
[Federal Register: November 25, 2009 (Volume 74, Number 226)]
[Notices]               
[Page 61720]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25no09-108]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Form N-3; SEC File No. 270-281; OMB Control No. 3235-0316.

    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-3 (17 CFR 
239.17a and 274.11b) under the Securities Act of 1933 (15 U.S.C. 77) 
and under the Investment Company Act of 1940 (15 U.S.C. 80a), 
Registration Statement of Separate Accounts Organized as Management 
Investment Companies.'' Form N-3 is the form used by separate accounts 
offering variable annuity contracts which are organized as management 
investment companies to register under the Investment Company Act of 
1940 (``Investment Company Act'') and/or to register their securities 
under the Securities Act of 1933 (``Securities Act''). Form N-3 is also 
the form used to file a registration statement under the Securities Act 
(and any amendments thereto) for variable annuity contracts funded by 
separate accounts which would be required to be registered under the 
Investment Company Act as management investment companies except for 
the exclusion provided by Section 3(c)(11) of the Investment Company 
Act (15 U.S.C. 80a-3(c)(11)). Section 5 of the Securities Act (15 
U.S.C. 77e) requires the filing of a registration statement prior to 
the offer of securities to the public and that the statement be 
effective before any securities are sold, and Section 8 of the 
Investment Company Act (15 U.S.C. 80a-8) requires a separate account to 
register as an investment company.
    Form N-3 also permits separate accounts offering variable annuity 
contracts which are organized as investment companies to provide 
investors with a prospectus and a statement of additional information 
covering essential information about the separate account when it makes 
an initial or additional offering of its securities. Section 5(b) of 
the Securities Act requires that investors be provided with a 
prospectus containing the information required in a registration 
statement prior to the sale or at the time of confirmation or delivery 
of the securities. The form also may be used by the Commission in its 
regulatory review, inspection, and policy-making roles.
    The Commission estimates that there is one initial registration 
statement and 30 post-effective amendments to initial registration 
statements filed on Form N-3 annually and that the average number of 
portfolios referenced in each initial filing and post-effective 
amendment is 2. The Commission further estimates that the hour burden 
for preparing and filing a post-effective amendment on Form N-3 is 
154.7 hours per portfolio. The total annual hour burden for preparing 
and filing post-effective amendments is 9,282 hours (30 post-effective 
amendments x 2 portfolios x 154.7 hours per portfolio). The estimated 
annual hour burden for preparing and filing initial registration 
statements is 1,845.4 hours (1 initial registration statement x 2 
portfolios x 922.7 hours per portfolio). The total annual hour burden 
for Form N-3, therefore, is estimated to be 11,127.4 hours (9,282 hours 
+ 1,845.4 hours).
    The information collection requirements imposed by Form N-3 are 
mandatory. Responses to the collection of information 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 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 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.

    Dated: November 18, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-28225 Filed 11-24-09; 8:45 am]

BILLING CODE 8011-01-P
