[Federal Register Volume 77, Number 104 (Wednesday, May 30, 2012)]
[Notices]
[Page 31899]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-12998]


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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 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. 350l-3520), 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.
    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 approximately 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.
    Complying with the collection of information requirements of the 
rule is mandatory. The filings that the rule requires to be made with 
the Commission are available to the public. 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.
    The public may view the background documentation for this 
information collection at the following Web site, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: [email protected]; and (ii) 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]. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: May 23, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-12998 Filed 5-29-12; 8:45 am]
BILLING CODE 8011-01-P