[Federal Register Volume 62, Number 127 (Wednesday, July 2, 1997)]
[Notices]
[Pages 35860-35861]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-17255]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and
Exchange Commission, Office of Filings and, Information Services,
Washington, DC 10549.
Extension
Rules 1(a), 1(b)
Forms U5A, U5B, File No. 270-168, OMB Control No. 3235-0170
Rule 3
Form U-3A3-1, File No. 270-77, OMB Control No. 3235-0160
Rule 26, File No. 270-78, OMB Control No. 3235-0183
Rule 44, File No. 270-162, OMB Control No. 3235-0147
Rule 62
Form U-R-1, File No. 270-166, OMB Control No. 3235-0152
Rule 88
Form U-13-1, File No. 270-80, OMB Control No. 3235-0182
Rule 95
Form U-13E-1, File No. 270-74, OMB Control No. 3235-0162
Form U-7D, File No. 270-75, OMB Control No. 3235-0165
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 collections
of information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget for extension and approval.
Rules 1(a) and (1(b) [17 CFR 250.2(a), 250.1(b)] and Forms U5A and
U5B [17 CFR 259.5a, 259.5b] implement Sections 5(a) and 5(b) of the
Public Utility Holding Company Act of 1935, as amended (``Act''), which
require any holding company or any person proposing to become a holding
company to file with the Commission a notification of registration and
registration statement, respectively. The information is necessary for
the Commission to determine whether a new registrant is in compliance
with the Act.
The initial burden of this requirement is approximately 80 hours
per respondent. Historically, there has been one respondent
approximately every four years, therefore the weighted annual burden
over a four year period is 20 hours. Companies filing under this rule
are required to retain records for a period of the years, and the
provision of the information is mandatory. The retention time period
allows the Commission the opportunity to perform its audit functions.
Responses are not kept confidential.
Rule 3 [17 CFR 250.3] permits a bank that is also a public utility
holding company to claim an exemption from the requirements of the Act,
through the submission of an annual statement on Form U-3A3-1 [17 CFR
259.403]. The rule and the form are used by the Commission staff to
expedite its review of compliance with sections 3(a)(4) of the Act.
Rule 3 and Form U-3A3-1 permit a bank that is also a public utility
holding company to avoid the burdens associated with an application for
an exemption from the requirements of the Act. An application for an
exemption would involve a formal order, which might require an
administrative hearing and would otherwise consume a significant amount
of Commission resources. Each year the Commission receives five
submissions from banks; each takes about two hours to complete. Thus a
total annual burden of ten hours is imposed. Banks that are required to
file under this rule are to retain the records for a period of ten
years. This retention period is consistent with requirements imposed by
federal agencies that regulate banks. Banks are allowed to request
confidential treatment of information filed under this rule.
Rule 26 [17 CFR 150.26] sets forth the financial statement and
recordkeeping requirements for registered holding companies and their
subsidiaries. This information collection is of fundamental importance
to the Commission in the review of financial statements of registered
public utility holding companies. The Commission reviews financial
statements in connection with its review of proposals submitted for
approval under several provisions of the Act. The rule imposes no
annual burden because there is no form, as such, under Rule 26 and
because the information is required for Form U5S, which is subject to
separate OMB review. In addition, there is no requirement for record
retention under this rule.
Rule 44 [17 CFR 250.44] prohibits sales of utility securities or
utility assets owned by registered public utility holding companies,
except pursuant to a declaration notifying the Commission of the
proposed transaction, which becomes effective in accordance with
[[Page 35861]]
the procedure specified in 17 CFR 150.23, and pursuant to the order of
the Commission with respect to such declaration under the applicable
provisions of the Act. The information is essential to Commission
administration of Section 12(d) of the Act and is not otherwise
available. The Commission analyzes the information to determine if the
proposed sale is consistent with the public interest. The rule imposes
a burden of about 72 hours each year on three respondents, each of
which makes one submission. There is no requirements for record
retention under this rule and the submissions are not kept
confidential.
Rule 62 [17 CFR 250.62] prohibits the solicitation of authorization
regarding any security of a regulated company in connection with
reorganization subject to Commission approval or regarding any
transaction which is the subject of an application or declaration,
except pursuant to a declaration regarding the solicitation which has
become effective. The information is necessary to permit the Commission
to adequately enforce Sections 12(e) and 11(g) of the Act. The rule and
form U-R-1 [17 CFR 259.221] impose a total annual burden of 50 hours on
ten companies, who each spend five hours, and file once annually. There
is a three year record retention under this rule and the submission are
not kept confidential.
Rule 88 [17 CFR 250.88] requires the filing of Form U-13-1 [17 CFR
259.113] for a mutual or subsidiary service company performing services
for affiliate companies of a holding company system. Eighteen
respondents initially spend a total of approximately 36 hours meeting
this requirement. Thereafter, there is no annual burden. Service
companies filing under this rule are required to retain records for a
period of ten years, and the provision of the information is mandatory.
The retention time period allows the Commission the opportunity to
perform its audit functions. Responses are not kept confidential.
Rule 95 [17 CFR 250.95] requires service companies to file reports
on Form U-13E-1 [17 CFR 259.213] with the Commission prior to their
performance of contracts for registered holding companies or their
subsidiaries, for services, construction, or sales of goods. The
Commission requires this information to enforce the provisions of
Section 13(e) and Section 13(f) of the Act. The enforcement of these
statutes would be compromised without the collection of this
information, which is not available from other sources. Companies that
file under this rule are required to retain records for a period of six
years, and the provision of this information is required. The retention
period allows the Commission to perform its audit functions. One
company meets this requirement on an annual basis with an estimated
average burden of two hours. This information is not kept confidential.
Form U-7D [17 CFR 259.404] establishes the filing company's right
to the exemption authorized for financing entities holding title to
utility assets leased to a utility company. The information is
necessary for the Commission to determine whether a company is exempt
from, or governed by, the Act. The form imposes a total annual burden
of 126 hours on 42 respondents, who each spend three hours annually
preparing and filing one response. Companies filing under this rule are
required to retain records for a period of ten years, and the
provisions of the information is mandatory. The retention time period
allows the Commission the opportunity to perform its audit functions,
and generally coincides with companies' obligation period under their
respective leases. Responses are not kept confidential.
The estimates of average burden hours are made 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.
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 Michael E. Bartell,
Associate Executive Director, Office of Information Technology,
Securities and Exchange Commission, 450 5th Street, N.W. Washington, DC
20549.
Dated: June 16, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-17255 Filed 7-1-97; 8:45 am]
BILLING CODE 8010-01-M