Submission for OMB Review; Comment Request; Extension: Rule 498A, 84006 [2023-26405]

Download as PDF 84006 Federal Register / Vol. 88, No. 230 / Friday, December 1, 2023 / Notices Interested persons are invited to submit written data, views, and arguments regarding whether the proposed rule change should be approved or disapproved by December 22, 2023. Any person who wishes to file a rebuttal to any other person’s submission must file that rebuttal by January 5, 2024. Comments may be submitted by any of the following methods: SR–CboeBZX–2023–072 and should be submitted on or before December 22, 2023. Rebuttal comments should be submitted by January 5, 2024. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.29 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–26488 Filed 11–30–23; 8:45 am] BILLING CODE 8011–01–P lotter on DSK11XQN23PROD with NOTICES1 Electronic Comments • Use the Commission’s internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include file number SR– CboeBZX–2023–072 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to file number SR–CboeBZX–2023–072. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s internet website (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number comments—is appropriate for consideration of a particular proposal by a self-regulatory organization. See Securities Acts Amendments of 1975, Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). VerDate Sep<11>2014 18:47 Nov 30, 2023 Jkt 262001 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–813, OMB Control No. 3235–0765] Submission for OMB Review; Comment Request; Extension: Rule 498A Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (‘‘Paperwork Reduction Act’’) (44 U.S.C. 3501–3520), the Securities and Exchange Commission (the ‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. Rule 498A under the Securities Act permits a person to satisfy its prospectus delivery obligations under section 5(b)(2) of the Securities Act for a contract by: (1) sending or giving to new investors key information contained in a variable contract statutory prospectus in the form of an initial summary prospectus; (2) sending or giving to existing investors each year a brief description of certain changes to the contract, and a subset of the information in the initial summary prospectus, in the form of an updating summary prospectus; and (3) providing the statutory prospectus and other materials online. Rule 498A considers a person to have met its prospectus delivery obligations for any portfolio companies associated with a variable contract if the portfolio company prospectuses are posted online. Under the rule, a registrant (or the financial intermediary distributing the variable contract) relying on the rule must send the variable contract statutory prospectus (that statutory prospectus must be filed as part of registration statement on Form N–3, N–4, or N–6, as 29 17 PO 00000 applicable) and other materials to an investor in paper or electronic format upon request. Based on an analysis of fund filings, we estimate that 82% of variable contracts that filed annual updates to their registration statements use at least one summary prospectus under rule 498A. In the aggregate, the Commission staff estimates the total annual hour burden to comply with rule 498A to be 7,634 hours, at an internal time cost equivalent of $2,337,471, and a total annual external cost burden of $9,094,866. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act. The estimate is based on communications with industry representatives, and is not derived from a comprehensive or even a representative survey or study. Responses 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. 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 by January 2, 2024 to (i) MBX.OMB.OIRA.SEC_desk_officer@ omb.eop.gov and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/ o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: November 27, 2023. Christina Z. Milnor, Assistant Secretary. [FR Doc. 2023–26405 Filed 11–30–23; 8:45 am] BILLING CODE 8011–01–P CFR 200.30–3(a)(57). Frm 00111 Fmt 4703 Sfmt 9990 E:\FR\FM\01DEN1.SGM 01DEN1

Agencies

[Federal Register Volume 88, Number 230 (Friday, December 1, 2023)]
[Notices]
[Page 84006]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26405]


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

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-813, OMB Control No. 3235-0765]


Submission for OMB Review; Comment Request; Extension: Rule 498A

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (``Paperwork Reduction Act'') (44 U.S.C. 3501-3520), the 
Securities and Exchange Commission (the ``Commission'') has submitted 
to the Office of Management and Budget (``OMB'') a request for 
extension of the previously approved collection of information 
discussed below.
    Rule 498A under the Securities Act permits a person to satisfy its 
prospectus delivery obligations under section 5(b)(2) of the Securities 
Act for a contract by: (1) sending or giving to new investors key 
information contained in a variable contract statutory prospectus in 
the form of an initial summary prospectus; (2) sending or giving to 
existing investors each year a brief description of certain changes to 
the contract, and a subset of the information in the initial summary 
prospectus, in the form of an updating summary prospectus; and (3) 
providing the statutory prospectus and other materials online. Rule 
498A considers a person to have met its prospectus delivery obligations 
for any portfolio companies associated with a variable contract if the 
portfolio company prospectuses are posted online. Under the rule, a 
registrant (or the financial intermediary distributing the variable 
contract) relying on the rule must send the variable contract statutory 
prospectus (that statutory prospectus must be filed as part of 
registration statement on Form N-3, N-4, or N-6, as applicable) and 
other materials to an investor in paper or electronic format upon 
request.
    Based on an analysis of fund filings, we estimate that 82% of 
variable contracts that filed annual updates to their registration 
statements use at least one summary prospectus under rule 498A. In the 
aggregate, the Commission staff estimates the total annual hour burden 
to comply with rule 498A to be 7,634 hours, at an internal time cost 
equivalent of $2,337,471, and a total annual external cost burden of 
$9,094,866.
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act. The estimate is based on 
communications with industry representatives, and is not derived from a 
comprehensive or even a representative survey or study.
    Responses 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.
    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 
by January 2, 2024 to (i) [email protected] and 
(ii) David Bottom, Director/Chief Information Officer, Securities and 
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 
20549, or by sending an email to: [email protected].

    Dated: November 27, 2023.
Christina Z. Milnor,
Assistant Secretary.
[FR Doc. 2023-26405 Filed 11-30-23; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.