[Federal Register Volume 59, Number 37 (Thursday, February 24, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4141]
[[Page Unknown]]
[Federal Register: February 24, 1994]
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SECURITIES AND EXCHANGE COMMISSION
Forms Under Review by Office of Management and Budget
Agency Clearance Officer: John J. Lane (202) 942-8800
Upon Written Request, Copy Available From: Securities and Exchange
Commission, Office of Filings, Information, and Consumer Services,
Washington, DC 20549
Extensions
Form N-8f--File No. 270-136
Form N-23C-1--File No. 270-230
Rule 6e-2--File No. 270-177
Rule 17a-8--File No. 270-225
Rule 17f-1--File No. 270-236
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 has submitted to the Office of Management and Budget request
for approval of extensions on the following currently approved rules
and forms:
Form N-8f is the form prescribed for use by certain registered
investment companies requesting orders of the Commission declaring that
they have ceased to be investment companies. The form takes
approximately 6 hours to complete.
Form N-23C-1 is a form on which closed-end investment companies
report repurchases of their own securities. The form requires about one
hour to fill out on each occasion, up to twelve times per year, on the
part of approximately 4 companies that undertake such repurchase
transactions each year. Total annual burden hours are estimate to be
23.
Rule 6e-2 grants investment companies offering scheduled premium
and single premium variable life insurance contracts exemptions from
the Investment Company Act of 1940. Only management accounts that
register to sell contracts under Rule 6e-2 have a reporting burden,
estimated to be approximately 111 annual hours per respondent, imposed
under paragraph (b)(9) of the rule. Since 1988, there have been no
filings under paragraph (b)(9) of rule 6e-2 by existing management
accounts, and separate accounts now are being organized as trust
accounts, which are not subject to the reporting requirements, rather
than as management accounts. Without the rule, management companies
that offer variable insurance contracts and their sponsoring life
insurers would have to file individual exemptive applications in
addition to a registration statement in order to obtain the relief
needed to sell the contracts. This process would be burdensome on both
the life insurer and the Commission's staff.
Rule 17a-8 exempts certain mergers or consolidations involving
investment companies from the restrictions on transactions between
affiliates set forth in Section 17(a) of the Investment Company Act of
1940. The rule annually requires approximately 1.5 hours of
recordkeeping by each of approximately 17 companies estimated to be
involved in such a merger or consolidation each year, for a total of 26
annual burden hours.
Rule 17f-1 requires that a custodial contract and an accountant's
certificate be filed with the Commission in connection with the
placement or maintenance of the assets of a registered management
investment company in the custody of a member of a national securities
exchange. The rule requires each respondent to spend about 4 hours
meeting reporting requirements annually.
General comments regarding the estimated burden hours should be
directed to Gary Waxman at the address below. Any comments concerning
the accuracy of the estimated average burden hours for compliance with
Commission rules and forms should be directed 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, (Paperwork Reduction Act No.
3235-0157, 3235-0230, 3235-0177, 3235-0235, and 3235-0222), room 3208,
New Executive Office Building, Washington, DC 20503.
Dated: February 14, 1994.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-4141 Filed 2-23-94; 8:45 am]
BILLING CODE 8010-01-M
