[Federal Register Volume 65, Number 132 (Monday, July 10, 2000)]
[Notices]
[Pages 42403-42404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-17329]


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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:

Rules 1(a), 1(b), Forms U5A and U5B--SEC File No. 270-168--OMB Control 
No. 3235-0170
Rule 3, Form U-3A3-1--SEC File No. 270-77--OMB Control No. 3235-0160
Rule 26--SEC File No. 270-78--OMB Control No. 3235-0183
Rule 44--SEC File No. 270-162--OMB Control No. 3235-0147
Rule 62, Form U-R-1--SEC File No. 270-166--OMB Control No. 3235-0152
Rule 88, Form U-13-1--SEC File No. 270-80--OMB Control No. 3235-0182
Rule 95, Form U-13E-1--SEC File No. 270-74--OMB Control No. 3235-0162
Form U-7D--SEC File No. 270-75--OMB Control No. 3235-0165

    Notice is hereby given that, under the Paperwork Reduction Act of 
1995 (44 U.S.C. 3501, et seq.), the Securities and Exchange Commission 
(``Commission'') requests 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 250.1(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 requirements of the Act. The initial burden of this 
requirement is approximately 80 hours per respondent. Thereafter there 
is no annual burden. The Commission has been receiving four filings 
each year, with a total annual burden of 320 hours. Companies filing 
under this rule are required to retain records for a period of 10 
years, and 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 which otherwise would 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. Provision of this 
information is required. Banks that file under this rule are required 
to retain 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 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. Provision of this 
information is required. 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 of 
utility assets owned by registered public utility holding companies, 
not otherwise exempt under Commission regulations, except under a 
declaration that notifies the Commission of the proposed sale and that 
becomes effective. 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. Provision of this 
information is

[[Page 42404]]

required. The rule imposes a burden of about 96 hours each year on 4 
respondents, each of which makes one submission. There is no 
requirement for record retention under this rule. 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 under 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 35 hours on 
7 companies, who each spend 5 hours, and file as necessary.
    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. Twenty-two 
respondents initially spend a total of approximately eighty-eight 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 10 years, and 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 of 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. Provision of 
this information is required. Companies that file under this rule are 
required to retain records for a period of six years. This 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 2 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 72 hours on 24 respondents, who each spend 3 hours annually 
preparing and filing 1 response. Companies filing under this rule are 
required to retain records for a period of 10 years, and 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.
    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 28, 2000.
Jonathan G. Katz,
Secretary.
[FR Doc. 00-17329 Filed 7-7-00; 8:45 am]
BILLING CODE 8010-01-M