Notice2023-08879
Submission for OMB Review; 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
April 27, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 81 (Thursday, April 27, 2023)</title>
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[Federal Register Volume 88, Number 81 (Thursday, April 27, 2023)]
[Notices]
[Page 25717]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-08879]
[[Page 25717]]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-281, OMB Control No. 3235-0316]
Submission for OMB Review; 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'') has submitted to the Office of
Management and Budget a request for extension of the previously
approved collection of information discussed below.
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.
Commission staff estimates that there will be 1 initial
registration statement over the next 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.
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
by May 30, 2023 to (i) <a href="/cdn-cgi/l/email-protection#b3fef1eb9dfcfef19dfcfae1f29de0f6f0ecd7d6c0d8ecdcd5d5dad0d6c1f3dcded19dd6dcc39dd4dcc5"><span class="__cf_email__" data-cfemail="135e514b3d5c5e513d5c5a41523d4056504c777660784c7c75757a707661537c7e713d767c633d747c65">[email protected]</span></a> and
(ii) David Bottom, Director/Chief Information Officer, Securities and
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC
20549, or by sending an email to: <a href="/cdn-cgi/l/email-protection#6d3d3f2c32200c04010f02152d1e080e430a021b"><span class="__cf_email__" data-cfemail="77272536283a161e1b15180f3704121459101801">[email protected]</span></a>.
Dated: April 24, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-08879 Filed 4-26-23; 8:45 am]
BILLING CODE 8011-01-P
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