80 FR 13053 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 48 (March 12, 2015)

Page Range		13053-13053
FR Document		2015-05601
Federal Register, Volume 80 Issue 48 (Thursday, March 12, 2015)
[Federal Register Volume 80, Number 48 (Thursday, March 12, 2015)]
[Notices]
[Page 13053]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-05601]



[[Page 13053]]

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SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0503, SEC File No. 270-446]


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:
    Form N-6.

    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 title for the collection of information is ``Form N-6 (17 CFR 
239.17c and 274.11d) under the Securities Act of 1933 (15 U.S.C. 77a et 
seq.) and under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et 
seq.) registration statement of separate accounts organized as unit 
investment trusts that offer variable life insurance policies.'' Form 
N-6 is the form used by insurance company separate accounts organized 
as unit investment trusts that offer variable life insurance contracts 
to register as investment companies under the Investment Company Act of 
1940 and/or to register their securities under the Securities Act of 
1933. The primary purpose of the registration process is to provide 
disclosure of financial and other information to investors and 
potential investors for the purpose of evaluating an investment in a 
security. Form N-6 also requires separate accounts organized as unit 
investment trusts that offer variable life insurance policies to 
provide investors with a prospectus and a statement of additional 
information (``SAI'') covering essential information about the separate 
account when it makes an initial or additional offering of its 
securities.
    The Commission estimates that approximately 472 registration 
statements (396 post-effective amendments plus 76 initial registration 
statements) are filed on Form N-6 annually. The estimated hour burden 
per portfolio for preparing and filing an initial registration 
statement on Form N-6 is 770.25 hours. The estimated annual hour burden 
for preparing and filing initial registration statements is 58,539 
hours (76 initial registration statements annually times 770.25 hours 
per registration statement). The Commission estimates that the hour 
burden for preparing and filing a post-effective amendment on Form N-6 
is 67.5 hours. The total annual hour burden for preparing and filing 
post-effective amendments is 26,730 hours (396 post-effective 
amendments annually times 67.5 hours per amendment). The frequency of 
response is annual. The total annual hour burden for Form N-6, 
therefore, is estimated to be 85,269 hours (58,539 hours for initial 
registration statements plus 26,730 hours for post-effective 
amendments).
    The Commission estimates that the cost burden for preparing an 
initial Form N-6 filing is $24,169 per portfolio and the current cost 
burden for preparing a post-effective amendment to a previously 
effective registration statement is $8,788 per portfolio. The 
Commission estimates that, on an annual basis, 76 portfolios will be 
referenced in an initial Form N-6 and 396 portfolios will be referenced 
in a post-effective amendment of Form N-6. Thus, the total cost burden 
allocated to Form N-6 would be $5,316,892.
    The information collection requirements imposed by Form N-6 are 
mandatory. Responses to the collection of information 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.
    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 6, 2015.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-05601 Filed 3-11-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 48 / Thursday, March 12, 2015 / Notices 13053

SECURITIES AND EXCHANGE 58,539 hours (76 initial registration Exchange Commission, C/O Remi
COMMISSION statements annually times 770.25 hours Pavlik-Simon, 100 F Street NE.,
per registration statement). The Washington, DC 20549; or send an email
[OMB Control No. 3235–0503, SEC File No.
Commission estimates that the hour to: PRA_Mailbox@sec.gov.
270–446]
burden for preparing and filing a post- Dated: March 6, 2015.
Proposed Collection; Comment effective amendment on Form N–6 is
Jill M. Peterson,
Request 67.5 hours. The total annual hour
Assistant Secretary.
burden for preparing and filing post-
Upon Written Request, Copies Available effective amendments is 26,730 hours [FR Doc. 2015–05601 Filed 3–11–15; 8:45 am]
From: Securities and Exchange (396 post-effective amendments BILLING CODE 8011–01–P
Commission, Office of FOIA Services, annually times 67.5 hours per
100 F Street NE., Washington, DC amendment). The frequency of response
20549–2736. is annual. The total annual hour burden SECURITIES AND EXCHANGE
for Form N–6, therefore, is estimated to COMMISSION
Extension:
Form N–6. be 85,269 hours (58,539 hours for initial
Proposed Collection; Comment
registration statements plus 26,730
Notice is hereby given that, pursuant Request
hours for post-effective amendments).
to the Paperwork Reduction Act of 1995 The Commission estimates that the
(44 U.S.C. 3501 et seq.), the Securities Upon Written Request, Copies Available
cost burden for preparing an initial From: Securities and Exchange
and Exchange Commission (the Form N–6 filing is $24,169 per portfolio
‘‘Commission’’) is soliciting comments Commission, Office of FOIA Services,
and the current cost burden for 100 F Street NE., Washington, DC
on the collection of information preparing a post-effective amendment to
summarized below. The Commission 20549–2736.
a previously effective registration
plans to submit this existing collection Extension:
statement is $8,788 per portfolio. The Rule 15g–5, SEC File No. 270–348, OMB
of information to the Office of Commission estimates that, on an
Management and Budget for extension Control No. 3235–0394.
annual basis, 76 portfolios will be
and approval. referenced in an initial Form N–6 and Notice is hereby given that pursuant
The title for the collection of 396 portfolios will be referenced in a to the Paperwork Reduction Act of 1995
information is ‘‘Form N–6 (17 CFR post-effective amendment of Form N–6. (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
239.17c and 274.11d) under the Thus, the total cost burden allocated to Securities and Exchange Commission
Securities Act of 1933 (15 U.S.C. 77a et Form N–6 would be $5,316,892. (‘‘Commission’’) is soliciting comments
seq.) and under the Investment The information collection on the existing collection of information
Company Act of 1940 (15 U.S.C. 80a–1 requirements imposed by Form N–6 are provided for in Rule 15g–5—Disclosure
et seq.) registration statement of separate mandatory. Responses to the collection of Compensation to Associated Persons
accounts organized as unit investment of information will not be kept in Connection with Penny Stock
trusts that offer variable life insurance confidential. Estimates of average Transactions—(17 CFR 240.15g–5)
policies.’’ Form N–6 is the form used by burden hours are made solely for the under the Securities Exchange Act of
insurance company separate accounts purposes of the Paperwork Reduction 1934 (15 U.S.C. 78a et seq.). The
organized as unit investment trusts that Act, and are not derived from a Commission plans to submit this
offer variable life insurance contracts to comprehensive or even a representative existing collection of information to the
register as investment companies under survey or study of the costs of Office of Management and Budget
the Investment Company Act of 1940 Commission rules and forms. An agency (‘‘OMB’’) for extension and approval.
and/or to register their securities under may not conduct or sponsor, and a Rule 15g–5 requires brokers and
the Securities Act of 1933. The primary person is not required to respond to a dealers to disclose to customers the
purpose of the registration process is to collection of information unless it amount of compensation to be received
provide disclosure of financial and displays a currently valid control by their sales agents in connection with
other information to investors and number. penny stock transactions. The purpose
potential investors for the purpose of Written comments are invited on: (a) of the rule is to increase the level of
evaluating an investment in a security. Whether the proposed collection of disclosure to investors concerning
Form N–6 also requires separate information is necessary for the proper penny stocks generally and specific
accounts organized as unit investment performance of the functions of the penny stock transactions.
trusts that offer variable life insurance agency, including whether the The Commission estimates that
policies to provide investors with a information will have practical utility; approximately 221 broker-dealers will
prospectus and a statement of additional (b) the accuracy of the agency’s estimate spend an average of 87 hours annually
information (‘‘SAI’’) covering essential of the burden of the collection of to comply with the rule. Thus, the total
information about the separate account information; (c) ways to enhance the compliance burden is approximately
when it makes an initial or additional quality, utility, and clarity of the 19,245 burden-hours per year.
offering of its securities. information collected; and (d) ways to Written comments are invited on: (a)
The Commission estimates that minimize the burden of the collection of Whether the proposed collection of
approximately 472 registration information on respondents, including information is necessary for the proper
statements (396 post-effective through the use of automated collection performance of the functions of the
asabaliauskas on DSK5VPTVN1PROD with NOTICES

amendments plus 76 initial registration techniques or other forms of information agency, including whether the
statements) are filed on Form N–6 technology. Consideration will be given information will have practical utility;
annually. The estimated hour burden to comments and suggestions submitted (b) the accuracy of the agency’s estimate
per portfolio for preparing and filing an in writing within 60 days of this of the burden of the collection of
initial registration statement on Form publication. information; (c) ways to enhance the
N–6 is 770.25 hours. The estimated Please direct your written comments quality, utility, and clarity of the
annual hour burden for preparing and to Pamela Dyson, Director/Chief information collected; and (d) ways to
filing initial registration statements is Information Officer, Securities and minimize the burden of the collection of

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Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 13053