Federal Register / Vol. 65, No. 199 / Friday, October 13, 2000 / Notices 60989

1The Commission has proposed that rule 30d–2

be redesignated as rule 30e–2. See Role of

Independent Directors of Investment Companies,

Securities Act Rel. No. 7754; Exchange Act Rel. No.

42007; Investment Company Act Rel. No. 24082

(Oct. 14, 1999) [64 FR 59826 (Nov. 3, 1999)]. The

proposal has not been adopted as of the date of this

notice.

2Management investment companies are defined

in section 4(3) of the Investment Company Act as

any investment company other than a face-amount

certificate company or a unit investment trust, as

those terms, are defined in sections 4(1) and 4(2)

of the Investment Company Act. See 15 U.S.C. 80a–

4.

December) 2000, as announced by the

IRS, is 9 percent.

The following table lists the late

payment interest rates for premiums and

employer liability for the specified time

periods:

From— Through—

Interest

rate

(percent)

10/1/94 ......... 3/31/95 .............. 9

4/1/95 ........... 6/30/95 .............. 10

7/1/95 ........... 3/31/96 .............. 9

4/1/96 ........... 6/30/96 .............. 8

7/1/96 ........... 3/31/98 .............. 9

4/1/98 ........... 12/31/98 ............ 8

1/1/99 ........... 3/31/99 .............. 7

4/1/99 ........... 3/31/00 .............. 8

4/1/00 ........... 12/31/00 ............ 9

Underpayments and Overpayments of

Multiemployer Withdrawal Liability

Section 4219.32(b) of the PBGC’s

regulation on Notice, Collection, and

Redetermination of Withdrawal

Liability (29 CFR part 4219) specifies

the rate at which a multiemployer plan

is to charge or credit interest on

underpayments and overpayments of

withdrawal liability under section 4219

of ERISA unless an applicable plan

provision provides otherwise. For

interest accruing during any calendar

quarter, the specified rate is the average

quoted prime rate on short-term

commercial loans for the fifteenth day

(or the next business day if the fifteenth

day is not a business day) of the month

preceding the beginning of the quarter,

as reported by the Board of Governors

of the Federal Reserve System in

Statistical Release H.15 (‘‘Selected

Interest Rates’’). The rate for the fourth

quarter (October through December) of

2000 (i.e., the rate reported for

September 15, 2000) is 9.50 percent.

The following table lists the

withdrawal liability underpayment and

overpayment interest rates for the

specified time periods:

From— Through—

Interest

rate

(percent)

10/1/94 ......... 12/31/94 ............ 7.75

1/1/95 ........... 3/31/95 .............. 8.50

4/1/95 ........... 9/30/95 .............. 9.00

10/1/95 ......... 3/31/96 .............. 8.75

4/1/96 ........... 6/30/97 .............. 8.25

7/1/97 ........... 12/31/98 ............ 8.50

1/1/99 ........... 9/30/99 .............. 7.75

10/1/99 ......... 12/31/99 ............ 8.25

1/1/00 ........... 3/31/00 .............. 8.50

4/1/00 ........... 6/30/00 .............. 8.75

7/1/00 ........... 12/31/00 ............ 9.50

Multiemployer Plan Valuations

Following Mass Withdrawal

The PBGC’s regulation on Duties of

Plan Sponsor Following Mass

Withdrawal (29 CFR part 4281)

prescribes the use of interest

assumptions under the PBGC’s

regulation on Allocation of Assets in

Single-employer Plans (29 CFR part

4044). The interest assumptions

applicable to valuation dates in

November 2000 under part 4044 are

contained in an amendment to part 4044

published elsewhere in today’s Federal

Register. Tables showing the

assumptions applicable to prior periods

are codified in appendix B to 29 CFR

part 4044.

Issued in Washington, DC, on this 6th day

of October 2000.

John Seal,

Acting Executive Director, Pension Benefit

Guaranty Corporation.

[FR Doc. 00–26329 Filed 10–12–00; 8:45 am]

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE

COMMISSION

Proposed Collection; Comment

Request

Upon Written Request, Copies Available

From: Securities and Exchange Commission,

Office of Filings and Information Services,

Washington, DC 20549.

Extension: Rule 30d–2, SEC File No. 270–

437, OMB Control No. 3235–0494.

Notice is hereby given that, pursuant

to the Paperwork Reduction Act of 1995

(44 U.S.C. 3501–3520), 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.

Section 30(e) of the Investment

Company Act of 1940 [15 U.S.C. 80a–

29(e)] (the ‘‘Investment Company Act’’

or ‘‘Act’’) and rule 30d–2 1 thereunder

[17 CFR 270.30d–2] require unit

investment trusts (‘‘UITs’’) that invest

substantially all of their assets in

securities of a management investment

company (‘‘fund’’) to send a report to

shareholders at least semi-annually

containing financial information on the

underlying fund.2 Rule 30d–2 requires

that the reports contain the financial

statements that are required by rule

30d–1 [17 CFR 270.30d–1] to be

included in the report of the underlying

fund for the same fiscal period. Rule

30d–1 requires that the reports contain

the financial statements required by a

fund’s registration form. Rule 30d–2,

however, permits, under certain

conditions, delivery of a single

shareholder report to investors who

share an address (‘‘householding’’) to

satisfy the delivery requirements of the

rule. The purpose of the householding

provisions of the rule is to reduce the

amount of duplicative reports delivered

to investors sharing the same address.

Rule 30d–2 permits householding of

annual and semi-annual reports by UITs

to satisfy the delivery requirements of

rule 30d–2 if, in addition to the other

conditions set forth in the rule, the UIT

has obtained from each investor written

or implied consent to the householding

of shareholder reports. The rule requires

UITs that wish to household

shareholder reports with implied

consent to send a notice to each investor

stating that the investors in the

household will receive one report in the

future unless the investors provide

contrary instructions. In addition, at

least once a year, UITs relying on the

rule for householding must explain to

investors who have provided written or

implied consent how they can revoke

their consent. Preparing and sending the

initial notice and the annual

explanation of the right to revoke are

collections of information.

The rule requires UITs that invest

substantially all of their assets in

securities of a fund to transmit to

shareholders at least semi-annually

reports containing financial statements

and certain other information in order to

apprise current shareholders of the

operational and financial condition of

the UIT. Absent the requirement to

disclose all material information in

reports, investors would be unable to

obtain accurate information upon which

to base investment decisions and

consumer confidence in the securities

industry might be adversely affected.

Requiring the submission of these

reports to the Commission permits us to

verify compliance with securities law

requirements.

Rule 30d–2 allows UITs to household

shareholder reports if certain conditions

60990 Federal Register / Vol. 65, No. 199 / Friday, October 13, 2000 / Notices

1The Securities Act requires the delivery of

prospectuses to investors who buy securities from

an issuer or from underwriters or dealers who

participate in a registered distribution of securities.

See Securities Act sections 2(a)(10), 4(1), 4(3), 5(b),

[15 U.S.C. 77b(a)(10), 77d(1), 77d(3), 77e(b); see also

rule 174 under the Securities Act [17 CFR 230.174]

(regarding the prospectus delivery obligation of

dealers); rule 15c2–8 under the Securities and

Exchange Act of 1934 [17 CFR 240.15c2–8]

(prospectus delivery obligations of brokers and

dealers).

2The Commission has proposed an amendment

to rule 154 that would permit the householding of

prospectuses required to be delivered for business

combinations, exchange offers, or reclassifications

of securities. See Delivery of Proxy and Information

Statements to Households, Securities Act Rel. No.

7767; Securities Exchange Act Rel. No. 42102;

Investment Company Act Rel. No. 24124 (Nov. 4,

1999) [64 FR 62548 (Nov. 16, 1999)]. The proposed

amendment has not been adopted as of the date of

this notice.

3Rule 154 permits the householding of

prospectuses that are delivered electronically to

investors only if delivery is made to a shared

electronic address and the investors give written

consent to householding. Implied consent is not

permitted in such a situation. See rule 154(b)(4).

are met. Among the conditions with

which a UIT must comply are providing

notice to each investor that only one

report will be sent to the household and

providing to each investor that consents

to householding an annual explanation

of the right to revoke consent to the

delivery of a single shareholder report to

multiple investors sharing an address.

The purpose of the notice and annual

explanation requirements associated

with the householding provisions of the

rule is to ensure that investors who wish

to receive individual copies of

shareholder reports are able to do so.

The Commission estimates that as of

December 1999, approximately 655

UITs were subject to the provisions of

rule 30d–2. The Commission further

estimates that the annual burden

associated with rule 30d–2 is 121 hours

for each UIT, including an estimated 20

hours associated with the notice

requirement for householding and an

estimated 1 hour associated with the

explanation of the right to revoke

consent to householding, for a total of

79,255 burden 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 and forms.

In addition to the burden hours, the

Commission estimates that the cost of

contracting for outside services

associated with complying with rule

30d–2 is $12,000 per respondent (80

hours times $150 per hour for

independent auditor services), for a total

of $7,860,000 ($12,000 per respondent

times 655 respondents).

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 burden of the collections of

information; (c) ways to enhance the

quality, utility, and clarity of the

information collected; and (d) ways to

minimize the burden of the collections

of information on respondents,

including through the use of automated

collection techniques or other forms of

information technology. The

Commission will consider comments

and suggestions submitted in writing

within 60 days after this publication.

Please direct your written comments

to Michael E. Bartell, Associate

Executive Director, Office of

Information Technology, Securities and

Exchange Commission, 450 5th Street,

NW., Washington, DC 20549.

Dated: October 4, 2000.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–26376 Filed 10–12–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Proposed Collection; Comment

Request

Upon Written Request, Copies Available

From: Securities and Exchange Commission,

Office of Filings and Information Services,

Washington, DC 20549.

Extension: Rule 154, SEC File No. 270–438,

OMB Control No. 3235–0495.

Notice is hereby given that, pursuant

to the Paperwork Reduction Act of 1995

(44 U.S.C. 3501–3520), 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.

The federal securities laws generally

prohibit an issuer, underwriter, or

dealer from delivering a security for sale

unless a prospectus meeting certain

requirements accompanies or precedes

the security. Rule 154 [17 CFR 230.154]

under the Securities Act of 1933 [15

U.S.C. 77a] (the ‘‘Securities Act’’)

permits, under certain circumstances,

delivery of a single prospectus to

investors who purchase securities from

the same issuer and share the same

address (‘‘householding’’) to satisfy the

applicable prospectus delivery

requirements.1 The purpose of rule 154

is to reduce the amount of duplicative

prospectuses delivered to investors

sharing the same address.

Under rule 154, a prospectus is

considered delivered to all investors at

a shared address, for purposes of the

federal securities laws, if the person

relying on the rule delivers the

prospectus to the share address and the

investors consent to the delivery of a

single prospectus. The rule applies to

prospectuses and prospectus

supplements. Currently, the rule

permits householding of all

prospectuses except those required to be

delivered for business combinations,

exchange offers, or reclassifications of

securities.2 Rule 154 permits

householding of prospectuses by an

issuer, underwriter, or dealer relying on

the rule if, in addition to the other

conditions set forth in the rule, the

issuer, underwriter, or dealer has

obtained from each investor written or

implied consent to householding.3 The

rule requires issuers, underwriters, or

dealers that wish to household

prospectuses with implied consent to

send a notice to each investor stating

that the investors in the household will

receive one prospectus in the future

unless the investors provide contrary

instructions. In addition, at least once a

year, issuers, underwriters, or dealers,

relying on rule 154 for the householding

of prospectuses, must explain to

investors who have provided written or

implied consent how they can revoke

their consent. Preparing and sending the

initial notice and the annual

explanation of the right to revoke are

collections of information.

The rule allows issuers, underwriters,

or dealers to household prospectuses

and prospectus supplements if certain

conditions are met. Among the

conditions with which a person relying

on the rule must comply are providing

notice to each investor that only one

prospectus will be sent to the household

and providing to each investor who

consents to householding an annual

explanation of the right to revoke

consent to the delivery of a single

prospectus to multiple investors sharing

an address. The purpose of the notice

and annual explanation requirements of

the rule is to ensure that investors who

wish to receive individual copies of

shareholder reports are able to do so.

Although rule 154 is not limited to

investment companies, the Commission

believes that it is used mainly by mutual

funds and by broker-dealers that deliver

mutual fund prospectuses. The

Commission is unable to estimate the

number of issuers other than mutual

funds that rely on the rule.