[Federal Register Volume 73, Number 191 (Wednesday, October 1, 2008)]
[Notices]
[Page 57160]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-22969]
[[Page 57160]]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; 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'') 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.
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.
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 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: [email protected].
Dated: September 24, 2008
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-22969 Filed 9-30-08; 8:45 am]
BILLING CODE 8011-01-P