80 FR 16719 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 60 (March 30, 2015)

[Federal Register Volume 80, Number 60 (Monday, March 30, 2015)]
[Notices]
[Pages 16719-16720]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-07130]


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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, 100 F Street NE., Washington, DC 
20549-2736.

Extension:
    Rule 6c-7; SEC File No. 270-269, OMB Control No. 3235-0276.

    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'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Rule 6c-7 (17 CFR 270.6c-7) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) (``1940 Act'') provides exemption from 
certain provisions of Sections 22(e) and 27 of the 1940 Act for 
registered separate accounts offering variable annuity contracts to 
certain employees of Texas institutions of higher education 
participating in the Texas Optional Retirement Program. There are

[[Page 16720]]

approximately 50 registrants governed by Rule 6c-7. The burden of 
compliance with Rule 6c-7, in connection with the registrants obtaining 
from a purchaser, prior to or at the time of purchase, a signed 
document acknowledging the restrictions on redeem ability imposed by 
Texas law, is estimated to be approximately 3 minutes per response for 
each of approximately 2,300 purchasers annually (at an estimated $64 
per hour),\1\ for a total annual burden of 115 hours (at a total annual 
cost of $7,360).
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    \1\ $64/hour figure for a Compliance Clerk is from SIFMA's 
Office Salaries in the Securities Industry 2013 survey, modified by 
Commission staff to account for an 1800-hour work year and 
multiplied by 2.93 to account for bonuses, firm size, employee 
benefits and overhead.
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    Rule 6c-7 requires that the separate account's registration 
statement under the Securities Act of 1933 (15 U.S.C. 77a et seq.) 
include a representation that Rule 6c-7 is being relied upon and is 
being complied with. This requirement enhances the Commission's ability 
to monitor utilization of and compliance with the rule. There are no 
recordkeeping requirements with respect to Rule 6c-7.
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules or forms. The Commission does not include in the 
estimate of average burden hours the time preparing registration 
statements and sales literature disclosure regarding the restrictions 
on redeem ability imposed by Texas law. The estimate of burden hours 
for completing the relevant registration statements are reported on the 
separate PRA submissions for those statements. (See the separate PRA 
submissions for Form N-3 (17 CFR 274.11b) and Form N-4 (17 CFR 
274.11c).)
    Complying with the collection of information requirements of the 
rules is necessary to obtain a benefit. 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.
    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: March 24, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-07130 Filed 3-27-15; 8:45 am]
 BILLING CODE 8011-01-P