[Federal Register Volume 76, Number 237 (Friday, December 9, 2011)]
[Notices]
[Page 77029]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-31608]


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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 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. 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-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 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 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: December 5, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-31608 Filed 12-8-11; 8:45 am]
BILLING CODE 8011-01-P