Federal Register / Vol. 74, No. 108 / Monday, June 8, 2009 / Notices 27207 

1As discussed below, the Military Personnel 

Financial Services Protection Act banned the 

issuance or sale of new periodic payment plans, 

effective October 2006. 

Regulation S–P—Privacy of Consumer 

Financial Information (17 CFR Part 248) 

under the Securities Exchange Act of 

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

Act’’). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

for extension and approval. 

The Commission adopted Regulation 

S–P (17 CFR Part 248) under the 

authority set forth in section 504 of the 

Gramm-Leach-Bliley Act (15 U.S.C. 

6804), sections 17 and 23 of the 

Securities Exchange Act of 1934 (15 

U.S.C. 78q, 78w), sections 31 and 38 of 

the Investment Company Act of 1940 

(15 U.S.C. 80a–30(a), 80a–37), and 

sections 204 and 211 of the Investment 

Advisers Act of 1940 (15 U.S.C. 80b–4, 

80b–11). Regulation S–P implements the 

requirements of Title V of the GrammLeach-Bliley Act (‘‘GLBA’’), which 

include the requirement that at the time 

of establishing a customer relationship 

with a consumer and not less than 

annually during the continuation of 

such relationship, a financial institution 

shall provide a clear and conspicuous 

disclosure to such consumer of such 

financial institution’s policies and 

practices with respect to disclosing 

nonpublic personal information to 

affiliates and nonaffiliated third parties 

(‘‘privacy notice’’). Title V of the GLBA 

also provides that, unless an exception 

applies, a financial institution may not 

disclose nonpublic personal information 

of a consumer to a nonaffiliated third 

party unless the financial institution 

clearly and conspicuously discloses to 

the consumer that such information may 

be disclosed to such third party; the 

consumer is given the opportunity, 

before the time that such information is 

initially disclosed, to direct that such 

information not be disclosed to such 

third party; and the consumer is given 

an explanation of how the consumer can 

exercise that nondisclosure option (‘‘opt 

out notice’’). The privacy notices 

required by the GLBA are mandatory. 

The opt out notices are not mandatory 

for financial institutions that do not 

share nonpublic personal information 

with nonaffiliated third parties except 

as permitted under an exception to the 

statute’s opt out provisions. Regulation 

S–P implements the statute’s privacy 

notice requirements with respect to 

broker-dealers, investment companies, 

and registered investment advisers 

(‘‘covered entities’’). The Act and 

Regulation S–P also contain consumer 

reporting requirements. In order for 

consumers to opt out, they must 

respond to opt out notices. At any time 

during their continued relationship, 

consumers have the right to change or 

update their opt out status. Most 

covered entities do not share nonpublic 

personal information with nonaffiliated 

third parties and therefore are not 

required to provide opt out notices to 

consumers under Regulation S–P. 

Therefore, few consumers are required 

to respond to opt out notices under the 

rule. 

Compliance with Regulation S–P is 

necessary for covered entities to achieve 

compliance with the consumer financial 

privacy notice requirements of Title V of 

the GLBA. The required consumer 

notices are not submitted to the 

Commission. Because the notices do not 

involve a collection of information by 

the Commission, Regulation S–P does 

not involve the collection of 

confidential information. Regulation S– 

P does not have a record retention 

requirement per se, although the notices 

to consumers it requires are subject to 

the recordkeeping requirements of Rules 

17a–3 and 17a–4 (17 CFR 240.17a–3 and 

17a–4). 

The Commission estimates that 

approximately 20,065 covered entities 

(approximately 5,326 registered brokerdealers, 4,571 investment companies, 

and, out of a total of 11,266 registered 

investment advisers, 10,168 registered 

investment advisers that are not also 

registered broker-dealers) that must 

prepare or revise their annual and initial 

privacy notices will spend an average of 

approximately 12 hours per year 

complying with Regulation S–P. Thus, 

the total compliance burden is 

estimated to be approximately 240,780 

burden-hours per year. 

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 within 60 days of this 

publication. 

Comments should be directed to 

Charles Boucher, 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. 

Dated: June 1, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–13254 Filed 6–5–09; 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 27e–1 and Form N–27E–1, SEC File 

No. 270–486, OMB Control No. 3235– 

0545. 

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. 

Section 27(e) of the Investment 

Company Act of 1940 (‘‘Act’’) (15 U.S.C. 

80a–27(e)) provides in part that a 

registered investment company issuing 

a periodic payment plan certificate,1 or 

any depositor or underwriter for such 

company (collectively ‘‘issuer’’), must 

notify in writing ‘‘each certificate holder 

who has missed three payments or 

more, within thirty days following the 

expiration of fifteen months after the 

issuance of the certificate, or, if any 

such holder has missed one payment or 

more after such period of fifteen months 

but prior to the expiration of eighteen 

months after the issuance of the 

certificate, at any time prior to the 

expiration of such eighteen month 

period, of his right to surrender his 

certificate * * * and inform the 

certificate holder of (A) the value of the 

holder’s account * * * , and (B) the 

amount to which he is entitled * * * .’’ 

Section 27(e) authorizes the 

Commission to ‘‘make rules specifying 

the method, form, and contents of the 

notice required by this subsection.’’ 

Rule 27e–1 (17 CFR 270.27e–1) under 

the Act, entitled ‘‘Requirements for 

Notice to Be Mailed to Certain 

Purchasers of Periodic Payment Plan 

Certificates Sold Subject to Section 

27(d) of the Act,’’ provides instructions 


cprice-sewell on PRODPC61 with NOTICES
27208 Federal Register / Vol. 74, No. 108 / Monday, June 8, 2009 / Notices 

for the delivery of the notice required by 

section 27(e). 

Rule 27e–1(f) prescribes Form N–27E– 

1 (17 CFR 274.127e–1), which sets forth 

the language the issuing registered 

investment company or its depositor or 

underwriter must use ‘‘to inform 

certificate holders of their right to 

surrender their certificates pursuant to 

Section 27(d).’’ The instructions to the 

form require that a notice containing the 

language on the form be sent to 

certificate holders on the sender’s 

letterhead. The issuer is not required to 

file with the Commission a copy of the 

Form N–27E–1 notice. 

The Form N–27E–1 notice to 

certificate holders who have missed 

certain payments is intended to 

encourage certificate holders, in light of 

the potential for further missed 

payments, to weigh the anticipated costs 

and benefits associated with continuing 

to hold their certificates. The disclosure 

assists certificate holders in making 

careful and fully informed decisions 

about whether to continue investing in 

periodic payment plan certificates. 

Effective October 27, 2006, the 

Military Personnel Financial Services 

Protection Act banned the issuance or 

sale of new periodic payment plans. 

Accordingly, the staff estimates that 

there is no longer any information 

collection burden associated with rule 

27e–1 and Form N–27E–1. For 

administrative purposes, however, we 

are requesting approval for an 

information collection burden of one 

hour per year. This estimate of burden 

hours is not derived from a 

comprehensive or necessarily even 

representative study of the cost of the 

Commission’s rules and forms. 

Complying with the collection of 

information requirements of rule 27e–1 

is mandatory for issuers of periodic 

payment plans or their depositors or 

underwriters in the event holders of 

plan certificates miss certain payments 

within eighteen months after issuance. 

The information provided pursuant to 

rule 27e–1 will be provided to third 

parties and, therefore, will not be kept 

confidential. The Commission is seeking 

OMB approval, because 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: June 1, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–13260 Filed 6–5–09; 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 23c–1; SEC File No. 270–253; OMB 

Control No. 3235–0260. 

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’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Rule 23c–1 (17 CFR 270.23c–1) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a), among other things, 

permits a closed-end fund to repurchase 

its securities for cash if in addition to 

the other requirements set forth in the 

rule: (i) Payment of the purchase price 

is accompanied or preceded by a written 

confirmation of the purchase; (ii) the 

asset coverage per unit of the security to 

be purchased is disclosed to the seller 

or his agent; and (iii) if the security is 

a stock, the fund has, within the 

preceding six months, informed 

stockholders of its intention to purchase 

stock. Commission staff estimates that 

approximately 36 closed-end funds rely 

on Rule 23c–1 annually to undertake 

approximately 324 repurchases of their 

securities. Commission staff estimates 

that, on average, a fund spends 2.5 

hours to comply with the paperwork 

requirements listed above each time it 

undertakes a security repurchase under 

the rule. Commission staff thus 

estimates the total annual burden of the 

rule’s paperwork requirements is 810 

hours. 

In addition, the fund must file with 

the Commission a copy of any written 

solicitation to purchase securities given 

by or on behalf of the fund to 10 or more 

persons. The copy must be filed as an 

exhibit to Form N–CSR (17 CFR 249.331 

and 274.128). The burden associated 

with filing Form N–CSR is addressed in 

the submission related to that form. 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act, and is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules and forms. 

Complying with the collection of 

information requirements of the rule is 

mandatory. The filings that the rule 

requires to be made with the 

Commission are available to the public. 

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: June 1, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–13259 Filed 6–5–09; 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 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’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 


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