[Federal Register Volume 76, Number 216 (Tuesday, November 8, 2011)]
[Notices]
[Pages 69304-69305]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-28907]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; 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-1; SEC File No. 270-316; OMB Control No. 3235-0359.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Form N-17f-1 (17 CFR 274.219) is entitled ``Certificate of 
Accounting of Securities and Similar Investments of a Management 
Investment Company in the Custody of Members of National Securities 
Exchanges.'' The form serves as a cover sheet to the accountant's 
certificate that is required to be filed periodically with the 
Commission pursuant to rule 17f-1 (17 CFR 270.17f-1) under the Act, 
entitled ``Custody of Securities with Members of National Securities 
Exchanges,'' which sets forth the conditions under which a fund may 
place its assets in the custody of a member of a national securities 
exchange. Rule 17f-1 requires, among other things, that an independent 
public accountant verify the fund's assets at the end of every annual 
and semi-annual fiscal period, and at least one other time during the 
fiscal year as chosen by the independent accountant. Requiring an 
independent accountant to examine the fund's assets in the custody of a 
member of a national securities exchange assists Commission staff in 
its inspection program and helps to ensure that the fund assets are 
subject to proper auditing procedures. The accountant's certificate 
stating that it has made an examination, and describing the nature and 
the extent of the examination, must be attached to Form N-17f-1 and 
filed with the Commission promptly after each examination. The form 
facilitates the filing of the accountant's certificates, and increases 
the accessibility of the certificates to both Commission staff and 
interested investors.
    Commission staff estimates that on an annual basis it takes: (i) 1 
hour of clerical time to prepare and file Form N-17f-1; and (ii) 0.5 
hour for the fund's chief compliance officer to review Form N-17f-1 
prior to filing with the Commission, for a total of 1.5 hours. Each 
fund is required to make 3 filings annually, for a total annual burden 
per fund of approximately 4.5 hours.\1\ Commission staff estimates that 
an average of 5 funds currently file Form N-17f-1 with the Commission 3 
times each year, for a total of 15 responses annually.\2\ The total 
annual hour burden for Form N-17f-1 is therefore estimated to be 
approximately 22.5 hours.\3\
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    \1\ This estimate is based on the following calculation: (1.5 
hours x 3 responses annually = 4.5 hours).
    \2\ This estimate is based on a review of Form N-17f-1 filings 
made with the Commission over the last three years.
    \3\ This estimate is based on the following calculations: (4.5 
hours x 5 funds = 22.5 total 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. Compliance with the collections of information 
required by Form N-17f-1 is mandatory for funds that place their assets 
in the custody of a national securities exchange member. 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.

[[Page 69305]]

    The public may view the background documentation for this 
information collection at the following Web site, http://www.reginfo.gov. Comments should be directed to: (i) Desk Officer for 
the Securities and Exchange Commission, Office of Information and 
Regulatory Affairs, Office of Management and Budget, Room 10102, New 
Executive Office Building, Washington, DC 20503, or by sending an email 
to: [email protected]; and (ii) 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 
email to: [email protected]. Comments must be submitted to OMB 
within 30 days of this notice.

    Dated: November 3, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-28907 Filed 11-7-11; 8:45 am]
BILLING CODE 8011-01-P