[Federal Register Volume 80, Number 44 (Friday, March 6, 2015)]
[Notices]
[Pages 12239-12240]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-05219]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736.
Extension:
Rule 30e-2. SEC File No. 270-437, OMB Control No. 3235-0494.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), 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 (``OMB'') for extension and
approval.
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
[[Page 12240]]
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-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 700 UITs. Therefore, the Commission estimates
that the total hour burden is approximately 84,700 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 annual cost of approximately $14,000,000.
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.
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 Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send an email
to: [email protected].
Dated: March 2, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-05219 Filed 3-5-15; 8:45 am]
BILLING CODE 8011-01-P