[Federal Register Volume 65, Number 34 (Friday, February 18, 2000)]
[Notices]
[Pages 8454-8455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-3937]


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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, NW., Washington, DC 20549.
    Extension: Rule 34b-1.
    File No. 270-305.
    OMB Control No. 3235-0346.

    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'') a request for extension of the previously approved 
collection of information discussed below.

Rule 34b-1 Under the Investment Company Act of 1940, Sales 
Literature Deemed To Be Misleading

    Rule 34b-1 under the Investment Company Act of 1940 (``Investment 
Company Act'') [17 CFR Sec. 270.34b-1] governs sales material that 
accompanies or follows the delivery of a statutory prospectus (``sales 
literature''). Rule 34b-1 deems to be materially misleading any 
investment company sales literature, required to be filed with the 
Commission by section 24(b) of the Investment Company Act,\1\ that 
includes any information that purports to show the investment 
performance of the investment company unless it also includes 
performance data calculated in a manner prescribed by rule 482 under 
the Securities Act of 1933. Requiring the inclusion of such 
standardized performance data in sales literature is designed to 
prevent misleading performance claims by funds and to enable investors 
to make meaningful comparisons among fund performance claims.
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    \1\ Sales literature addressed to or intended for distribution 
to prospective investors shall be deemed filed with the Commission 
for purposes of Section 24(b) of the Investment Company Act upon 
filing with a national securities association registered under 
Section 15A of the Securities Exchange Act of 1934 that has adopted 
rules providing standards for the investment company advertising 
practices of its members and has established and implemented 
procedures to review that advertising. See Rule 24b-3 under the 
Investment Company Act [17 CFR 270.24b-3].
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    It is estimated that there are approximately 545 respondents that 
file with the Commission approximately five responses annually, which 
include the information required by rule 34b-1. The burden from rule 
34b-1 requires approximately 2.4 hours per response resulting from 
creating the information required under rule 34b-1. The total burden 
hours for rule 34b-1 would be 6,540 hours per respondent. The estimated 
annual burden of 6,540 hours represents an increase of 3,096 hours over 
the prior estimate of 3,444 hours. The increase in burden hours is 
attributable to an increase in the number of respondents from 287 to 
545.
    The estimates of average burden Hours are made solely for the 
purposes of the Act and are not derived from a comprehensive or even 
representative

[[Page 8455]]

survey or study of the cost of Commission rules and forms.
    The collection of information under rule 34b-1 is mandatory. The 
information provided by rule 34b-1 is not kept confidential. The 
Commission may not conduct or sponsor, and a person is not required to 
respond to, a collection of information unless it displays a current 
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, DC 20503; and (ii) Michael E. Bartell, Associate Executive 
Director, Office of Information Technology, Securities and Exchange 
Commission, 450 Fifth Street, NW., Washington, DC 20549. Comments must 
be submitted to OMB within 30 days of this notice.


    Dated: February 14, 2000.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-3937 Filed 1-17-00; 8:45 am]
BILLING CODE 8010-01-M