[Federal Register Volume 86, Number 212 (Friday, November 5, 2021)]
[Notices]
[Page 61357]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-24146]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-269, OMB Control No. 3235-0276]


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:
    Rule 6c-7

    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'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Rule 6c-7 (17 CFR 270.6c-7) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) (``1940 Act'') provides exemption from 
certain provisions of Sections 22(e) and 27 of the 1940 Act for 
registered separate accounts offering variable annuity contracts to 
certain employees of Texas institutions of higher education 
participating in the Texas Optional Retirement Program. There are 
approximately 142 registrants governed by Rule 6c-7. The burden of 
compliance with Rule 6c-7, in connection with the registrants obtaining 
from a purchaser, prior to or at the time of purchase, a signed 
document acknowledging the restrictions on redeem ability imposed by 
Texas law, is estimated to be approximately 3 minutes per response for 
each of approximately 6,500 purchasers annually (at an estimated $72 
per hour),\1\ for a total annual burden of 325 hours (at a total annual 
cost of $23,400).
---------------------------------------------------------------------------

    \1\ $72/hour figure for a Compliance Clerk is based on the 
Commission's estimates concerning the allocation of burden hours and 
the relevant wage rates from the Commission's consultations with 
industry representatives and on salary information for the 
securities industry compiled by the Securities Industry and 
Financial Markets Association's Office Salaries in the Securities 
Industry 2013. The estimated wage figures are modified by Commission 
staff to account for an 1,800-hour work-year and multiplied by 2.93 
to account for bonuses, firm size, employee benefits, overhead, and 
adjusted to account for the effects of inflation. See Securities 
Industry and Financial Markets Association, Report on Management & 
Professional Earnings in the Securities Industry 2013.
---------------------------------------------------------------------------

    Rule 6c-7 requires that the separate account's registration 
statement under the Securities Act of 1933 (15 U.S.C. 77a et seq.) 
include a representation that Rule 6c-7 is being relied upon and is 
being complied with. This requirement enhances the Commission's ability 
to monitor utilization of and compliance with the rule. There are no 
recordkeeping requirements with respect to Rule 6c-7.
    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 or forms. The Commission does not include in the 
estimate of average burden hours the time preparing registration 
statements and sales literature disclosure regarding the restrictions 
on redeem ability imposed by Texas law. The estimate of burden hours 
for completing the relevant registration statements are reported on the 
separate PRA submissions for those statements. (See the separate PRA 
submissions for Form N-3 (17 CFR 274.11b) and Form N-4 (17 CFR 
274.11c).
    Complying with the collection of information requirements of the 
rules is necessary to obtain a benefit. 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 background documentation for this information 
collection at the following website: >www.reginfo.gov<. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to (i) >www.reginfo.gov/public/do/PRAMain< and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by 
sending an email to: [email protected].

    Dated: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-24146 Filed 11-4-21; 8:45 am]
BILLING CODE 8011-01-P