Notice2021-24146
Submission for OMB Review; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 5, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 212 (Friday, November 5, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 212 (Friday, November 5, 2021)]
[Notices]
[Page 61357]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-24146]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-269, OMB Control No. 3235-0276]
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
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
approximately 142 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 6,500 purchasers annually (at an estimated $72
per hour),\1\ for a total annual burden of 325 hours (at a total annual
cost of $23,400).
---------------------------------------------------------------------------
\1\ $72/hour figure for a Compliance Clerk is based on the
Commission's estimates concerning the allocation of burden hours and
the relevant wage rates from the Commission's consultations with
industry representatives and on salary information for the
securities industry compiled by the Securities Industry and
Financial Markets Association's Office Salaries in the Securities
Industry 2013. The estimated wage figures are modified by Commission
staff to account for an 1,800-hour work-year and multiplied by 2.93
to account for bonuses, firm size, employee benefits, overhead, and
adjusted to account for the effects of inflation. See Securities
Industry and Financial Markets Association, Report on Management &
Professional Earnings in the Securities Industry 2013.
---------------------------------------------------------------------------
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 background documentation for this information
collection at the following website: ><a href="http://www.reginfo.gov">www.reginfo.gov</a><. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
to (i) ><a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>< and (ii) David Bottom,
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by
sending an email to: <a href="/cdn-cgi/l/email-protection#19494b5846547870757b7661596a7c7a377e766f"><span class="__cf_email__" data-cfemail="b7e7e5f6e8fad6dedbd5d8cff7c4d2d499d0d8c1">[email protected]</span></a>.
Dated: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-24146 Filed 11-4-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on November 5, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.