[Federal Register Volume 61, Number 109 (Wednesday, June 5, 1996)]
[Notices]
[Pages 28627-28628]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-14016]
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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 19b-1--SEC File No. 270-312; OMB Control No. 3235-0354.
[[Page 28628]]
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 19b-1 prohibits investment companies from distributing long-
term capital gains more than once every twelve months unless certain
conditions are met. Rule 19b-1(c) permits unit investment trusts
(``Units'') engaged exclusively in the business of investing in certain
eligible fixed-income securities to distribute long-term capital gains
more than once every twelve months, provided that the capital gains
distributions falls within one of the categories in rule 19b-1(c)(1)
and provided further that the capital gains distribution is clearly
described as such in the report to the unitholder that must accompany
the distribution (the ``notice requirement'').
The time required to comply with the notice requirement is
estimated to be one hour or less for each additional distribution of
long-term capital gains. Since there are approximately 14,175 UIT
portfolios that may be eligible to use the rule, the estimated total
annual maximum reporting burden would be 14,175 hours.
Rule 19b-1(e) also permits a registered investment company to apply
for permission to distribute long-term capital gains more than once a
year provided that the investment company did not foresee the
circumstances that created the need for the distribution. The time
required to prepare an application under rule 19b-1(e) should be
approximately four hours. The Commission, however, has not received an
application under rule 19b-1(e) in the last five years. Therefore, it
estimates no additional annual paperwork burden under this provision.
The estimates of burden hours are made solely for the purposes of
the Paperwork Reduction Act, and are not derived from a comprehensive
or even a representative survey or study.
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: May 29, 1996.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-14016 Filed 6-4-96; 8:45 am]
BILLING CODE 8010-01-M
