25786 Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Notices 

The respondents are investment 

advisers registered with the Commission 

that vote proxies with respect to clients’

securities. Advisory clients of these 

investment advisers use the information 

required by the rule to assess 

investment advisers’ proxy voting 

policies and procedures and to monitor 

the advisers’ performance of its proxy 

voting activities. The information 

required by Rule 206(4)–6 also is used 

by the Commission staff in its 

examination and oversight program. 

Without the information collected under 

the rules, advisory clients would not 

have information they need to assess the 

adviser’s services and monitor the 

adviser’s handling of their accounts, and 

the Commission would be less efficient 

and effective in its programs. 

The estimated number of investment 

advisers subject to the collection of 

information requirements under the rule 

is 9,166. It is estimated that each of 

these advisers is required to spend on 

average 10 hours annually documenting 

its proxy voting procedures under the 

requirements of the proposed rule, for a 

total burden of 91,660 hours. We further 

estimate that on average, approximately 

101 clients of each adviser, would 

request copies of the underlying policies 

and procedures. We estimate that it 

would take these advisers 0.1 hours per 

client to deliver copies of the policies 

and procedures, for a total burden of 

approximately 92,577 hours. 

Accordingly, we estimate that rule 

206(4)–6 results in an annual aggregate 

burden of collection for SEC-registered 

investment advisers by a total of 

184,237 hours. 

Records related to an adviser’s proxy 

voting policies and procedures and 

proxy voting history are separately 

required under the Advisers Act 

recordkeeping rule 204–2 (17 CFR 

275.204–2). The standard retention 

period required for books and records 

under rule 204–2 is five years, in an 

easily accessible place, the first two 

years in an appropriate office of the 

investment adviser. OMB has previously 

approved the collection with this 

retention period. 

General 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 or e-mail to: 

Alexander_T._Hunt@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 30, 2008. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–10043 Filed 5–6–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon written request, copies available 

from: U.S. Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Rule 102; OMB Control No. 3235–0467; 

SEC File No. 270–409. 

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 a 

request for approval of extension of the 

existing collection of information 

provided for in the following rule: Rule 

102 of Regulation M (17 CFR 242.102). 

Rule 102 prohibits distribution 

participants, issuers, and selling 

security holders from purchasing 

activities at specified times during a 

distribution of securities. Persons 

otherwise covered by these rules may 

seek to use several applicable 

exceptions such as an exclusion for 

actively traded reference securities and 

the maintenance of policies regarding 

information barriers between their 

affiliates. 

There are approximately 945 

respondents per year that require an 

aggregate total of 1845 hours to comply 

with this rule. Each respondent makes 

an estimated 1 annual response. Each 

response takes approximately 1.95 

hours to complete. Thus, the total 

compliance burden per year is 1845 

burden hours. 

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: 

Alexander_T._Hunt@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 within 30 days of 

this notice. 

Dated: April 30, 2008. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–10044 Filed 5–6–08; 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 17a–10; SEC File No. 270–507; OMB 

Control No. 3235–0563. 

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 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

Section 17(a) of the Investment 

Company Act of 1940 (15 U.S.C. 80a) 

(the ‘‘Act’’), prohibits affiliated persons 

of a registered investment company 

(‘‘fund’’) from borrowing money or other 

property from, or selling or buying 

securities or other property to or from 

the fund, or any company that the fund 

controls. Section 2(a)(3) of the Act (15 

U.S.C. 80a–2(a)(3)(E) defines ‘‘affiliated 

person’’ of a fund to include its 

investment advisers. Rule 17a–10 (17 

CFR 270.17a–10) permits (i) a 

subadviser of a fund to enter into 

transactions with funds the subadviser 

does not advise but which are affiliated 

persons of a fund that it does advise 

(e.g., other funds in the fund complex), 

and (ii) a subadviser (and its affiliated 

persons) to enter into transactions and 

arrangements with funds the subadviser 

does advise, but only with respect to 

discrete portions of the subadvised fund 

for which the subadviser does not 

provide investment advice. 

To qualify for the exemptions in rule 

17a–10, the subadvisory relationship 

must be the sole reason why section 


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