Notice2023-20906
Proposed Collection; Comment Request; Extension: Rule 498A
Primary source
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Published
September 26, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 185 (Tuesday, September 26, 2023)</title>
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[Federal Register Volume 88, Number 185 (Tuesday, September 26, 2023)]
[Notices]
[Page 66073]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-20906]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-813, OMB Control No. 3235-0765]
Proposed Collection; Comment Request; Extension: Rule 498A
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 (``Paperwork Reduction Act'') (44 U.S.C. 3501-3520), the
Securities and Exchange Commission (the ``Commission'') is soliciting
comments on the collections 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.
Rule 498A under the Securities Act permits a person to satisfy its
prospectus delivery obligations under Section 5(b)(2) of the Securities
Act for a contract by: (1) sending or giving to new investors key
information contained in a variable contract statutory prospectus in
the form of an initial summary prospectus; (2) sending or giving to
existing investors each year a brief description of certain changes to
the contract, and a subset of the information in the initial summary
prospectus, in the form of an updating summary prospectus; and (3)
providing the statutory prospectus and other materials online. Rule
498A considers a person to have met its prospectus delivery obligations
for any portfolio companies associated with a variable contract if the
portfolio company prospectuses are posted online. Under the rule, a
registrant (or the financial intermediary distributing the variable
contract) relying on the rule must send the variable contract statutory
prospectus (that statutory prospectus must be filed as part of
registration statement on Form N-3, N-4, or N-6, as applicable) and
other materials to an investor in paper or electronic format upon
request.
Based on current EDGAR data, 82% of variable contracts that filed
annual updates to their registration statements filed at least one
summary prospectus under rule 498A. In the aggregate, the Commission
staff estimates the total annual hour burden to comply with Rule 498A
to be 7,634 hours, at an internal time cost equivalent of $2,337,471,
and a total annual external cost burden of $9,094,866.
The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act. The estimate is based on
communications with industry representatives, and is not derived from a
comprehensive or even a representative survey or study. Responses 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.
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 November 27, 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, Acting
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#6c3c3e2d33210d05000e03142c1f090f420b031a"><span class="__cf_email__" data-cfemail="316163706e7c50585d535e49714254521f565e47">[email protected]</span></a>.
Dated: September 21, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-20906 Filed 9-25-23; 8:45 am]
BILLING CODE 8011-01-P
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