Notice2024-14220
Proposed Collection; Comment Request; Extension: Rule 6c-7
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
June 28, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 125 (Friday, June 28, 2024)</title>
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[Federal Register Volume 89, Number 125 (Friday, June 28, 2024)]
[Notices]
[Page 54104]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-14220]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-269, OMB Control No. 3235-0276]
Proposed Collection; Comment Request; Extension: Rule 6c-7
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.
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 129 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 redeemability imposed by
Texas law, is estimated to be approximately 3 minutes of professional
time per response for each of approximately 5,900 purchasers annually
(at an estimated $84 per hour),\1\ for a total annual burden of 295
hours (at a total annual cost of $24,780).
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\1\ $84/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 1800-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.
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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).)
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 August 27, 2024.
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, 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#49191b0816042820252b2631093a2c2a672e263f"><span class="__cf_email__" data-cfemail="6e3e3c2f31230f07020c01162e1d0b0d40090118">[email protected]</span></a>.
Dated: June 24, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-14220 Filed 6-27-24; 8:45 am]
BILLING CODE 8011-01-P
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