[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]



=======================================================================
-----------------------------------------------------------------------

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