[Federal Register Volume 60, Number 106 (Friday, June 2, 1995)]
[Notices]
[Page 28815]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-13535]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Under Review by Office of Management and Budget
Agency Clearance Officer: Michael E. Bartell, (202) 942-8800
Upon Written Request, Copy Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549
Extension:
Rule 23c-3, File No. 270-373
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 (the ``SEC'') has submitted for extension of OMB approval
Rule 23c-3 under the Investment Company Act of 1940 [17 CFR 270.23c-3].
Rule 23c-3 permits closed-end management investment companies to
make periodic repurchase offers to shareholders at net asset value.
These repurchases are exempt from the disclosure and filing
requirements of the tender offer rules under the Securities Exchange
Act of 1934. Rule 23c-3 requires closed-end funds making repurchase
offers to give shareholders before each offer a notification containing
specified information, to file three copies of the notification with
the Commission, to describe the fund's repurchase policy and the
results of recent repurchase offers in the annual report to
shareholders, and to cause fund directors to adopt and maintain written
procedures designed to preserve a sufficiently liquid investment
portfolio. An estimated 10 respondents together incur 320 burden hours
annually to comply with the requirements, under new estimates
reflecting a program change and an adjustment.
In addition, closed-end funds relying on the rule must file copies
of advertisements and other sales literature with the Commission unless
already filed with the National Association of Securities Dealers
(NASD). Respondents generally incur no burden hours to comply with this
requirement because each fund's principal underwriter must comply with
separate NASD rules requiring the filing of such materials with the
NASD.
Direct general comments to the OMB Clearance Officer for the
Securities and Exchange Commission at the address below. Direct any
comments concerning the accuracy of the estimated average burden hours
for compliance with SEC rules or forms to Michael E. Bartell, Associate
Executive Director, Office of Information Technology, Securities and
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549 and to
OMB Clearance Officer for the Securities and Exchange Commission,
Office of Information and Regulatory Affairs, Paperwork Reduction Act
Number 3235-0422, Office of Management and Budget, Room 3208, New
Executive Office Building, Washington, DC 20543.
Dated: May 22, 1995.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-13535 Filed 6-1-95; 8:45 am]
BILLING CODE 8010-01-M
