[Federal Register Volume 63, Number 119 (Monday, June 22, 1998)]
[Notices]
[Page 33975]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16436]



[[Page 33975]]

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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 
20549

Extension:
    Part 257, SEC File No. 270-252, OMB Control No. 3235-0306
    Form U-1, SEC File No. 270-128, OMB Control No. 3235-0125
    Rule 58, Form U-9C-3, SEC File No. 270-400, OMB Control No. 
3235-0457
    Rule 71, Form U-12(I)-A, & Form U-12(I)-B SEC File No. 270-161, 
OMB Control No. 3235-0173
    Rules 93-94, Form U-13-60, SEC File No. 270-79, OMB Control No. 
3235-0153

    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.
    The rules under 17 CFR Part 257 implement sections of the Public 
Utility Holding Company Act of 1935 (``Act'') that require registered 
holding companies and their subsidiary service companies to preserve 
records for certain periods. The purpose of requiring the holding 
company to retain the records is to permit audit or verification by the 
Commission, or by state utility commissions, of transactions between 
the holding company or its otherwise unregulated subsidiaries, the 
subsidiary service companies, and the regulated utility subsidiaries 
which the holding company controls, or to establish investors' rights. 
The Commission estimates that the total annual reporting and 
recordkeeping burden is one hour (18 recordkeepers  x  \1/18\ hour = 
one burden hour).
    Form U-1, under rule 20(c) of the Act, must be used by any person 
filing or amending an application or declaration under sections 6(b), 
7, 9(c)(3), 10, 12(b), (c), (d) or (f) of the Act. The form must also 
be used for filings under any rule under other sections of the Act, for 
which a form is not prescribed. The Commission estimates that the total 
annual reporting and recordkeeping burden is 27,225 hours (121 
recordkeepers  x  225 hours = 27,225 burden hours). This represents an 
increase of 10,020 hours annually in the paperwork burden from the 
prior estimate, which was caused by an increase in the number of 
respondents for the period and the fact that the filings have become 
generally more complex.
    Rule 58 under the Act, allows registered holding companies and 
their subsidiaries to acquire energy-related and gas-related companies. 
Acquisitions are made without prior Commission approval under section 
20 of the Act. However, within 60 days after the end of the first 
calendar quarter in which any exempt acquisition is made, and each 
calendar quarter thereafter, the registered holding company is required 
to file with the Commission a certificate of notification on Form U-9C-
3 containing the information prescribed by that form. The Commission 
requests this information because rule 58 of the Act requires it. The 
Commission uses this information to determine the existence of 
detriment, regarding the acquisition of certain energy-related 
companies, to interests the Act is designed to protect. The 61 
recordkeepers together incur about 976 annual burden hours to comply 
with these requirements (61 recordkeepers  x  16 hours = 976 burden 
hours.)
    Rule 71 and Forms U-12(I)-A and U-12(I)-B implement subsection 
12(i) of the Act, which makes it unlawful for an employee to prevent, 
advocate or oppose any matter affecting a registered holding company 
before Congress, the Commission or the FERC. The Commission estimates 
that the total annual reporting and recordkeeping burden is 167 hours 
(250 respondents  x  \2/3\ hour = 167 burden hours). The purpose of 
collecting the information is to determine the existence of detriment 
to interests the Act is designed to protect. The Commission uses the 
information to enable it to enforce the provisions of section 12(i) of 
the Act.
    Rule 93 imposes recordkeeping and record maintenance requirements 
on mutual and subsidiary service companies of registered holding 
companies. Under the rule, the service companies must keep their 
accounts and records according to the Uniform System of Accounts, as 
provided in 17 CFR 256. Further, the companies must maintain those 
records in the manner and for the periods provided in 17 CFR 257. Rule 
94 requires service companies to file annual financial reports on Form 
U-13-60, as provided in 17 CFR 259.313. The purpose of requiring the 
holding company to retain the records is to permit audit or 
verification by the Commission, or by state utility commissions, of 
transactions between the holding company or its otherwise unregulated 
subsidiaries, the subsidiary service companies and the regulated 
utility subsidiaries which the holding company controls or to establish 
investors' rights. The Commission estimates that the total annual 
reporting and recordkeeping burden is 580 hours (40 respondents  x  
14.5 hours = 580 hours).
    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, NW Washington, DC 
20549.

    Dated: June 15, 1998.
Maragaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-16436 Filed 6-19-98; 8:45 am]
BILLING CODE 8010-01-M