[Federal Register Volume 61, Number 39 (Tuesday, February 27, 1996)]
[Notices]
[Pages 7284-7285]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4314]
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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 31a-2--SEC File No. 270-174--OMB Control No. 3235-0179
Rule 7d-1--SEC File No. 270-176--OMB Control No. 3235-0311
Form N-14--SEC File No. 270-297--OMB Control No. 3235-0336
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 to the Office of Management
and Budget requests for approval of extension on the following rules
and form:
Rule 31a-2 concerns preservation of records by registered
investment companies and certain majority-owned subsidiaries thereof.
The Commission periodically inspects the operations of all registered
investment companies to ensure their compliance with the provisions of
the Investment Company Act of 1940 (``the Act'') and the rules
thereunder. A significant portion of the time used in these inspections
is spent reviewing the information contained in the books and records
required to be preserved by Rule 31a-2. Each of the 4,902 respondents
incur an average estimated 15.4 burden hours annually to comply with
this requirement.
Rule 7d-1 specifies conditions under which a Canadian (or other
foreign) management investment company may request an order from the
Commission
[[Page 7285]]
permitting it to register under the Act. The rule's information
collection requirements seek to ensure that the substantive provisions
of the Act may be enforced as a matter of contract right in the United
States or Canada by the company's shareholders or the Commission.
The Commission believes that three Canadian investment companies
and one other foreign investment company have registered under Rule 7d-
1 and are currently active. Apart from information collection
requirements imposed on all registered investment companies (which are
reflected in the information collection burdens applicable to those
requirements), Rule 7d-1 imposes ongoing burdens to maintain in the
United States records of the company and related records of its
investment adviser and to update, as necessary, a list of affiliated
persons of the company, investment adviser, and principal underwriter.
The four companies and their associated persons spend approximately 101
hours annually complying with the requirements of the rule. This
estimate is a revision of the 75 burden hours currently allocated to
Rule 7d-1. The revision reflects the inclusion of an additional
respondent and the Commission staff's administrative experience with
the rule.
Canadian and other foreign investment companies have not sought to
register under the Act pursuant to Rule 7d-1 in the past three years.
If a company were to file an application under the rule, the Commission
estimates that the rule would impose initial information collection
burdens of approximately 90 hours on the company and its associated
persons. Since no fund has sought to register under the Act pursuant to
Rule 7d-1 in the last three years, the Commission is not including
those burdens in its calculation of the annual burden hours.
After registration, a foreign company may file a supplemental
application seeking special exemptive relief from provisions of the Act
based on the company's particular circumstances. Because such filings
are not mandated by Rule 7d-1 and are made at a company's discretion,
no burden hours are allocated for such applications.
Form N-14 is the form for registration of securities to be issued
by investment companies registered under the Act in business
combination transactions specified in Rule 145(a) and exchange offers.
There are approximately 95 registrants filing annually on Form N-14.
Approximately 58,900 hours are used to meet the requirements of Form N-
14. This represents 620 hours per registrant per year.
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: February 16, 1995.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-4314 Filed 2-26-96; 8:45 am]
BILLING CODE 8010-01-M