[Federal Register Volume 65, Number 8 (Wednesday, January 12, 2000)]
[Notices]
[Pages 1934-1935]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-676]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, 
D.C. 20549

Form N-4, SEC File No. 270-282, OMB Control No. 3235-0318

    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 collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval.

Description of Form N-4, Its Purpose and the Industry Entities Affected

    There are two separate statutes which require investment companies 
to file registration statements with the Commission if they are 
offering their securities to the public. Each must register as an 
investment company under the Investment Company Act of 1940 (``1940 
Act''), and must register the securities it will offer under the 
Securities Act of 1933 (``1933 Act''). Form N-4 is part is the 
integrated registration and reporting system by which registrants 
satisfy the registration requirements of both the 1940 Act and the 1933 
Act by filing a single registration statement. Form N-4 is the required 
form that insurance company separate accounts organized as unit 
investment trusts (``IC UIT separate accounts'') must use if they offer 
variable annuity contracts.
    The Form N-4's purpose is to provide investors with material 
information concerning securities offered for public sale. The first 
part includes a simplified prospectus that satisfies the prospectus 
delivery requirements of the 1933 Act. The second part is a Statement 
of Additional Information available free of charge to prospective 
investors upon request. A third part of the registration statement 
includes all of the other mandatory information that is not 
specifically required to be in the prospectus or the Statement of 
Additional Information.
    As a regulatory matter, Form N-4 satisfies the disclosure 
requirement of the 1933 Act. Form N-4 also satisfies the 1940 
requirement that investment companies file a registration statement 
with the Commission pursuant to Section 8(b).
    It is estimated that, currently, there are 615 IC UIT separate 
accounts required to file initial and post effective registration 
statements on an annual and as required basis using Form N-4. The 
burden from Form N-4 requires approximately 219.8 hours per post 
effective amendment and 298 hours for each initial registration. The 
total burden hours for Form N-4 is estimated at 284,379.20 in the 
aggregate. The 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 representative survey or study of the costs of 
Commission 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;

[[Page 1935]]

(b) the accuracy of the agency's estimate of the burden of the 
collection of information; (c) ways of 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 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 Fifth Street, N.W., Washington, 
DC 20549.

    Dated: January 4, 2000.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-676 Filed 1-11-00; 8:45 am]
BILLING CODE 8010-01-M