[Federal Register Volume 77, Number 89 (Tuesday, May 8, 2012)]
[Notices]
[Pages 27101-27102]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-11005]
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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:
Form N-4; SEC File No. 270-282; OMB Control No. 3235-0318.
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 collection of information is entitled: ``Form N-4 (17 CFR
239.17b) under the Securities Act of 1933 and (17 CFR 274.11c) under
the Investment Company Act of 1940, registration statement of separate
accounts organized as unit investment trust.'' Form N-4 is the form
used by insurance company separate accounts organized as unit
investment trusts that offer variable annuity contracts to register as
investment companies under the Investment Company Act of 1940 (15
U.S.C. 80a-1 et seq.) and/or to register their securities under the
Securities Act of 1933 (15 U.S.C. 77a et seq.). 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
registration statement be effective before any securities are sold, and
Section 8 of the Investment Company Act (15 U.S.C. 80a-8) provides for
the registration of investment companies. Pursuant to Form N-4,
separate accounts organized as unit investment trusts that offer
variable annuity contracts provide investors with a prospectus and a
statement of additional information covering essential information
about a separate account. 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 or at the time of sale or
delivery of securities.
The purpose of Form N-4 is to meet the filing and disclosure
requirements of the Securities Act and the Investment Company Act and
to enable filers to provide investors with information necessary to
evaluate an investment in a security. The information required to be
filed with the Commission permits verification of compliance with
securities law requirements and assures the public availability and
dissemination of the information.
The estimated annual number of filings on Form N-4 is 124 initial
registration statements and 1,127 post-effective amendments. The
estimated average number of portfolios per filing is one, both for
initial registration statements and post-effective amendments on Form
N-4. Accordingly, the estimated number of portfolios referenced in
initial Form N-4 filings annually is 124 and the estimated number of
portfolios referenced in post-effective amendment filings on Form N-4
annually is 1,127. The estimate of the annual hour burden for Form N-4
is approximately 278.5 hours per initial registration statement and
197.25 hours per post-effective amendment, for a total of 256,834.75
hours ((124 initial registration statements x 278.5 hours) + (1,127
post-effective amendments x 197.25 hours)).
The current estimated annual cost burden for preparing an initial
Form N-4 filing is $22,319 per portfolio and the current estimated
annual cost burden for preparing a post-effective amendment filing on
Form N-4 is $21,155 per portfolio. The Commission estimates that, on an
annual basis, 124 portfolios will be referenced in initial Form N-4
filings and 1,127 portfolios will be referenced in post-effective
amendment filings on Form N-4. Thus, the estimated total annual cost
burden allocated to Form N 4 would be $26,609,241 ((124 x $22,319) +
(1,127 x $21,155)).
Providing the information required by Form N-4 is mandatory.
Responses will not be kept confidential. Estimates of average burden
hours are made solely for the purposes of the Paperwork Reduction Act,
and are not derived from a comprehensive or even a representative
survey or study of the costs of Commission rules and forms. 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.
[[Page 27102]]
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 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: May 2, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-11005 Filed 5-7-12; 8:45 am]
BILLING CODE 8011-01-P