[Federal Register Volume 62, Number 36 (Monday, February 24, 1997)]
[Notices]
[Pages 8277-8278]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4388]
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SECURITIES AND EXCHANGE COMMISSION
Request for Public Comment
Extension:
Rule 6e-2, SEC File No. 270-177, OMB Control No. 3235-0177.
Rule 22d-1, SEC File No. 270-275, OMB Control No. 3235-0310.
Upon Written Request, Copies Available From: Securities and
Exchange Commission, Office of Filings and Information Services,
Washington, DC 20549.
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
(``Commission'') is publishing the following summaries of collections
for public comment.
Rule 6e-2 (17 CFR 270.6e-2) under the Investment Company Act of
1940 (``Act'') is an exemptive rule which permits separate accounts,
formed by life insurance companies, to fund certain variable life
insurance products. The rule exempts such separate accounts from the
registration requirements under the Act, among others, on condition
that it comply with all but certain designated provisions of the Act
and meet the other requirements of the rule. The rule sets forth
several information collection requirements.
Rule 6e-2 provides a separate account with an exemption from the
registration provisions of section 8 of the Act if the account files
with the Commission Form N-6EI-1, a notification of claim of exemption.
The rule also exempts a separate account from a number of other
sections of the Act, provided that the separate account makes certain
disclosure in its registration statements and reports to contract
holders about actions taken under those exemptions.
In regard to the foregoing, Rule 6e-2 provides an exemption from
section 17(f) of the Act. Section 17(f) requires that every registered
management company meet various custody requirements for its securities
and similar investments. Paragraph (b)(9) of Rule 6e-2 provides an
exemption from the requirements of section 17(f) of the Act and imposes
a reporting burden and certain other conditions. Paragraph (b)(9)
applies only to management accounts that offer life insurance contract
subject to Rule 6e-2.
Since 1988, there have been no filings under paragraph (b)(9) of
Rule 6e-2 by management accounts. Further, all post-effective
amendments filed by variable life separate accounts under Rule 6e-2
have been structured as unit investment trusts and are thus not subject
to the requirements of paragraph (b)(9) of the rule. Therefore, since
1988, there has been no burden to the industry regarding the
information collection requirements of paragraph (b)(9) of Rule 6e-2.
Rule 22d-1 (17 CFR 270.22d-1) provides registered investment
companies that issue redeemable securities (''funds'') an exemption
from section 22(d) of the Act to the extent necessary to permit
scheduled variations in or elimination of the sales load on fund
securities for particular classes of investors or transactions,
provided certain conditions are met. The rule imposes an annual burden
per fund of approximately 15 minutes, so that the total annual burden
for the approximately 1,865 funds that might rely on the rule is
estimated to be 466 hours.
Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper
[[Page 8278]]
performance of the functions of the agency, including whether the
information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the proposed collection of
information; (c) ways to enhance the quality, utility, and clarity of
the information to be 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.
Direct your written comments to Michael E. Bartell, Associate
Executive Director, Office of Information Technology, Securities and
Exchange Commission, 450 5th Street, N.W. Washington, DC 20549.
Dated: February 14, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-4388 Filed 2-21-97; 8:45 am]
BILLING CODE 8010-01-M
