66152 Federal Register / Vol. 62, No. 242 / Wednesday, December 17, 1997 / Notices

Commission, Office of Filings and

Information Services, Washington, DC

20549

Extension:

Rule 17Ad–2(c), (d), and (h), SEC File No.

270–149 OMB Control No. 3235–0130

Rule 17Ad–10, SEC File No. 270–265 OMB

Control No. 3235–0273

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 17Ad–2(c), (d) and (h) Transfer

Agent Turnaround, Processing and

Forwarding Requirements

Rule 17Ad–2(c), (d), and (h), under

the Securities Exchange Act of 1934,

enumerate the requirements with which

transfer agents must comply to inform

the Commission or the appropriate

regulator of a transfer agent’s failure to

meet the minimum performance

standards set by the Commission rule by

filing a notice.

While it is estimated there are 1,326

transfer agents, approximately ten

notices pursuant to 17Ad–2(c), (d), and

(h) are filed annually. In view of (a) the

readily available nature of most of the

information required to be included in

the notice (since that information must

be compiled and retained pursuant to

other Commission rules); (b) the

summary fashion that such information

must be presented in the notice (most

notices are one page or less in length);

and (c) the experience of the staff

regarding the notices, the Commission

staff estimates that, on the average, most

Notices require approximately one-half

hour to prepare. The Commission staff

estimates a cost of approximately $30.00

for each half hour spent preparing the

notices per year, transfer agents spend

an average of five hours per year

complying with the rule at a cost of

$300.

Rule 17Ad–10 Prompt Posting of

Certificate Detail to Master

Securityholder Files; Maintenance of

Accurate Securityholder Files and

Control Book; and Retention of

Certificate Detail

Rule 17Ad–10, under the Securities

Exchange Act of 1934, requires

approximately 1,326 registered transfer

agent to create and maintain minimum

information on securityholders’

ownership of an issue of securities for

which it performs transfer agent

functions, including the purchase,

transfer and redemptions of securities.

In addition, the rule also requires

transfer agents that maintain

securityholder records to keep

certificate detail that has been cancelled

from those records for a minimum of six

years and to maintain and keep current

an accurate record of the number of

shares or principle dollar amount of

debt securities that the issuer has

authorized to be outstanding (a ‘‘control

book’’). These recordkeeping

requirements assist in the creation and

maintenance of accurate securityholder

records, the ability to research errors,

and ensure the transfer agent is aware of

the number of securities that are

properly authorized by the issuer,

thereby avoiding overissuance.

The staff estimates that the average

number of hours necessary for each

transfer agent to comply with Rule

17Ad–10 is approximately 20 hours per

year, totalling 26,520 hours industrywide. The average cost is approximately

$20 per hour, with the industry-wide

cost estimated at approximately

$530,400. However, the information

required by Rule 17Ad–10 generally

already is maintained by registered

transfer agents. The amount of time

devoted to compliance with Rule 17Ad–

10 varies according to differences in

business activity.

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 3208,

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: December 8, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–32826 Filed 12–16–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Issuer Delisting; Notice of Application

to Withdraw From Listing and

Registration; (Ballantyne of Omaha,

Inc., Common Stock, $.01 Par Value)

File No. 1–13906

December 11, 1997.

Ballantyne of Omaha, Inc.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

Exchange Act of 1934 (‘‘Act’’) and Rule

12d2–2(d) promulgated thereunder, to

withdraw the above specified security

(‘‘Security’’) from listing and

registration on the American Stock

Exchange, Inc. (‘‘Amex’’ or

‘‘Exchange’’).

The reasons cited in the application

for withdrawing the Security from

listing and registration include the

following:

The Security recently was listed for

trading on the New York Stock

Exchange (‘‘NYSE’’) pursuant to a

Registration Statement which became

effective December 1, 1997. Trading in

the Security commenced on the NYSE

on December 5, 1997. The Company’s

Board of Directors determined that in

order to avoid the costs and the division

of the market resulting from a duallisting, the Security should be

withdrawn from listing and registration

on the Amex.

The Company has complied with

Amex Rule 18 by filing with the

Exchange a certified copy of the

resolutions adopted by the Company’s

Board of Directors authorizing the

withdrawal of the Security from listing

and registration on the Amex, and by

setting forth in detail to the Exchange

the reasons and facts supporting the

withdrawal.

In making the decision to withdraw

its Security from listing and registration

on the Amex, the Company also

considered the increased visibility and

liquidity that a listing on the NYSE may

provide.

By letter dated November 14, 1997,

the Amex informed the Company that it

had no objection to the withdrawal of

the Company’s Security from listing and

registration on the Amex.

By reason of Section 12(b) of the Act

and the rules thereunder, the Company

shall continue to be obligated to file

reports with the Commission and the

Exchange under Section 13 of the Act.

Any interested person may, on or

before January 6, 1998, submit by letter

to the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,
Federal Register / Vol. 62, No. 242 / Wednesday, December 17, 1997 / Notices 66153

1 15 U.S.C. 80b–3a(a)(1).

2 15 U.S.C. 80b–3a(a)(2).

3 15 U.S.C. 80b–3a(c).

4S. Rep. No. 293, 104th Cong., 2d Sess. 4 (1996).

5 Id. at 5.

N.W., Washington, D.C. 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the Exchange and what terms,

if any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–32820 Filed 12–16–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IA–1686/803–116]

ProFutures Capital Management, Inc.;

Notice of Application

December 11, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Exemption under the Investment

Advisers Act of 1940 (‘‘Advisers Act’’).

Applicant: ProFutures Capital

Management, Inc. (‘‘PMC’’).

Relevant Advisers Act Sections:

Exemption requested under section

203A(c) from section 203A(a).

Summary of Application: Applicant

requests an order to permit it to register

with the SEC as an investment adviser.

Filing Dates: The application was

filed on July 8, 1997, and amended on

October 3, 1997 and December 2, 1997.

Hearing or Notification of Hearing

An order granting the application will

be issued unless the SEC orders a

hearing. Interested persons may request

a hearing by writing to the SEC’s

Secretary and serving applicant with a

copy of the requests, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

January 7, 1998, and should be

accompanied by proof of service on

applicant, in the form of an affidavit or,

for lawyers, a certificate of service.

Hearing requests should state the nature

of the writer’s interest, the reason for the

request, and the issues contested.

Persons may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 5th

Street, N.W., Washington, D.C. 20549.

Applicant, ProFutures Capital

Management, Inc., Suite 200, 1310

Highway 620 South, Austin, Texas

78374.

FOR FURTHER INFORMATION CONTACT:

Robert J. Leonard, Attorney, at (202)

942–0646, or Jennifer S. Choi, Special

Counsel, at (202) 942–0716 (Division of

Investment Management, Task Force on

Investment Adviser Regulation).

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee at the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is a Texas corporation

with its principal place of business in

Austin, Texas. Applicant researches and

evaluates the performance and trading

programs of other investment advisers

who manage client accounts on a

discretionary basis and refers clients to

those advisers selected by applicant.

2. Applicant assists prospective

clients in identifying their investment

objectives and risk tolerance, and

provides information on investment

advisers whose trading programs seek to

meet those objectives. Applicant

provides clients with account opening

documents and reviews all account

documents for accuracy before

forwarding them to the adviser that the

client has selected. Applicant also

reviews all accounts for client

suitability. Additionally, applicant

assists clients in allocating assets among

the selected investment advisers and

suggests adjustments to the allocations.

Applicant does not have discretionary

authority on behalf of clients to select

the advisers or allocate client funds to

selected advisers.

3. Applicant is compensated for

referring clients to selected advisers by

sharing in up to one half of the

management fee charged by such

adviser. Applicant has over 700 clients

located nationwide. These clients

include individuals, financial

institutions, pension and profit sharing

plans, trusts, estates and other corporate

entities

4. Applicant is legally obligated to be

registered in at least 30 states as an

investment adviser, taking into account

the national de minimis standard in

section 222(d) of the Advisers Act and

all applicable exemptions and

exclusions under the securities laws and

regulations of such states. Applicant is

currently registered in 46 states.

Applicant was registered as an

investment adviser with the SEC until

July, 1997.

Applicant’s Legal Analysis

1. On October 11, 1996, the National

Securities Markets Improvement Act of

1996 was enacted. Title III of the Act,

the Investment Advisers Supervision

Coordination Act (‘‘Coordination Act’’),

added new section 203A to the Advisers

Act. Under section 203A(a)(1),1 an

investment adviser that is regulated or

required to be regulated as an

investment adviser in the state in which

it maintains its principal office and

place of business is prohibited from

registering with the SEC unless the

investment adviser (i) has assets under

management of not less than $25

million or (ii) is an adviser to an

investment company registered under

the Investment Company Act of 1940

(‘‘Investment Company Act’’). Section

203A(a)(2) defines the phrase ‘‘assets

under management’’ as the ‘‘securities

portfolios with respect to which an

investment adviser provides continuous

and regular supervisory or management

services.’’ 2

2. applicant states that it does not

qualify for registration as an investment

adviser with the SEC. Applicant states

that it has no assets under management,

does not act as an investment adviser to

an investment company registered

under the Investment Company Act, and

does not qualify for exemption from the

prohibition on SEC registration as

provided in rule 203A–2 under the

Advisers Act. Applicant also maintains

its principal place of business in Texas,

which regulates applicant as an

investment adviser.

3. Section 203A(c) of the Advisers Act

authorizes the SEC to permit an

investment adviser to register with the

SEC if prohibiting registration would be

‘‘unfair, a burden on interstate

commerce, or otherwise inconsistent

with the purposes of [section 203A].’’ 3

4. Applicant states that Congress

noted that ‘‘the definition of ‘assets

under management’ . . . may, in some

cases, exclude firms with a national or

multistate practice from being able to

register with the SEC.’’ 4 Applicant

asserts that to remedy any unfairness,

burdens or inconsistencies caused by

the assets under management

requirement, Congress intended the SEC

to use its exemptive authority to

‘‘permit, where appropriate, the

registration of such firms with the

[SEC].’’ 5

5. Applicant believes that Congress in

adopting section 203A intended the SEC