Document ID: SEC-2023-0221-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2023-04-27T04:00Z

[Federal Register Volume 88, Number 81 (Thursday, April 27, 2023)]
[Notices]
[Page 25717]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-08879]

[[Page 25717]]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-281, OMB Control No. 3235-0316]

Submission for OMB Review; Comment Request; Extension: Form N-3

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    The title for the collection of information is ``Form N-3 (17 CFR 
239.17a and 274.11b) under the Securities Act of 1933 (15 U.S.C. 77) 
and under the Investment Company Act of 1940 (15 U.S.C. 80a), 
Registration Statement of Separate Accounts Organized as Management 
Investment Companies.'' Form N-3 is the form used by separate accounts 
offering variable annuity contracts which are organized as management 
investment companies to register under the Investment Company Act of 
1940 (``Investment Company Act'') and/or to register their securities 
under the Securities Act of 1933 (``Securities Act''). Form N-3 is also 
the form used to file a registration statement under the Securities Act 
(and any amendments thereto) for variable annuity contracts funded by 
separate accounts which would be required to be registered under the 
Investment Company Act as management investment companies except for 
the exclusion provided by Section 3(c)(11) of the Investment Company 
Act (15 U.S.C. 80a-3(c)(11)). 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 separate account to 
register as an investment company.
    Form N-3 also permits separate accounts offering variable annuity 
contracts which are organized as investment companies to provide 
investors with a prospectus and a statement of additional information 
covering essential information about the separate account 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 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.
    Commission staff estimates that there will be 1 initial 
registration statement over the next three years and 6 insurer separate 
accounts that file post-effective amendments on Form N-3 per year, with 
an average of 3 investment options per post-effective amendment. The 
Commission further estimates that the hour burden for preparing and 
filing a post-effective amendment on Form N-3 is 157.55 hours per 
portfolio. The total annual hour burden for preparing and filing post-
effective amendments is 2,836 hours (6 post-effective amendments x 3 
investment options per post-effective amendment x 157.55 hours per 
portfolio). The estimated annual hour burden for preparing and filing 
initial registration statements is 309 hours. The total annual hour 
burden for Form N-3, therefore, is estimated to be 3,145 hours (2,836 
hours + 309 hours). Respondents may rely on outside counsel or auditors 
in connection with the preparation and filing of Form N-3. Commission 
staff estimates that the annual cost burden associated with preparing 
and filing Form N-3 is $139,696.
    The information collection requirements imposed by Form N-3 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.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
by May 30, 2023 to (i) [email protected] and 
(ii) David Bottom, Director/Chief Information Officer, Securities and 
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 
20549, or by sending an email to: [email protected].

    Dated: April 24, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-08879 Filed 4-26-23; 8:45 am]
BILLING CODE 8011-01-P