[Federal Register Volume 60, Number 244 (Wednesday, December 20, 1995)]
[Notices]
[Pages 65695-65696]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-30857]



=======================================================================
-----------------------------------------------------------------------

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 31a-2, SEC File No. 270-174, OMB Control No. 3235-0179;
Rule 7d-1, SEC File No. 270-176, OMB Control No. 3235-0311;
Form N-14, SEC File No. 270-297, OMB Control No. 3235-0336.

    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 the following summaries of 
collections for public comment.
    Rule 31a-2 concerns preservation of records by registered 
investment companies and certain majority-owned subsidiaries thereof. 
The Commission periodically inspects the operations of all registered 
investment companies to ensure their compliance with the provisions of 
the Investment Company Act of 1940 (``the Act'') and the rules 
thereunder. A significant portion of the time used in these inspections 
is spent reviewing the information contained in the books and records 
required to be preserved by Rule 31a-2. Each of the 4,902 respondents 
incur an average estimated 15.4 burden hours annually to comply with 
this requirement.
    Rule 7d-1 specifies conditions under which a Canadian (or other 
foreign) management investment company may request an order from the 
Commission permitting it to register under the Act. The rule's 
information collection requirements seek to ensure that the substantive 
provisions of the Act may be enforced as a matter of contract right in 
the Untied States or Canada by the company's shareholders or the 
Commission.
    The Commission believes that three Canadian investment companies 
and one other foreign investment company have registered under Rule 7d-
1 and are currently active. Apart from information collection 
requirements imposed on all registered investment companies (which are 
reflected in the information collection burdens applicable to those 
requirements), Rule 7d-1 imposes ongoing burdens to maintain in the 
United States records of the company and related records of its 
investment adviser and to update, as necessary, a list of affiliated 
persons of the company, investment adviser, and principal underwriter. 
The four companies and their associated persons spend approximately 101 
hours annually complying with the requirements of the rule. This 
estimate is a revision of the 75 burden hours currently allocated to 
Rule 7d-1. The revision reflects the inclusion of an additional 
respondent and the Commission staff's administrative experience with 
the rule.
    Canadian and other foreign investment companies have not sought to 
register under the Act pursuant to Rule 7d-1 in the past three years. 
If a company were to file an application under the rule, the Commission 
estimates that the rule would impose initial information collection 
burdens of approximately 90 hours on the company and its associated 
persons. Since no fund has sought to register under the Act pursuant to 
Rule 7d-1 in the last three years, the Commission is not including 
those burdens in its calculation of the annual hours burdens.
    After registration, a foreign company may file a supplemental 
application seeking special exemptive relief from provisions of the Act 
based on the company's particular circumstances. Because such filings 
are not mandated by Rule 7d-1 and are made at a company's discretion, 
no burden hours are allocated for such applications.
    Form N-14 is the form for registration of securities to be issued 
by investment companies registered under the Act in business 
combination transactions 

[[Page 65696]]
specified in Rule 145(a) and exchange offers. There are approximately 
95 registrants filing annually on Form N-14. Approximately 58,900 hours 
are used to meet the requirements of Form N-14. This represents 620 
hours per registrant per year.
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive study or even a representative survey or study of the 
costs of SEC rules and forms.
    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 shall 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the proposed collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information to be 
collected; and (d) ways to minimize the burden of the collection of 
information on respondent, 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: December 13, 1995.

Jonathan G. Katz,

Secretary,

[FR Doc. 95-30857 Filed 12-19-95; 8:45 am]

BILLING CODE 8010-01-M