Document ID: SEC-2009-1024-0001
Agency: sec
Document Type: Notice
Title: Proposed Collection; Comment Request
Posted Date: 2009-07-24T04:00Z

[Federal Register: July 24, 2009 (Volume 74, Number 141)]
[Notices]               
[Page 36786-36787]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24jy09-145]                         

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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 30e-2; SEC File No. 270-437; OMB Control No. 3235-
0494.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.), (the ``Paperwork Reduction Act'') 
the Securities and Exchange Commission (the ``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.
    Section 30(e) of the Investment Company Act of 1940 (15 U.S.C. 80a-
29(e)) (the ``Investment Company Act'') and Rule 30e-2 \1\ (17 CFR 
270.30e-2) thereunder require registered unit investment trusts 
(``UITs'') that invest substantially all of their assets in securities 
of a management investment company \2\ (``fund'') to send to 
shareholders at least semi-annually a report containing certain 
financial statements and other information. Specifically, Rule 30e-2 
requires that the report contain the financial statements and other 
information that Rule 30e-1 under the Investment Company Act (17 CFR 
270.30e-1) requires to be included in the report of the underlying fund 
for the same fiscal period. Rule 30e-1 requires that the underlying 
fund's report contain, among other things, the financial statements and 
other information that is required to

[[Page 36787]]

be included in such report by the fund's registration form.
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    \1\ Rule 30e-2 was originally adopted as Rule 30d-2, but was 
redesignated as Rule 30e-2 effective February 15, 2001. See Role of 
Independent Directors of Investment Companies, Investment Company 
Act Release No. 24816 (Jan. 2, 2001) (66 FR 3734 (Jan. 16, 2001)).
    \2\ Management investment companies are defined in Section 4 of 
the Investment Company Act as any investment company other than a 
face-amount certificate company or a unit investment trust, as those 
terms are defined in Section 4 of the Investment Company Act. See 15 
U.S.C. 80a-4.
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    The purpose of this requirement is to apprise current shareholders 
of the operational and financial condition of the UIT. Absent the 
requirement to disclose all material information in reports, investors 
would be unable to obtain accurate information upon which to base 
investment decisions and consumer confidence in the securities industry 
might be adversely affected. Requiring the submission of these reports 
to the Commission permits us to verify compliance with securities law 
requirements. In addition, Rule 30e-2 permits, under certain 
conditions, delivery of a single shareholder report to investors who 
share an address (``householding''). Specifically, Rule 30e-2 permits 
householding of annual and semi-annual reports by UITs to satisfy the 
delivery requirements of Rule 30e-2 if, in addition to the other 
conditions set forth in the rule, the UIT has obtained from each 
applicable investor written or implied consent to the householding of 
shareholder reports at such address. The rule requires UITs that wish 
to household shareholder reports with implied consent to send a notice 
to each applicable investor stating that the investors in the household 
will receive one report in the future unless the investors provide 
contrary instructions. In addition, at least once a year, UITs relying 
on the rule for householding must explain to investors who have 
provided written or implied consent how they can revoke their consent. 
Preparing and sending the initial notice and the annual explanation of 
the right to revoke consent are collections of information under the 
Paperwork Reduction Act. The purpose of the notice and annual 
explanation requirements associated with the householding provisions of 
the rule is to ensure that investors who wish to receive individual 
copies of shareholder reports are able to do so.
    The Commission estimates that as of 2009, approximately 820 UITs 
were subject to the provisions of Rule 30e-2. The Commission further 
estimates that the annual burden associated with Rule 30e-2 is 121 
hours for each UIT, including an estimated 20 hours associated with the 
notice requirement for householding and an estimated 1 hour associated 
with the explanation of the right to revoke consent to householding, 
for a total of 99,220 burden hours.
    In addition to the burden hours, the Commission estimates that the 
cost of contracting for outside services associated with complying with 
Rule 30e-2 is $20,000 per respondent (80 hours times $250 per hour for 
independent auditor services), for a total of $16,400,000 ($20,000 per 
respondent times 820 respondents).
    These estimates are made solely for the purposes of the Paperwork 
Reduction Act, and are not derived from a comprehensive or even a 
representative survey or study of the costs of Commission rules and 
forms.
    The collection of information under Rule 30e-2 is mandatory. The 
information provided under Rule 30e-2 is not kept confidential. The 
Commission may not conduct or sponsor, and a person is not required to 
respond to, a collection of information unless it displays a currently 
valid OMB control number.
    Written comments are invited on: (a) Whether the proposed 
collections of information are 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 collections of information; (c) ways to enhance the 
quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collections 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 Charles Boucher, 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: July 21, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-17769 Filed 7-23-09; 8:45 am]

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