[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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[[Page 41665]]

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