[Federal Register Volume 80, Number 91 (Tuesday, May 12, 2015)]
[Notices]
[Pages 27219-27220]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11370]
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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 FOIA Services,
[[Page 27220]]
100 F Street NE., Washington, DC 20549-2736.
Extension:
Rule 30e-2, SEC File No. 270-437, OMB Control No. 3235-0494.
Notice is hereby given that, under the Paperwork Reduction Act of
1995 (44 U.S.C. 3501 et seq.), (``Paperwork Reduction Act'') the
Securities and Exchange Commission (the ``Commission'') has submitted
to the Office of Management and Budget (``OMB'') a request for
extension of the previously approved collection of information
discussed below.
Rule 30e-2 (17 CFR 270.30e-2) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act'') requires
registered unit investment trusts (``UITs'') that invest substantially
all of their assets in shares of a management investment company
(``fund'') to send their unitholders annual and semiannual reports
containing financial information on the underlying company.
Specifically, rule 30e-2 requires that the report contain all the
applicable information and financial statements or their equivalent,
required by rule 30e-1 under the Investment Company Act (17 CFR
270.30e-1) to be included in reports of the underlying fund for the
same fiscal period. Rule 30e-1 requires that the underlying fund's
report contain, among other things, the information that is required to
be included in such reports by the fund's registration statement form
under the Investment Company Act. The purpose of this requirement is to
apprise current shareholders of the operational and financial condition
of the UIT. Absent the requirement to disclose all material information
in reports, investors would be unable to obtain accurate information
upon which to base investment decisions and consumer confidence in the
securities industry might be adversely affected. Requiring the
submission of these reports to the Commission permits us to verify
compliance with securities law requirements.
Rule 30e-2, however, permits, under certain conditions, delivery of
a single shareholder report to investors who share an address
(``householding''). Specifically, rule 30e-2 permits householding of
annual and semi-annual reports by UITs to satisfy the delivery
requirements of rule 30e-2 if, in addition to the other conditions set
forth in the rule, the UIT has obtained from each applicable investor
written or implied consent to the householding of shareholder reports
at such address. The rule requires UITs that wish to household
shareholder reports with implied consent to send a notice to each
applicable investor stating that the investors in the household will
receive one report in the future unless the investors provide contrary
instructions. In addition, at least once a year, UITs relying on the
rule for householding must explain to investors who have provided
written or implied consent how they can revoke their consent. The
purpose of the notice and annual explanation requirements associated
with the householding provisions of the rule is to ensure that
investors who wish to receive individual copies of shareholder reports
are able to do so.
The Commission estimates that the annual burden associated with
rule 30e-2 is 121 hours per respondent, including an estimated 20 hours
associated with the notice requirement for householding and an
estimated 1 hour associated with the explanation of the right to revoke
consent to householding. The Commission estimates that there are
currently approximately 700 UITs. Therefore, the Commission estimates
that the total hour burden is approximately 84,700 hours. In addition
to the burden hours, the Commission estimates that the annual cost of
contracting for outside services associated with rule 30e-2 is $20,000
per respondent, for a total cost of approximately $14,000,000.
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 representative survey or study of the costs of Commission rules
and forms. The collection of information under rule 30e-2 is mandatory.
The information provided under rule 30e-2 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 OMB control number.
The public may view the background documentation for this
information collection at the following Web site, www.reginfo.gov.
Comments should be directed to: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503, or by sending an email to:
[email protected]; and (ii) Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email
to: [email protected]. Comments must be submitted to OMB within 30
days of this notice.
Dated: May 6, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-11370 Filed 5-11-15; 8:45 am]
BILLING CODE 8011-01-P