[Federal Register Volume 68, Number 142 (Thursday, July 24, 2003)]
[Notices]
[Pages 43772-43773]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-18900]


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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, 450 Fifth 
Street, NW., Washington, DC 20549-0004.
Extension:
    Rule 27e-1 and Form N-27E-1, SEC File No. 270-486, OMB Control 
No. 3235-0545.

    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 under the Investment Company Act of 1940 
(``Act'') summarized below. The Commission plans to submit these 
collections of information to the Office of Management and Budget for 
approval.
    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.'' 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. The Form N-27E-1 notice, which is sent directly to 
holders of periodic payment plan certificates, serves 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 rule 27e-1. The 
frequency with which each of these issuers or their representatives 
must file the Form N-27E-1 notice varies with the number of periodic 
payment plans sold and the number of certificate holders who miss 
payments. The staff spoke with representatives of a number of firms in 
the industry that currently have periodic payment plan accounts. Based 
upon these conversations, the staff estimates that 3 respondents send 
out approximately 2,965 notices a year through completely automated 
processes. These estimates are based on an informal survey of 
representatives of several entities and are not derived from a 
comprehensive or necessarily even representative study of the cost of 
the Commission's rules and forms.
    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

[[Page 43773]]

within eighteen months after issuance. The information provided 
pursuant to rule 27e-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.
    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 Kenneth A. Fogash, Acting 
Associate Executive Director/CIO, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, NW., Washington, DC 
20549.

    Dated: July 16, 2003.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 03-18900 Filed 7-23-03; 8:45 am]
BILLING CODE 8010-01-P