Proposed Collection; Comment Request, 54815 [2011-22575]
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Federal Register / Vol. 76, No. 171 / Friday, September 2, 2011 / Notices
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rule 498 is deemed to be a prospectus
that is authorized under Section 10(b) of
the Securities Act 3 and Section 24(g) of
the Investment Company Act of 1940.4
The purpose of rule 498 is to enable
a fund to provide investors with a
Summary Prospectus containing key
information necessary to evaluate an
investment in the fund. Unlike many
other Federal information collections,
which are primarily for the use and
benefit of the collecting agency, this
information collection is primarily for
the use and benefit of investors. 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.
The current approved annual internal
hour burden for filing and updating
Summary Prospectuses and posting the
required disclosure documents on a
Web site pursuant to rule 498 is 63,014
hours. Based on staff review of
Summary Prospectuses filed with the
Commission, the Commission now
estimates that approximately 6,250
portfolios are using a Summary
Prospectus. Therefore, the Commission
estimates that the total annual internal
burden for filing and updating Summary
Prospectuses and posting the required
disclosure documents to a Web site
pursuant to rule 498 will therefore be
approximately 9,375 hours, representing
a decrease of 53,639 hours.
The current approved total annual
cost burden is $106,200,000 or
approximately $15,200 per portfolio.
Adjusting the total annual cost burden
per portfolio for the effects of inflation,
the Commission now estimates the total
annual cost burden per portfolio to be
$15,900, for a total annual cost burden
of approximately $99,375,000. This
represents a decrease in the total annual
cost burden of approximately
$6,825,000.
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
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 OMB control
number.
3 15 U.S.C. 77j. A ‘‘prospectus,’’ as defined by the
Securities Act, is any prospectus, notice, circular,
advertisement, letter, or communication, written or
by radio or television, which offers any security for
sale or confirms the sale of any security, with
certain exceptions. 15 U.S.C. 77b(a)(10).
4 15 U.S.C. 80a–24(g).
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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 Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov.
Dated: August 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–22576 Filed 9–1–11; 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 34b–1, SEC 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 (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.
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
(‘‘fund’’) sales literature required to be
filed with the Securities and Exchange
Commission (‘‘Commission’’) by Section
PO 00000
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54815
24(b) of the Investment Company Act
(15 U.S.C. 80a–24(b)) that includes
performance data, unless the sales
literature also includes the appropriate
uniformly computed data and the
legend disclosure required in
investment company advertisements by
rule 482 under the Securities Act of
1933 (17 CFR 230.482). 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 funds.
The Commission estimates that on
average 3,525 respondents file
approximately 12,433 responses with
the Commission that include the
information required by rule 34b–1 each
year. The burden from rule 34b–1 is
estimated to be 2.41 hours per response.
The total annual burden hours for rule
34b–1 is 29,964 hours per year in the
aggregate (12,443 responses x 2.41 hours
per response).
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 Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312; or send an
e-mail to: PRA_Mailbox@sec.gov.
Dated: August 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–22575 Filed 9–1–11; 8:45 am]
BILLING CODE 8011–01–P
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[Federal Register Volume 76, Number 171 (Friday, September 2, 2011)]
[Notices]
[Page 54815]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-22575]
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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 34b-1, SEC 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 (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.
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 (``fund'') sales
literature required to be filed with the Securities and Exchange
Commission (``Commission'') by Section 24(b) of the Investment Company
Act (15 U.S.C. 80a-24(b)) that includes performance data, unless the
sales literature also includes the appropriate uniformly computed data
and the legend disclosure required in investment company advertisements
by rule 482 under the Securities Act of 1933 (17 CFR 230.482).
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
funds.
The Commission estimates that on average 3,525 respondents file
approximately 12,433 responses with the Commission that include the
information required by rule 34b-1 each year. The burden from rule 34b-
1 is estimated to be 2.41 hours per response. The total annual burden
hours for rule 34b-1 is 29,964 hours per year in the aggregate (12,443
responses x 2.41 hours per response).
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 Thomas Bayer, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an
e-mail to: PRA_Mailbox@sec.gov.
Dated: August 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-22575 Filed 9-1-11; 8:45 am]
BILLING CODE 8011-01-P
