[Federal Register Volume 62, Number 73 (Wednesday, April 16, 1997)]
[Notices]
[Page 18660]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-9716]


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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 20a-1, SEC File No. 270-132, OMB Control No. 3235-0158
    Rule 489 and Form F-N, SEC File No. 270-361, OMB Control No. 3235-
0411

    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 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.
    Rule 20a-1 requires that the solicitation of a proxy, consent or 
authorization with respect to a security issued by a registered fund be 
in compliance with Regulation 14A (17 CFR 240.14a-1), Schedule 14A (17 
CFR 240.14a-101), and all other rules and regulations adopted under 
section 14(a) of the Securities Exchange Act of 1934 (15 U.S.C. 
78n(a)). Rule 20a-1 also requires a fund's investment adviser, or a 
prospective adviser, to transmit to the person making a proxy 
solicitation the information necessary to enable that person to comply 
with the rules and regulations applicable to the solicitation.
    Regulation 14A and Schedule 14A establish the disclosure 
requirements applicable to the solicitation of proxies, consents and 
authorizations. In particular, Item 22 of Schedule 14A contains 
extensive disclosure requirements for registered investment company 
proxy statements. Among other things, it requires the disclosure of 
information about fund fee or expense increases, the election of 
directors, the approval of an investment advisory contract and the 
approval of a distribution plan.
    The Commission requires the dissemination of this information to 
assist investors in understanding their fund investments and the 
choices they may be asked to make regarding fund operations. The 
Commission does not use the information in proxies directly, but 
reviews proxy statement filings for compliance with applicable rules.
    It is estimated that approximately 1,000 registered investment 
companies are required to file one proxy statement annually. The total 
annual reporting and recordkeeping burden of the collection of 
information is estimated to be approximately 96,200 hours (1,000 
responses  x  96.2 hours per response).
    Rule 489 and Form F-N requires certain entities that are excepted 
from the definition of investment company by virtue of rules 3a-1, 3a-
5, and 3a-6 under the Investment Company Act of 1940 to file Form F-N 
to appoint a United States agent for services of process when making a 
public offering of securities in the United States.
    It is estimated that approximately 21 entities are required by rule 
489 to file Form F-N. The total estimated annual burden of complying 
with the filing requirement is approximately 25 hours.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden 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.
    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: April 8, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-9716 Filed 4-15-97; 8:45 am]
BILLING CODE 8010-01-M