[Federal Register Volume 62, Number 203 (Tuesday, October 21, 1997)]
[Notices]
[Page 54670]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-27763]


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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, 450 
Fifth Street, N.W., Washington, D.C. 20549.
    Extension: Rule 23c-1 [17 CFR 270.23c-1]; SEC File No. 270-253; 
OMB Control No. 3235-0260.

    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 ( the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Rule 23c-1, among other things, permits a closed-end fund to 
repurchase its securities for cash if in addition to the other 
requirements set forth in the rule: (i) payment of the purchase price 
is accompanied or preceded by a written confirmation of the purchase; 
(ii) the asset coverage per unit of the security to be purchased is 
disclosed to the seller or his agent; and (iii) if the security is a 
stock, the fund has, within the preceding six months, informed 
stockholders of its intention to purchase stock. The Commission 
estimates that approximately 575 closed-end funds may rely on rule 23c-
1, and that on average, a fund spends approximately 2.5 hours per year 
on complying with the rule's paperwork requirements. The total annual 
burden of the rule's paperwork requirements thus is estimated to be 
1,438 hours.
    In addition, the fund must file with the Commission, during the 
calendar month following any month in which a purchase permitted by 
rule 23c-1 occurs, two copies of a report of purchases made during the 
month, together with copies of any written solicitation to purchase 
securities given on behalf of the fund to 10 or more persons. The 
burden associated with filing Form N-23C-1, the form for this report, 
has been addressed in the submission for that Form.
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rule and forms.
    Complying with the collection of information requirements of the 
rule is mandatory. The filings that the rule requires to be made with 
the Commission are available to the public. An agency may not conduct 
or sponsor, and a person is not required to respond to, a collection of 
information unless it displays a currently valid control number.
    Please direct general comments regarding the above information to 
the following persons: (i) 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, D.C. 20503; and (ii) Michael E. Bartell, Associate 
Executive Director, Office of Information Technology, Securities and 
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549. 
Comments must be submitted to OMB within 30 days of this notice.

    Dated: October 14, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-27763 Filed 10-20-97; 8:45 am]
BILLING CODE 8010-01-M