[Federal Register Volume 77, Number 58 (Monday, March 26, 2012)]
[Notices]
[Page 17530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-7135]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

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

Extension:
    Rule 23c-1, SEC File No. 270-253, OMB Control No. 3235-0260.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange 
Commission (the ``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.
    Rule 23c-1 (17 CFR 270.23c-1) under the Investment Company Act of 
1940 (15 U.S.C. 80a), among other things, permits a closed-end fund to 
repurchase its securities for cash if in addition to the other 
requirements set forth in the rule: (i) Payment of the purchase price 
is accompanied or preceded by a written confirmation of the purchase; 
(ii) the asset coverage per unit of the security to be purchased is 
disclosed to the seller or his agent; and (iii) if the security is a 
stock, the fund has, within the preceding six months, informed 
stockholders of its intention to purchase stock. Commission staff 
estimates that approximately 29 closed-end funds rely on Rule 23c-1 
annually to undertake 261 repurchases of their securities. Commission 
staff estimates that, on average, a fund spends 2.5 hours to comply 
with the paperwork requirements listed above each time it undertakes a 
security repurchase under the rule. Commission staff thus estimates the 
total annual burden of the rule's paperwork requirements is 653 hours.
    In addition, the fund must file with the Commission a copy of any 
written solicitation to purchase securities given by or on behalf of 
the fund to 10 or more persons. The copy must be filed as an exhibit to 
Form N-CSR (17 CFR 249.331 and 274.128). The burden associated with 
filing Form N-CSR is addressed in the submission related to that form.
    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.
    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 Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an 
email to: [email protected].

    Dated: March 20, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-7135 Filed 3-23-12; 8:45 am]
BILLING CODE 8011-01-P