[Federal Register Volume 62, Number 50 (Friday, March 14, 1997)]
[Notices]
[Pages 12257-12258]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6421]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Request for Public Comment
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.
Extension:
Rule 12b-1, SEC File No. 270-188, OMB Control No. 3235-0212
Rule 17f-1, SEC File No. 270-236, OMB Control No. 3235-0222
Form N-SAR, SEC File No. 270-292, OMB Control No. 3235-0330
Form N-17f-1, SEC File No. 270-316, OMB Control No. 3235-0359
Form N-17f-2, SEC File No. 270-317, OMB Control No. 3235-0360
Form ADV-E, SEC File No. 270-318, OMB Control No. 3235-0361
Rule 30b2-1, SEC File No. 270-213, OMB Control No. 3235-0220
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 for public comment the
following summary of previously approved information collection
requirements.
Rule 12b-1 under the Investment Company Act of 1940 (``1940 Act'')
permits a registered open-end management investment company (``mutual
fund'') to distribute its own shares and pay expenses of distribution
provided, among other things, the mutual fund adopts a written plan,
and has in writing any agreements relating to the implementation of the
plan. The rule requires the plan to be approved by the mutual fund's
directors and shareholders; provides for quarterly reports to the board
regarding amounts spent under the plan; requires the board to review
the plan at least annually; requires board and shareholder approval for
certain changes to the plan; and imposes certain recordkeeping
requirements.
It is estimated that approximately 4,165 mutual funds rely on the
rule each year, and the average annual burden per fund is estimated to
be 40 hours. The total annual burden for all mutual funds relying on
the rule is estimated to be 166,600 hours.
Rule 17f-1 under the 1940 Act provides that any registered
management investment company (``fund'') that wishes to place its
assets in the custody of a national securities exchange may do so only
pursuant to a written contract that must be ratified initially and
approved annually by a majority of the fund's board of directors and
that contains certain specified provisions. The rule also requires that
the fund's assets in such custody be examined by an independent public
accountant at least three times during the fund's fiscal year. The rule
requires the written contract and the certificate of each examination
to be transmitted to the Commission. The annual burden of the rule's
requirements is estimated to be about 2\1/2\ hours for each of
approximately 31 funds that maintain their assets with a national
securities exchange, for an estimated total of 77.5 burden hours
annually.
Form N-SAR under the 1940 Act is used by registered investment
companies for annual or semi-annual reports required to be filed with
the Commission. The annual burden is approximately to 31.5 hours.
Form N-17f-1 is the cover sheet for accountant examination
certificates filed pursuant to rule 17f-1 under the 1940 Act by
management investment companies maintaining securities or other
investments with companies that
[[Page 12258]]
are members of a national securities exchange. The time needed for
investment companies to comply with the requirements of the form is
approximately nine minutes annually.
Form N-17f-2 is the coversheet for accountant examination
certificates filed pursuant to rule 17f-2 under the 1940 Act by
management investment companies maintaining custody of securities or
other investments. The time needed for investment companies to comply
with the requirements of the form is approximately nine minutes
annually.
Form ADV-E is the coversheet for accountant examination
certificates filed pursuant to rule 206(4)-2 under the Investment
Advisers Act by investment advisers retaining custody of client
securities or funds. Registrants each spend approximately three minutes
annually to comply with the requirements of the form.
Rule 30b2-1 requires the filing of four copies of every periodic or
interim report transmitted by or on behalf of any registered investment
company to its shareholders. The annual burden of filing the reports is
estimated to be negligible.
The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act, and is not derived from a
comprehensive or even a representative survey or study of the cost of
SEC rules and forms.
Written comments are requested on: (a) Whether the collections of
information are necessary for the proper performance of the functions
of the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission's estimate of the burdens
of the collection of information; (c) ways to enhance the quality,
utility, and clarity of the information 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, NW., Washington, DC 20549.
Dated: March 6, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-6421 Filed 3-13-97; 8:45 am]
BILLING CODE 8010-01-M
