[Federal Register Volume 60, Number 191 (Tuesday, October 3, 1995)]
[Notices]
[Pages 51824-51825]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-24486]
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SECURITIES AND EXCHANGE COMMISSION
Forms Under Review by the Office of Management and Budget
Agency Clearance Officer: Michael E. Bartell, (202) 942-8800
Upon Written Request, Copy Available From: Securities and Exchange
Commission, Office of Filings and Information Services, 450 Fifth
Street, N.W., Washington, D.C. 20549
[[Page 51825]]
Approval; Proposed amendments to:
Rule 17j-1, File No. 270-239;
Rule 204-2, File No. 270-215;
Form N-1A, File No. 270-21;
Form N-2, File No. 270-21;
Form N-3, File No. 270-281;
Form N-5, File No. 270-172;
Form N-8B-2, File No. 270-186;
Form S-6, File No. 270-181.
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 (``Commission'') has submitted for OMB approval proposed
amendments to the following rules and forms:
The proposed amendments to Rule 17j-1 under the Investment Company
Act would enhance fund oversight of personal investment activities by
requiring the management of each Rule 17j-1 organization to provide the
appropriate fund's board of directors with an annual report describing
issues that have arisen under the organization's code of ethics.
Additionally, the proposed amendments would require certain affiliated
persons of Rule 17j-1 organization (``access persons'') to provide the
organization with information about all securities held by the access
persons at the time they become access persons. The proposed amendments
also would require access persons to provide certain additional
information on the quarterly reports that they must provide to Rule
17j-1 organizations under the current version of the rule. It is
estimated that 4,040 funds, 640 investment advisers and 230 principal
underwriters would incur 10 burden hours to comply with the rule, as
proposed to be amended.
Rule 204-2 sets forth requirements for keeping, maintaining and
preserving specified books and records by registered investment
advisers, including requirements for maintaining records of securities
transactions engaged in by advisers and their representatives. The
proposed amendments would expand the list of securities exempt from
these recordkeeping requirements, thereby reducing the reporting and
recordkeeping burden on advisers and their representatives. It is
estimated that the proposed amendments to rule 204-2 would reduce the
burden of compliance with the rule so that it would take each of the
22,000 registered investment advisers 235.47 hours annually to comply
with the rule.
The registration forms are used by funds to register their
securities. The information in these forms is publicly available.
Proposed amendments to the registration forms would require funds to
disclose whether or not their personnel may invest in securities,
including securities purchased or held by the funds. Additionally, the
proposed amendments to these registration forms would require funds to
file with the Commission the codes of ethics applicable to the funds as
exhibits to their registration statements.
It is estimated that the burden of complying with the registration
forms, if amended as proposed, would be 1,065.27 hours for Form N-1A,
1,634.42 hours for Form N-2, 518.85 hours for Form N-3, 352 hours for
Form N-5, 1,628 hours for Form N-8B-2, and 35.2 hours for Form S-6.
Although Form S-6 is not being proposed to be amended, the burden of
complying with that form would change as a result of the proposed
amendments to Form N-8B-2 because registrants complying with Form S-6
must refer to items in Form N-8B-2.
General comments and comments concerning the accuracy of the
estimated average burden hours for compliance with SEC rules and forms
should be directed to Michael E. Bartell, Associate Executive Director,
Securities and Exchange Commission, 450 Fifth Street, N.W, Washington,
D.C. 20549, and to the Clearance Officer, Office of Information and
Regulatory Affairs, Paperwork Reduction Act numbers 3235-0224 (Rule
17j-1), 3235-0278 (Rule 204-2), 3235-0307 (Form N-1A), 3235-0026 (Form
N-2), 3235-0316 (Form N-3), 3235-0169) (Form N-5), 3235-0186 (Form N-
8B-2), and 3235-0184 (Form S-6), Office of Management and Budget, Room
3228, New Executive Office Building, Washington, D.C. 20503.
Dated: September 12, 1995.
Jonathan G. Katz,
Secretary.
[FR Doc. 95-24486 Filed 10-2-95; 8:45 am]
BILLING CODE 8010-01-M
