[Federal Register Volume 63, Number 119 (Monday, June 22, 1998)]
[Notices]
[Page 33975]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16436]
[[Page 33975]]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549
Extension:
Part 257, SEC File No. 270-252, OMB Control No. 3235-0306
Form U-1, SEC File No. 270-128, OMB Control No. 3235-0125
Rule 58, Form U-9C-3, SEC File No. 270-400, OMB Control No.
3235-0457
Rule 71, Form U-12(I)-A, & Form U-12(I)-B SEC File No. 270-161,
OMB Control No. 3235-0173
Rules 93-94, Form U-13-60, SEC File No. 270-79, OMB Control No.
3235-0153
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
(``Commission'') is soliciting comments on the collections of
information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget for extension and approval.
The rules under 17 CFR Part 257 implement sections of the Public
Utility Holding Company Act of 1935 (``Act'') that require registered
holding companies and their subsidiary service companies to preserve
records for certain periods. The purpose of requiring the holding
company to retain the records is to permit audit or verification by the
Commission, or by state utility commissions, of transactions between
the holding company or its otherwise unregulated subsidiaries, the
subsidiary service companies, and the regulated utility subsidiaries
which the holding company controls, or to establish investors' rights.
The Commission estimates that the total annual reporting and
recordkeeping burden is one hour (18 recordkeepers x \1/18\ hour =
one burden hour).
Form U-1, under rule 20(c) of the Act, must be used by any person
filing or amending an application or declaration under sections 6(b),
7, 9(c)(3), 10, 12(b), (c), (d) or (f) of the Act. The form must also
be used for filings under any rule under other sections of the Act, for
which a form is not prescribed. The Commission estimates that the total
annual reporting and recordkeeping burden is 27,225 hours (121
recordkeepers x 225 hours = 27,225 burden hours). This represents an
increase of 10,020 hours annually in the paperwork burden from the
prior estimate, which was caused by an increase in the number of
respondents for the period and the fact that the filings have become
generally more complex.
Rule 58 under the Act, allows registered holding companies and
their subsidiaries to acquire energy-related and gas-related companies.
Acquisitions are made without prior Commission approval under section
20 of the Act. However, within 60 days after the end of the first
calendar quarter in which any exempt acquisition is made, and each
calendar quarter thereafter, the registered holding company is required
to file with the Commission a certificate of notification on Form U-9C-
3 containing the information prescribed by that form. The Commission
requests this information because rule 58 of the Act requires it. The
Commission uses this information to determine the existence of
detriment, regarding the acquisition of certain energy-related
companies, to interests the Act is designed to protect. The 61
recordkeepers together incur about 976 annual burden hours to comply
with these requirements (61 recordkeepers x 16 hours = 976 burden
hours.)
Rule 71 and Forms U-12(I)-A and U-12(I)-B implement subsection
12(i) of the Act, which makes it unlawful for an employee to prevent,
advocate or oppose any matter affecting a registered holding company
before Congress, the Commission or the FERC. The Commission estimates
that the total annual reporting and recordkeeping burden is 167 hours
(250 respondents x \2/3\ hour = 167 burden hours). The purpose of
collecting the information is to determine the existence of detriment
to interests the Act is designed to protect. The Commission uses the
information to enable it to enforce the provisions of section 12(i) of
the Act.
Rule 93 imposes recordkeeping and record maintenance requirements
on mutual and subsidiary service companies of registered holding
companies. Under the rule, the service companies must keep their
accounts and records according to the Uniform System of Accounts, as
provided in 17 CFR 256. Further, the companies must maintain those
records in the manner and for the periods provided in 17 CFR 257. Rule
94 requires service companies to file annual financial reports on Form
U-13-60, as provided in 17 CFR 259.313. The purpose of requiring the
holding company to retain the records is to permit audit or
verification by the Commission, or by state utility commissions, of
transactions between the holding company or its otherwise unregulated
subsidiaries, the subsidiary service companies and the regulated
utility subsidiaries which the holding company controls or to establish
investors' rights. The Commission estimates that the total annual
reporting and recordkeeping burden is 580 hours (40 respondents x
14.5 hours = 580 hours).
Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden 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 Michael E. Bartell,
Associate Executive Director, Office of Information Technology,
Securities and Exchange Commission, 450 5th Street, NW Washington, DC
20549.
Dated: June 15, 1998.
Maragaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-16436 Filed 6-19-98; 8:45 am]
BILLING CODE 8010-01-M
