[Federal Register Volume 83, Number 213 (Friday, November 2, 2018)]
[Notices]
[Pages 55209-55210]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23958]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-446, OMB Control No. 3235-0503]
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:
Form N-6
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'') 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.
The title for the collection of information is ``Form N-6 (17 CFR
239.17c and 274.11d) under the Securities Act of 1933 (15 U.S.C. 77a et
seq.) and under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et
seq.) registration statement of separate accounts organized as unit
investment trusts that offer variable life insurance policies.'' Form
N-6 is the form used by insurance company separate accounts organized
as unit investment trusts that offer variable life insurance contracts
to register as investment companies under the Investment Company Act of
1940 and/or to register their securities under the Securities Act of
1933. The primary purpose of the registration process is to provide
disclosure of financial and other information to investors and
potential investors for the purpose of evaluating an investment in a
security. Form N-6 also requires separate accounts organized as unit
investment trusts that offer variable life insurance policies to
provide investors with a prospectus and a statement of additional
information (``SAI'') covering essential information about the separate
account when it makes an initial or additional offering of its
securities.
The Commission estimates that approximately 388 registration
statements (8 initial registration statements plus 380 post-effective
[[Page 55210]]
amendments) are filed on Form N-6 annually. The estimated hour burden
per portfolio for preparing and filing an initial registration
statement on Form N-6 is 770.25 hours. The estimated annual hour burden
for preparing and filing initial registration statements is 6,162 hours
(8 initial registration statements annually times 770.25 hours per
registration statement). The Commission estimates that the hour burden
for preparing and filing a post-effective amendment on Form N-6 is 67.5
hours. The total annual hour burden for preparing and filing post-
effective amendments is 25,650 hours (380 post-effective amendments
annually times 67.5 hours per amendment). The frequency of response is
annual. The total annual hour burden for Form N-6, therefore, is
estimated to be 31,812 hours (6,162 hours for initial registration
statements plus 25,650 hours for post-effective amendments).
The Commission estimates that the cost burden for preparing an
initial Form N-6 filing is $26,169 per portfolio and the current cost
burden for preparing a post-effective amendment to a previously
effective registration statement is $9,493 per portfolio. The
Commission estimates that, on an annual basis, 8 portfolios will be
referenced in an initial Form N-6 and 380 portfolios will be referenced
in a post-effective amendment of Form N-6. Thus, the total cost burden
allocated to Form N-6 would be $3,816,692.
The information collection requirements imposed by Form N-6 are
mandatory. Responses to the collection of information will not be kept
confidential. 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 a representative survey or study of the costs of
Commission rules and forms. 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.
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 Charles Riddle, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
C/O Candace Kenner, 100 F Street NE, Washington, DC 20549; or send an
email to: [email protected].
Dated: October 29, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23958 Filed 11-1-18; 8:45 am]
BILLING CODE 8011-01-P