[Federal Register Volume 62, Number 73 (Wednesday, April 16, 1997)]
[Notices]
[Page 18660]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-9716]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549
Extension:
Rule 20a-1, SEC File No. 270-132, OMB Control No. 3235-0158
Rule 489 and Form F-N, SEC File No. 270-361, OMB Control No. 3235-
0411
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 soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
Rule 20a-1 requires that the solicitation of a proxy, consent or
authorization with respect to a security issued by a registered fund be
in compliance with Regulation 14A (17 CFR 240.14a-1), Schedule 14A (17
CFR 240.14a-101), and all other rules and regulations adopted under
section 14(a) of the Securities Exchange Act of 1934 (15 U.S.C.
78n(a)). Rule 20a-1 also requires a fund's investment adviser, or a
prospective adviser, to transmit to the person making a proxy
solicitation the information necessary to enable that person to comply
with the rules and regulations applicable to the solicitation.
Regulation 14A and Schedule 14A establish the disclosure
requirements applicable to the solicitation of proxies, consents and
authorizations. In particular, Item 22 of Schedule 14A contains
extensive disclosure requirements for registered investment company
proxy statements. Among other things, it requires the disclosure of
information about fund fee or expense increases, the election of
directors, the approval of an investment advisory contract and the
approval of a distribution plan.
The Commission requires the dissemination of this information to
assist investors in understanding their fund investments and the
choices they may be asked to make regarding fund operations. The
Commission does not use the information in proxies directly, but
reviews proxy statement filings for compliance with applicable rules.
It is estimated that approximately 1,000 registered investment
companies are required to file one proxy statement annually. The total
annual reporting and recordkeeping burden of the collection of
information is estimated to be approximately 96,200 hours (1,000
responses x 96.2 hours per response).
Rule 489 and Form F-N requires certain entities that are excepted
from the definition of investment company by virtue of rules 3a-1, 3a-
5, and 3a-6 under the Investment Company Act of 1940 to file Form F-N
to appoint a United States agent for services of process when making a
public offering of securities in the United States.
It is estimated that approximately 21 entities are required by rule
489 to file Form F-N. The total estimated annual burden of complying
with the filing requirement is approximately 25 hours.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden 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.
Please 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: April 8, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-9716 Filed 4-15-97; 8:45 am]
BILLING CODE 8010-01-M
