[Federal Register Volume 63, Number 71 (Tuesday, April 14, 1998)]
[Notices]
[Pages 18238-18239]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-9805]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

    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.

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

    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 (``OMB'') requests for extension of previously approved 
collections of information discussed below.
    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.
    Investment companies seeking to register under the Investment 
Company Act are required to provide the information specified in rules 
8b-1 to -32 if applicable. Responses will not be kept confidential.
    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

[[Page 18239]]

an offering circular require an issuer to spend approximately 100 staff 
hours.
    Estimates of the 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.
    The Commission may not conduct or sponsor, and a person is not 
required to respond to, a collection of information unless it displays 
a currently valid OMB control number.
    General comments regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, 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: April 6, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-9805 Filed 4-13-98; 8:45 am]
BILLING CODE 8010-01-M