[Federal Register Volume 60, Number 147 (Tuesday, August 1, 1995)]
[Notices]
[Pages 39199-39200]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18815]
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SECURITIES AND EXCHANGE COMMISSION
Requests Under Review by the Office of Management and Budget
Agency Clearance Officer: Michael E. Bartell, (202) 942-8800
Upon Written Request, Copy Available From: Securities and Exchange
Commission, Office of Filings and Information Services, 450 Fifth
Street NW., Washington, D.C. 02549
Proposed Amendments to:
Form N-1A, File No. 270-21
Form N-3, File No. 270-281
Form 12b-25, File No. 270-71
Proposed New Rule:
Rule 30b3-1, File No. 270-402
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1980 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted for OMB approval proposed
amendments and a new proposed rule for the following:
Form N-1A is the registration form used by open-end management
investment companies (``mutual funds'') to comply with the registration
statement requirements of the Investment Company Act of 1940 (``1940
Act'') and to register their securities under the Securities Act of
1933 (``1933 Act''). Form N-1A permits mutual funds, including money
market funds, to provide investors with a simplified prospectus
covering matters of fundamental importance about the funds. More
detailed information is provided to interested investors through the
Statement of Additional Information (``SAI'').
The proposed amendments would primarily affect money market
funds.The amendments are intended to shorten and simplify prospectuses
for money market funds by permitting the funds to transfer substantial
amounts of detailed information regarding their investment policies and
operations to the SAI, and by otherwise simplifying the form's
requirements and instructions. While prospectuses are widely
distributed by funds to shareholders and potential investors, the SAI
need only be made available to investors upon request. As a result, it
is believed that the approximately 1,300 money market funds subject to
Form N-1A's requirements would experience reduced printing and mailing
costs associated with a briefer prospectus. There would be no reduction
or increase in the reporting burden incurred by money market funds when
they file their Form N-1A registration statements with the Commission
because the funds would continue to be required to provide almost all
of the information eliminated from the prospectus in the SAI. As a
result, the estimated reporting burden for a money market fund filing
Form N-1A if the proposed amendments are adopted would continue to be
1,064.24 hours.
Similar amendments are being proposed to Form N-3, the registration
form used by separate accounts organized as management investment
companies (``separate accounts'') to comply with the registration
statement requirements of the 1940 Act and to register their securities
under the 1933 Act. These amendments would shorten the prospectuses of
separate accounts that are money market funds and the 53 separate money
market accounts subject to Form N-3's requirements would experience a
reduction in printing and mailing costs associated with a briefer
prospectus. As described above with regard to Form N-1A, there will be
no change in the burden associated with filing Form N-3 registration
statements with the Commission because filers would continue to be
required to provide almost all of the information eliminated from the
prospectus in the SAI. As a result, the estimated reporting burden for
a money market account filing Form N-3 if the proposed amendments are
adopted would continue to be 518 hours.
Additional amendments are being proposed that would not impose any
additional recordkeeping or reporting burden on funds.
Rule 12b-25 under the Securities Exchange Act of 1934 (``1934
Act'') prescribes the manner in which notification should be given to
the Commission when certain reports required by the 1934 and 1940 Acts
and rules thereunder are filed late. Form 12b-25 is a notification of
the late filing by a registrant. All burdens associated with Rule 12b-
25 are reflected in the burdens reports for Form 12b-25. Under current
burden estimates, 4,266 respondents file Form 12b-25 annually at 2.5
burden hours per response with a total annual burden of 10,655 hours.
Under the amendment to form 12b-25
[[Page 39200]]
being proposed, it is estimated that an additional 220 respondents will
file Form 12b-25 annually at 2.5 burden hours per response, for an
additional annual burden of 550 hours, and a revised total burden of
11,105 hours.
Proposed Rule 30b3-1 requires money market funds to file quarterly
reports with the Commission detailing their portfolio holdings. This
information will better enable the Commission to detect and deter money
market fund non-compliance with the federal securities laws,
particularly Rule 2a-7 under the 1940 Act, the rule which restricts the
types of instruments in which money market funds can invest. The
reports would be filed electronically through the Commission's
electronic filing system, called EDGAR (Electronic Data Gathering,
Analysis and Retrieval). It is estimated that 1,300 respondents will
file the report four times a year at 2 burden hours per response for a
total burden of 10,400 hours annually.
General comments and comments concerning the accuracy of the
estimated average burden hours for compliance with Commission rules and
forms should be directed to Michael E. Bartell, Associate Executive
Director, Securities and Exchange Commission, 450 Fifth Street, N.W.,
Washington, D.C. 20549, and the Clearance Officer for the SEC, Project
Numbers 3235-0307 (Form N-1A), 3235-0316 (Form N-3), and 3235-0058
(Form 12b-25), Office of Management and Budget, Room 3208, New
Executive Office Building, Washington, D.C. 20543.
Dated: July 24, 1995.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-18815 Filed 7-31-95; 8:45 am]
BILLING CODE 8010-01-M