[Federal Register Volume 74, Number 108 (Monday, June 8, 2009)]
[Notices]
[Pages 27207-27208]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-13260]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

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'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Section 27(e) of the Investment Company Act of 1940 (``Act'') (15 
U.S.C. 80a-27(e)) provides in part that a registered investment company 
issuing a periodic payment plan certificate,\1\ or any depositor or 
underwriter for such company (collectively ``issuer''), must notify in 
writing ``each certificate holder who has missed three payments or 
more, within thirty days following the expiration of fifteen months 
after the issuance of the certificate, or, if any such holder has 
missed one payment or more after such period of fifteen months but 
prior to the expiration of eighteen months after the issuance of the 
certificate, at any time prior to the expiration of such eighteen month 
period, of his right to surrender his certificate * * * and inform the 
certificate holder of (A) the value of the holder's account * * * , and 
(B) the amount to which he is entitled * * * .''
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    \1\ As discussed below, the Military Personnel Financial 
Services Protection Act banned the issuance or sale of new periodic 
payment plans, effective October 2006.
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    Section 27(e) authorizes the Commission to ``make rules specifying 
the method, form, and contents of the notice required by this 
subsection.'' Rule 27e-1 (17 CFR 270.27e-1) under the Act, entitled 
``Requirements for Notice to Be Mailed to Certain Purchasers of 
Periodic Payment Plan Certificates Sold Subject to Section 27(d) of the 
Act,'' provides instructions

[[Page 27208]]

for the delivery of the notice required by section 27(e).
    Rule 27e-1(f) prescribes Form N-27E-1 (17 CFR 274.127e-1), which 
sets forth the language the issuing registered investment company or 
its depositor or underwriter must use ``to inform certificate holders 
of their right to surrender their certificates pursuant to Section 
27(d).'' The instructions to the form require that a notice containing 
the language on the form be sent to certificate holders on the sender's 
letterhead. The issuer is not required to file with the Commission a 
copy of the Form N-27E-1 notice.
    The Form N-27E-1 notice to certificate holders who have missed 
certain payments is intended to encourage certificate holders, in light 
of the potential for further missed payments, to weigh the anticipated 
costs and benefits associated with continuing to hold their 
certificates. The disclosure assists certificate holders in making 
careful and fully informed decisions about whether to continue 
investing in periodic payment plan certificates.
    Effective October 27, 2006, the Military Personnel Financial 
Services Protection Act banned the issuance or sale of new periodic 
payment plans. Accordingly, the staff estimates that there is no longer 
any information collection burden associated with rule 27e-1 and Form 
N-27E-1. For administrative purposes, however, we are requesting 
approval for an information collection burden of one hour per year. 
This estimate of burden hours is 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 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.
    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Management and Budget, Room 10102, New Executive 
Office Building, Washington, DC 20503 or send an e-mail to Shagufta 
Ahmed at [email protected]; and (ii) Charles Boucher, 
Director/CIO, Securities and Exchange Commission, C/O Shirley 
Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-
mail to: [email protected]. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: June 1, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-13260 Filed 6-5-09; 8:45 am]
BILLING CODE 8010-01-P