[Federal Register Volume 62, Number 50 (Friday, March 14, 1997)]
[Notices]
[Pages 12257-12258]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6421]


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SECURITIES AND EXCHANGE COMMISSION


Request for Public Comment

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549.

Extension:
    Rule 12b-1, SEC File No. 270-188, OMB Control No. 3235-0212
    Rule 17f-1, SEC File No. 270-236, OMB Control No. 3235-0222
    Form N-SAR, SEC File No. 270-292, OMB Control No. 3235-0330
    Form N-17f-1, SEC File No. 270-316, OMB Control No. 3235-0359
    Form N-17f-2, SEC File No. 270-317, OMB Control No. 3235-0360
    Form ADV-E, SEC File No. 270-318, OMB Control No. 3235-0361
    Rule 30b2-1, SEC File No. 270-213, OMB Control No. 3235-0220

    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'') is publishing for public comment the 
following summary of previously approved information collection 
requirements.
    Rule 12b-1 under the Investment Company Act of 1940 (``1940 Act'') 
permits a registered open-end management investment company (``mutual 
fund'') to distribute its own shares and pay expenses of distribution 
provided, among other things, the mutual fund adopts a written plan, 
and has in writing any agreements relating to the implementation of the 
plan. The rule requires the plan to be approved by the mutual fund's 
directors and shareholders; provides for quarterly reports to the board 
regarding amounts spent under the plan; requires the board to review 
the plan at least annually; requires board and shareholder approval for 
certain changes to the plan; and imposes certain recordkeeping 
requirements.
    It is estimated that approximately 4,165 mutual funds rely on the 
rule each year, and the average annual burden per fund is estimated to 
be 40 hours. The total annual burden for all mutual funds relying on 
the rule is estimated to be 166,600 hours.
    Rule 17f-1 under the 1940 Act provides that any registered 
management investment company (``fund'') that wishes to place its 
assets in the custody of a national securities exchange may do so only 
pursuant to a written contract that must be ratified initially and 
approved annually by a majority of the fund's board of directors and 
that contains certain specified provisions. The rule also requires that 
the fund's assets in such custody be examined by an independent public 
accountant at least three times during the fund's fiscal year. The rule 
requires the written contract and the certificate of each examination 
to be transmitted to the Commission. The annual burden of the rule's 
requirements is estimated to be about 2\1/2\ hours for each of 
approximately 31 funds that maintain their assets with a national 
securities exchange, for an estimated total of 77.5 burden hours 
annually.
    Form N-SAR under the 1940 Act is used by registered investment 
companies for annual or semi-annual reports required to be filed with 
the Commission. The annual burden is approximately to 31.5 hours.
    Form N-17f-1 is the cover sheet for accountant examination 
certificates filed pursuant to rule 17f-1 under the 1940 Act by 
management investment companies maintaining securities or other 
investments with companies that

[[Page 12258]]

are members of a national securities exchange. The time needed for 
investment companies to comply with the requirements of the form is 
approximately nine minutes annually.
    Form N-17f-2 is the coversheet for accountant examination 
certificates filed pursuant to rule 17f-2 under the 1940 Act by 
management investment companies maintaining custody of securities or 
other investments. The time needed for investment companies to comply 
with the requirements of the form is approximately nine minutes 
annually.
    Form ADV-E is the coversheet for accountant examination 
certificates filed pursuant to rule 206(4)-2 under the Investment 
Advisers Act by investment advisers retaining custody of client 
securities or funds. Registrants each spend approximately three minutes 
annually to comply with the requirements of the form.
    Rule 30b2-1 requires the filing of four copies of every periodic or 
interim report transmitted by or on behalf of any registered investment 
company to its shareholders. The annual burden of filing the reports is 
estimated to be negligible.
    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 cost of 
SEC rules and forms.
    Written comments are requested 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 burdens 
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.
    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: March 6, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-6421 Filed 3-13-97; 8:45 am]
BILLING CODE 8010-01-M