[Federal Register Volume 59, Number 11 (Tuesday, January 18, 1994)] [Unknown Section] [Page 0] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 94-1067] [[Page Unknown]] [Federal Register: January 18, 1994] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Requests Under Review by Office of Management and Budget Agency Clearance Officer--John J. Lane, (202) 942-8800. Upon written request copies available from: Securities and Exchange Commission, Office of Filings, Information and Consumer Services, Washington, DC 20549. Proposed Rule: Rule 18f-3, File No. 270-385. Proposed Amendments: Form N-1A, File No. 270-21, Form N-14, File No. 270-297, Rule 34b-1, File No. 270-305. 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 ``Commission'') has submitted for OMB approval, proposal of Rule 18f-3 under the Investment Company Act of 1940 (15 U.S.C. 80a) (the ``Investment Company Act''), Forms N-1A and N-14 under the Investment Company Act and the Securities Act of 1933 (15 U.S.C. 77a, et seq.) (the ``Securities Act''), and proposed amendments to rule 34b-1 under the Investment Company Act. Proposed rule 18f-3 would permit any registered open-end management investment company that satisfies its conditions to issue multiple classes of shares representing interests in the same portfolio of securities but having different arrangements for shareholder services, distribution, or both. Proposed rule 18f-3 would require that a multiple class fund adopt a written plan setting forth the different class arrangements. The Commission estimates that approximately 675 registered open-end, management investment companies would use proposed rule 18f-3 and that the annual reporting burden would be approximately one hour per respondent, for a total of about 675 burden hours. The Commission also is proposing amendments to Forms N-1A and N-14 and rule 34b-1 that would require certain disclosure by multiple class funds and feeder funds in master-feeder structures about the classes or feeders not offered in the prospectus, or sales literature. Form N-1A is the registration statement used by open-end management investment companies other than small business investment companies and insurance company separate accounts. The average additional burden imposed by the proposed amendments to Form N-1A is estimated to be .4 hours per registrant for a total of about 1,080 additional burden hours. Thus, the total annual burden for Form N-1A per registrant would become 1059.96 hours per registrant and the total for all registrants would be 2,861,892 hours. Form N-14 is the registration statement used by investment companies to register under the Securities Act securities to be issued in mergers and other forms of business combination. By cross- referencing a number of items in Form N-1A, Form N-14 requires disclosure of some of the same information regarding the management investment companies involved in the transaction. Approximately 95 registrants filed Form N-14 in 1992, with an estimated compliance time of 2,500 hours per registrant. The maximum additional burden imposed by the amendments is estimated to be .3 hours per registrant for a total additional burden of 28.5 additional hours for all registrants. The total annual burden for Form N-14 would be 2,500.3 hours per registrant and 237,528.5 hours for all registrants. Rule 34b-1 governs the use of performance information in investment company sales literature. In 1992, approximately 287 respondents used performance data in their sales literature and rule 34b-1 imposed a total annual burden of 3,444 hours on those respondents. The proposed amendment to rule 34b-1 would impose an average additional burden of .3 hours per response on those 287 respondents, each of which makes approximately five responses per year, for a total additional annual burden of 430.5 hours. Thus, the total annual burden imposed by rule 34b-1 would become 3,874.5 hours. In total, proposed rule 18f-3, and the proposed amendments to Forms N-1A and N-14 would impose an additional total burden on all respondents of 2,214 hours. The estimated average burden hours are made solely for the purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even a representative study of the costs of Commission rules and forms. Direct general comments to Gary Waxman at the address below. Direct any comments concerning the accuracy of the estimated average burden hours for compliance with the Commission rules and forms to John J. Lane, Associate Executive Director, Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549 and Gary Waxman, Clearance Officer, Office of Management and Budget. (Project numbers 3235-0307, 3235-0336, and 3235-0346), room 3208, New Executive Office Building, Washington, DC 20503. Dated: January 5, 1994. Margaret H. McFarland, Deputy Secretary. [FR Doc. 94-1067 Filed 1-14-94; 8:45 am] BILLING CODE 8010-01-M