Document ID: SEC-2005-0280-0001
Agency: sec
Document Type: Notice
Title: Agency information collection activities; proposals, submissions, and approvals
Posted Date: 2005-11-28T05:00Z

[Federal Register: November 28, 2005 (Volume 70, Number 227)]
[Notices]               
[Page 71341]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr28no05-98]                         

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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 498; File No. 270-435; OMB Control No. 3235-0488.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (``Act'') [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 (``OMB'') for extension and approval.

Rule 498 Under the Securities Act of 1933, Profiles for Certain Open-
End Management Investment Companies

    Rule 498 of the Securities Act of 1933 [17 CFR 230.498] permits 
open-end management investment companies (or a series of an investment 
company organized as a series company, which offers one or more series 
of shares representing interests in separate investment portfolios) 
(``funds'') to provide investors with a ``profile'' that contains a 
summary of key information about a fund, including the fund's 
investment objectives, strategies, risks and performance, and fees, in 
a standardized format. The profile provides investors the option of 
buying fund shares based on the information in the profile or reviewing 
the fund's prospectus before making an investment decision. Investors 
purchasing shares based on a profile receive the fund's prospectus 
prior to or with confirmation of their investment in the fund.
    Consistent with the filing requirement of a fund's prospectus, a 
profile must be filed with the Commission thirty days before first use. 
Such a filing allows the Commission to review the profile for 
compliance with Rule 498. Compliance with the rule's standardized 
format assists investors in evaluating and comparing funds.
    It is estimated that approximately 1 initial profile and 252 
updated profiles are filed with the Commission annually. The Commission 
estimates that each profile contains on average 1.25 portfolios, 
resulting in 1.25 portfolios filed annually on initial profiles and 315 
portfolios filed annually on updated profiles. The number of burden 
hours for preparing and filing an initial profile per portfolio is 25. 
The number of burden hours for preparing and filing an updated profile 
per portfolio is 10. The total burden hours for preparing and filing 
initial and updated profiles under Rule 498 is 3,181, representing a 
decrease of 1,269 hours from the prior estimate of 4,450. The reduction 
in burden hours is attributable to the lower number of profiles 
actually prepared and filed as compared to the previous estimates.
    The estimates of average burden hours are made solely for the 
purposes of the Act and are not derived from a comprehensive or even 
representative survey or study of the cost of Commission 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 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 R. Corey Booth, Director/
Chief Information Officer, Office of Information Technology, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549.

    Dated: November 17, 2005.
Jonathan G. Katz,
Secretary.
 [FR Doc. E5-6541 Filed 11-25-05; 8:45 am]

BILLING CODE 8010-01-P