Document ID: SEC-2008-1650-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2008-12-08T05:00Z

[Federal Register: December 8, 2008 (Volume 73, Number 236)]
[Notices]               
[Page 74537-74538]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08de08-88]                         

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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 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'') has submitted to the Office of 
Management and Budget a

[[Page 74538]]

request for extension of the previously approved collection of 
information discussed below.
    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.
    The collection of information under Rule 498 is required to obtain 
a benefit. The information provided by Rule 498 is not 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.
    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: 
nfraser@omb.eop.gov; and (ii) 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. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: December 1, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-28909 Filed 12-5-08; 8:45 am]

BILLING CODE 8011-01-P