[Federal Register Volume 63, Number 168 (Monday, August 31, 1998)]
[Notices]
[Pages 46257-46258]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-23280]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
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.
Upon Written Request, Copies Available From: Securities and
Exchange Commission, Office of Filings and Information Services,
Washington, DC 20549.
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'') has submitted to the Office of Management and Budget
requests for extension of the previously approved collections of
information discussed below.
The rules under 17 CFR Part 257 implement sections of the Public
Utility Holding Company Act of 1935 (``Act'') 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).
There is no recordkeeping requirement of this information
collection. It is mandatory that
[[Page 46258]]
qualifying companies provide the information required by the Part 257.
There is no requirement to keep the information confidential because it
is public information.
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 in 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.
The Commission needs the information because rule 20(c) requires
it. The Commission uses this information to determine the existence of
detriment to interests the Act is designed to protect. Compliance with
the requirements to provide the information is mandatory. The
information will not be kept confidential.
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
10 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 61
recordkeepers together incur about 976 annual burden hours to comply
with these requirements (61 recordkeepers x 16 hours = 976 burden
hours).
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.
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).
Compliance with the collection of information requirements of the
rule is mandatory to obtain the benefit of relying on the rule.
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.
Written comments regarding the above information should be directed
to the following persons: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10202, New Executive Office
Building, Washington, DC 20503; and (ii) Michael E. Bartell, Associate
Executive Director, Office of Information Technology, Securities and
Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549.
Comments must be submitted to OMB within 30 days of this notice.
Dated: August 24, 1998.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-23280 Filed 8-28-98; 8:45 am]
BILLING CODE 8010-01-M
