Federal Register / Vol. 76, No. 53 / Friday, March 18, 2011 / Notices 15011 

1 ‘‘Investment company’’ refers to both investment 

companies registered under the Investment 

Company Act of 1940 and business development 

companies. 

2 15 U.S.C. 77j(b). 

required under the Advisers Act 

recordkeeping rule 204–2 (17 CFR 

275.204–2). The standard retention 

period required for books and records 

under rule 204–2 is five years, in an 

easily accessible place, the first two 

years in an appropriate office of the 

investment adviser. OMB has previously 

approved the collection with this 

retention period. 

The public may view the background 

documentation for this information 

collection at the following Web site, 

http://www.reginfo.gov. Comments 

should be directed to: (i) Desk Officer 

for the Securities and Exchange 

Commission, Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, Room 10102, 

New Executive Office Building, 

Washington, D.C. 20503, or by sending 

an e-mail to: 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

Thomas Bayer, 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. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: March 14, 2011. 

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–6318 Filed 3–17–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Rule 18f–1 and Form N–18f–1; SEC 

File No. 270–187; OMB Control No. 

3235–0211. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350l–3520), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Rule 18f–1 (17 CFR 270.18f–1) 

enables a registered open-end 

management investment company 

(‘‘fund’’) that may redeem its securities 

in-kind, by making a one-time election, 

to commit to make cash redemptions 

pursuant to certain requirements 

without violating section 18(f) of the 

Investment Company Act of 1940 (15 

U.S.C. 80a–18(f)). A fund relying on the 

rule must file Form N–18F–1 (17 CFR 

274.51) to notify the Commission of this 

election. The Commission staff 

estimates that approximately 52 funds 

file Form N–18F–1 annually, and that 

each response takes approximately one 

hour. Based on these estimates, the total 

annual burden hours associated with 

the rule is estimated to be 52 hours. 

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. The 

collection of information required by 

rule 18f–1 is necessary to obtain the 

benefits of the rule. 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. 

The public may view the background 

documentation for this information 

collection at the following Web site, 

http://www.reginfo.gov. Comments 

should be directed to: (i) Desk Officer 

for the Securities and Exchange 

Commission, Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, Room 10102, 

New Executive Office Building, 

Washington, DC 20503, or by sending an 

e-mail to: 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

Thomas Bayer, 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. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: March 14, 2011. 

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–6319 Filed 3–17–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Rule 482, SEC File No. 270–508, OMB 

Control No. 3235–0565. 

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’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

Like most issuers of securities, when 

an investment company 1 (‘‘fund’’) offers 

its shares to the public, its promotional 

efforts become subject to the advertising 

restrictions of the Securities Act of 

1933, (15 U.S.C. 77) (the ‘‘Securities 

Act’’). In recognition of the particular 

problems faced by funds that 

continually offer securities and wish to 

advertise their securities, the 

Commission has previously adopted 

advertising safe harbor rules. The most 

important of these is rule 482 (17 CFR 

230.482) under the Securities Act, 

which, under certain circumstances, 

permits funds to advertise investment 

performance data, as well as other 

information. Rule 482 advertisements 

are deemed to be ‘‘prospectuses’’ under 

Section 10(b) of the Securities Act.2

Rule 482 contains certain 

requirements regarding the disclosure 

that funds are required to provide in 

qualifying advertisements. These 

requirements are intended to encourage 

the provision to investors of information 

that is balanced and informative, 

particularly in the area of investment 

performance. For example, a fund is 

required to include disclosure advising 

investors to consider the fund’s 

investment objectives, risks, charges and 

expenses, and other information 

described in the fund’s prospectus, and 

highlighting the availability of the 

fund’s prospectus. In addition, rule 482 

advertisements that include 

performance data of open-end funds or 

insurance company separate accounts 

offering variable annuity contracts are 

required to include certain standardized 

performance information, information 

about any sales loads or other 

nonrecurring fees, and a legend warning 

that past performance does not 

guarantee future results. Such funds 

including performance information in 

rule 482 advertisements are also 

required to make available to investors 

month-end performance figures via Web 

site disclosure or by a toll-free 

telephone number, and to disclose the 


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