[Federal Register Volume 60, Number 244 (Wednesday, December 20, 1995)] [Notices] [Pages 65695-65696] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 95-30857] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Request for Public Comment Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Extension: Rule 31a-2, SEC File No. 270-174, OMB Control No. 3235-0179; Rule 7d-1, SEC File No. 270-176, OMB Control No. 3235-0311; Form N-14, SEC File No. 270-297, OMB Control No. 3235-0336. 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 (``Commission'') is publishing the following summaries of collections for public comment. Rule 31a-2 concerns preservation of records by registered investment companies and certain majority-owned subsidiaries thereof. The Commission periodically inspects the operations of all registered investment companies to ensure their compliance with the provisions of the Investment Company Act of 1940 (``the Act'') and the rules thereunder. A significant portion of the time used in these inspections is spent reviewing the information contained in the books and records required to be preserved by Rule 31a-2. Each of the 4,902 respondents incur an average estimated 15.4 burden hours annually to comply with this requirement. Rule 7d-1 specifies conditions under which a Canadian (or other foreign) management investment company may request an order from the Commission permitting it to register under the Act. The rule's information collection requirements seek to ensure that the substantive provisions of the Act may be enforced as a matter of contract right in the Untied States or Canada by the company's shareholders or the Commission. The Commission believes that three Canadian investment companies and one other foreign investment company have registered under Rule 7d- 1 and are currently active. Apart from information collection requirements imposed on all registered investment companies (which are reflected in the information collection burdens applicable to those requirements), Rule 7d-1 imposes ongoing burdens to maintain in the United States records of the company and related records of its investment adviser and to update, as necessary, a list of affiliated persons of the company, investment adviser, and principal underwriter. The four companies and their associated persons spend approximately 101 hours annually complying with the requirements of the rule. This estimate is a revision of the 75 burden hours currently allocated to Rule 7d-1. The revision reflects the inclusion of an additional respondent and the Commission staff's administrative experience with the rule. Canadian and other foreign investment companies have not sought to register under the Act pursuant to Rule 7d-1 in the past three years. If a company were to file an application under the rule, the Commission estimates that the rule would impose initial information collection burdens of approximately 90 hours on the company and its associated persons. Since no fund has sought to register under the Act pursuant to Rule 7d-1 in the last three years, the Commission is not including those burdens in its calculation of the annual hours burdens. After registration, a foreign company may file a supplemental application seeking special exemptive relief from provisions of the Act based on the company's particular circumstances. Because such filings are not mandated by Rule 7d-1 and are made at a company's discretion, no burden hours are allocated for such applications. Form N-14 is the form for registration of securities to be issued by investment companies registered under the Act in business combination transactions [[Page 65696]] specified in Rule 145(a) and exchange offers. There are approximately 95 registrants filing annually on Form N-14. Approximately 58,900 hours are used to meet the requirements of Form N-14. This represents 620 hours per registrant per year. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive study or even a representative survey or study of the costs of SEC 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 shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondent, 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. Direct your written comments to Michael E. Bartell, Associate Executive Director, Office of Information Technology, Securities and Exchange Commission, 450 5th Street NW., Washington, DC 20549. Dated: December 13, 1995. Jonathan G. Katz, Secretary, [FR Doc. 95-30857 Filed 12-19-95; 8:45 am] BILLING CODE 8010-01-M