27206 Federal Register / Vol. 74, No. 108 / Monday, June 8, 2009 / Notices 

12This estimate is based on the average of assets 

under management of medium-sized registered 

money market funds ($50 million to $999 million). 

13This estimate was based on the following 

calculation: 60 unregistered money market funds x 

$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. 

1 $63/hour figure for a Compliance Clerk is from 

SIFMA’s Office Salaries in the Securities Industry 

2008, modified by Commission staff to account for 

an 1800-hour work-year and multiplied by 2.93 to 

account for bonuses, firm size, employee benefits 

and overhead. 

management.12 Based on a cost of 

$0.0000005 per dollar of assets under 

management for medium-sized funds, 

the staff estimates compliance with rule 

2–7 costs these types of unregistered 

money market funds $11,400 

annually.13 Commission staff estimates 

that unregistered money market funds 

do 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. 

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. 

June 1, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–13256 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 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’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

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 

contracts to certain employees of Texas 

institutions of higher education 

participating in the Texas Optional 

Retirement Program. There are 

approximately 100 registrants governed 

by Rule 6c–7. The burden of compliance 

with Rule 6c–7, in connection with the 

registrants obtaining from a purchaser, 

prior to or at the time of purchase, a 

signed document acknowledging the 

restrictions on redeemability imposed 

by Texas law, is estimated to be 

approximately 3 minutes per response 

for each of approximately 3000 

purchasers annually (at an estimated 

$63 per hour),1 for a total annual burden 

of 150 hours (at a total annual cost of 

$9,450). 

Rule 6c–7 requires that the separate 

account’s registration statement under 

the Securities Act of 1933 (15 U.S.C. 77a 

et seq.) include a representation that 

Rule 6c–7 is being relied upon and is 

being complied with. This requirement 

enhances the Commission’s ability to 

monitor utilization of and compliance 

with the rule. There are no 

recordkeeping requirements with 

respect to Rule 6c–7. 

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 or forms. The 

Commission does not include in the 

estimate of average burden hours the 

time preparing registration statements 

and sales literature disclosure regarding 

the restrictions on redeemability 

imposed by Texas law. The estimate of 

burden hours for completing the 

relevant registration statements are 

reported on the separate PRA 

submissions for those statements. (See 

the separate PRA submissions for Form 

N–3 (17 CFR 274.11b) and Form N–4 (17 

CFR 274.11c.) 

Complying with the collection of 

information requirements of the rules is 

necessary to obtain a benefit. 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 email 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. E9–13255 Filed 6–5–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Extension of Existing 

Request; Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Regulation S–P, OMB Control No. 3235– 

0537, SEC File No. 270–480. 

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 existing collection of information 

provided for in the following rule: 


cprice-sewell on PRODPC61 with NOTICES
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