Federal Register / Vol. 74, No. 113 / Monday, June 15, 2009 / Notices 28287 

submittals.html or by calling the NRC 

technical help line, which is available 

between 8 a.m. and 8 p.m., Eastern 

Time, Monday through Friday, 

excluding government holidays. The 

help line number is (866) 672–7640. 

Participants who believe that they 

have good cause for not submitting 

documents electronically must file a 

motion, in accordance with 10 CFR 

2.302(g), with their initial paper filing 

requesting authorization to continue to 

submit documents in paper format. 

Such filings must be submitted by (1) 

first class mail addressed to the Office 

of the Secretary of the Commission, U.S. 

Nuclear Regulatory Commission, 

Washington, DC 20555–0001, Attention: 

Rulemaking and Adjudications Staff; or 

(2) courier, express mail, or expedited 

delivery service to the Office of the 

Secretary, Sixteenth Floor, One White 

Flint North, 11555 Rockville Pike, 

Rockville, Maryland 20852, Attention: 

Rulemaking and Adjudications Staff. 

Participants filing a document in this 

manner are responsible for serving the 

document on all other participants. 

Filing is considered complete by firstclass mail as of the time of deposit in 

the mail, or by courier, express mail, or 

expedited delivery service upon 

depositing the document with the 

provider of the service. 

Documents submitted in adjudicatory 

proceedings will appear in NRC’s 

electronic hearing docket which is 

available to the public at http:// 

ehd.nrc.gov/EHD_Proceeding/home.asp, 

unless excluded pursuant to an order of 

the Commission, an Atomic Safety and 

Licensing Board, or a Presiding Officer. 

Participants are requested not to include 

personal privacy information, such as 

social security numbers, home 

addresses, or home phone numbers in 

their filings. With respect to copyrighted 

works, except for limited excerpts that 

serve the purpose of the adjudicatory 

filings and would constitute a Fair Use 

application, Participants are requested 

not to include copyrighted materials in 

their works. 

If a person other than the Licensee 

requests a hearing, that person shall set 

forth with particularity the manner in 

which his interest is adversely affected 

by this Order and shall address the 

criteria set forth in 10 CFR 2.309(d). 

If a hearing is requested by a Licensee 

or a person whose interest is adversely 

affected, the Commission will issue an 

Order designating the time and place of 

any hearings. If a hearing is held, the 

issue to be considered at such hearing 

shall be whether this Order should be 

sustained. In the absence of any request 

for hearing, or written approval of an 

extension of time in which to request a 

hearing, the provisions specified in 

Section IV above shall be final 20 days 

from the date of this Order without 

further order or proceedings. If an 

extension of time for requesting a 

hearing has been approved, the 

provisions specified in Section IV shall 

be final when the extension expires if a 

hearing request has not been received. If 

payment has not been made by that 

time, the matter may be referred to the 

Attorney General, for collection. 

In the event the Licensee requests a 

hearing as provided above, the issues to 

be considered at such hearing shall be: 

(a) Whether the Licensee was in 

violation of the Commission’s 

requirements as set forth in the Notice 

referenced in Section II above, and 

(b) Whether, on the basis of such 

violations, this Order should be 

sustained. 

Dated this 8th day of June 2009. 

For the Nuclear Regulatory Commission. 

Cynthia A. Carpenter, 

Director, Office of Enforcement. 

[FR Doc. E9–13992 Filed 6–12–09; 8:45 am] 

BILLING CODE 7590–01–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 38a–1; SEC File No. 270–522; OMB 

Control No. 3235–0586. 

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 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 

adoption and documentation 

requirement is 8,400 hours. 


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28288 Federal Register / Vol. 74, No. 113 / Monday, June 15, 2009 / Notices 

1Applicants request that any relief granted 

pursuant to the application also apply to any other 

company of which DBSI is or may become an 

affiliated person (together with the Applicants, the 

‘‘Covered Persons’’). 

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 aggregate 

annual 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 aggregate annual 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. 

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: June 9, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–14007 Filed 6–12–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–28763; File No. 812–13664] 

Deutsche Bank Securities Inc., et al.; 

Notice of Application and Temporary 

Order 

June 9, 2009. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Temporary order and notice of 

application for a permanent order under 

section 9(c) of the Investment Company 

Act of 1940 (‘‘Act’’). 

SUMMARY OF APPLICATION: Applicants 

have received a temporary order 

exempting them from section 9(a) of the 

Act, with respect to an injunction 

entered against Deutsche Bank 

Securities Inc. (‘‘DBSI’’) on June 9, 2009 

by the United States District Court for 

the Southern District of New York 

(‘‘Injunction’’), until the Commission 

takes final action on an application for 

a permanent order. Applicants also have 

applied for a permanent order. 

APPLICANTS: DBSI, Deutsche Investment 

Management Americas, Inc. (‘‘DIMA’’), 

Deutsche Asset Management (Hong 

Kong) Limited (‘‘DeAM (HK)’’), 

Deutsche Asset Management 

International GmbH (‘‘DeAMI’’), 

Deutsche Asset Management (Japan) 

Limited (‘‘DeAMJ’’), Deutsche 

Investments Australia Limited 

(‘‘DIAL’’), RREEF America LLC 

(‘‘RREEF’’), RREEF Global Advisors 

Limited (‘‘RREEF (G)’’), and DWS 

Investments Distributors, Inc. (‘‘DIDI’’) 

(collectively, other than DBSI, the 

‘‘Fund Servicing Applicants’’ and 

together with DBSI, the ‘‘Applicants’’).1

DATES: Filing Date: The application was 

filed on June 9, 2009. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the application will be 

issued unless the Commission orders a 

hearing. Interested persons may request 

a hearing by writing to the 

Commission’s Secretary and serving 

Applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on July 6, 2009, 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 

hearing may request notification by 

writing to the Commission’s Secretary. 

ADDRESSES: Secretary, U.S. Securities 

and Exchange Commission, 100 F 

Street, NE., Washington, DC 20549– 

1090; Applicants: DBSI, 60 Wall Street, 

New York, NY 10005; DIMA, 345 Park 

Avenue, New York, NY 10154; DeAM 

(HK), 48/F Cheung Kong Centre, 2 

Queen’s Road Central, Hong Kong, 

China; DeAMI, Mainzer Landstrasse 

178–190, Frankfurt am Main, 60327; 

DeAMJ, Sanno Park Tower, 2–11–1, 

Nagata-Cho, Chiyoda-Ku, Tokyo, 100– 

6173; DIAL, Deutsche Bank Place, Level 

16, CNR Hunter and Phillip Streets, 

Sydney, NSW 2000; RREEF, 875 N. 

Michigan Avenue, 41st Floor, Chicago, 

IL 60611; RREEF (G), Winchester House, 

1 Great Winchester Street, London, 

United Kingdom EC2N 2DB; and DIDI, 

222 South Riverside Plaza, Chicago, IL 

60606. 

FOR FURTHER INFORMATION CONTACT: 

Steven I. Amchan, Senior Counsel, at 

(202) 551–6826, or Julia Kim Gilmer, 

Branch Chief, at (202) 551–6821, 

(Division of Investment Management, 

Office of Investment Company 

Regulation). 

SUPPLEMENTARY INFORMATION: The 

following is a temporary order and a 

summary of the application. The 

complete application may be obtained 

via the Commission’s Web site by 

searching for the file number, or an 

applicant using the Company name box, 

at http://www.sec.gov/search/ 

search.htm or by calling (202) 551– 

8090. 

Applicants’ Representations 

1. Deutsche Bank AG (‘‘DB’’) is a stock 

corporation organized under the laws of 

the Federal Republic of Germany. DBSI 

is an indirect wholly-owned subsidiary 

of DB, and an affiliated person of each 

Fund Servicing Applicant within the 

meaning of section 2(a)(3) of the Act (by 


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