Document ID: SEC-2008-0542-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2008-04-09T04:00Z

[Federal Register: April 9, 2008 (Volume 73, Number 69)]
[Notices]               
[Page 19267-19268]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09ap08-88]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Submission for OMB Review; Comment Request

Upon written request, copies available from: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 27d-1 and Form N-27D-1, SEC File No. 270-499, OMB Control 
No. 3235-0560.

    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

[[Page 19268]]

``Commission'') has submitted to the Office of Management and Budget a 
request for approval of the collections of information under the 
Investment Company Act of 1940 (``Act'') summarized below.
    Rule 27d-1 (17 CFR 270.27d-1) is entitled ``Reserve Requirements 
for Principal Underwriters and Depositors to Carry Out the Obligations 
to Refund Charges Required by Section 27(d) and Section 27(f) of the 
Act.'' Form N-27D-1 (17 CFR 274.127d-1) is entitled ``Accounting of 
Segregated Trust Account.'' Rule 27d-1 requires the depositor or 
principal underwriter for an issuer of a periodic payment plan to 
deposit funds into a segregated trust account to provide assurance of 
its ability to fulfill its refund obligations under sections 27(d) and 
27(f). The rule sets forth minimum reserve amounts and guidelines for 
the management and disbursement of the assets in the account. A single 
account may be used for the periodic payment plans of multiple 
investment companies. Rule 27d-1(j) directs depositors and principal 
underwriters to make an accounting of their segregated trust accounts 
on Form N-27D-1, which is intended to facilitate the Commission's 
oversight of compliance with the reserve requirements set forth in rule 
27d-1. The form requires depositors and principal underwriters to 
report deposits to a segregated trust account, including those made 
pursuant to paragraphs (c) and (e) of the rule. Withdrawals pursuant to 
paragraph (f) of the rule also must be reported. In addition, the form 
solicits information regarding the minimum amount required to be 
maintained under paragraphs (d) and (e) of rule 27d-1. Depositors and 
principal underwriters must file the form once a year on or before 
January 31 of the year following the year for which information is 
presented.\1\
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    \1\ Instead of relying on rule 27d-1 and filing Form N-27D-1, 
depositors or principal underwriters for the issuers of periodic 
payment plans may rely on the exemption afforded by rule 27d-2. In 
order to comply with rule 27d-2: (i) The depositor or principal 
underwriter must secure from an insurance company a written 
guarantee of the refund requirements, (ii) the insurance company 
must satisfy certain financial criteria, and (iii) the depositor or 
principal underwriter must file as an exhibit to the issuer's 
registration statement, a copy of the written undertaking, an annual 
statement that the insurance company has met the requisite financial 
criteria on a monthly basis, and an annual audited balance sheet.
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    Rule 27d-1, which was explicitly authorized by statute, provides 
assurance that depositors and principal underwriters of issuers have 
access to sufficient cash to meet the demands of certificate holders 
who reconsider their decisions to invest in a periodic payment plan. 
The information collection requirements in rule 27d-1 enable the 
Commission to monitor compliance with reserve rules.
    The depositor or principal underwriter of issuers must file a Form 
N-27D-1 annually. The Commission received zero Form N-27D-1 filings in 
2007. Therefore, the total annual hour burden associated with rule 27d-
1 and Form N-27d-1 is estimated to be zero hours.
    The estimates of average burden hours and costs 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.\2\
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    \2\ These estimates are based on telephone interviews between 
the Commission staff and representatives of depositors or principle 
underwriters of periodic payment plan issuers.
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    Complying with the collection of information requirements of rule 
27d-1 is mandatory for depositors or principal underwriters of issuers 
of periodic payment plans unless they comply with the requirements in 
rule 27d-2 (17 CFR 270.27d-2).\3\ The information provided pursuant to 
rule 27d-1 is public and, therefore, 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 OMB control number.
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    \3\ The information collection requirements for rule 27d-2 are 
covered in a separate Federal Register notice under OMB Control No. 
3235-0566.
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    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Management and Budget, Room 10102, New Executive 
Office Building, Washington, DC 20503 or e-mail to: Alexander--T.--
Hunt@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information 
Officer, 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. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: April 2, 2008.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-7395 Filed 4-8-08; 8:45 am]

BILLING CODE 8011-01-P