[Federal Register Volume 59, Number 11 (Tuesday, January 18, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-1067]
[[Page Unknown]]
[Federal Register: January 18, 1994]
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SECURITIES AND EXCHANGE COMMISSION
Requests Under Review by Office of Management and Budget
Agency Clearance Officer--John J. Lane, (202) 942-8800.
Upon written request copies available from: Securities and
Exchange Commission, Office of Filings, Information and Consumer
Services, Washington, DC 20549.
Proposed Rule: Rule 18f-3, File No. 270-385.
Proposed Amendments: Form N-1A, File No. 270-21, Form N-14, File
No. 270-297, Rule 34b-1, File No. 270-305.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1980 (44 U.S.C. 3501, et seq.), the Securities and Exchange
Commission (the ``Commission'') has submitted for OMB approval,
proposal of Rule 18f-3 under the Investment Company Act of 1940 (15
U.S.C. 80a) (the ``Investment Company Act''), Forms N-1A and N-14 under
the Investment Company Act and the Securities Act of 1933 (15 U.S.C.
77a, et seq.) (the ``Securities Act''), and proposed amendments to rule
34b-1 under the Investment Company Act.
Proposed rule 18f-3 would permit any registered open-end management
investment company that satisfies its conditions to issue multiple
classes of shares representing interests in the same portfolio of
securities but having different arrangements for shareholder services,
distribution, or both. Proposed rule 18f-3 would require that a
multiple class fund adopt a written plan setting forth the different
class arrangements. The Commission estimates that approximately 675
registered open-end, management investment companies would use proposed
rule 18f-3 and that the annual reporting burden would be approximately
one hour per respondent, for a total of about 675 burden hours.
The Commission also is proposing amendments to Forms N-1A and N-14
and rule 34b-1 that would require certain disclosure by multiple class
funds and feeder funds in master-feeder structures about the classes or
feeders not offered in the prospectus, or sales literature. Form N-1A
is the registration statement used by open-end management investment
companies other than small business investment companies and insurance
company separate accounts. The average additional burden imposed by the
proposed amendments to Form N-1A is estimated to be .4 hours per
registrant for a total of about 1,080 additional burden hours. Thus,
the total annual burden for Form N-1A per registrant would become
1059.96 hours per registrant and the total for all registrants would be
2,861,892 hours.
Form N-14 is the registration statement used by investment
companies to register under the Securities Act securities to be issued
in mergers and other forms of business combination. By cross-
referencing a number of items in Form N-1A, Form N-14 requires
disclosure of some of the same information regarding the management
investment companies involved in the transaction. Approximately 95
registrants filed Form N-14 in 1992, with an estimated compliance time
of 2,500 hours per registrant. The maximum additional burden imposed by
the amendments is estimated to be .3 hours per registrant for a total
additional burden of 28.5 additional hours for all registrants. The
total annual burden for Form N-14 would be 2,500.3 hours per registrant
and 237,528.5 hours for all registrants.
Rule 34b-1 governs the use of performance information in investment
company sales literature. In 1992, approximately 287 respondents used
performance data in their sales literature and rule 34b-1 imposed a
total annual burden of 3,444 hours on those respondents. The proposed
amendment to rule 34b-1 would impose an average additional burden of .3
hours per response on those 287 respondents, each of which makes
approximately five responses per year, for a total additional annual
burden of 430.5 hours. Thus, the total annual burden imposed by rule
34b-1 would become 3,874.5 hours.
In total, proposed rule 18f-3, and the proposed amendments to Forms
N-1A and N-14 would impose an additional total burden on all
respondents of 2,214 hours. The estimated average burden hours are made
solely for the purposes of the Paperwork Reduction Act, and are not
derived from a comprehensive or even a representative study of the
costs of Commission rules and forms.
Direct general comments to Gary Waxman at the address below. Direct
any comments concerning the accuracy of the estimated average burden
hours for compliance with the Commission rules and forms to John J.
Lane, Associate Executive Director, Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC 20549 and Gary Waxman, Clearance
Officer, Office of Management and Budget.
(Project numbers 3235-0307, 3235-0336, and 3235-0346), room
3208, New Executive Office Building, Washington, DC 20503.
Dated: January 5, 1994.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-1067 Filed 1-14-94; 8:45 am]
BILLING CODE 8010-01-M
