
[Federal Register: September 29, 2009 (Volume 74, Number 187)]
[Notices]               
[Page 49905-49906]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr29se09-88]                         

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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 Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 30e-2, SEC File No. 270-437, OMB Control No. 3235-0494.

    Notice is hereby given that, under the Paperwork Reduction Act of 
1995 (44 U.S.C. 350l et seq.), (the ``Paperwork Reduction Act'') 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.
    Section 30(e) of the Investment Company Act of 1940 (15 U.S.C. 80a-
29(e)) (the ``Investment Company Act'') and Rule 30e-2 \1\ (17 CFR 
270.30e-2) thereunder require registered unit investment trusts 
(``UITs'') that invest substantially all of their assets in securities 
of a management investment company \2\ (``fund'') to send to 
shareholders at least semi-annually a report containing certain 
financial statements and other information. Specifically, Rule 30e-2 
requires that the report contain the financial statements and other 
information that Rule 30e-1 under the Investment Company Act (17 CFR 
270.30e-1) requires to be included in the report of the underlying fund 
for the same fiscal period. Rule 30e-1 requires that the underlying 
fund's report contain, among other things, the financial statements and 
other information that is required to be included in such report by the 
fund's registration form.
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    \1\ Rule 30e-2 was originally adopted as Rule 30d-2, but was 
redesignated as Rule 30e-2 effective February 15, 2001. See Role of 
Independent Directors of Investment Companies, Investment Company 
Act Release No. 24816 (Jan. 2, 2001) (66 FR 3734 (Jan. 16, 2001)).
    \2\ Management investment companies are defined in Section 4 of 
the Investment Company Act as any investment company other than a 
face-amount certificate company or a unit investment trust, as those 
terms are defined in Section 4 of the Investment Company Act. See 15 
U.S.C. 80a-4.
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    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

[[Page 49906]]

industry might be adversely affected. Requiring the submission of these 
reports to the Commission permits us to verify compliance with 
securities law requirements. In addition, Rule 30e-2 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. 
Preparing and sending the initial notice and the annual explanation of 
the right to revoke consent are collections of information under the 
Paperwork Reduction Act. 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 as of 2009, approximately 820 UITs 
were subject to the provisions of Rule 30e-2. The Commission further 
estimates that the annual burden associated with Rule 30e-2 is 121 
hours for each UIT, 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, 
for a total of 99,220 burden hours.
    In addition to the burden hours, the Commission estimates that the 
cost of contracting for outside services associated with complying with 
Rule 30e-2 is $20,000 per respondent (80 hours times $250 per hour for 
independent auditor services), for a total of $16,400,000 ($20,000 per 
respondent times 820 respondents).
    These estimates 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.
    The collection of information under Rule 30e-2 is mandatory. The 
information provided under Rule 30e-2 is not 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 control number.
    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Management and Budget, Room 10102, New Executive 
Office Building, Washington, DC 20503 or send an e-mail to Shagufta 
Ahmed at Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, 
Director/CIO, Securities and Exchange Commission, C/O Shirley 
Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-
mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: September 23, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-23496 Filed 9-28-09; 8:45 am]

BILLING CODE 8010-01-P
