[Federal Register Volume 84, Number 31 (Thursday, February 14, 2019)]
[Notices]
[Pages 4115-4116]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-02311]
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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 FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Extension:
Form N-14, SEC File No. 270-297, OMB Control No. 3235-0336
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.
Form N-14 (17 CFR 239.23) is the form for registration under the
Securities Act of 1933 (15 U.S.C. 77a et seq.) (``Securities Act'') of
securities issued by management investment companies registered under
the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.)
(``Investment Company Act'') and business development companies as
defined by Section 2(a)(48) of the Investment Company Act in: (1) A
transaction of the type specified in rule 145(a) under the Securities
Act (17 CFR 230.145(a)); (2) a merger in which a vote or consent of the
security holders of the company being acquired is not required pursuant
to applicable state law; (3) an exchange offer for securities of the
issuer or another person; (4) a public reoffering or resale of any
securities acquired in an offering registered on Form N-14; or (5) two
or more of the transactions listed in (1) through (4) registered on one
registration statement. The principal purpose of Form N-14 is to make
material information regarding securities to be issued in connection
with business combination transactions available to investors. The
information required to be filed with the Commission permits
verification of compliance with securities law requirements and assures
the public availability and dissemination of such information. Without
the registration statement requirement, material information may not
necessarily be available to investors.
We estimate that approximately 156 funds each file one new
registration statement on Form N-14 annually, and that 97 funds each
file one amendment
[[Page 4116]]
to a registration statement on Form N-14 annually. Based on
conversations with fund representatives, we estimate that the reporting
burden is approximately 620 hours per respondent for a new Form N-14
registration statement and 300 hours per respondent for amending the
Form N-14 registration statement. This time is spent, for example,
preparing and reviewing the registration statements. Accordingly, we
calculate the total estimated annual internal burden of responding to
Form N-14 to be approximately 125,820 hours. In addition to the burden
hours, based on conversations with fund representatives, we estimate
that the total cost burden of compliance with the information
collection requirements of Form N-14 is approximately $27,500 for
preparing and filing an initial registration statement on Form N-14 and
approximately $16,000 for preparing and filing an amendment to a
registration statement on Form N-14. This includes, for example, the
cost of goods and services purchased to prepare and update registration
statements on Form N-14, such as for the services of outside counsel.
Accordingly, we calculate the total estimated annual cost burden of
responding to Form N-14 to be approximately $5,842,000.
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 Form N-14 is mandatory.
The information provided under Form N-14 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 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 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: February 11, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-02311 Filed 2-13-19; 8:45 am]
BILLING CODE 8011-01-P