Notice2022-04800
Submission for OMB Review; Comment Request; Extension: Rule 30e-2
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
March 8, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 45 (Tuesday, March 8, 2022)</title>
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[Federal Register Volume 87, Number 45 (Tuesday, March 8, 2022)]
[Notices]
[Pages 13033-13034]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-04800]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-437, OMB Control No. 3235-0494]
Submission for OMB Review; Comment Request; Extension: Rule 30e-2
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.
Rule 30e-2 (17 CFR 270.30e-2) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act'') requires
registered unit investment trusts (``UITs'') that invest substantially
all of their assets in shares of a management investment company
(``fund'') to send their unitholders annual and semiannual reports
containing financial information on the underlying company.
Specifically, rule
[[Page 13034]]
30e-2 requires that the report contain all the applicable information
and financial statements or their equivalent, required by rule 30e-1
under the Investment Company Act (17 CFR 270.30e-1) to be included in
reports of the underlying fund for the same fiscal period. Rule 30e-1
requires that the underlying fund's report contain, among other things,
the information that is required to be included in such reports by the
fund's registration statement form under the Investment Company Act.
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 industry
might be adversely affected. Requiring the submission of these reports
to the Commission permits us to verify compliance with securities law
requirements.
Rule 30e-2, however, 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. 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 the annual burden associated with
rule 30e-2 is 125 hours per respondent. The Commission estimates that
there are currently approximately 660 UITs that file 1,320 reports per
year. Therefore, the Commission estimates that the total hour burden is
approximately 82,500 hours. In addition to the burden hours, the
Commission estimates that the annual cost of contracting for outside
services associated with rule 30e-2 is $20,000 per respondent, or
$6,667 per respondent that transmits reports electronically, for a
total cost of approximately $5,280,198.
Estimates of 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 rule 30e-2 is mandatory.
The information provided under rule 30e-2 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 website, <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
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:
<a href="/cdn-cgi/l/email-protection#a7ebcec9c3d4c6de89ea89e6c5c6d3c2e7c8cac589c2c8d789c0c8d1"><span class="__cf_email__" data-cfemail="6c200502081f0d154221422d0e0d18092c03010e4209031c420b031a">[email protected]</span></a>; and (ii) David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington, DC 20549 or send an email to:
<a href="/cdn-cgi/l/email-protection#247476657b69454d48464b5c645741470a434b52"><span class="__cf_email__" data-cfemail="7e2e2c3f21331f17121c11063e0d1b1d50191108">[email protected]</span></a>. Written comments and recommendations for the
proposed information collection should be sent within 30 days of
publication of this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find
this particular information collection by selecting ``Currently under
30-day Review--Open for Public Comments'' or by using the search
function.
Dated: March 2, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-04800 Filed 3-7-22; 8:45 am]
BILLING CODE 8011-01-P
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