In RM06-11-000, FERC is adding a new Uniform System of Accounts for Centralized Service Companies and new preservation of records requirements as new Parts 367 and 368. FERC's regulations revise Form No. 60, and adding Part 369 to its regulations. Form No.60 provides financial reporting by centralized service companies, i.e., service companies that are not special purpose companies, consistent with the new Uniform System of Accounts; and to provide for electronic filing of Form No. 60. FERC also is making conforming changes to its regulations in Part 366 and corresponding changes to the Chief Accountant's delegations of authority in Part 375 of FERCÂs regulations. FERC is making the revised regulations effective January 1, 2008.
Order No. 667 required that, unless otherwise exempted by Commission rule or order, holding companies and service companies must maintain and make available to the Commission their books and records. In addition, Order No. 667 allowed holding companies and service companies that did not currently follow the CommissionÂs records retention requirements to transition to the CommissionÂs requirements by January 1, 2007. Order No. 667 further provided that holding companies would not be required to comply with a Uniform System of Accounts, but that centralized service companies would be required to do so as of January 1, 2007. The Commission indicated in Order No. 667 that it would initiate a separate rulemaking proceeding to address how the Commission's Uniform Systems of Accounts and records retention requirements in Parts 101, 125, 201 and 225 of its regulations should be modified to adopt or otherwise integrate the relevant parts of the SEC's Uniform System of Accounts and records retention rules. The Commission indicated that it intended to issue a final rule on any appropriate accounting and records retention requirements modifications before January 1, 2007, so that service companies would be able to transition to the CommissionÂs Uniform System of Accounts and records retention requirements and so that holding companies could transition to the CommissionÂs records retention requirements, by that date. This final rule responds to that directive and reflects the addition of service companies (38) who must now comply with the Uniform System of Accounts and records retention requirements in Parts 101, 125, 201 and 225 of the CommissionÂs regulations.
The Commission sought comments on both the burden estimates and corresponding costs. It should be noted that the CommissionÂs initial estimates were based on its review of the SECÂs burden estimates and its first year of experience in implementing the FERC Form No. 60 reporting requirement. The Commission received one comment specifically addressing the burden estimate for completing the revised FERC Form No. 60. The commenter, Southern, provided an estimate for completion of the revised FERC Form No. 60 prior to the CommissionÂs adoption of the requirements as contained in the Final Rule. The Commission notes that Southern has significant operations, and it is to be expected that its estimates would exceed the average projected by the Commission. Otherwise, the majority of the commenters, while not providing specific comments on the estimates, in general opposed the CommissionÂs proposal of establishing new accounting and reporting requirements for centralized service companies. These objections were also repeated in the staff technical conference where some participants stated that the NOPRÂs proposed requirements would be burdensome and costly to implement as changes would have to be made to their accounting systems. The Commission did not receive any specific comments concerning the estimates for the recordkeeping requirements. However, in view of SouthernÂs comments and the general comments of others, the Commission reevaluated its initial burden estimates as reflected in the final rule.
$358,202
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Brian Holmes 202 219-2618
Reginfo record details
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form FERC Form 60 Annual Report for Centralized Service Companies
Press Release.pdf
Supporting Statement RM06-11Final Rule(rev).doc
Narrative Description of Service Company Functions