[Federal Register Volume 67, Number 235 (Friday, December 6, 2002)]
[Notices]
[Pages 72705-72706]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-30885]


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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.

[[Page 72706]]

    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'') 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.
    [sbull] Rule 34b-1 (17 CFR 270.34b-1) under the Investment Company 
Act of 1940, Sales Literature Deemed to be Misleading.
    Rule 34b-1 under the Investment Company Act (17 CFR 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 (15 U.S.C. 80a-24(b)),\1\ that includes performance data 
unless it also includes the appropriate uniformly computed data and the 
legend disclosure required in advertisements by rule 482 under the 
Securities Act of 1933 (17 CFR 230.482).
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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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    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.
    The Commission estimates that respondents file approximately 37,000 
responses with the Commission, which include the information required 
by rule 34b-1. The burden from rule 34b-1 requires slightly more than 
2.4 hours per response resulting from creating the information required 
under rule 34b-1.\2\ The total burden hours for rule 34b-1 is 89,143 
per year in the aggregate (37,000 responses x 2.4092702 hours per 
response). 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 a representative survey or study of the costs of 
Commission rules and forms.
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    \2\ The estimated burden per response is 2.9 hours for 686 
responses and 2.4 hours for the remaining, giving a more exact 
weighted average burden per response of approximately 2.4092702.
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    The collection of information under rule 34b-1 is mandatory. The 
information provided under 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 currently 
valid OMB control number.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proposed performance of 
the functions of the agency, including whether information will have 
practical utility; (b) the accuracy of the agency'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 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.
    Direct your written comments to Kenneth A. Fogash, Acting Associate 
Executive Director/CIO, Office of Information Technology, Securities 
and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549.

    Dated: November 22, 2002.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 02-30885 Filed 12-5-02; 8:45 am]
BILLING CODE 8010-01-P