Document ID: SEC-2023-0221-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2023-02-23T05:00Z

[Federal Register Volume 88, Number 36 (Thursday, February 23, 2023)]
[Notices]
[Pages 11496-11497]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-03771]

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SECURITIES AND EXCHANGE COMMISSION

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

Proposed Collection; 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'') 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.
    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

[[Page 11497]]

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 statements over the nest 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.
    Written comments are invited on: (a) whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission'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 by April 24, 2023.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John 
Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to: 
[email protected].

    Dated: February 17, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-03771 Filed 2-22-23; 8:45 am]
BILLING CODE 8011-01-P