28428 Federal Register / Vol. 63, No. 99 / Friday, May 22, 1998 / Notices

regulation or order issued pursuant

thereto; for information related to

uncollectible overpayments paid under

any other Act administered by the

Railroad Retirement Board, in the event

this system of records maintained by the

Railroad Retirement Board to carry out

its functions indicates a violation or

potential violation of law, whether civil,

criminal, or regulatory in nature,

whether arising by general statute or

particular program statute, or by

regulation, rule or order issued pursuant

thereto, the relevant records may be

referred, as a routine use, to the

appropriate agency, whether Federal,

State, local or foreign, charged with the

responsibility of investigating or

prosecuting such violation or charged

with enforcing or implementing the

statute, rule, regulation or order issued

pursuant thereto, provided that

disclosure would be to an agency

engaged in functions related to the

Railroad Retirement Act, or the Railroad

Unemployment Insurance Act or

provided that disclosure would be

clearly in the furtherance of the interest

of the subject individual.

* * * * *

RETENTION AND DISPOSAL:

Records of uncollectible accounts are

maintained in an on-line eletronic

database, they remain in the database

until the debt is recovered, written off,

or waived. Most paper document that

are not immediately shredded are filed

in claim folders that are covered by

Privacy Act Systems of Records RRB–

21, Railroad Unemployment and

Sickness Insurance Benefit System, or

RRB–22, Railroad Retirement, Survivor,

and Pensioner Benefit System. These

paper documents are mostly

correspondence. Paper documents that

relate to multiple accounts are kept for

6 years in folders established for the

purpose.

* * * * *

RRB–43

SYSTEM NAME:

Investigation Files.

* * * * *

36. The following sections and

paragraph in RRB–43 are revised to read

as follows:

CATEGORIES OF INDIVIDUALS COVERED BY THE

SYSTEM:

Any of the following categories of

individuals on whom a complaint is

made alleging a violation of law,

regulation, or rule pertinent to the

administrartion of programs by the RRB,

or, with respect to RRB employees,

alleging misconduct or conflict of

interest in the discharge of their official

duties: Current and former employees of

the Railroad Retirement Board;

contractors; subcontractors; consultants;

applicants for, and current and former

recipients of, benefits under the

programs administered by the Railroad

Retirement Board; officials and agents of

railroad employers; members of the

public who are alleged to have stolen or

unlawfully received RRB benefits or

salary or assisted in such activity; and

others who furnish information,

products, or services to the RRB.

CATEGORIES OF RECORDS IN THE SYSTEM:

Letters, memoranda, and other

documents alleging a violation of law,

regulation or rule, or alleging

misconduct, or conflict of interest;

reports of investigations to resolve

allegations with related exhibits,

statements, affidavits or records

obtained during the investigation;

recommendations on actions to be

taken; transcripts of, and documentation

concerning requests and approval for,

consensual telephone monitoring;

reports from law enforcement bodies;

prior criminal or noncriminal records as

they relate to the investigation; reports

of actions taken by management

personnel regarding misconduct; reports

of legal actions resulting from violations

referred to the Department of Justice or

other law enforcement agencies for

prosecution.

* * * * *

ROUTINE USES OF RECORDS MAINTAINED IN THE

SYSTEM, INCLUDING CATEGORIES OF USERS AND

THE PURPOSES OF SUCH USES:

a. Records may be disclosed to the

Department of Justice or other law

enforcement authorities in connection

with actual or potential criminal

prosecution or civil litigation initiated

by the RRB, or in connection with

requests by RRB for legal advice.

* * * * *

STORAGE:

Paper and electronic media.

* * * * *

SAFEGUARDS:

General access is restricted to the

Inspector General and members of his

staff; disclosure with the agency is on a

limited need-to-know basis; records are

maintained in locked file cabinets.

RETENTION AND DISPOSAL:

Paper files are retained for 10 years

before they are destroyed by shredding.

* * * * *

RRB–44

SYSTEM NAME: Employee Test Score File.

* * * * *

37. The following section in RRB–44

is revised to read as follows:

RETENTION AND DISPOSAL

Records are kept for 3 years then

destroyed by shredding.

* * * * *

RRB–47

SYSTEM NAME: MOTOR VEHICLE OPERATOR

RECORDS.

38. System RRB–47 is removed in its

entirety.

[FR Doc. 98–13655 Filed 5–21–98; 8:45 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

Proposed Collection; 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(g), SEC File No. 270–30, OMB

Control No. 3235–0290

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 for extension

and approval.

• Rule 17f–1(g) Requirements for

reporting and inquiring with respect to

missing, lost, counterfeit or stolen

securities.

Paragraph (g) of Rule 17f–1 requires

that all reporting institutions (i.e., every

national securities exchange, member

thereof, registered securities association,

broker, dealer, municipal securities

dealer, registered transfer agent,

registered clearing agency, participant

therein, member of the Federal Reserve

System and bank insured by the FDIC)

maintain and preserved a number of

documents related to their participation

in the Lost and Stolen Securities

Program (‘‘Program’’) under Rule 17f–1.

The following documents must be kept

in an easily accessible place for three

years, according to paragraph (g): (a)

copies or all reports of theft or loss

(Form X–17F–1A) filed with the
Federal Register / Vol. 63, No. 99 / Friday, May 22, 1998 / Notices 28429

Commission’s designee; (b) all

agreements between reporting

institutions regarding registration in the

Program or other aspects of Rule 17f–1;

and (c) all confirmations or other

information received from the

Commission or its designee as a result

of inquiry.

Reporting institutions utilize these

records and reports (a) to report missing,

lost, stolen or counterfeit securities to

the data base, (b) to confirm inquiry of

the data base, and (c) to demonstrate

compliance with Rule 17f–1. The

Commission and the reporting

institutions’ examining authorities

utilize these records to monitor the

incidence of thefts and losses incurred

by reporting institutions and to

determine compliance with Rule 17f–1.

If such records were not retained by

reporting institutions, compliance with

Rule 17f–1 could not be monitored

effectively.

The Commission estimates that there

are 24,518 reporting institutions

(respondents) and, on average, each

respondent would need to retain 33

records annually, with each retention

requiring approximately 1 minute (33

minutes or .55 hours). The total

estimated annual burden is 13,484.9

hours (24,518×.55 hours =13,484.9).

Assuming an average hourly cost for

clerical work of $10, the average total

yearly record retention cost for each

respondent would be $5.50. Based on

these estimates, the total annual cost for

the estimated 24,518 reporting

institutions would be approximately

$134,849.

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 shall have practical utility;

(b) the accuracy of the agency’s

estimates of the burden of the proposed

collection of information; (c) ways to

enhance the quality, utility, and clarity

of the information to be 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 on or before July 21, 1998.

Please direct your written comments

to Michael E. Bartell, Associate

Executive Director, Office of

Information Technology, Securities and

Exchange Commission, 450 5th Street,

NW, Washington, DC 20549.

Dated: May 14, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–13725 Filed 5–21–98; 8:45 am]

BILLING CODE 8010–01–M

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 15Ba2–1 and Form MSD, SEC File No.

270–88, OMB Control No. 3235–0083

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 on the

following:

Rule 15Ba2–1 under the Securities

Exchange Act of 1934 provides that an

application for registration with the

Commission by a bank municipal

securities dealer must be filed on Form

MSD.

The staff estimates that approximately

40 respondents will utilize this

application procedure annually, with a

total burden of 60 hours. The staff

estimates that the average number of

hours necessary to comply with the

requirements of Rule 15Ba2–1 is 1.5

hours. The average cost per hour is

approximately $40. Therefore, the total

cost of compliance for the respondents

is $2,400.

Providing the information on the

application is mandatory in order to

register with the Commission as a bank

municipal securities dealer. The

information contained in the

application will not be 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.

General comments regarding the

estimated burden hours 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, D.C. 20503; and

(ii) Michael E. Bartell, Associate

Executive Director, Office of

Information Technology, Securities and

Exchange Commission, 450 Fifth Street,

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

Comments must be submitted to OMB

within 30 days of this notice.

Dated: May 15, 1998.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–13726 Filed 5–21–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

23188]

Armada Funds, et al.; Notice of

Application

May 15, 1998.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

exemption under section 6(c) of the

Investment Company Act of 1940 (the

‘‘Act’’) from section 15(a) of the Act.

SUMMARY OF APPLICATION: Applicants,

Armada Funds (the ‘‘Fund’’) and

National Asset Management Corporation

(the ‘‘Adviser’’), request an order

permitting the implementation, without

prior shareholder approval, of new

investment advisory agreements (the

‘‘New Agreements’’) between the Fund

and the Adviser in connection with a

change in control of the Adviser. The

order would cover a period beginning

on the date the requested order is issued

until the date the New Agreements are

approved or disapproved by the Fund’s

shareholders (but in no event later than

July 6, 1998) (‘‘Interim Period’’). The

order also would permit the Adviser to

receive all fees earned under the New

Agreement during the Interim Period

following shareholder approval.

FILING DATES: The application was filed

on April 3, 1998 and amended on May

13, 1998.

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 Applicants with a

copy of the request, personally or by

mail. Hearing requests should be

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

June 4, 1998, and should be

accompanied by proof of service on

Applicants 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 who wish to be notified of a