
[Federal Register: October 6, 2009 (Volume 74, Number 192)]
[Notices]               
[Page 51343-51344]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06oc09-111]                         

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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:
    Rule 30b1-6T, SEC File No. 270-599, OMB Control No. 3235-0652.

    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 
collection 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.
    Rule 30b1-6T (17 CFR 270.30b1-6T) under the Investment Company Act 
of 1940 (the ``Act'') is entitled: ``Weekly Portfolio Report for 
Certain Money Market Funds.'' The rule requires that if the market-
based net asset value (``market-based NAV'') of a registered investment 
company, or series thereof, that is regulated as a money market fund 
under rule 2a-7 (17 CFR 270.2a-7) on any business day is less than 
$.9975 \1\ that money market fund must promptly notify the Securities 
and Exchange Commission (``Commission'') by electronic mail and provide 
a portfolio schedule to the Commission within one business day. 
Subsequently, the money market fund must submit a portfolio schedule 
within two business days after the end of each week until the fund's 
market-based NAV at the end of the week equals or exceeds $.9975. The 
portfolio schedule must be sent electronically in Microsoft Excel 
format. The purpose of the rule is to facilitate the Commission's 
oversight of money market funds and ensure that the Commission receives 
substantially similar information to that which it received from money 
market funds participating in the Treasury Department's Temporary 
Guarantee Program for Money Market Funds (``Guarantee Program''), which 
had guaranteed the $1.00 share value of accounts held by investors as 
of September 19, 2008 in participating money market funds.\2\ The 
Guarantee Program was established to help stabilize money market funds 
following a period of substantial redemptions that threatened the 
ability of some money market funds to maintain the $1.00 share 
value.\3\ The program expired on September 18, 2009.
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    \1\ Most money market funds seek to maintain a stable net asset 
value per share of $1.00, but a few seek to maintain a stable net 
asset value per share of a different amount, e.g., $10.00. For 
convenience, we generally refer to the stable net asset value of 
$1.00 per share.
    \2\ Our staff estimates that approximately 79 percent of money 
market funds participated in the Guarantee Program, and that the 
money market funds that did not participate in the program were 
mostly funds that invest predominately in U.S. Treasury and U.S. 
Government securities.
    \3\ See Press Release, U.S. Department of the Treasury, Treasury 
Announces Guaranty Program for Money Market Funds (Sept. 19, 2008), 
available at http://www.treas.gov/press/releases/hp1147.htm.
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    Commission staff estimates estimate, based on past experience under 
the Guarantee Program, that 10 money market funds are required by rule 
30b1-6T to provide weekly reports disclosing certain information 
regarding the fund's portfolio holdings. Staff estimates that money 
market funds require an average of approximately 6 burden hours to 
compile and electronically submit the initial required portfolio 
holdings information, and an average of approximately 4 burden hours in 
subsequent reports.\4\ Based on these estimates, we estimate that the 
annual burden will be 210 hours per money market fund that is required 
to provide the information and an aggregate annual burden of 2100 hours 
for all of the money market funds required to submit portfolio 
schedules.\5\
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    \4\ We understand that the required information is currently 
maintained by money market funds pursuant to other regulatory 
requirements or in the ordinary course of business. Accordingly, for 
the purposes of our analysis, we do not ascribe any time to 
gathering the required information.
    \5\ Because one report is required each week, a fund would 
submit 52 reports in one year. The first report would require 6 
hours and subsequent reports would require 4 hours each. The 
difference between the hours is due to the fact that funds generally 
would not incur the additional start-up time applicable to the first 
report. The annual burden of the reporting requirement would be 210 
hours (1 report x 6 hours = 6 hours, 51 reports x 4 hours = 204 
hours, and 6 hours + 204 hours = 210 hours). 210 hours x 10 (the 
estimated number of money market funds that will be required to 
submit portfolio schedules under the rule each year) = 2,100 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. 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. Compliance with rule 30b1-6T 
is mandatory for any money market fund whose market-based NAV is less 
than $.9975. Responses to the disclosure requirements will be kept 
confidential.
    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 Charles Boucher, 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.


[[Page 51344]]


    Dated: September 30, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-23995 Filed 10-5-09; 8:45 am]

BILLING CODE 8011-01-P
