Proposed Collection; Comment Request, 61719-61720 [E9-28228]
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Federal Register / Vol. 74, No. 226 / Wednesday, November 25, 2009 / Notices
61719
PROCEDURAL SCHEDULE—Continued
January 15, 2010 ...............................................................
February 3, 2010 ................................................................
[FR Doc. E9–28243 Filed 11–24–09; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
sroberts on DSKD5P82C1PROD with NOTICES
Extension:
Rule 23c–3 and Form N–23c–3; SEC File
No. 270–373; OMB Control No. 3235–
0422.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350 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 23c–3 (17 CFR 270.23c–3) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) is entitled:
‘‘Repurchase of Securities of Closed-End
Companies.’’ The rule permits certain
closed-end investment companies
(‘‘closed-end funds’’ or ‘‘funds’’) to offer
to repurchase from shareholders a
limited number of shares at net asset
value. The rule includes several
reporting and recordkeeping
requirements. The fund must send
shareholders a notification that contains
specified information each time the
fund makes a repurchase offer (on a
quarterly, semi-annual, or annual basis,
or for certain funds, on a discretionary
basis not more often than every two
years). The fund also must file copies of
the shareholder notification with the
Commission (electronically through the
Commission’s Electronic Data
Gathering, Analysis, and Retrieval
System (‘‘EDGAR’’)) attached to Form
N–23c–3 (17 CFR 274.221), a filing that
provides limited information about the
fund and the type of offer the fund is
making.1 The fund must describe in its
1 Form N–23c–3 requires the fund to state its
registration number, its full name and address, the
date of the accompanying shareholder notification,
VerDate Nov<24>2008
17:36 Nov 24, 2009
Jkt 220001
Deadline for motions by any party requesting oral argument; the Commission will
schedule oral argument only when it is a necessary addition to the written filings
(see 39 CFR 3001.116).
Expiration of the Commission’s 120-day decisional schedule (see 39 U.S.C.
404(d)(5)).
annual report to shareholders the fund’s
policy concerning repurchase offers and
the results of any repurchase offers
made during the reporting period. The
fund’s board of directors must adopt
written procedures designed to ensure
that the fund’s investment portfolio is
sufficiently liquid to meet its repurchase
obligations and other obligations under
the rule. The board periodically must
review the composition of the fund’s
portfolio and change the liquidity
procedures as necessary. The fund also
must file copies of advertisements and
other sales literature with the
Commission as if it were an open-end
investment company subject to section
24 of the Investment Company Act (15
U.S.C. 80a–24) and the rules that
implement section 24.2
The requirement that the fund send a
notification to shareholders of each offer
is intended to ensure that a fund
provides material information to
shareholders about the terms of each
offer, which may differ from previous
offers on such matters as the maximum
amount of shares to be repurchased (the
maximum repurchase amount may
range from 5% to 25% of outstanding
shares). The requirement that copies be
sent to the Commission is intended to
enable the Commission to monitor the
fund’s compliance with the notification
requirement. The requirement that the
shareholder notification be attached to
Form N–23c–3 is intended to ensure
that the fund provides basic information
necessary for the Commission to process
the notification and to monitor the
fund’s use of repurchase offers. The
requirement that the fund describe its
current policy on repurchase offers and
the results of recent offers in the annual
shareholder report is intended to
provide shareholders current
information about the fund’s repurchase
policies and its recent experience. The
requirement that the board approve and
review written procedures designed to
and the type of offer being made (periodic,
discretionary, or both).
2 Rule 24b–3 under the Investment Company Act
(17 CFR 270.24b–3), however, would generally
exempt the fund from that requirement when the
materials are filed instead with the Financial
Industry Regulatory Authority (‘‘FINRA’’). These
materials are virtually always submitted to FINRA,
instead of the Commission, under FINRA
procedures which apply to the underwriter of every
fund.
PO 00000
Frm 00065
Fmt 4703
Sfmt 4703
maintain portfolio liquidity is intended
to ensure that the fund has enough cash
or liquid securities to meet its
repurchase obligations, and that written
procedures are available for review by
shareholders and examination by the
Commission. The requirement that the
fund file advertisements and sales
literature as if it were an open-end
investment company is intended to
facilitate the review of these materials
by the Commission or FINRA to prevent
incomplete, inaccurate, or misleading
disclosure about the special
characteristics of a closed-end fund that
makes periodic repurchase offers.
Compliance with the collection of
information requirements of the rule
and form is mandatory only for those
funds that rely on the rule in order to
repurchase shares of the fund. The
information provided to the
Commission on Form N–23c–3 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 control number.
The Commission staff estimates that
31 funds make use of rule 23c–3
annually, including one fund that is
relying upon rule 23c–3 for the first
time. The Commission staff estimates
that on average a fund spends 89 hours
annually in complying with the
requirements of the rule and Form N–
23c–3, with funds relying upon rule
23c–3 for the first time incurring an
additional one-time burden of 28 hours.
The Commission therefore estimates the
total annual burden of the rule’s and
form’s paperwork requirements to be
2787 hours.
Written comments are invited on: (a)
Whether the collections of information
are necessary for the proper
performance of the functions of the
Commission, including whether the
information has practical utility; (b) the
accuracy of the Commission’s estimate
of the burdens of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burdens of the collections
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
E:\FR\FM\25NON1.SGM
25NON1
61720
Federal Register / Vol. 74, No. 226 / Wednesday, November 25, 2009 / Notices
suggestions submitted in writing within
60 days of this publication.
Please direct your written comments
to Charles Boucher, Director/CIO,
Securities and Exchange Commission,
C/O Shirley Martinson, 6432 General
Green Way, Alexandria, VA 22312; or
send an e-mail to:
PRA_Mailbox@sec.gov.
Dated: November 17, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–28228 Filed 11–24–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
sroberts on DSKD5P82C1PROD with NOTICES
Extension:
Form N–3; SEC File No. 270–281; OMB
Control No. 3235–0316.
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–3 (17 CFR
239.17a and 274.11b) under the
Securities Act of 1933 (15 U.S.C. 77)
and under the Investment Company Act
of 1940 (15 U.S.C. 80a), Registration
Statement of Separate Accounts
Organized as Management Investment
Companies.’’ Form N–3 is the form used
by separate accounts offering variable
annuity contracts which are organized
as management investment companies
to register under the Investment
Company Act of 1940 (‘‘Investment
Company Act’’) and/or to register their
securities under the Securities Act of
1933 (‘‘Securities Act’’). Form N–3 is
also the form used to file a registration
statement under the Securities Act (and
any amendments thereto) for variable
annuity contracts funded by separate
accounts which would be required to be
registered under the Investment
Company Act as management
investment companies except for the
exclusion provided by Section 3(c)(11)
of the Investment Company Act (15
VerDate Nov<24>2008
17:36 Nov 24, 2009
Jkt 220001
U.S.C. 80a–3(c)(11)). Section 5 of the
Securities Act (15 U.S.C. 77e) requires
the filing of a registration statement
prior to the offer of securities to the
public and that the statement be
effective before any securities are sold,
and Section 8 of the Investment
Company Act (15 U.S.C. 80a–8) requires
a separate account to register as an
investment company.
Form N–3 also permits separate
accounts offering variable annuity
contracts which are organized as
investment companies to provide
investors with a prospectus and a
statement of additional information
covering essential information about the
separate account when it makes an
initial or additional offering of its
securities. Section 5(b) of the Securities
Act requires that investors be provided
with a prospectus containing the
information required in a registration
statement prior to the sale or at the time
of confirmation or delivery of the
securities. The form also may be used by
the Commission in its regulatory review,
inspection, and policy-making roles.
The Commission estimates that there
is one initial registration statement and
30 post-effective amendments to initial
registration statements filed on Form N–
3 annually and that the average number
of portfolios referenced in each initial
filing and post-effective amendment is
2. The Commission further estimates
that the hour burden for preparing and
filing a post-effective amendment on
Form N–3 is 154.7 hours per portfolio.
The total annual hour burden for
preparing and filing post-effective
amendments is 9,282 hours (30 posteffective amendments × 2 portfolios ×
154.7 hours per portfolio). The
estimated annual hour burden for
preparing and filing initial registration
statements is 1,845.4 hours (1 initial
registration statement × 2 portfolios ×
922.7 hours per portfolio). The total
annual hour burden for Form N–3,
therefore, is estimated to be 11,127.4
hours (9,282 hours + 1,845.4 hours).
The information collection
requirements imposed by Form N–3 are
mandatory. Responses to the collection
of information 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 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
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
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 Boucher, Director/CIO,
Securities and Exchange Commission,
C/O Shirley Martinson, 6432 General
Green Way, Alexandria, VA 22312; or
send an e-mail to:
PRA_Mailbox@sec.gov.
Dated: November 18, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–28225 Filed 11–24–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Rule 17j–1; SEC File No. 270–239; OMB
Control No. 3235–0224.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), 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.
Conflicts of interest between
investment company personnel (such as
portfolio managers) and their funds can
arise when these persons buy and sell
securities for their own accounts
(‘‘personal investment activities’’).
These conflicts arise because fund
personnel have the opportunity to profit
from information about fund
transactions, often to the detriment of
fund investors. Beginning in the early
1960s, Congress and the Securities and
Exchange Commission (‘‘Commission’’)
sought to devise a regulatory scheme to
effectively address these potential
conflicts. These efforts culminated in
the addition of section 17(j) to the
Investment Company Act of 1940 (the
E:\FR\FM\25NON1.SGM
25NON1
]]>Agencies
[Federal Register Volume 74, Number 226 (Wednesday, November 25, 2009)]
[Notices]
[Pages 61719-61720]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-28228]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension:
Rule 23c-3 and Form N-23c-3; SEC File No. 270-373; OMB Control
No. 3235-0422.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 350 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 23c-3 (17 CFR 270.23c-3) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) is entitled: ``Repurchase of Securities
of Closed-End Companies.'' The rule permits certain closed-end
investment companies (``closed-end funds'' or ``funds'') to offer to
repurchase from shareholders a limited number of shares at net asset
value. The rule includes several reporting and recordkeeping
requirements. The fund must send shareholders a notification that
contains specified information each time the fund makes a repurchase
offer (on a quarterly, semi-annual, or annual basis, or for certain
funds, on a discretionary basis not more often than every two years).
The fund also must file copies of the shareholder notification with the
Commission (electronically through the Commission's Electronic Data
Gathering, Analysis, and Retrieval System (``EDGAR'')) attached to Form
N-23c-3 (17 CFR 274.221), a filing that provides limited information
about the fund and the type of offer the fund is making.\1\ The fund
must describe in its annual report to shareholders the fund's policy
concerning repurchase offers and the results of any repurchase offers
made during the reporting period. The fund's board of directors must
adopt written procedures designed to ensure that the fund's investment
portfolio is sufficiently liquid to meet its repurchase obligations and
other obligations under the rule. The board periodically must review
the composition of the fund's portfolio and change the liquidity
procedures as necessary. The fund also must file copies of
advertisements and other sales literature with the Commission as if it
were an open-end investment company subject to section 24 of the
Investment Company Act (15 U.S.C. 80a-24) and the rules that implement
section 24.\2\
---------------------------------------------------------------------------
\1\ Form N-23c-3 requires the fund to state its registration
number, its full name and address, the date of the accompanying
shareholder notification, and the type of offer being made
(periodic, discretionary, or both).
\2\ Rule 24b-3 under the Investment Company Act (17 CFR 270.24b-
3), however, would generally exempt the fund from that requirement
when the materials are filed instead with the Financial Industry
Regulatory Authority (``FINRA''). These materials are virtually
always submitted to FINRA, instead of the Commission, under FINRA
procedures which apply to the underwriter of every fund.
---------------------------------------------------------------------------
The requirement that the fund send a notification to shareholders
of each offer is intended to ensure that a fund provides material
information to shareholders about the terms of each offer, which may
differ from previous offers on such matters as the maximum amount of
shares to be repurchased (the maximum repurchase amount may range from
5% to 25% of outstanding shares). The requirement that copies be sent
to the Commission is intended to enable the Commission to monitor the
fund's compliance with the notification requirement. The requirement
that the shareholder notification be attached to Form N-23c-3 is
intended to ensure that the fund provides basic information necessary
for the Commission to process the notification and to monitor the
fund's use of repurchase offers. The requirement that the fund describe
its current policy on repurchase offers and the results of recent
offers in the annual shareholder report is intended to provide
shareholders current information about the fund's repurchase policies
and its recent experience. The requirement that the board approve and
review written procedures designed to maintain portfolio liquidity is
intended to ensure that the fund has enough cash or liquid securities
to meet its repurchase obligations, and that written procedures are
available for review by shareholders and examination by the Commission.
The requirement that the fund file advertisements and sales literature
as if it were an open-end investment company is intended to facilitate
the review of these materials by the Commission or FINRA to prevent
incomplete, inaccurate, or misleading disclosure about the special
characteristics of a closed-end fund that makes periodic repurchase
offers.
Compliance with the collection of information requirements of the
rule and form is mandatory only for those funds that rely on the rule
in order to repurchase shares of the fund. The information provided to
the Commission on Form N-23c-3 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
control number.
The Commission staff estimates that 31 funds make use of rule 23c-3
annually, including one fund that is relying upon rule 23c-3 for the
first time. The Commission staff estimates that on average a fund
spends 89 hours annually in complying with the requirements of the rule
and Form N-23c-3, with funds relying upon rule 23c-3 for the first time
incurring an additional one-time burden of 28 hours. The Commission
therefore estimates the total annual burden of the rule's and form's
paperwork requirements to be 2787 hours.
Written comments are invited on: (a) Whether the collections of
information are necessary for the proper performance of the functions
of the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission's estimate of the burdens
of the collections of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens of the collections 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
[[Page 61720]]
suggestions submitted in writing within 60 days of this publication.
Please direct your written comments to Charles Boucher, Director/
CIO, Securities and Exchange Commission, C/O Shirley Martinson, 6432
General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov.
Dated: November 17, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-28228 Filed 11-24-09; 8:45 am]
BILLING CODE 8011-01-P
