Submission for OMB Review; Comment Request

[Federal Register Volume 62, Number 169 (Tuesday, September 2, 1997)]

[Notices]

[Pages 46386-46387]

From the Federal Register Online via the Government Publishing Office [www.gpo.gov]

[FR Doc No: 97-23136]

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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 Filings and Information Services, Washington,

DC 20549

Extension

Rules 1(a), (b)

Form 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'') has submitted to the Office of Management

and Budget requests for extension of the previously approved

collections of information discussed below.

Rules 1(a) and 1(b) [17 CFR 250.1(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 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 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 Section 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 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 250.26] 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 or 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 the

procedure specified in 17 CFR 250.23, 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 requirement 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 requirements. 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

[[Page 46387]]

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 provision

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.

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 3208, New Executive Office

Building, Washington, D.C. 20503; and (ii) Michael E. Bartell,

Associate Executive Director, Office of Information Technology,

Securities and Exchange Commission, 450 Fifth Street, N.W., Washington,

D.C. 20549. Comments must be submitted to OMB within 30 days of this

notice.

Dated: August 25, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97-23136 Filed 8-29-97; 8:45 am]

BILLING CODE 8010-01-M