Federal Register / Vol. 62, No. 185 / Wednesday, September 24, 1997 / Notices 50035

The requirement that directors

designate access persons is intended to

ensure that directors evaluate the

trustworthiness of insiders who handle

fund assets. The requirements that

access persons act jointly in handling

fund assets, prepare a written notation

of each transaction, and transmit the

notation to another designated person

are intended to reduce the risk of

misappropriation of the fund assets by

access persons, and to ensure that

adequate records are prepared, reviewed

by a responsible third person, and

available for examination by the

Commission.

The Commission estimates that

approximately 110 funds rely upon the

rule (and that each fund offers an

average of two separate series or

portfolios subject to the rule). It is

estimated that each fund spends

approximately 2 hours annually in

drafting pertinent resolutions by

directors, 24 hours annually in

preparing transaction notations, and 100

hours annually in performing

unscheduled verifications of assets.

Therefore, the total annual burden

associated with this rule is estimated to

be 13,860 hours.

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 regarding the

above information should be directed to

the following persons: (i) Desk Officer

for the Securities and Exchange

Commission, Office of Information and

Regulatory Affairs, Office of

Management and Budget, Room 3208,

New Executive Office Building,

Washington, D.C. 20503; and (ii)

Michael E. Bartell, Associate Executive

Director, Office of Information

Technology, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Comments

must be submitted to OMB on or before

October 24, 1997.

Dated: September 17, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–25320 Filed 9–23–97; 8:45 am]

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COMMISSION

Submission for OMB Review;

Comment Request

Upon Written Request, Copies Available

From: Securities and Exchange Commission,

Office of Filings and Information Services,

Washington, DC 20549.

Extension: Form 2–E and Rule 609, SEC

File No. 270–222, OMB Control No. 3235–

0233. Rule 6c–7, SEC File No. 270–269, OMB

Control No. 3235–0276. Rule 11a–2, SEC File

No. 270–267, OMB Control No. 3235–0272.

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

requests for extension of the previously

approved collections of information

discussed below.

Form 2–E is used, pursuant to Rule

609 of Regulation E under the Securities

Act of 1933, by small business

investment companies or business

development companies engaged in

limited offerings of securities to report

semi-annually the progress of an

offering, including the number of shares

sold. The form solicits information such

as the dates an offering has commenced

and completed, the number of shares

sold and still being offered, amounts

received in the offering, and expenses

and underwriting discounts incurred in

the offering. This information assists the

Commission staff in determining

whether the issuer has stayed within the

limits of an exemptive offering.

Form 2–E must be filed semi-annually

during an offering and as a final report

at the completion of the offering. Less

frequent filing would not allow the

Commission to monitor the progress of

the limited offering in order to ensure

that the issuer was not attempting to

avoid the normal registration provisions

of the securities laws.

There has been approximately one

filing on form 2–E under rule 609 of

regulation E during each of the last two

years. On average, approximately one

respondent spends four hours collecting

information, preparing, and filing a form

2–E for a total annual reporting and

recordkeeping burden of four hours.

Rule 6c–7 under the Investment

Company Act of 1940 (‘‘1940 Act’’)

provides exemption from certain

provisions of Sections 22(e) and 27 of

the 1940 Act for registered separate

accounts offering variable annuity

contracts to certain employees of Texas

institutions of higher education

participating in the Texas Optional

Retirement Program.

There are approximately 183

registrants governed by Rule 6c–7, with

an estimated compliance time of 30

minutes per registrant for a total of 92

annual burden hours.

Rule 11a–2 permits certain registered

insurance company separate accounts,

subject to certain conditions, to make

offers to exchange their securities for

other investment company securities

without obtaining prior Commission

approval.

There are approximately 550

registrants governed by Rule 11a–2,

with an estimated compliance time of

15 minutes per registrant for a total of

138 annual burden hours.

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 regarding the

above information should be directed to

the following persons: (i) Desk Officer

for the Securities and Exchange

Commission, Office of Information and

Regulatory Affairs, Office of

Management and Budget, Room 3208,

New Executive Office Building,

Washington, D.C. 20503; and (ii)

Michael E. Bartell, Associate Executive

Director, Office of Information

Technology, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Comments

must be submitted to OMB on or before

October 24, 1997.

Dated: September 18, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–25323 Filed 9–23–97; 8:45 am]

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COMMISSION

Sunshine Act Meeting

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following meeting during

the week of September 29, 1997.

A closed meeting will be held on

Monday, September 29, 1997, at 11:00

a.m.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. Certain

staff members who have an interest in

the matters may also be present.

The General Counsel of the

Commission, or his designee, has

certified that, in his opinion, one or

more of the exemptions set forth in 5

U.S.C. 552b(c) (4), (8), (9)(A) and (10),

permit consideration of the scheduled

matters at the closed meeting.

Commissioner Hunt, as duty officer,

voted to consider the items listed for the

closed meeting in a closed session.

The subject matter of the closed

meeting scheduled for Monday,

September 29, 1997, at 11:00 a.m., will

be: