Document ID: SEC-2007-0859-0001
Agency: sec
Document Type: Notice
Title: Agency information collection activities; proposals, submissions, and approvals
Posted Date: 2007-06-25T04:00Z

[Federal Register: June 25, 2007 (Volume 72, Number 121)]
[Notices]               
[Page 34733-34734]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25jn07-140]                         

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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: Form N-1A, SEC File No. 270-21, OMB Control No. 3235-
0307.

    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 
(the ``Commission'') is soliciting comments on the collections of 
information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    Form N-1A (17 CFR 239.15A and 274.11A) is the form used by open-end 
management investment companies (``funds'') \1\ under the Investment 
Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company 
Act'') and/or to register their securities under the Securities Act of 
1933 (15 U.S.C. 77a et seq.) (``Securities Act''). Section 5 of the 
Securities Act (15 U.S.C. 77e) requires the filing of a registration 
statement prior to the offer of securities to the public and that the 
statement be effective before any securities are sold, and Section 8 of 
the Investment Company Act (15 U.S.C. 80a-8) requires a fund to 
register as an investment company. Form N-1A also permits funds to 
provide investors with a prospectus and a statement of additional 
information (``SAI'') covering essential information about the fund 
when it makes an initial or additional offering of its securities. 
Section 5(b) of the Securities Act requires that investors be provided 
with a prospectus containing the information required in a registration 
statement prior to the sale or

[[Page 34734]]

at the time of confirmation or delivery of the securities. The form 
also may be used by the Commission in its regulatory review, 
inspection, and policy-making roles.
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    \1\ Management investment companies typically issue shares 
representing an undivided proportionate interest in a changing pool 
of securities, and include open-end and closed-end companies. See T. 
Lemke, G. Lins, A. Smith III, Regulation of Investment Companies, 
Vol. I, ch. 4, Sec.  4.04, at 4-5 (2002). An open-end company is a 
management company that is offering for sale or has outstanding any 
redeemable securities of which it is the issuer. A closed-end 
company is any management company other than an open-end company. 
See Section 5 of the Investment Company Act (15 U.S.C. 80a-5). Open-
end companies generally offer and sell new shares to the public on a 
continuous basis. Closed-end companies generally engage in 
traditional underwritten offerings of a fixed number of shares and, 
in most cases, do not offer their shares to the public on a 
continuous basis.
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    The Commission estimates that there are 77 initial registration 
statements and 2,320 post-effective amendments to initial registration 
statements filed on Form N-1A annually and that the average number of 
portfolios referenced in each initial filing and post-effective 
amendment is 4.9. The Commission further estimates that the hour burden 
for preparing and filing a post-effective amendment on Form N-1A is 111 
hours per portfolio. The total annual hour burden for preparing and 
filing post-effective amendments is 1,261,848 hours (2,320 post-
effective amendments x 4.9 portfolios x 111 hours per portfolio). The 
estimated annual hour burden for preparing and filing initial 
registration statements is 313,336 hours (77 initial registration 
statements x 4.9 portfolios x 830.47 hours per portfolio). The total 
annual hour burden for Form N-1A, therefore, is estimated to be 
1,575,184 hours (1,261,848 hours + 313,336 hours).
    The information collection requirements imposed by Form N-1A are 
mandatory. Responses to the collection of information will not be kept 
confidential. An agency may not conduct or sponsor, and a person is not 
required to respond to a collection of information unless it displays a 
currently valid control number.
    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, Securities and Exchange Commission, c/o 
Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312 
or send an e-mail to: PRA_Mailbox@sec.gov.

    Dated: June 18, 2007.
Florence E. Harmon,
Deputy Secretary. .
 [FR Doc. E7-12193 Filed 6-22-07; 8:45 am]

BILLING CODE 8010-01-P