[Federal Register Volume 77, Number 135 (Friday, July 13, 2012)]
[Notices]
[Pages 41460-41461]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-17072]


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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 30e-2; SEC File No. 270-437; OMB Control No. 3235-0494.

    Notice is hereby given that, under the Paperwork Reduction Act of 
1995 (44 U.S.C. 3501 et seq.), (``Paperwork Reduction Act'') the 
Securities and Exchange Commission (the ``Commission'') has submitted 
to the Office of Management and Budget (``OMB'') a request for 
extension of the previously approved collection of information 
discussed below.
    Rule 30e-2 (17 CFR 270.30e-2) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act'') requires 
registered unit investment trusts (``UITs'') that invest substantially 
all of their assets in shares of a management investment company 
(``fund'') to send their unitholders annual and semiannual reports 
containing financial information on the underlying company. 
Specifically, rule 30e-2 requires that the report contain all the 
applicable information and financial statements or their equivalent, 
required by rule 30e-1 under the Investment Company Act (17 CFR 
270.30e-1) to be included in reports of the underlying fund for the 
same fiscal period. Rule 30e-1 requires that the underlying fund's 
report contain, among other things, the information that is required to 
be included in such reports by the fund's registration statement form 
under the Investment Company Act. The purpose of this requirement is to 
apprise current shareholders of the operational and financial condition 
of the UIT. Absent the requirement to disclose all material information 
in reports, investors would be unable to obtain accurate information 
upon which to base investment decisions and consumer confidence in the 
securities industry might be adversely affected. Requiring the 
submission of these reports to the Commission permits us to verify 
compliance with securities law requirements.
    Rule 30e-2, however, permits, under certain conditions, delivery of 
a single shareholder report to investors who share an address 
(``householding''). Specifically, rule 30e-2 permits householding of 
annual and semi-annual reports by UITs to satisfy the delivery 
requirements of rule 30e-2 if, in addition to the other conditions set 
forth in the rule, the UIT has obtained from each applicable investor 
written or implied consent to the householding of shareholder reports 
at such address. The rule requires UITs that wish to household 
shareholder reports with implied consent to send a notice to each 
applicable investor stating that the investors in the household will 
receive one report in the future unless the investors provide contrary 
instructions. In addition, at least once a year, UITs relying on the 
rule for householding must explain to investors who have provided 
written or implied consent how they can revoke their consent. The 
purpose of the notice and annual explanation requirements associated 
with the householding provisions of the rule is to ensure that 
investors who wish to receive individual copies of shareholder reports 
are able to do so.
    The Commission estimates that the annual burden associated with 
rule 30e-

[[Page 41461]]

2 is 121 hours per respondent, including an estimated 20 hours 
associated with the notice requirement for householding and an 
estimated 1 hour associated with the explanation of the right to revoke 
consent to householding. The Commission estimates that there are 
currently approximately 760 UITs. Therefore, the Commission estimates 
that the total hour burden is approximately 91,960 hours. In addition 
to the burden hours, the Commission estimates that the annual cost of 
contracting for outside services associated with rule 30e-2 is $20,000 
per respondent, for a total cost of approximately $15,200,000.
    Estimates of average burden hours are made solely for the purposes 
of the Paperwork Reduction Act and are not derived from a comprehensive 
or even representative survey or study of the costs of Commission rules 
and forms. The collection of information under rule 30e-2 is mandatory. 
The information provided under rule 30e-2 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 OMB 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: July 9, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-17072 Filed 7-12-12; 8:45 am]
BILLING CODE 8011-01-P