Document ID: SEC-2008-1334-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2008-10-01T04:00Z

[Federal Register: October 1, 2008 (Volume 73, Number 191)]
[Notices]               
[Page 57160]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01oc08-123]                         

[[Page 57160]]

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

    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 for extension and approval.
    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 16 initial profiles and 274 
updated profiles are filed with the Commission annually. The 
Commission estimates that each profile contains on average 1.25 
portfolios, resulting in 20 portfolios filed annually on initial 
profiles and 343 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 3,930, representing an increase of 749 hours from the 
prior estimate of 3,181. The increase in burden hours is 
attributable to the higher 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 Lewis W. Walker, Acting 
Director/CIO, Securities and Exchange Commission, C/O Shirley 
Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an 
e-mail to: PRA_Mailbox@sec.gov.

    Dated: September 24, 2008
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-22969 Filed 9-30-08; 8:45 am]

BILLING CODE 8011-01-P