 

Regulation citation to this collection of 

information is 17 CFR 240.19b–4(e) 

under the Securities Exchange Act of 

1934 (17 U.S.C. 78a et seq.) (the ‘‘Act’’). 

Rule 19b–4(e) permits a selfregulatory organization (‘‘SRO’’) to 

immediately list and trade a new 

derivative securities product so long as 

such product is in compliance with the 

criteria of Rule 19b–4(e) under the Act. 

However, in order for the Commission 

to maintain an accurate record of all 

new derivative securities products 

traded through the facilities of SROs 

and to determine whether an SRO has 

properly availed itself of the permission 

granted by Rule 19b–4(e), it is necessary 

that the SRO maintain, on-site, a copy 

of Form 19b–4(e) under the Act. Rule 

19b–4(e) requires SROs to file a 

summary form, Form 19b–4(e), and 

thereby notify the Commission, within 

five business days after the 

commencement of trading a new 

derivative securities product. In 

addition, the Commission reviews SRO 

compliance with Rule 19b–4(e) through 

its routine inspections of the SROs. 

The collection of information is 

designed to allow the Commission to 

maintain an accurate record of all new 

derivative securities products traded 

through the facilities of SROs and to 

determine whether an SRO has properly 

availed itself of the permission granted 

by Rule 19b–4(e). 

The respondents to the collection of 

information are self-regulatory 

organizations (as defined by the Act), 

including national securities exchanges 

and national securities associations. 

Fourteen respondents file an average 

total of 50 responses per year, which 

corresponds to an estimated annual 

response burden of 50 hours. At an 

average cost per burden hour of $239.50, 

the resultant total related cost of 

compliance for these respondents is 

$11,975 per year (50 burden hours 

multiplied by $239.50/hour = $11,975). 

Compliance with Rule 19b–4(e) is 

mandatory. Information received in 

response to Rule 19b–4(e) shall not be 

kept confidential; the information 

collected is public information. 

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. 

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 e-mail to: 

David_Rostker@omb.eop.gov; and (ii) R. 

Corey Booth, Director/Chief Information 

Officer, 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: April 16, 2007. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–7495 Filed 4–19–07; 8:45 am] 

BILLING CODE 8010–01–P 


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