[Federal Register Volume 68, Number 63 (Wednesday, April 2, 2003)]
[Notices]
[Pages 16107-16108]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-7842]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

    Upon Written Request, Copies Available From: Securities and 
Exchange Commission,

[[Page 16108]]

Office of Filings, and Information Services 450 Fifth Street, NW., 
Washington, DC. 20549.
    Extension: Form N-17f-2. SEC File No. 270-317. OMB Control No. 
3235-0360.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
    Form N-17f-2 is entitled ``Certificate of Accounting of Securities 
and Similar Investments in the Custody of Management Investment 
Companies.'' Form N-17f-2 is the cover sheet for the accountant 
examination certificates filed under rule 17f-2 of the Investment 
Company Act of 1940 by registered management investment companies 
(``funds'') maintaining custody of securities or other investments. 
Form N-17f-2 facilitates the filing of the accountant's examination 
certificates. The use of the form allows the certificates to be filed 
electronically, and increases the accessibility of the examination 
certificates to both the Commission's examination staff and interested 
investors by ensuring that the certificates are filed under the proper 
SEC file number and the correct name of a fund.
    Under rule 17f-2, each fund is required to file Form N-17f-2 at 
least three times a year with the Commission. Commission staff 
estimates that it takes approximately 1 hour per response to prepare 
and file a Form N-17f-2 with the Commission. Thus, the total annual 
burden of Form N-17f-2's paperwork requirement is estimated to be 
approximately 405 burden hours.\1\ The entire hour burden will be borne 
by clerical staff at $16 per hour, for a total cost of approximately 
$6,480 (405 burden hours x $16 = $6,480). The increase in burden hours 
from 92 to 405 is attributable to updated estimates of the burden hours 
that reflect additional time spent by professionals and clerical staff 
in their compliance efforts.
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    \1\ The Commission staff estimates that there are 135 funds that 
file Form N-17f-2 each year. Each fund is required to make three 
responses per year, and each response requires 1 hour to prepare. 
The hour burden is calculated as follows: 135 (respondents) x 3 
(responses per fund per year) x 1 (hours per response) = 405 hours.
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    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules and forms. Complying with the collection of 
information requirements of the rule is mandatory for those funds that 
maintain custody of their own assets. The information provided to the 
Commission by the fund's independent public accountants about each 
verification of the fund's assets will not be kept confidential. 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 collection of 
information is necessary for the proper performance of the functions of 
the Commission, including whether the information has practical 
utility; (b) the accuracy of the Commission'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 Kenneth A. Fogash, Acting 
Associate Executive Director/CIO, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, NW., Washington, DC 
20549.

    Dated: March 25, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-7842 Filed 4-1-03; 8:45 am]
BILLING CODE 8010-01-P