[Federal Register Volume 62, Number 82 (Tuesday, April 29, 1997)]
[Notices]
[Pages 23287-23288]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-10942]


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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 6e-2, SEC File No. 270-177, OMB Control No. 3235-0177
    Rule 22d-1, SEC File No. 270-275, OMB Control No. 3235-0310

    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 previously approved 
collections of information:
    Rule 6e-2 [17 CFR 270.6e-2] under the Investment Company Act of 
1940 (``Act'') is an exemptive rule which permits separate accounts, 
formed by life insurance companies, to fund certain variable life 
insurance products. The rule exempts such separate accounts from the 
registration requirements under the Act, among others, on conditions 
that it comply with all but certain designated provisions of the Act 
and meet the other requirements of the rule. The rule sets forth 
several information collection requirements.
    Rule 6e-2 provides a separate account with an exemption from the 
registration

[[Page 23288]]

provisions of section 8 of the Act if the account files with the 
Commission Form N-6EI-1, a notification of claim of exemption.
    The rule also exempts a separate account from a number of other 
sections of the Act, provided that the separate account makes certain 
disclosure in its registration statements and reports to contract 
holders about actions taken under those exemptions.
    In regard to the foregoing, Rule 6e-2 provides an exemption from 
section 17(f) of the Act. Section 17(f) requires that every registered 
management company meet various custody requirements for its securities 
and similar investments. Paragraph (b)(9) of Rule 6e-2 provides an 
exemption from the requirements of section 17(f) of the Act and imposes 
a reporting burden and certain other conditions. Paragraph (b)(9) 
applies only to management accounts that offer life insurance contracts 
subject to Rule 6e-2.
    Since 1988, there have been no filings under paragraph (b)(9) of 
Rule 6e-2 by management accounts. Further, all post-effective 
amendments accounts under Rule 6e-2 have been structured as unit 
investment trusts and are thus not subject to the requirements of 
paragraph (b)(9) of the rule. Therefore, since 1988, there has been no 
burden to the industry regarding the information collection 
requirements of paragraph (b)(9) of Rule 6e-2.
    Rule 22d-1 [17 CFR 270.22d-1] provides registered investment 
companies that issue redeemable securities (``funds'') an exemption 
from section 22(d) of the Act to the extent necessary to permit 
scheduled variations in or elimination of the sales load on fund 
securities for particular classes of investors or transactions, 
provided certain conditions are met. The rule imposes an annual burden 
per fund of approximately 15 minutes, so that the total annual burden 
for the approximately 1,865 funds that might rely on the rule is 
estimated to be 466 hours.
    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: April 22, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-10942 Filed 4-28-97; 8:45 am]
BILLING CODE 8010-01-M