[Federal Register Volume 59, Number 37 (Thursday, February 24, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4141]


[[Page Unknown]]

[Federal Register: February 24, 1994]


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SECURITIES AND EXCHANGE COMMISSION
 

Forms Under Review by Office of Management and Budget

Agency Clearance Officer: John J. Lane (202) 942-8800
Upon Written Request, Copy Available From: Securities and Exchange 
Commission, Office of Filings, Information, and Consumer Services, 
Washington, DC 20549
Extensions
Form N-8f--File No. 270-136
Form N-23C-1--File No. 270-230
Rule 6e-2--File No. 270-177
Rule 17a-8--File No. 270-225
Rule 17f-1--File No. 270-236

    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 has submitted to the Office of Management and Budget request 
for approval of extensions on the following currently approved rules 
and forms:
    Form N-8f is the form prescribed for use by certain registered 
investment companies requesting orders of the Commission declaring that 
they have ceased to be investment companies. The form takes 
approximately 6 hours to complete.
    Form N-23C-1 is a form on which closed-end investment companies 
report repurchases of their own securities. The form requires about one 
hour to fill out on each occasion, up to twelve times per year, on the 
part of approximately 4 companies that undertake such repurchase 
transactions each year. Total annual burden hours are estimate to be 
23.
    Rule 6e-2 grants investment companies offering scheduled premium 
and single premium variable life insurance contracts exemptions from 
the Investment Company Act of 1940. Only management accounts that 
register to sell contracts under Rule 6e-2 have a reporting burden, 
estimated to be approximately 111 annual hours per respondent, imposed 
under paragraph (b)(9) of the rule. Since 1988, there have been no 
filings under paragraph (b)(9) of rule 6e-2 by existing management 
accounts, and separate accounts now are being organized as trust 
accounts, which are not subject to the reporting requirements, rather 
than as management accounts. Without the rule, management companies 
that offer variable insurance contracts and their sponsoring life 
insurers would have to file individual exemptive applications in 
addition to a registration statement in order to obtain the relief 
needed to sell the contracts. This process would be burdensome on both 
the life insurer and the Commission's staff.
    Rule 17a-8 exempts certain mergers or consolidations involving 
investment companies from the restrictions on transactions between 
affiliates set forth in Section 17(a) of the Investment Company Act of 
1940. The rule annually requires approximately 1.5 hours of 
recordkeeping by each of approximately 17 companies estimated to be 
involved in such a merger or consolidation each year, for a total of 26 
annual burden hours.
    Rule 17f-1 requires that a custodial contract and an accountant's 
certificate be filed with the Commission in connection with the 
placement or maintenance of the assets of a registered management 
investment company in the custody of a member of a national securities 
exchange. The rule requires each respondent to spend about 4 hours 
meeting reporting requirements annually.
    General comments regarding the estimated burden hours should be 
directed to Gary Waxman 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 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, (Paperwork Reduction Act No. 
3235-0157, 3235-0230, 3235-0177, 3235-0235, and 3235-0222), room 3208, 
New Executive Office Building, Washington, DC 20503.

    Dated: February 14, 1994.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-4141 Filed 2-23-94; 8:45 am]
BILLING CODE 8010-01-M