[Federal Register Volume 73, Number 231 (Monday, December 1, 2008)]
[Notices]
[Page 72872]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-28427]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

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 (the ``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 (17 CFR 274.220) under the Act 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 (17 CFR 270.17f-2) 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 prepared under rule 17f-2. 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 Commission file number and the 
correct name of a fund.
    Commission staff estimates that on an annual basis it takes: (i) On 
average 1.25 hours of fund accounting personnel at a total cost of 
$188.75 to prepare each Form N-17f-2; \1\ and (ii) .75 hours of 
clerical time at a total cost of $48.75 to file the Form N-17f-2 with 
the Commission.\2\ Approximately 300 funds currently file Form N-17f-2 
with the Commission, and each fund is required to make three filings 
annually for a total annual hourly burden per fund of approximately 6 
hours at a total cost of $712.50. The total annual hour burden for Form 
N-17f-2 is therefore estimated to be approximately 1800 hours. Based on 
the total annual costs per fund listed above, the total cost of Form N-
17f-2's collection of information requirements is estimated to be 
approximately $213,750.\3\
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    \1\ This estimate is based on the following calculation: 1.25 x 
$151 (fund senior accountant's hourly rate) = $188.75.
    \2\ This estimate is based on the following calculation: 75 x 
$65 (secretary hourly rate) = $48.75.
    \3\ This estimate is based on the following calculation: 300 
funds x $712.50 (total annual cost per fund) = $213,750.
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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 collections of 
information required by Form N-17f-2 is mandatory for those funds that 
maintain custody of their own assets. Responses 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.
    The Commission requests written comments 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 
burdens 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 Lewis W. Walker, Acting 
Director/CIO, Securities and Exchange Commission, c/o Shirley 
Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-
mail to: [email protected].

    Dated: November 20, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-28427 Filed 11-28-08; 8:45 am]
BILLING CODE 8011-01-P