[Federal Register Volume 72, Number 121 (Monday, June 25, 2007)]
[Notices]
[Pages 34733-34734]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-12193]
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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: Form N-1A, SEC File No. 270-21, OMB Control No. 3235-
0307.
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 collections of
information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Form N-1A (17 CFR 239.15A and 274.11A) is the form used by open-end
management investment companies (``funds'') \1\ under the Investment
Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company
Act'') and/or to register their securities under the Securities Act of
1933 (15 U.S.C. 77a et seq.) (``Securities Act''). Section 5 of the
Securities Act (15 U.S.C. 77e) requires the filing of a registration
statement prior to the offer of securities to the public and that the
statement be effective before any securities are sold, and Section 8 of
the Investment Company Act (15 U.S.C. 80a-8) requires a fund to
register as an investment company. Form N-1A also permits funds to
provide investors with a prospectus and a statement of additional
information (``SAI'') covering essential information about the fund
when it makes an initial or additional offering of its securities.
Section 5(b) of the Securities Act requires that investors be provided
with a prospectus containing the information required in a registration
statement prior to the sale or
[[Page 34734]]
at the time of confirmation or delivery of the securities. The form
also may be used by the Commission in its regulatory review,
inspection, and policy-making roles.
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\1\ Management investment companies typically issue shares
representing an undivided proportionate interest in a changing pool
of securities, and include open-end and closed-end companies. See T.
Lemke, G. Lins, A. Smith III, Regulation of Investment Companies,
Vol. I, ch. 4, Sec. 4.04, at 4-5 (2002). An open-end company is a
management company that is offering for sale or has outstanding any
redeemable securities of which it is the issuer. A closed-end
company is any management company other than an open-end company.
See Section 5 of the Investment Company Act (15 U.S.C. 80a-5). Open-
end companies generally offer and sell new shares to the public on a
continuous basis. Closed-end companies generally engage in
traditional underwritten offerings of a fixed number of shares and,
in most cases, do not offer their shares to the public on a
continuous basis.
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The Commission estimates that there are 77 initial registration
statements and 2,320 post-effective amendments to initial registration
statements filed on Form N-1A annually and that the average number of
portfolios referenced in each initial filing and post-effective
amendment is 4.9. The Commission further estimates that the hour burden
for preparing and filing a post-effective amendment on Form N-1A is 111
hours per portfolio. The total annual hour burden for preparing and
filing post-effective amendments is 1,261,848 hours (2,320 post-
effective amendments x 4.9 portfolios x 111 hours per portfolio). The
estimated annual hour burden for preparing and filing initial
registration statements is 313,336 hours (77 initial registration
statements x 4.9 portfolios x 830.47 hours per portfolio). The total
annual hour burden for Form N-1A, therefore, is estimated to be
1,575,184 hours (1,261,848 hours + 313,336 hours).
The information collection requirements imposed by Form N-1A are
mandatory. Responses to the collection of information 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.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the 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 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 R. Corey Booth, Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312
or send an e-mail to: [email protected].
Dated: June 18, 2007.
Florence E. Harmon,
Deputy Secretary. .
[FR Doc. E7-12193 Filed 6-22-07; 8:45 am]
BILLING CODE 8010-01-P