81 FR 12159 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 45 (March 8, 2016)

[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)]
[Notices]
[Pages 12159-12160]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05044]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-297, OMB Control No. 3235-0336]


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:
    Form N-14.


[[Page 12160]]


    Notice is hereby given that, under the Paperwork Reduction Act of 
1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), the 
Securities and Exchange Commission (the ``Commission'') has submitted 
to the Office of Management and Budget (``OMB'') a request for 
extension of the previously approved collection of information 
discussed below.
    Form N-14 (17 CFR 239.23) is the form for registration under the 
Securities Act of 1933 (15 U.S.C. 77a et seq.) (``Securities Act'') of 
securities issued by management investment companies registered under 
the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) 
(``Investment Company Act'') and business development companies as 
defined by Section 2(a)(48) of the Investment Company Act in: (1) A 
transaction of the type specified in rule 145(a) under the Securities 
Act (17 CFR 230.145(a)); (2) a merger in which a vote or consent of the 
security holders of the company being acquired is not required pursuant 
to applicable state law; (3) an exchange offer for securities of the 
issuer or another person; (4) a public reoffering or resale of any 
securities acquired in an offering registered on Form N-14; or (5) two 
or more of the transactions listed in (1) through (4) registered on one 
registration statement. The principal purpose of Form N-14 is to make 
material information regarding securities to be issued in connection 
with business combination transactions available to investors. The 
information required to be filed with the Commission permits 
verification of compliance with securities law requirements and assures 
the public availability and dissemination of such information. Without 
the registration statement requirement, material information may not 
necessarily be available to investors.
    We estimate that approximately 124 funds each file one new 
registration statement on Form N-14 annually, and that 68 funds each 
file one amendment to a registration statement on Form N-14 annually. 
Based on conversations with fund representatives, we estimate that the 
reporting burden is approximately 620 hours per respondent for a new 
Form N-14 registration statement and 300 hours per respondent for 
amending the Form N-14 registration statement. This time is spent, for 
example, preparing and reviewing the registration statements. 
Accordingly, we calculate the total estimated annual internal burden of 
responding to Form N-14 to be approximately 97,280 hours. In addition 
to the burden hours, based on conversations with fund representatives, 
we estimate that the total cost burden of compliance with the 
information collection requirements of Form N-14 is approximately 
$27,500 for preparing and filing an initial registration statement on 
Form N-14 and approximately $16,000 for preparing and filing an 
amendment to a registration statement on Form N-14. This includes, for 
example, the cost of goods and services purchased to prepare and update 
registration statements on Form N-14, such as for the services of 
outside counsel. Accordingly, we calculate the total estimated annual 
cost burden of responding to Form N-14 to be approximately $4,498,000.
    Estimates of the 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 Form N-
14 is mandatory. The information provided under Form N-14 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.
    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 1, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05044 Filed 3-7-16; 8:45 am]
BILLING CODE 8011-01-P