[Federal Register Volume 61, Number 155 (Friday, August 9, 1996)]
[Notices]
[Pages 41664-41665]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-20345]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; 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
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 a request for approval of
extension on Rule 19b-1 under the Investment Company Act of 1940 (``the
Act'') [15 U.S.C. 80a-1 et seq.] to the Office of Management and
Budget.
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
(``UITs'') 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
distribution 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.
General comments regarding the estimated burden hours should be
directed to the Desk Officer for the Securities and Exchange Commission
at the address below. Any comments concerning the accuracy of the
estimated average burden hours for compliance with Commission rules and
forms should be directed to Michael E. Bartell, Associate Executive
Director, Office of Information Technology, Securities and Exchange
Commission, 450 Fifth Street, NW., Washington, DC 20549 and 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, DC 20503.
Dated: August 5, 1996.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-20345 Filed 8-8-96; 8:45 am]
BILLING CODE 8010-01-M
