[Federal Register Volume 62, Number 169 (Tuesday, September 2, 1997)]
[Notices]
[Pages 46386-46387]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-23136]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, 
DC 20549

Extension

Rules 1(a), (b)
    Form 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'') has submitted to the Office of Management 
and Budget requests for extension of the previously approved 
collections of information discussed below.
    Rules 1(a) and 1(b) [17 CFR 250.1(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 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 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 Section 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 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 250.26] 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 or 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 the 
procedure specified in 17 CFR 250.23, 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 requirement 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 requirements. 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

[[Page 46387]]

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 provision 
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.
    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 regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 3208, New Executive Office 
Building, Washington, D.C. 20503; and (ii) Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, 
D.C. 20549. Comments must be submitted to OMB within 30 days of this 
notice.

    Dated: August 25, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-23136 Filed 8-29-97; 8:45 am]
BILLING CODE 8010-01-M