[Federal Register Volume 62, Number 101 (Tuesday, May 27, 1997)]
[Notices]
[Pages 28741-28742]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13806]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
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
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
30b2-1, SEC File No. 270-213, OMB Control No. 3235-0220
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'') has submitted to the Office of Management
and Budget requests for extension of the previously approved
collections of information discussed below.
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 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
account 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 28742]]
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 account 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.
General comments regarding the above information should be directed
to the following persons: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 3208, New Executive Office
Building, Washington, D.C. 20503; and (ii) Michael E. Bartell,
Associate Executive Director, Office of Information Technology,
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington,
D.C. 20549. Comments must be submitted to OMB within 30 days of this
notice.
Dated: May 19, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-13806 Filed 5-23-97; 8:45 am]
BILLING CODE 8010-01-M
