[Federal Register Volume 77, Number 30 (Tuesday, February 14, 2012)]
[Notices]
[Pages 8297-8298]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-3335]
=======================================================================
-----------------------------------------------------------------------
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 6c-7; SEC File No. 270-269; OMB Control No. 3235-0276.
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
[[Page 8298]]
plans to submit this existing collection of information to the Office
of Management and Budget for extension and approval.
Rule 6c-7 (17 CFR 270.6c-7) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (``1940 Act'') provides exemption from
certain provisions of Sections 22(e) and 27 of the 1940 Act for
registered separate accounts offering variable annuity contracts to
certain employees of Texas institutions of higher education
participating in the Texas Optional Retirement Program. There are
approximately 50 registrants governed by Rule 6c-7. The burden of
compliance with Rule 6c-7, in connection with the registrants obtaining
from a purchaser, prior to or at the time of purchase, a signed
document acknowledging the restrictions on redeemability imposed by
Texas law, is estimated to be approximately 3 minutes of professional
time per response for each of approximately 2400 purchasers annually
(at an estimated $67 per hour),\1\ for a total annual burden of 120
hours (at a total annual cost of $8,040).
---------------------------------------------------------------------------
\1\ $67/hour figure for a Compliance Clerk is from SIFMA's
Office Salaries in the Securities Industry 2010, modified by
Commission staff to account for an 1800-hour work year and
multiplied by 2.93 to account for bonuses, firm size, employee
benefits and overhead.
---------------------------------------------------------------------------
The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act, and is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules or forms. The Commission does not include in the
estimate of average burden hours the time preparing registration
statements and sales literature disclosure regarding the restrictions
on redeemability imposed by Texas law. The estimate of burden hours for
completing the relevant registration statements are reported on the
separate PRA submissions for those statements. (See the separate PRA
submissions for Form N-3 (17 CFR 274.11b) and Form N-4 (17 CFR
274.11c.)
The Commission requests written comments 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 Thomas Bayer, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an
email to: [email protected].
Dated: February 8, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-3335 Filed 2-13-12; 8:45 am]
BILLING CODE 8011-01-P