[Federal Register Volume 68, Number 142 (Thursday, July 24, 2003)]
[Notices]
[Page 43772]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-18899]



[[Page 43772]]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, 450 5th 
Street, NW., Washington, DC 20549.
Extension:
    Rule 13f-1 [17 CFR 240.13f-1], SEC File No. 270-22, OMB Control 
No. 3235-0006.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange 
Commission (the ``Commission'') is soliciting comments on the 
collection of information summarized below. The Commission plans to 
submit this collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    Section 13(f) \1\ of the Securities Exchange Act of 1934 \2\ (the 
``Exchange Act'') empowers the Commission to: (1) Adopt rules that 
create a reporting and disclosure system to collect specific 
information; and (2) disseminate such information to the public. Rule 
13f-1 \3\ under the Exchange Act requires institutional investment 
managers that exercise investment discretion over accounts--having in 
the aggregate a fair market value of at least $100,000,000 of exchange-
traded or NASDAQ-quoted equity securities--to file quarterly reports 
with the Commission on Form 13F.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78m(f).
    \2\ 15 U.S.C. 78a et seq.
    \3\ 17 CFR 240.13f-1.
---------------------------------------------------------------------------

    The information collection requirements apply to institutional 
investment managers that meet the $100 million reporting threshold. 
Section 13(f)(5) of the Exchange Act defines an ``institutional 
investment manager'' as any person, other than a natural person, 
investing in or buying and selling securities for its own account, and 
any person exercising investment discretion with respect to the account 
of any other person. Rule 13f-1(b) under the Exchange Act defines 
``investment discretion'' for purposes of Form 13F reporting.
    The reporting system required by Section 13(f) of the Exchange Act 
is intended, among other things, to create in the Commission a central 
repository of historical and current data about the investment 
activities of institutional investment managers, and to improve the 
body of factual data available to regulators and the public.
    The Commission staff estimates that 2,472 respondents make 
approximately 9,888 responses under the rule each year. The staff 
estimates that on average, Form 13F filers spend 98.8 hours/year to 
prepare and submit the report. In addition, the staff estimates that 
294 respondents file approximately 1,176 amendments each year. The 
staff estimates that on average, Form 13F filers spend 4 hours/year to 
prepare and submit amendments to Form 13F. The total annual burden of 
the rule's requirements for all respondents therefore is estimated to 
be 245,409.6 hours ((2,472 filers x 98.8 hours) + (294 filers x 4 
hours)).
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act. The estimate is not derived 
from a comprehensive or even a representative survey or study of the 
costs of Commission rules. 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 collections of 
information are 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 burdens 
of the collections of information; (c) ways to enhance the quality, 
utility, and clarity of the information collected; and (d) ways to 
minimize the burdens of the collections 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: July 16, 2003.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 03-18899 Filed 7-23-03; 8:45 am]
BILLING CODE 8010-01-P