13274 Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices 

13This estimate was based on the following 

calculation: 60 unregistered money market funds × 

$380 million in assets under management × 

$0.0000005 = $11,400. The estimate of cost per 

dollar of assets is the same as that used for mediumsized funds in the rule 2a–7 PRA submission. 

14This estimate is based on information 

Commission staff obtained in its survey for the rule 

2a–7 PRA submission. Of the funds surveyed, no 

medium-sized funds incurred this type of capital 

cost. The funds either maintained record systems 

using a program the fund would be likely to have 

in the ordinary course of business (such as Excel) 

or the records were maintained by the fund’s 

custodian. 

1Based on statistics compiled by Commission 

staff, we estimate that there are approximately 3885 

funds that must comply with the collections of 

information under rule 17g–1. 

the staff estimates compliance with rule 

2–7 costs each of these unregistered 

money market funds $11,400 

annually.13 Commission staff estimates 

that unregistered money market funds 

will not incur any capital costs to create 

computer programs for maintaining and 

preserving compliance records for rule 

2a–7.14

The collections of information 

required for unregistered money market 

funds by rule 12d1–1 are necessary in 

order for acquiring funds to be able to 

obtain the benefits described above. 

Notices to the Commission 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. 

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 Charles Boucher, Director/CIO, 

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. 

Dated: March 18, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6656 Filed 3–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Rule 17g–1, SEC File No. 270–208, OMB 

Control No. 3235–0213. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501–3520), the Securities 

and Exchange Commission (the 

‘‘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 17g–1 (17 CFR 270.17g–1) under 

the Investment Company Act of 1940 

(the ‘‘Act’’) (15 U.S.C. 80a–17(g)) 

governs the fidelity bonding of officers 

and employees of registered 

management investment companies 

(‘‘funds’’) and their advisers. Rule 17g– 

1 requires, in part, the following: 

Independent Directors’ Approval 

The form and amount of the fidelity 

bond must be approved by a majority of 

the fund’s independent directors at least 

once annually, and the amount of any 

premium paid by the fund for any ‘‘joint 

insured bond,’’ covering multiple funds 

or certain affiliates, must be approved 

by a majority of the fund’s independent 

directors. 

Terms and Provisions of the Bond 

The amount of the bond may not be 

less than the minimum amounts of 

coverage set forth in a schedule based 

on the fund’s gross assets; the bond 

must provide that it shall not be 

cancelled, terminated, or modified 

except upon 60-days written notice to 

the affected party and to the 

Commission; in the case of a joint 

insured bond, 60-days written notice 

must also be given to each fund covered 

by the bond; a joint insured bond must 

provide that the fidelity insurance 

company will provide all funds covered 

by the bond with a copy of the 

agreement, a copy of any claim on the 

bond, and notification of the terms of 

the settlement of any claim prior to 

execution of that settlement; and a fund 

that is insured by a joint bond must 

enter into an agreement with all other 

parties insured by the joint bond 

regarding recovery under the bond. 

Filings With the Commission 

Upon the execution of a fidelity bond 

or any amendment thereto, a fund must 

file with the Commission within 10 

days a copy of the executed bond or any 

amendment to the bond, the 

independent directors’ resolution 

approving the bond, and a statement as 

to the period for which premiums have 

been paid on the bond. In the case of a 

joint insured bond, a fund must also file 

(i) a statement showing the amount the 

fund would have been required to 

maintain under the rule if it were 

insured under a single insured bond and 

(ii) the agreement between the fund and 

all other insured parties regarding 

recovery under the bond. A fund must 

also notify the Commission in writing 

within five days of any claim or 

settlement on a claim under the fidelity 

bond. 

Notices to Directors 

A fund must notify by registered mail 

each member of its board of directors of 

(i) any cancellation, termination, or 

modification of the fidelity bond at least 

45 days prior to the effective date, and 

(ii) the filing or settlement of any claim 

under the fidelity bond when 

notification is filed with the 

Commission. 

Rule 17g–1’s independent directors’ 

annual review requirements, fidelity 

bond content requirements, joint bond 

agreement requirement and the required 

notices to directors seek to ensure the 

safety of fund assets against losses due 

to the conduct of persons who may 

obtain access to those assets. These 

requirements also seek to facilitate 

oversight of a fund’s fidelity bond. The 

rule’s required filings with the 

Commission are designed to assist the 

Commission in monitoring funds’ 

compliance with the fidelity bond 

requirements. 

Based on conversations with 

representatives in the fund industry, the 

Commission staff estimates that for each 

of the estimated 3885 active funds,1 the 

average annual paperwork burden 

associated with rule 17g–1’s 

requirements is two hours, one hour 

each for a compliance attorney and the 

board of directors as a whole. The time 

spent by compliance attorney includes 

time spent filing reports with the 

Commission for any fidelity losses (if 

any) as well as paperwork associated 

with any notices to directors, and 

managing any updates to the bond and 

the joint agreement (if one exists). The 

Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices 13275 

time spent by the board of directors as 

a whole includes any time spent 

initially establishing the bond, as well 

as time spent on annual updates and 

approvals. The Commission staff 

therefore estimates the total ongoing 

paperwork burden hours per year for all 

funds required by rule 17g–1 to be 7770 

hours (3885 funds × 2 hours = 7770 

hours). 

These estimates of average burden 

hours are made solely for the purposes 

of the Paperwork Reduction Act. These 

estimates are not derived from a 

comprehensive or even a representative 

survey or study of Commission rules. 

The collection of information required 

by rule 17g–1 is mandatory and 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. 

Written comments are requested on: 

(a) Whether the collection of 

information is 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 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 Charles Boucher, Director/CIO, 

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. 

Dated: March 18, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6657 Filed 3–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Rule 20a–1, SEC File No. 270–132, OMB 

Control No. 3235–0158. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501–3520) the Securities 

and Exchange Commission (the 

‘‘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 20a–1 (17 CFR 270.20a–1) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a–1 et seq.) requires that 

the solicitation of a proxy, consent, or 

authorization with respect to a security 

issued by a registered investment 

company (‘‘fund’’) be in compliance 

with Regulation 14A (17 CFR 240.14a– 

1 et seq.), Schedule 14A (17 CFR 

240.14a–101), and all other rules and 

regulations adopted under section 14(a) 

of the Securities Exchange Act of 1934 

(15 U.S.C. 78n(a)). It also requires a 

fund’s investment adviser, or a 

prospective adviser, to transmit to the 

person making a proxy solicitation the 

information necessary to enable that 

person to comply with the rules and 

regulations applicable to the 

solicitation. In addition, rule 20a–1 

instructs registered investment 

companies, that have made a public 

offering of securities and that hold 

security holder votes for which proxies, 

consents, or authorizations are not being 

solicited, to refer to the Commission’s 

rules governing information statements. 

Regulation 14A and Schedule 14A 

establish the disclosure requirements 

applicable to the solicitation of proxies, 

consents and authorizations. In 

particular, Item 22 of Schedule 14A 

contains extensive disclosure 

requirements for fund proxy statements. 

Among other things, it requires the 

disclosure of information about fund fee 

or expense increases, the election of 

directors, the approval of an investment 

advisory contract and the approval of a 

distribution plan. 

The Commission requires the 

dissemination of this information to 

assist investors in understanding their 

fund investments and the choices they 

may be asked to make regarding fund 

operations. The Commission does not 

use the information in proxies directly, 

but reviews proxy statement filings for 

compliance with applicable rules. 

It is estimated that funds file 

approximately 1,225 proxy solicitations 

annually with the Commission. That 

figure includes multiple filings by some 

funds. The total annual reporting and 

recordkeeping burden of the collection 

of information is estimated to be 

approximately 130,095 hours (1,225 

responses × 106.2 hours per response). 

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 Charles Boucher, Director/CIO, 

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. 

Dated: March 18, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6658 Filed 3–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Rule 6c–7, SEC File No. 270–269, OMB 

Control No. 3235–0276. 

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 (the 

‘‘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 6c–7 (17 CFR 270.6c–7) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’) 

provides exemption from certain 

provisions of Sections 22(e) and 27 of 

the 1940 Act for registered separate 

accounts offering variable annuity