[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