[Federal Register Volume 68, Number 145 (Tuesday, July 29, 2003)]
[Notices]
[Pages 44552-44553]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-19181]


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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 27f-1 and Form N-27F-1, SEC File No. 270-487, OMB 
Control No. 3235-0546.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l et seq.), the Securities and Exchange 
Commission (the ``Commission'') is soliciting comments on the 
collections 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 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-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-27F-1 notice, which is sent directly to holders 
of periodic payment plan certificates, serves to alert purchasers of 
periodic

[[Page 44553]]

payment plans of their rights in connection with their plan 
certificates.
    Commission staff estimates that there are three issuers of periodic 
payment plan certificates affected by rule 27f-1. The frequency with 
which each of these issuers or their representatives must file Form N-
27F-1 notices varies with the number of periodic payment plans sold. 
The Commission estimates, however, that approximately 5,907 Form N-27F-
1 notices are sent out annually. The Commission estimates that all the 
issuers that send Form N-27F-1 notices use outside contractors to print 
and distribute the notices, and incur no hourly burden. 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\
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    \1\ This estimate is based on informal conversations between the 
Commission staff and representatives of periodic payment plan 
issuers.
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    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.\2\ The information provided pursuant to rule 27f-1 will be 
provided to third parties and, therefore, will not be kept 
confidential. 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.
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    \2\ The rule also permits the issuer, the principal underwriter 
for, or the depositor of, the issuer or a record-keeping agent for 
the issuer to mail the notice if the custodian bank has delegated 
the mailing of the notice to any of them or if the issuer has been 
permitted to operate without a custodian bank by Commission order. 
See 17 CFR 270.27f-1.
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    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 
20549-0004.

    Dated: July 22, 2003.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 03-19181 Filed 7-28-03; 8:45 am]
BILLING CODE 8010-01-P