80 FR 12239 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 44 (March 6, 2015)

[Federal Register Volume 80, Number 44 (Friday, March 6, 2015)]
[Notices]
[Pages 12239-12240]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-05219]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 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, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), 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 (``OMB'') for extension and 
approval.
    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

[[Page 12240]]

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 annual 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.
    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 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].

    Dated: March 2, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-05219 Filed 3-5-15; 8:45 am]
 BILLING CODE 8011-01-P