
[Federal Register: November 13, 2008 (Volume 73, Number 220)]
[Notices]               
[Page 67217-67218]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13no08-83]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Form N-17f-1, SEC File No. 270-316, OMB Control No. 3235-0359.

    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 (the ``Commission'') is soliciting comments on the 
collections of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    Form N-17f-1 (17 CFR 274.219) is entitled ``Certificate of 
Accounting of Securities and Similar Investments of a Management 
Investment Company in the Custody of Members of National Securities 
Exchanges.'' The form serves as a cover sheet to the accountant's 
certificate that is required to be filed periodically with the 
Commission pursuant to rule 17f-1 (17 CFR 270.17f-1) under the Act, 
entitled ``Custody of Securities with Members of National Securities 
Exchanges,'' which sets forth the conditions under which a fund may 
place its assets in the custody of a member of a national securities 
exchange. Rule 17f-1 requires, among other things, that an independent 
public accountant verify the fund's assets at the end of every annual 
and semi-annual fiscal period, and at least one other time during the 
fiscal year as chosen by the independent accountant. Requiring an 
independent accountant to examine the fund's assets in the custody of a 
member of a national securities exchange assists Commission staff in 
its inspection program and helps to ensure that the fund assets are 
subject to proper auditing procedures. The accountant's certificate 
stating that it has made an examination, and describing the nature and 
the extent of the examination, must be attached to Form N-17f-1 and 
filed with the Commission promptly after each examination. The form 
facilitates the filing of the accountant's certificates,

[[Page 67218]]

and increases the accessibility of the certificates to both Commission 
staff and interested investors. Commission staff estimates that on an 
annual basis it takes: (i) 1 hour of clerical time to prepare and file 
Form N-17f-1; and (ii) 0.5 hour for the fund's chief compliance officer 
to review Form N-17f-1 prior to filing with the Commission, for a total 
of 1.5 hours. Each fund is required to make 3 filings annually, for a 
total annual burden per fund of approximately 4.5 hours.\1\ Commission 
staff estimates that an average of 5 funds currently file Form N-17f-1 
with the Commission 3 times each year, for a total of 15 responses 
annually.\2\ The total annual hour burden for Form N-17f-1 is therefore 
estimated to be approximately 22.5 hours.\3\
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    \1\ This estimate is based on the following calculation: (1.5 
hours x 3 responses annually = 4.5 hours).
    \2\ This estimate is based on a review of Form N-17f-1 filings 
made with the Commission over the last three years.
    \3\ This estimate is based on the following calculations: (4.5 
hours x 5 funds = 22.5 total hours).
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    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules. Compliance with the collections of information 
required by Form N-17f-1 is mandatory for funds that place their assets 
in the custody of a national securities exchange member. 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.
    The Commission requests written comments on: (a) Whether the 
collections of information are necessary for the proper performance of 
the functions of the Commission, including whether the information has 
practical utility; (b) the accuracy of the Commission's estimate of the 
burdens 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 Lewis W. Walker, Acting 
Director/CIO, 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.

    Dated: November 5, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-26958 Filed 11-12-08; 8:45 am]

BILLING CODE 8011-01-P
