97-17255. Proposed Collection; Comment Request  

  • [Federal Register Volume 62, Number 127 (Wednesday, July 2, 1997)]
    [Notices]
    [Pages 35860-35861]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 97-17255]
    
    
    -----------------------------------------------------------------------
    
    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 10549.
    Extension
    Rules 1(a), 1(b)
        Forms U5A, U5B, File No. 270-168, OMB Control No. 3235-0170
    Rule 3
        Form U-3A3-1, File No. 270-77, OMB Control No. 3235-0160
    Rule 26, File No. 270-78, OMB Control No. 3235-0183
    Rule 44, File No. 270-162, OMB Control No. 3235-0147
    Rule 62
        Form U-R-1, File No. 270-166, OMB Control No. 3235-0152
    Rule 88
        Form U-13-1, File No. 270-80, OMB Control No. 3235-0182
    Rule 95
        Form U-13E-1, File No. 270-74, OMB Control No. 3235-0162
        Form U-7D, File No. 270-75, OMB Control No. 3235-0165
        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.
        Rules 1(a) and (1(b) [17 CFR 250.2(a), 250.1(b)] and Forms U5A and 
    U5B [17 CFR 259.5a, 259.5b] implement Sections 5(a) and 5(b) of the 
    Public Utility Holding Company Act of 1935, as amended (``Act''), which 
    require any holding company or any person proposing to become a holding 
    company to file with the Commission a notification of registration and 
    registration statement, respectively. The information is necessary for 
    the Commission to determine whether a new registrant is in compliance 
    with the Act.
        The initial burden of this requirement is approximately 80 hours 
    per respondent. Historically, there has been one respondent 
    approximately every four years, therefore the weighted annual burden 
    over a four year period is 20 hours. Companies filing under this rule 
    are required to retain records for a period of the years, and the 
    provision of the information is mandatory. The retention time period 
    allows the Commission the opportunity to perform its audit functions. 
    Responses are not kept confidential.
        Rule 3 [17 CFR 250.3] permits a bank that is also a public utility 
    holding company to claim an exemption from the requirements of the Act, 
    through the submission of an annual statement on Form U-3A3-1 [17 CFR 
    259.403]. The rule and the form are used by the Commission staff to 
    expedite its review of compliance with sections 3(a)(4) of the Act. 
    Rule 3 and Form U-3A3-1 permit a bank that is also a public utility 
    holding company to avoid the burdens associated with an application for 
    an exemption from the requirements of the Act. An application for an 
    exemption would involve a formal order, which might require an 
    administrative hearing and would otherwise consume a significant amount 
    of Commission resources. Each year the Commission receives five 
    submissions from banks; each takes about two hours to complete. Thus a 
    total annual burden of ten hours is imposed. Banks that are required to 
    file under this rule are to retain the records for a period of ten 
    years. This retention period is consistent with requirements imposed by 
    federal agencies that regulate banks. Banks are allowed to request 
    confidential treatment of information filed under this rule.
        Rule 26 [17 CFR 150.26] sets forth the financial statement and 
    recordkeeping requirements for registered holding companies and their 
    subsidiaries. This information collection is of fundamental importance 
    to the Commission in the review of financial statements of registered 
    public utility holding companies. The Commission reviews financial 
    statements in connection with its review of proposals submitted for 
    approval under several provisions of the Act. The rule imposes no 
    annual burden because there is no form, as such, under Rule 26 and 
    because the information is required for Form U5S, which is subject to 
    separate OMB review. In addition, there is no requirement for record 
    retention under this rule.
        Rule 44 [17 CFR 250.44] prohibits sales of utility securities or 
    utility assets owned by registered public utility holding companies, 
    except pursuant to a declaration notifying the Commission of the 
    proposed transaction, which becomes effective in accordance with
    
    [[Page 35861]]
    
    the procedure specified in 17 CFR 150.23, and pursuant to the order of 
    the Commission with respect to such declaration under the applicable 
    provisions of the Act. The information is essential to Commission 
    administration of Section 12(d) of the Act and is not otherwise 
    available. The Commission analyzes the information to determine if the 
    proposed sale is consistent with the public interest. The rule imposes 
    a burden of about 72 hours each year on three respondents, each of 
    which makes one submission. There is no requirements for record 
    retention under this rule and the submissions are not kept 
    confidential.
        Rule 62 [17 CFR 250.62] prohibits the solicitation of authorization 
    regarding any security of a regulated company in connection with 
    reorganization subject to Commission approval or regarding any 
    transaction which is the subject of an application or declaration, 
    except pursuant to a declaration regarding the solicitation which has 
    become effective. The information is necessary to permit the Commission 
    to adequately enforce Sections 12(e) and 11(g) of the Act. The rule and 
    form U-R-1 [17 CFR 259.221] impose a total annual burden of 50 hours on 
    ten companies, who each spend five hours, and file once annually. There 
    is a three year record retention under this rule and the submission are 
    not kept confidential.
        Rule 88 [17 CFR 250.88] requires the filing of Form U-13-1 [17 CFR 
    259.113] for a mutual or subsidiary service company performing services 
    for affiliate companies of a holding company system. Eighteen 
    respondents initially spend a total of approximately 36 hours meeting 
    this requirement. Thereafter, there is no annual burden. Service 
    companies filing under this rule are required to retain records for a 
    period of ten years, and the provision of the information is mandatory. 
    The retention time period allows the Commission the opportunity to 
    perform its audit functions. Responses are not kept confidential.
        Rule 95 [17 CFR 250.95] requires service companies to file reports 
    on Form U-13E-1 [17 CFR 259.213] with the Commission prior to their 
    performance of contracts for registered holding companies or their 
    subsidiaries, for services, construction, or sales of goods. The 
    Commission requires this information to enforce the provisions of 
    Section 13(e) and Section 13(f) of the Act. The enforcement of these 
    statutes would be compromised without the collection of this 
    information, which is not available from other sources. Companies that 
    file under this rule are required to retain records for a period of six 
    years, and the provision of this information is required. The retention 
    period allows the Commission to perform its audit functions. One 
    company meets this requirement on an annual basis with an estimated 
    average burden of two hours. This information is not kept confidential.
        Form U-7D [17 CFR 259.404] establishes the filing company's right 
    to the exemption authorized for financing entities holding title to 
    utility assets leased to a utility company. The information is 
    necessary for the Commission to determine whether a company is exempt 
    from, or governed by, the Act. The form imposes a total annual burden 
    of 126 hours on 42 respondents, who each spend three hours annually 
    preparing and filing one response. Companies filing under this rule are 
    required to retain records for a period of ten years, and the 
    provisions of the information is mandatory. The retention time period 
    allows the Commission the opportunity to perform its audit functions, 
    and generally coincides with companies' obligation period under their 
    respective leases. Responses are not kept confidential.
        The estimates of average burden hours are made for the purposes of 
    the Paperwork Reduction Act and are not derived from a comprehensive or 
    even a representative survey or study of the costs of Commission rules 
    and forms.
        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, N.W. Washington, DC 
    20549.
    
        Dated: June 16, 1997.
    Margaret H. McFarland,
    Deputy Secretary.
    [FR Doc. 97-17255 Filed 7-1-97; 8:45 am]
    BILLING CODE 8010-01-M
    
    
    

Document Information

Published:
07/02/1997
Department:
Securities and Exchange Commission
Entry Type:
Notice
Document Number:
97-17255
Pages:
35860-35861 (2 pages)
PDF File:
97-17255.pdf