[Federal Register Volume 63, Number 28 (Wednesday, February 11, 1998)]
[Notices]
[Pages 7014-7015]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3369]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Extension:
    Rules 8b-1 to 8b-32, SEC File No. 270-135, OMB Control No. 3235-
0176
    Rule 604; Rule 605; and Form 1-E, SEC File No. 270-221, OMB 
Control No. 3235-0232

Upon Written Request, Copy Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, 450 Fifth 
Street, N.W., Washington, D.C. 20549

    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 soliciting comments on the collections 
of information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget for extension and approval.

Rules under section 8(b) of the Investment Company Act of 1940.

    Rules 8b-1 to 8b-32 under the Investment Company Act of 1940 (the 
Act), [17 CFR 270.8b-1 to 8b-32], are the procedural rules an 
investment company must follow when preparing and filing a registration 
statement. These rules were adopted to standardize the mechanics of 
registration under the Act and to provide more specific guidance for 
persons registering under the Act than the information contained in the 
statute. For the most part, these procedural rules do not require the 
disclosure of information. Two of the rules, however, require limited 
disclosure of information.\1\ The information required by the rules is 
necessary to ensure that investors have clear and complete information 
upon which to base an investment decision. The Commission uses the 
information that investment companies provide on registration 
statements in its regulatory, disclosure review, inspection and policy 
making roles. The respondents to the collection of information are 
investment companies filing registration statements under the Act.
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    \1\ Rule 8b-3, 17 CFR 270.8b-3, provides that whenever a 
registration form requires the title of securities to be stated, the 
registrant must indicate the type and general character of the 
securities to be issued. Rule 8b-22, 17 CFR 270.8b-22, provides that 
if the existence of control is open to reasonable doubt, the 
registrant may disclaim the existence of control, but it must state 
the material facts pertinent to the possible existence of control.
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    The Commission does not estimate separately the total annual 
reporting and recordkeeping burden associated with rules 8b-1 to 8b-32 
because the burden associated with these rules are included in the 
burden estimates the Commission submits for the investment company 
registration statement forms (e.g., Form N-1A, Form N-2, Form N-3, and 
Form N-4). For example, a mutual fund that prepares a registration 
statement on Form N-1A must comply with the rules under section 8(b), 
including rules on riders, amendments, the form of the registration 
statement, and the number of copies to be submitted. Because the fund 
only incurs a burden from the section 8(b) rules when preparing a 
registration statement, it would be impractical to measure the 
compliance burden of these rules separately. The Commission believes 
that including the burden of the section 8(b) rules with the burden 
estimates for the investment company registration statement forms 
provides a more accurate and complete estimate of the total burdens 
associated with the registration process.

Rule 604--Filing of Notification on Form 1-E.

    Rule 604 of Regulation E [17 CFR 230.604] under the Securities Act 
of 1933 [15 U.S.C. 77a et seq.] (``Securities Act'') requires a small 
business investment company (``SBIC'') or a business development 
company (``BDC'') claiming an exemption from registering its securities 
under the Securities Act to file a notification with the Commission on 
Form 1-E.

Rule 605--Filing and Use of the Offering Circular.

    Rule 605 of Regulation E [17 CFR 230.605] requires an SBIC or BDC 
claiming an exemption from registering its securities under the 
Securities Act to file an offering circular with the Commission that 
must also be provided to persons to whom an offer is made.

Form 1-E--Notification Under Regulation E

    Form 1-E is the form that an SBIC or BDC uses to notify the 
Commission that it is claiming an exemption under Regulation E from 
registering its securities under the Securities Act. Form 1-E requires 
an issuer to provide the names and addresses of the issuer, its 
affiliates, directors, officers, and counsel; a description of events 
which would make the exemption unavailable; the jurisdiction in which 
the issuer intends to offer its securities; information about 
unregistered securities issued or sold by the issuer within one year 
before filing the notification on Form 1-E; information as to whether 
the issuer is presently offering or contemplating offering any other 
securities; and exhibits, including copies of the offering circular and 
any underwriting contracts.
    The Commission uses the information provided in the notification on 
Form 1-E and the offering circular to determine whether an offering 
qualifies for the exemption under Regulation E. Each year approximately 
one issuer files a notification on Form 1-E and an offering circular. 
The Commission estimates that preparing Form 1-E and an offering 
circular require an issuer to spend approximately 100 staff hours. 
Estimates of average 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 of the costs of SEC rules and 
forms.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden 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

[[Page 7015]]

in writing within 60 days of this publication.
    Please direct your written comments to Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, N.W., Washington, 
DC 20549.

    Dated: January 29, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-3369 Filed 2-10-98; 8:45 am]
BILLING CODE 8010-01-M