Notice2023-03771
Proposed Collection; Comment Request; Extension: Form N-3
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
February 23, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 36 (Thursday, February 23, 2023)</title>
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[Federal Register Volume 88, Number 36 (Thursday, February 23, 2023)]
[Notices]
[Pages 11496-11497]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-03771]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-281, OMB Control No. 3235-0316]
Proposed Collection; Comment Request; Extension: Form N-3
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
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
[[Page 11497]]
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.
Commission staff estimates that there will be 1 initial
registration statements over the nest three years and 6 insurer
separate accounts that file post-effective amendments on Form N-3 per
year, with an average of 3 investment options per post-effective
amendment. The Commission further estimates that the hour burden for
preparing and filing a post-effective amendment on Form N-3 is 157.55
hours per portfolio. The total annual hour burden for preparing and
filing post-effective amendments is 2,836 hours (6 post-effective
amendments x 3 investment options per post-effective amendment x 157.55
hours per portfolio). The estimated annual hour burden for preparing
and filing initial registration statements is 309 hours. The total
annual hour burden for Form N-3, therefore, is estimated to be 3,145
hours (2,836 hours + 309 hours). Respondents may rely on outside
counsel or auditors in connection with the preparation and filing of
Form N-3. Commission staff estimates that the annual cost burden
associated with preparing and filing Form N-3 is $139,696.
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 Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission'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 by April 24, 2023.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
Please direct your written comments to: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to:
<a href="/cdn-cgi/l/email-protection#4d1d1f0c12002c24212f22350d3e282e632a223b"><span class="__cf_email__" data-cfemail="dd8d8f9c8290bcb4b1bfb2a59daeb8bef3bab2ab">[email protected]</span></a>.
Dated: February 17, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-03771 Filed 2-22-23; 8:45 am]
BILLING CODE 8011-01-P
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