[Federal Register Volume 65, Number 178 (Wednesday, September 13, 2000)]
[Notices]
[Page 55310]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-23436]


-----------------------------------------------------------------------

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, 
Washington, DC 20549.
    Approval of Existing Information Collections: Rule 27e-1 and Form 
N-27E-1; SEC File No. 270-486; OMB Control No. 3235-new. Rule 27f-1 and 
Form N-27E-1; SEC File No. 270-487; OMB Control No. 3235-new.
    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'') has submitted to the Office of 
Management and Budget (``OMB'') a request for approval of the 
collections of information under the Investment Company Act of 1940 
(``Act'') summarized below.
    Rule 27e-1 [17 CFR 270.27e-1] is entitled ``Requirements for Notice 
to be Mailed to Certain Purchasers of Periodic Payment Plan 
Certificates Sold Subject to Section 27(d) of the Act.'' Form N-27E-1 
is entitled ``Notice to Periodic Payment Plan Certificate Holders of 18 
Month Surrender Rights with Respect to Periodic Payment Plan 
Certificates.'' Rule 27f-1 [17 CFR 270.27f-1] is entitled ``Notice of 
Right of Withdrawal Required to Be Mailed to Periodic Payment Plan 
Certificate Holders and Exemption from Section 27(f) for Certain 
Periodic Payment Plan Certificates.'' Form N-27F-1 is entitled ``Notice 
to Periodic Payment Plan Certificate Holders of 45 Day Withdrawal Right 
with Respect to Periodic Payment Plan Certificates.'' Form N-27E-1, 
which is prescribed by Rule 27e-1 in order to implement the statutory 
mandate in section 27(e) of the Act, serves to notify holders of 
periodic payment plan certificates who have missed certain payments of 
their surrender rights with respect to the certificates. Form N-27F-1, 
which is prescribed by Rule 27f-1, is used to notify recent purchasers 
of periodic payment plan certificates, of their right under section 
27(f) of the Act to return the certificates within a specified period 
for a full refund. The Form N-27E-1 and Form N-27F-1 notices, which are 
sent directly to holders of periodic payment plan certificates, serve 
to alert purchasers of periodic payment plans of their rights in 
connection with their plan certificates.
    Commission staff estimates that there are fewer than five issuers 
of periodic payment plan certificates affected by Rules 27e-1 and 27f-
1. The frequency with which each of these issuers or their 
representatives must file the Form N-27E-1 and Form N-27F-1 notices 
varies with the number of periodic payment plans sold and the number of 
certificate holders who miss payments. The Commission estimates, 
however, that approximately 5,000 Form N-27E-1 notices and 48,900 Form 
N-27F-1 notices are sent out annually. The Commission estimates that 
each Form N-27E-1 notice takes approximately 4.5 minutes (0.075 hours) 
to prepare. Therefore, the total annual burden of Form N-27E-1 is 
estimated to be approximately 375 hours. The Commission estimates that 
each Form N-27F-1 notice takes approximately 3.5 minutes (.05833 hours) 
to prepare. Therefore, the total annual burden of Form 27F-1 is 
estimated to be 2,852 hours.
    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.\1\
---------------------------------------------------------------------------

    \1\ These estimates are based on informal conversations between 
the Commission staff and representatives of periodic payment plan 
issuers.
---------------------------------------------------------------------------

    Complying with the collection of information requirements of Rule 
27e-1 is mandatory for issuers of periodic payment plans or their 
depositors or underwriters in the event holders of plan certificates 
miss certain payments within eighteen months after issuance. Complying 
with the collection of information requirements of Rule 27f-1 is 
mandatory for custodian banks of periodic payment plans for which the 
sales load deducted from any payment exceeds 9 percent of the payment. 
The information provided pursuant to Rules 27e-1 and 27f-1 will be 
provided to third parties and, therefore, will not be kept 
confidential. The Commission is seeking OMB approval, because an agency 
may not conduct or sponsor, and a person is not required to respond to, 
a collection of information unless it displays a currently valid 
control number.
    Please direct general comments regarding the above information 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 20549-0004. Comments must be 
submitted to OMB within 30 days of this notice.

    Dated: September 6, 2000.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-23436 Filed 9-12-00; 8:45 am]
BILLING CODE 8010-01-M