[Federal Register Volume 65, Number 152 (Monday, August 7, 2000)]
[Notices]
[Page 48258]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-19905]


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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, DC 20549.
    Extension: Rule 23c-1, SEC File No. 270-253, OMB Control No. 
3235-0260.

    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 (the ``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.
    Rule 23c-1 under the Investment Company Act of 1940, among other 
things, permits a closed-end fund to repurchase its securities for cash 
if in addition to the other requirements set forth in the rule: (i) 
Payment of the purchase price is accompanied or preceded by a written 
confirmation of the purchase; (ii) the asset coverage per unit of the 
security to be purchased is disclosed to the seller or his agent; and 
(iii) if the security is a stock, the fund has, within the preceding 
six months, informed stockholders of its intention to purchase stock. 
The Commission staff estimates that approximately 19 closed-end funds 
rely on Rule 23c-1 annually to undertake approximately 115 repurchases 
of their securities. The Commission staff estimates that, on average, a 
fund spends approximately 2.5 hours on complying with the paperwork 
requirements listed above each time it undertakes a security repurchase 
under the rule. The total annual burden of the rule's paperwork 
requirements thus is estimated to be 287.5 hours.
    In addition, the fund must file with the Commission, during the 
calendar month following any month in which a purchase permitted by 
rule 23c-1 occurs, two copies of a report of purchases made during the 
month, together with a copy of any written solicitation to purchase 
securities given by or on behalf of the fund to 10 or more persons. The 
burden associated with filing Form N-23C-1, the form for this report, 
has been addressed in the submission for that form.
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules and forms.
    Written comments are invited on: (a) Whether the collection of 
information is necessary for the proper performance of the functions of 
the Commission, including whether the information has practical 
utility; (b) the accuracy of the Commission'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 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, NW, Washington, DC 
20549.

    Dated: July 28, 2000.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-19905 Filed 8-4-00; 8:45 am]
BILLING CODE 8010-01-M