Proposed Collection; Comment Request, 72133 [E5-6726]
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Federal Register / Vol. 70, No. 230 / Thursday, December 1, 2005 / Notices
record for the most recent twelve-month
period ended June 30. Funds also use
Form N–PX to inform the Commission
that certain of their portfolios do not
hold any equity securities and have no
proxy record to file.
The Commission requires the
dissemination of this information in
order to meet the filing and disclosure
requirements of the Investment
Company Act and to enable Funds to
provide investors with the information
necessary to evaluate an investment in
the Fund. The information filed with
the Commission also permits the
verification of compliance with
securities law requirements and assures
the public availability and
dissemination of the information.
Requiring a Fund to file its annual
reports of Form N–PX has the
advantages of making each Fund’s proxy
voting record available within a
relatively short period of time after the
proxy voting season, and of providing
disclosure of all Funds’ proxy voting
records over a uniform period of time.
There are approximately 3,700 Funds
registered with the Commission,
representing 7,900 Fund portfolios,
which are required to file one Form N–
PX each year. Those 7,900 portfolios are
comprised of 5,000 portfolios holding
equity securities and 2,900 portfolios
holding no equity securities. The staff
estimates that filing a response that
states that the portfolio does not hold
equity securities will require a 10
minute burden per response. The
burden for portfolios holding equity
securities is estimated to be 14.4 hours
per response. The total annual reporting
and recordkeeping burden is estimated
to be approximately 72,483 hours
((5,000 responses × 14.4 hours per
response for equity-holding portfolios) +
(2,900 × 10 minutes per response for
portfolio holding no equity securities)).
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 R. Corey Booth, Director/Chief
VerDate Aug<31>2005
14:47 Nov 30, 2005
Jkt 208001
Information Officer, Office of
Information Technology, Securities and
Exchange Commission, 100 F Street,
NE., Washington, DC 20549.
Dated: November 23, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–6725 Filed 11–30–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
Extension:
Rule 34b–1; File No. 270–305; OMB
Control No. 3235–0346.
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
(‘‘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.
• Rule 34b–1 (17 CFR 270.34b–1)
under the Investment Company Act of
1940, Sales Literature Deemed to be
Misleading.
Rule 34b–1 under the Investment
Company Act [17 CFR 270.34b–1]
governs sales material that accompanies
or follows the delivery of a statutory
prospectus (‘‘sales literature’’). Rule
34b–1 deems to be materially
misleading any investment company
sales literature, required to be filed with
the Commission by section 24(b) of the
Investment Company Act [15 U.S.C.
80a–24(b)],1 that includes performance
data unless it also includes the
appropriate uniformly computed data
and the legend disclosure required in
advertisements by rule 482 under the
Securities Act of 1933 [17 CFR 230.482].
Requiring the inclusion of such
standardized performance data in sales
1 Sales literature addressed to or intended for
distribution to prospective investors shall be
deemed filed with the Commission for purposes of
section 24(b) of the Investment Company Act upon
filing with a national securities association
registered under section 15A of the Securities
Exchange Act of 1934 that has adopted rules
providing standards for the investment company
advertising practices of its members and has
established and implemented procedures to review
that advertising. See Rule 24b–3 under the
Investment Company Act [17 CFR 270.24b–3].
PO 00000
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72133
literature is designed to prevent
misleading performance claims by funds
and to enable investors to make
meaningful comparisons among fund
performance claims.
The Commission estimates that 4,500
respondents file approximately 37,000
responses with the Commission, which
include the information required by rule
34b–1. The burden from rule 34b–1
requires slightly more than 2.4 hours
per response resulting from creating the
information required under rule 34b–1.2
The total burden hours for rule 34b–1 is
89,143 per year in the aggregate (37,000
responses × 2.4092702 hours per
response). 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.
The collection of information under
rule 34b–1 is mandatory. The
information provided under rule 34b–1
is not kept confidential. The
Commission 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
proposed performance of the functions
of the agency, including whether
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 R. Corey Booth, Director/Chief
Information Officer, Office of
Information Technology, Securities and
Exchange Commission, 100 F Street,
NE., Washington, DC 20549.
Dated: November 23, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–6726 Filed 11–30–05; 8:45 am]
BILLING CODE 8010–01–P
2 The estimated burden per response is 2.9 hours
for 686 responses and 2.4 hours for the remaining,
giving a more exact weighted average burden per
response of approximately 2.4092702.
E:\FR\FM\01DEN1.SGM
01DEN1
]]>Agencies
[Federal Register Volume 70, Number 230 (Thursday, December 1, 2005)]
[Notices]
[Page 72133]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-6726]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.
Extension:
Rule 34b-1; File No. 270-305; OMB Control No. 3235-0346.
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
(``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.
Rule 34b-1 (17 CFR 270.34b-1) under the Investment Company
Act of 1940, Sales Literature Deemed to be Misleading.
Rule 34b-1 under the Investment Company Act [17 CFR 270.34b-1]
governs sales material that accompanies or follows the delivery of a
statutory prospectus (``sales literature''). Rule 34b-1 deems to be
materially misleading any investment company sales literature, required
to be filed with the Commission by section 24(b) of the Investment
Company Act [15 U.S.C. 80a-24(b)],\1\ that includes performance data
unless it also includes the appropriate uniformly computed data and the
legend disclosure required in advertisements by rule 482 under the
Securities Act of 1933 [17 CFR 230.482].
---------------------------------------------------------------------------
\1\ Sales literature addressed to or intended for distribution
to prospective investors shall be deemed filed with the Commission
for purposes of section 24(b) of the Investment Company Act upon
filing with a national securities association registered under
section 15A of the Securities Exchange Act of 1934 that has adopted
rules providing standards for the investment company advertising
practices of its members and has established and implemented
procedures to review that advertising. See Rule 24b-3 under the
Investment Company Act [17 CFR 270.24b-3].
---------------------------------------------------------------------------
Requiring the inclusion of such standardized performance data in
sales literature is designed to prevent misleading performance claims
by funds and to enable investors to make meaningful comparisons among
fund performance claims.
The Commission estimates that 4,500 respondents file approximately
37,000 responses with the Commission, which include the information
required by rule 34b-1. The burden from rule 34b-1 requires slightly
more than 2.4 hours per response resulting from creating the
information required under rule 34b-1.\2\ The total burden hours for
rule 34b-1 is 89,143 per year in the aggregate (37,000 responses x
2.4092702 hours per response). 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.
---------------------------------------------------------------------------
\2\ The estimated burden per response is 2.9 hours for 686
responses and 2.4 hours for the remaining, giving a more exact
weighted average burden per response of approximately 2.4092702.
---------------------------------------------------------------------------
The collection of information under rule 34b-1 is mandatory. The
information provided under rule 34b-1 is not kept confidential. The
Commission 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 proposed performance of
the functions of the agency, including whether 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 R. Corey Booth, Director/
Chief Information Officer, Office of Information Technology, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549.
Dated: November 23, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. E5-6726 Filed 11-30-05; 8:45 am]
BILLING CODE 8010-01-P
