[Federal Register Volume 76, Number 193 (Wednesday, October 5, 2011)]
[Notices]
[Pages 61763-61764]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-25675]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-317; OMB Control No. 3235-0360]


Extension: Form N-17f-2; Proposed Collection; Comment Request

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

    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 Investment Company 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 
$206.25 to prepare each Form N-17f-2; \1\ and (ii) .75 hours of 
clerical time at a total cost of $49.50 to file the Form N-17f-2 with 
the Commission.\2\ Approximately 243 funds currently file Form N-17f-2 
with the Commission. Commission staff estimates that on average each 
fund files Form N-17f-2 four times annually for a total annual hourly 
burden per fund of approximately 8 hours at a total cost of $1,023.00 
The total annual hour burden for Form N-17f-2 is therefore estimated to 
be approximately 1944 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 $248,589.\3\
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    \1\ This estimate is based on the following calculation: 1.25 x 
$165 (fund senior accountant's hourly rate) = $206.25.
    \2\ This estimate is based on the following calculation: .75 x 
$66 (secretary hourly rate) = $48.75.
    \3\ This estimate is based on the following calculation: 243 
funds x $1,023.00 (total annual cost per fund) = $248,589.
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    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not

[[Page 61764]]

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 Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an 
e-mail to: [email protected].

    Dated: September 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-25675 Filed 10-4-11; 8:45 am]
BILLING CODE 8011-01-P