[Federal Register Volume 63, Number 165 (Wednesday, August 26, 1998)]
[Notices]
[Pages 45536-45537]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-22840]


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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, Information and Consumer Services, 
450 Fifth Street, N.W., Washington, DC 20549
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

    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.
    Sections 32 and 33 of the Public Utility Holding Company Act of 
1935, as amended (``Act''), and rules 53, 54, 55 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 
earning 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 estimates 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 form 
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

[[Page 45537]]

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.
    Rules 1(c), 2, 53, 54, 55, 57(a) and 57(b) each impose a mandatory 
recordkeeping requirement of this information collection. It is 
mandatory that qualifying companies provide the information required by 
rules 2, 53, 54, 55, 57(a) and 57(b), and it is mandatory that 
registered holding companies provide the information required by rule 
1(c). There is no requirement to keep the information in the forms 
confidential because it is public information.
    Written comments regrading 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 (``OMB''), (Project Numbers 3235-0426 
[Rule 53], 3235-0427 [Rule 54], 3235-0430 [Rule 55], 3235-0428 [Form U-
57], 3235-0429 [Form U-33-S], 3235-0168 [Form U5S], and 3235-0161 [Form 
U-3A-2], Room 10202, 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 17, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-22840 Filed 8-25-98; 8:45 am]
BILLING CODE 8010-01-M