

[Federal Register: October 4, 2007 (Volume 72, Number 192)]
[Notices]               
[Page 56805-56806]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr04oc07-111]                         

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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 and Advocacy, Washington, DC 
20549-0213

Existing Collection; New OMB Control No.:
    Rule 0-4, SEC File No. 270-569, OMB Control No. 3235-xxxx

    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 
(``OMB'') a request for approval of the collection of information 
discussed below.
    Rule 0-4 (17 CFR 275.0-4) under the Investment Advisers Act of 1940 
(``Act'' or ``Advisers Act'') (15 U.S.C. 80b-1 et seq.) entitled 
``General Requirements of Papers and Applications,'' prescribes general 
instructions for filing an application seeking exemptive relief with 
the Commission. Rule 0-4 currently requires that every application for 
an order for which a form is not specifically prescribed and which is 
executed by a corporation, partnership or other company and filed with 
the Commission contain a statement of the applicable provisions of the 
articles of incorporation, bylaws or similar documents, relating to the 
right of the person signing and filing such application to take such 
action on behalf of the applicant, and a statement that all such 
requirements have been complied with and that the person signing and 
filing the application is fully authorized to do so. If such 
authorization is dependent on resolutions of stockholders, directors, 
or other bodies, such resolutions must be attached as an exhibit to or 
quoted in the application. Any amendment to the application must 
contain a similar statement as to the applicability of the original 
statement of authorization. When any application or amendment is signed 
by an agent or attorney, rule 0-4 requires that the power of attorney 
evidencing his authority to sign shall state the basis for the agent's 
authority and shall be filed with the Commission. Every application 
subject to rule 0-4 must be verified by the person executing the 
application by providing a notarized signature in substantially the 
form specified in the rule. Each application subject to rule 0-4 must 
state the reasons why the applicant is deemed to be entitled to the 
action requested with a reference to the provisions of the Act and 
rules thereunder, the name and address of each applicant, and the name 
and address of any person to whom any questions regarding the 
application should be directed. Rule 0-4 requires that a proposed 
notice of the proceeding initiated by the filing of the application 
accompany each application as an exhibit and, if necessary, be modified 
to reflect any amendment to the application.
    The requirements of rule 0-4 are designed to provide Commission 
staff with the necessary information to assess whether granting the 
orders of exemption are necessary and appropriate in the public 
interest and consistent with the protection of investors and the 
intended purposes of the Act.
    Applicants for orders under the Advisers Act can include registered 
investment advisers, affiliated persons of registered investment 
advisers, and entities seeking to avoid investment adviser status, 
among others. Commission staff estimates that it receives approximately 
9 applications per year submitted under rule 0-4 of the Act. Although 
each application typically is submitted on behalf of multiple 
applicants, the applicants in the vast majority of cases are related 
entities and are treated as a single respondent for purposes of this 
analysis. Most of the work of preparing an application is performed by 
outside counsel and, therefore, imposes no hourly burden on 
respondents. The cost outside counsel charges applicants depends on the 
complexity of the issues covered by the application and the time 
required. Based on conversations with applicants and attorneys, the 
cost ranges from approximately $7,000 for preparing a well-precedented, 
routine application to approximately $80,000 to prepare a complex or 
novel application. We estimate that the Commission receives 2 of the 
most time-consuming applications annually, 4 applications of medium 
difficulty, and 3 of the least difficult applications subject to rule 
0-4. This distribution gives a total estimated annual cost burden to 
applicants of filing all applications of

[[Page 56806]]

$355,000 [(2x$80,000) + (4x$43,500) + (3x$7,000)]. The estimates of 
annual burden hours and costs are made solely for the purposes of the 
Paperwork Reduction Act, and are not derived from a comprehensive or 
even representative survey or study of the costs of Commission rules 
and forms.
    The requirements of this collection of information are required to 
obtain or retain benefits. 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.
    General 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 10102, New Executive Office 
Building, Washington, DC 20503 or e-mail to: 
Alexander_T._Hunt@omb.eop.gov ; and (ii) R. Corey Booth, Director/Chief Information 

Officer, Securities and Exchange Commission, C/O Shirley Martinson, 
6432 General Green Way, Alexandria, VA 22312, or send an e-mail to: 
PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days 

of this notice.

     Dated: September 27, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-19548 Filed 10-3-07; 8:45 am]

BILLING CODE 8011-01-P
