54110 Federal Register / Vol. 74, No. 202 / Wednesday, October 21, 2009 / Notices 

80a–1 et seq.), requires investment 

companies to register with the 

Commission before they conduct any 

business in interstate commerce. 

Section 8(a) of the 1940 Act provides 

that an investment company shall be 

deemed to be registered upon receipt by 

the Commission of a notification of 

registration in such form as the 

Commission prescribes. Form N–8A (17 

CFR 274.10) is the form for notification 

of registration that the Commission has 

adopted under section 8(a). The purpose 

of such notification of registration 

provided on Form N–8A is to notify the 

Commission of the existence of 

investment companies required to be 

registered under the 1940 Act and to 

enable the Commission to administer 

the provisions of the 1940 Act with 

respect to those companies. After an 

investment company has filed its 

notification of registration under section 

8(a), the company is then subject to the 

provisions of the 1940 Act which govern 

certain aspects of its organization and 

activities, such as the composition of its 

board of directors and the issuance of 

senior securities. Form N–8A requires 

an investment company to provide its 

name, state of organization, form of 

organization, classification, the name 

and address of each investment adviser 

of the investment company, the current 

value of its total assets and certain other 

information readily available to the 

investment company. If the investment 

company is filing a registration 

statement as required by Section 8(b) of 

the 1940 Act concurrently with its 

notification of registration, Form N–8A 

requires only that the registrant file the 

cover page (giving its name, address and 

agent for service of process) and sign the 

form in order to effect registration. 

Each year approximately 105 

investment companies file a notification 

on Form N–8A, which is required to be 

filed only once by an investment 

company. The Commission estimates 

that preparing Form N–8A requires an 

investment company to spend 

approximately 1 hour so that the total 

burden of preparing Form N–8A for all 

affected investment companies is 105 

hours. Estimates of average burden 

hours are made solely for the purposes 

of the Paperwork Reduction Act, and are 

not derived from a comprehensive or 

even a representative survey or study of 

the costs of Commission rules and 

forms. 

The collection of information on Form 

N–8A is mandatory. The information 

provided on Form N–8A is not 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 OMB 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 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: October 14, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–25206 Filed 10–20–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Rule 38a–1; SEC File No. 270–522; OMB 

Control No. 3235–0586] 

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. 

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’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Rule 38a–1 (17 CFR 270.38a–1) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a) (‘‘Investment Company 

Act’’) is intended to protect investors by 

fostering better fund compliance with 

securities laws. The rule requires every 

registered investment company and 

business development company 

(‘‘fund’’) to: (i) Adopt and implement 

written policies and procedures 

reasonably designed to prevent 

violations of the Federal securities laws 

by the fund, including procedures for 

oversight of compliance by each 

investment adviser, principal 

underwriter, administrator, and transfer 

agent of the fund; (ii) obtain the fund 

board of director’s approval of those 

policies and procedures; (iii) annually 

review the adequacy of those policies 

and procedures and the policies and 

procedures of each investment adviser, 

principal underwriter, administrator, 

and transfer agent of the fund, and the 

effectiveness of their implementation; 

(iv) designate a chief compliance officer 

to administer the fund’s policies and 

procedures and prepare an annual 

report to the board that addresses 

certain specified items relating to the 

policies and procedures; and (v) 

maintain for five years the compliance 

policies and procedures and the chief 

compliance officer’s annual report to the 

board. 

The rule contains certain information 

collection requirements that are 

designed to ensure that funds establish 

and maintain comprehensive, written 

internal compliance programs. The 

information collections also assist the 

Commission’s examination staff in 

assessing the adequacy of funds’ 

compliance programs. 

While Rule 38a–1 requires each fund 

to maintain written policies and 

procedures, most funds are located 

within a fund complex. The experience 

of the Commission’s examination and 

oversight staff suggests that each fund in 

a complex is able to draw extensively 

from the fund complex’s ‘‘master’’ 

compliance program to assemble 

appropriate compliance policies and 

procedures. Many fund complexes 

already have written policies and 

procedures documenting their 

compliance programs. Further, a fund 

needing to develop or revise policies 

and procedures on one or more topics 

in order to achieve a comprehensive 

compliance program can draw on a 

number or outlines and model programs 

available from a variety of industry 

representatives, commentators, and 

organizations. 

There are approximately 4638 funds 

subject to Rule 38a–1. Among these 

funds, 105 were newly registered in the 

past year. These 105 funds, therefore, 

were required to adopt and document 

the policies and procedures that make 

up their compliance programs. 

Commission staff estimates that the 

average annual hour burden for a fund 

to adopt and document these policies 

and procedures is 80 hours. Thus, we 

estimate that the aggregate annual 

burden hours associated with the 


jlentini on DSKJ8SOYB1PROD with NOTICES
Federal Register / Vol. 74, No. 202 / Wednesday, October 21, 2009 / Notices 54111 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

adoption and documentation 

requirement is 8,400 hours. 

All funds are required to conduct an 

annual review of the adequacy of their 

existing policies and procedures and the 

policies and procedures of each 

investment adviser, principal 

underwriter, administrator, and transfer 

agent of the fund, and the effectiveness 

of their implementation. In addition, 

each fund chief compliance officer is 

required to prepare an annual report 

that addresses the operation of the 

policies and procedures of the fund and 

the policies and procedures of each 

investment adviser, principal 

underwriter, administrator, and transfer 

agent of the fund, any material changes 

made to those policies and procedures 

since the date of the last report, any 

material changes to the policies and 

procedures recommended as a result of 

the annual review, and certain 

compliance matters that occurred since 

the date of the last report. The staff 

estimates that each fund spends 42 

hours per year, on average, conducting 

the annual review and preparing the 

annual report to the board of directors. 

Thus, we estimate that the annual 

aggregate burden hours associated with 

the annual review and annual report 

requirement is 194,796 hours. 

Finally, the staff estimates that each 

fund spends 11 hours annually, on 

average, maintaining the records 

required by proposed Rule 38a–1. Thus, 

the annual aggregate burden hours 

associated with the recordkeeping 

requirement is 51,018 hours. 

In total, the staff estimates that the 

aggregate annual information collection 

burden of Rule 38a–1 is 254,214 hours. 

The estimate of burden hours is made 

solely for the purposes of the Paperwork 

Reduction Act. The estimate is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules. Complying 

with this collection of information 

requirement is mandatory. Responses 

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. 

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 send an e-mail to Shagufta Ahmed at 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

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. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: October 14, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–25208 Filed 10–20–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Rule 17f–2(a); OMB Control No. 3235–0034; 

SEC File No. 270–34] 

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. 

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 extension of the existing 

collection of information provided for in 

Rule 17f–2(a) (17 CFR 240.17f–2(a)) 

under the Securities Exchange Act of 

1934 (15 U.S.C. 78a et seq.) (‘‘Exchange 

Act’’). 

Rule 17f–2 (17 CFR 240.17f–2) under 

the Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) requires that 

securities professionals be fingerprinted. 

This requirement serves to identify 

security risk personnel, to allow an 

employer to make fully informed 

employment decisions, and to deter 

possible wrongdoers from seeking 

employment in the securities industry. 

Partners, directors, officers, and 

employees of exchanges, broker, dealers, 

transfer agents, and clearing agencies 

are included. Fingerprint cards 

submitted under Rule 17f–2(a) must be 

retained for a period of not less than 

three years after termination of the 

person’s employment relationship with 

the organization. Fingerprint cards 

submitted according to Rule 17f–2(a) 

will not be kept confidential. It is 

estimated that approximately 10,000 

respondents will submit fingerprint 

cards. It is also estimated that each 

respondent will submit 55 fingerprint 

cards. The staff estimates that the 

average number of hours necessary to 

comply with the Rule 17f–2(a) is onehalf hour. The total burden is 275,000 

hours for respondents. The average cost 

per hour is approximately $50. 

Therefore, the total cost of compliance 

for respondents is $13,750,000. 

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: 

Shagufta_Ahmed@omb.eop.gov; and 

(ii) Charles Boucher, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Shirley 

Martinson, 6432 General Green Way, 

Alexandria, Virginia 22312 or send an 

e-mail to: PRA_Mailbox@sec.gov. 

Comments must be submitted to OMB 

within 30 days of this notice. 

Dated: October 14, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–25207 Filed 10–20–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60817; File No. SR–ISE– 

2009–76] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Adopt a Fee for ISE Market 

Maker Orders Sent to the Exchange by 

Electronic Access Members 

October 13, 2009. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on October 

1, 2009, International Securities 

Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 


jlentini on DSKJ8SOYB1PROD with NOTICES