[Federal Register Volume 63, Number 114 (Monday, June 15, 1998)]
[Notices]
[Pages 32685-32686]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15825]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Extension; Comment Request

    Extension: Rule 53, SEC File No. 270-376, OMB Control No. 3235-
0426, Rule 54, SEC File No. 270-376, OMB Control No. 3235-0427, Rule 
55, SEC File No. 270-376, OMB Control No. 3235-0430, Rule 57(a) and 
Form U-57, SEC File No. 270-376, OMB Control No. 3235-0428, Rule 
57(b) and Form U-33-S, SEC File No. 270-376, OMB Control No. 3235-
0429, Rule 1(c) and Form U5S, SEC File No. 270-168, OMB Control No. 
3235-0164, Rule 2 and Form U-3A-2, SEC File No. 270-83, OMB Control 
No. 3235-0161.

    Upon Written Request, Copies Available From: Securities and 
Exchange Commission, Office of Filings, Information, and Consumer 
Services, 450 Fifth Street, NW., Washington, DC 20549.
    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.
    Sections 32 and 33 of the Public Utility Holding Company Act of 
1935, as amended (``Act''), and rules 53, 54, 55

[[Page 32686]]

and 57 thereunder, permit holding companies registered under the Act to 
make direct or indirect investments in exempt wholesale generators 
(``EWGs'') and foreign utility companies (``FUCOs''), as defined in 
sections 32 and 33 of the Act, respectively, without the prior approval 
of the Commission, if certain conditions are met. Rules 53, 54 and 55 
do not create a reporting burden for respondents. These rules do, 
however, contain a recordkeeping and retention requirement. The purpose 
of requiring the availability of books and records identifying 
investments in and earnings from any subsidiary EWG or FUCO is to allow 
the Commission to monitor the extent and the effect of registered 
holding companies' investments in these new entities. This criterion 
was specifically cited by Congress as an appropriate item for inclusion 
in the Commission's rulemaking. The Commission estimate that the total 
annual reporting and recordkeeping burden of collections under each of 
rules 53, 54 and 55 is 110 hours per rule (e.g., 11 responses per rule 
x  10 hours per rule = 110 burden hours per rule).
    Rule 57 imposes two reporting requirements. First, and pursuant to 
rule 57(a) companies seeking FUCO status must file a notification on 
Form U-57 on the occasion of each transaction involving the acquisition 
of a FUCO. In instances where non-utility entities acquire a FUCO, Form 
U-57 is the Commission's sole source of information regarding such 
projects. Even when public-utility companies make the acquisition, Form 
U-57 may provide the only prospective data available to the Commission 
with respect to such acquisition. The Commission estimates that the 
total reporting and recordkeeping burden of collections under rule 
57(a) is 144 hours (e.g., 48 responses  x  3 hours = 144 burden hours).
    The second reporting requirement of Rule 57 is the filing of Form 
U-33-S, which imposes an annual reporting requirement on any public-
utility company that acquires one or more FUCOs. The information from 
Form U-33-S allows the Commission to monitor overseas investments by 
public-utility companies. The Commission estimates that the total 
reporting and recordkeeping burden of collections under rule 57(b) is 
267 hours (e.g., 89 responses  x  3 hours = 267 burden hours).
    Section 3 of the Act and rule 2 under the Act require the 
Commission to monitor exempt holding companies to make sure that 
exemptions are not detrimental to the public interest or the interest 
of investors or consumers. Form U-3A-2 is the single uniform periodic 
submission which allows the staff to effectively accomplish this task. 
The Commission estimates that the total reporting and recordkeeping 
burden of collections under rule 2 is 319 hours (e.g., 91 responses  x  
3.5 hours=319 burden hours).
    Section 5 of the Act imposes similar duties on the Commission with 
respect to registered holding companies. The Form U5S allows the staff 
to gather an annual ``snapshot'' of each registered system for review 
and comparison with other systems. Relying on the fragmented 
information submitted with applications on Form U-1 for Commission 
approval of certain transactions, or other submissions by registered 
holding companies or their subsidiaries, would not be an appropriate 
substitute for the comprehensive and timely information provided on 
Form U5S. The Commission estimates that the total reporting and 
recordkeeping burden of collections under Form U5S is 4,142 hours 
(e.g., 19 responses  x  218 hours = 4,142 burden hours).
    These estimates of average burden hours are made solely 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 
SEC rules and forms.
    It should be noted that ``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 Michael E. Bartell, 
Associate Executive Director, Securities and Exchange commission, 450 
5th Street, NW, Washington, DC 20549.

    Dated: June 5, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-15825 Filed 6-12-98; 8:45 am]
BILLING CODE 8010-01-M