Changes Selected Rules In Order To Eliminate Fees Previously Adopted by the Commission Pursuant to the Independent Offices Appropriations Act of 1952 — SEC — US

1Securities Act, Release No. 5229, January 25, 1972. 2The Independent Offices Appropriations Act of 1952, specifically 31 U.S.C. 9701, authorizes independent agencies of the federal government to prescribe fees and charges for activities that provide benefits to individuals and businesses. This statute states that ‘‘[i]t is the sense of Congress that each service * * * provided by an agency * * * to a person * * * is to be self-sustaining to the extent possible.’’ The statute also authorizes the head of each agency to prescribe regulations establishing the charge for a service. Notably, a separate provision of the Exchange Act specifically authorizes the Commission to impose fees authorized by this Act. 15 U.S.C. 78n(g)(4). 3The three respondents to the Commission’s elimination of IOAA fees were T. Rowe Price Associates, Inc. in a June 7, 1996, letter signed by Henry H. Hopkins, Managing Director and Legal Counsel, Federated Investors in a June 27, 1996, letter signed by Jay S. Neuman, Corporate Counsel, and the Investment Company Institute in a June 25, 1996, letter signed by Alexander C. Gavis, Assistant Counsel. These letters are available for public Continued SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 202, 230, 239, 240, 249, 250, 259, 270, 274, and 275 [Release Nos. 33–7331; 34–37692; 35– 26575; IC–22224; IA–1578; File No. S7–14– 96] RIN 3235–AG79 Changes Selected Rules In Order To Eliminate Fees Previously Adopted by the Commission Pursuant to the Independent Offices Appropriations Act of 1952 AGENCY: Securities and Exchange Commission. ACTION: Final rule. SUMMARY: The Securities and Exchange Commission (Commission), in order to eliminate user fees currently adopted under the Independent Offices Appropriations Act of 1952 is changing various rules pertaining to the Securities Act of 1933 (Securities Act), the Securities Exchange Act of 1934 (Exchange Act), the Public Utility Holding Company Act of 1935 (Public Utility Holding Company Act), the Investment Company Act of 1940 (Investment Company Act), and the Investment Advisers Act of 1940 (Investment Advisers Act). The fees being eliminated were first adopted in 1972 to contribute towards the cost of agency operations. Since that time, however, the amount of fees collected by the Commission has increased dramatically. In 1995, the Commission collected nearly double the amount of fees required to fund the agency’s operations. The fees being eliminated represented just two percent of the Commission’s total fiscal 1995 fee revenue, but more than one-half of the total number of fee payments processed. EFFECTIVE DATE: October 7, 1996. FOR FURTHER INFORMATION CONTACT:
Henry I. Hoffman, Office of the Comptroller, at (202) 942–0343. SUPPLEMENTARY INFORMATION: In 1972, to offset the cost to the government of Commission operations, the Securities and Exchange Commission established through rulemaking a fee schedule for numerous types of applications, statements and reports.1 These regulatory fees, authorized under Title V of the Independent Offices Appropriations Act of 1952 (31 U.S.C. 9701), are commonly referred to as IOAA fees.2 On May 22, 1996, a proposed rule titled Proposal To Eliminate Fees Previously Adopted by the Commission Pursuant to the Independent Offices Appropriations Act of 1952 was published in the Federal Register. (Vol. 61, No. 100, pages 25601–25604). The proposed rule invited interested parties to submit comments on or before July 8,
1996. Three comment letters were
received, one each from two mutual fund complexes and one trade association.3 Each response supported

49958 Federal Register / Vol. 61, No. 186 / Tuesday, September 24, 1996 / Rules and Regulations inspection under File S7–14–96 in the Public Reference Room, U.S. Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC. 20549. 4Federated Investors. 5 Id. 6The Commission’s action only eliminates the collection of regulatory fees imposed under the IOAA; it does not affect other fees imposed by statute which are also collected by the Commission. These statutory fees include registration fees collected pursuant to section 6(b) of the Securities Act and section 307(b) of the Trust Indenture Act of 1939, going private fees collected pursuant to
section 13 of the Exchange Act, proxy and tender
offer fees collected pursuant to section 14 of the Exchange Act, and transaction fees collected pursuant to section 31 of the Exchange Act. 7The vast increase in Commission fee revenue between 1972 and 1995 has developed from two basic sources. First is a significant increase in the underlying value of the securities on which the statutory fees are based. The underlying value of securities registered with the Commission under
section 6(b) of the Securities Act increased from $62
billion to $1.2 trillion from 1972 to 1995. Further, during the same period, the value of shares transacted on the U.S. securities exchanges and subject to a fee under Section 31 of the Exchange Act increased from $196 billion to $3 trillion. Second is the increased use of offsetting collections under section 6(b) of the Securities Act to fund agency operations since 1990. The amount of offsetting revenue collected under section 6(b) in 1991, the first year fee revenue was used to directly offset Commission funding, was $37 million at a fee rate of 1⁄40 of one percent, and in 1995 was $157 million at an increased fee rate of 1⁄29 of one percent. 8Senate Report 100–105, 100th Cong., 1st Session. In response, the Commission issued findings in a U.S. Securities and Exchange Commission ‘‘Self Funding Study’’ (January 1989) and accompanying ‘‘Legislative Proposals and Fee Options’’ (January 1989). 9H.R. 2239, section 31A.(a). 10Letter dated April 6, 1995, from Senator D’Amato, Chairman of the Senate Banking Committee, to Senators Domenici and Exon, respectively Chairman and Ranking Member of the Senate Committee on the Budget. 11H.R. 2972, section 2(2). 12 Ibid, section 7(1) states that ‘‘the fees authorized by the amendments made by this Act are in lieu of, and not in addition to, any fees that the Securities and Exchange Commission is authorized to impose or collect pursuant to section 9701 of title 31, United States Code* * .’’ the proposal to eliminate the Commission’s IOAA fees. One respondent noted that their experience with the IOAA fees was similar to the Commission’s experience, i.e. ‘‘ * * while the aggregate dollar amounts of these fees are relatively insignificant

- - the recordkeeping and processing
    costs associated with them are disproportionately high * * .’’ 4 Further, the respondent stated that the ‘‘ * * adoption of the proposal would simplify and enhance the efficiency of (its) servicing operations.’’ 5 Effective October 7, 1996, the Commission is eliminating each of its current IOAA fees.6 The collection of these fees is no longer appropriate since the amount of revenue currently generated by statutory fees imposed under the securities laws far exceeds the annual cost of Commission operations, and the additional revenue added by the IOAA fees is an insignificant portion of the total revenue received. In fiscal 1972, the Commission collected $19 million in fees and cost $27 million to operate. IOAA fees represented 12 percent of the total 1972 revenue. In fiscal 1995, the Commission collected $559 million in fees and was appropriated $297 million for operating costs. IOAA fees represented just 2 percent of the total 1995 revenue.7 This significant difference between the amount of fee revenue collected by the Commission and the amount of its annual funding level has been of continuing concern to Congress. In 1988, the Securities Subcommittee of the Senate Committee on Banking, Housing and Urban Affairs directed the Commission to study its fee structure and funding status (Commission Fee Study).8 As a result of the Commission Fee Study and continuing Congressional concerns about the level of the Commission’s annual fee collections, in 1993 the House passed H.R. 2239, the Securities and Exchange Commission Authorization Act of 1993. One of the stated purposes of this bill was to ‘‘establish a system for the annual adjustment of fees collected by the Commission so that the total amount appropriated to the Commission for any fiscal year will be offset by the amount collected during such fiscal year
- *.’’ 9
  Although Congress did not enact H.R. 2239, in 1995, members of the Commission’s authorization committee in the Senate stated that the total amount of fees collected annually by the agency far exceed the cost of its regulation and, therefore, should be reduced.10 On March 12, 1996, the House passed H.R. 2972, the Securities and Exchange Commission Authorization Act of 1996. One of this bill’s major purposes is ‘‘to reduce over time the rates of fees charged under the Federal securities laws.’’ 11 Notably, H.R. 2972 contains a sense of the Congress resolution that the Commission should eliminate its fees imposed under the IOAA.12 The Securities and Exchange Commission Authorization Act of 1996, H.R. 2972, has since been repassed as Title 3 of H.R. 3005, the securities bill that was passed by the House on June 19, 1996. The Senate counterpart to H.R. 3005, S. 1815, does not contain the SEC reauthorization bill. The Commission is eliminating its IOAA fees for two additional reasons. First, the Commission is committed, consistent with its mission of protecting investors, to eliminating unnecessary regulations imposed on the capital formation process. The Commission has determined that this elimination of its IOAA fees will reduce such burdens but will not harm investors nor the Commission’s mission to protect them. Second, the collection of these IOAA fees imposes a disproportionate cost on the Commission. In 1995, IOAA fees represented less than 2% of the total fee revenue collected by the Commission, but more than one-half of the total number of fee payments processed by Commission staff, making recordkeeping for these fees disproportionately costly. Cost/Benefit Analysis This elimination of IOAA fees will provide an obvious benefit to persons obligated to pay such fees, i.e., they will no longer have to pay the fees. In addition, the Commission will avoid the costs associated with processing and auditing the collection of such fees; Commission resources spent on those tasks will be reallocated to other mandated tasks. Other costs and benefits are expected to be de minimis. Regulatory Flexibility Act The Commission has prepared a Final Regulatory Flexibility Analysis in accordance with 5 U.S.C. 604 regarding the proposed rule changes. The analysis reiterates the reasons and objectives for the proposed rule changes discussed above in this release. The analysis also describes the legal basis for the proposal and discusses its effect on small entities as defined by the Securities Act, the Exchange Act, the Public Utility Holding Company Act of 1935, the Investment Company Act of 1940, and the Investment Advisers Act of 1940. The rules impose no additional reporting, recordkeeping or other compliance requirements on small businesses, and the Commission believes that there are no overlapping or conflicting federal rules. In addition, the Commission does not believe that any significant alternative to the proposal would both accomplish the stated
  objectives and minimize any significant impact on small companies. In fact, the alternatives to eliminating the fee would be to maintain or increase the current fees. Neither alternative provides any increased benefit nor is appropriate in the public interest. An Initial Regulatory Flexibility Analysis was prepared in connection with the proposed rule changes which were published in the Federal Register on May 22, 1996. No comments were received regarding the analysis. A copy of the Final Regulatory

Federal Register / Vol. 61, No. 186 / Tuesday, September 24, 1996 / Rules and Regulations 49959 Flexibility Analysis may be obtained by contacting Henry I. Hoffman, Securities and Exchange Commission, Office of the Comptroller, Room 2080, Washington, D.C. 20549. Effective Date The final amendments to the Commission’s rules shall be effective on October 7, 1996, in accordance with the Administrative Procedure Act, which allows effectiveness in less than 30 days after publication for, inter alia,, ‘‘a substantive rule which grants or recognizes an exemption or relieves a restriction’’ and ‘‘as otherwise provided by the agency for good cause found and published with the rule.’’ 5 U.S.C. 553(d)(1) and (d)(3). The Commission finds good cause for the rules to be effective on October 7, 1996, in order to coordinate the elimination of the user fees with the beginning of the fiscal year. Statutory Basis The Commission’s authority for this action is 31 U.S.C. 9701 and 15 U.S.C. 78n(g)(4). The amendments to the Commission’s rules, forms and schedules under the Securities Act and amendments to the Commission’s rules under the Exchange Act are being adopted pursuant to sections 6, 7, 8, 10 and 19(a) of the Securities Act and sections 3, 4, 10, 12, 13, 14, 15, 16 and 23 of the Exchange Act. The revisions to the Commission’s rules and forms under the Public Utility Holding Company Act of 1935 are being adopted pursuant to section 20 of the Public Utility Holding Company Act. The revisions to the Commission’s rules and forms under the Investment Company Act are being adopted pursuant to sections 8(b) and 38(a) under the Investment Company Act, as amended. And the revisions to the Commission’s rules and forms under the Investment Advisers Act of 1940 are being adopted pursuant to sections 203(c) and 211(a) of the Investment Advisers Act. List of Subjects 17 CFR Part 202 Administrative practice and procedure, Securities. 17 CFR Parts 230, 270 and 274 Investment companies, Reporting and recordkeeping requirements, Securities. 17 CFR Parts 239, 240, 249, 250, 259 and 275 Reporting and recordkeeping requirements, Securities. Text of Amendments For the reasons set out in the preamble, Chapter II, Title 17 of the Code of Federal Regulations is amended as follows:
PART 202—INFORMAL AND OTHER
PROCEDURES

The authority citation for part 202
continues to read in part as follows:
Authority: 15 U.S.C 77s, 77t, 78d–1, 78u, 78w, 78ll(d), 79r, 79t, 77sss, 77uuu, 80a–37, 80a–41, 80b–9, and 80b–11, unless otherwise noted.

The first sentence of the
introductory text of § 202.3a is revised to read as follows:
§ 202.3a Instructions for filing fees. Payment of filing fees specified by the following rules shall be made according to the directions listed in this part:
§ 230.111 (17 CFR 230.111), § 240.0–9 (17 CFR 240–0.9), § 260.7a-10 (17 CFR 260.7a-10), and § 270.0–8 (17 CFR 270.0–8).

The fourth sentence of the
introductory text of § 202.3a is revised to read as follows:
§ 202.3a Instructions for filing fees.

- - Personal checks cannot be
    accepted for payment of fees. * * *
    PART 230—GENERAL RULES AND
    REGULATIONS, SECURITIES ACT OF 1933

The authority citation for part 230
continues to read in part as follows:
Authority: 15 U.S.C. 77b, 77f, 77g, 77h, 77j, 77s, 77sss, 78c, 78d, 78l, 78m, 78n, 78o, 78w, 78ll(d), 79t, 80a-8, 80a-29, 80a-30, and 80a37, unless otherwise noted.

§ 230.111 [Amended]
5. By amending § 230.111 by
removing the last sentence of paragraph (a). § 230.236 [Amended]
6. By amending § 230.236 by
removing the second sentence of paragraph (a) and the last sentence of paragraph (c)(4). § 230.252 [Amended]
7. By amending § 230.252 by
removing and reserving paragraph (f). § 230.604 [Amended]
8. Paragraph (a) of § 230.604 is
amended by removing the last sentence.
PART 240—GENERAL RULES AND
REGULATIONS, SECURITIES EXCHANGE ACT OF 1934
9. The authority citation for Part 240
continues to read in part as follows:
Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78d, 78i, 78j, 78l, 78m, 78n, 78o, 78p, 78q, 78s, 78w, 78x, 78ll(d), 79q, 79t, 80a–20, 80a– 23, 80a–29, 80a–37, 80b–3, 80b–4 and 80b– 11, unless otherwise noted.

By revising § 240.0–9 to read as
follows:
§ 240.0–9 Payment of fees.
All payment of fees shall be made in cash, certified check or by United States postal money order, bank cashier’s check or bank money order payable to the Securities and Exchange Commission, omitting the name or title of any official of the Commission. Payment of fees required by this section shall be made in accordance with the directions set forth in § 202.3a of this
chapter.
By amending § 240.0–11 by
revising paragraph (c)(1)(ii) to read as follows:
§ 240.0–11 Filing fees for certain acquisitions, dispositions and similar transactions.

(c) * * *
(1) * * *
(ii) Notwithstanding the above, where the acquisition, merger or consolidation is for the sole purpose of changing the registrant’s domicile, no filing fee is required to be paid.

§ 240.12b–7 [Removed]
12. Section 240.12b–7 is removed.
§ 240.13a–1 [Amended]
13. By amending § 240.13a–1 by
removing the last sentence.
§ 240.13d–7 [Removed]
14. Section 240.13d–7 is removed.
§ 240.13d–101 [Amended]
15. By amending § 240.13d–101 by
removing the second paragraph on the cover page that appears after the first check box and immediately before the ‘‘Note:’’. § 240.13d–102 [Amended]
16. By amending § 240.13d–102 by
removing the first paragraph on the cover page that appears after the ‘‘(CUSIP Number)’’.
17. By amending § 240.14a–6 by
revising paragraph (i) to read as follows:

49960 Federal Register / Vol. 61, No. 186 / Tuesday, September 24, 1996 / Rules and Regulations § 240.14a–6 Filing requirements.

(i) Fees. At the time of filing the proxy solicitation material, the persons upon whose behalf the solicitation is made, other than investment companies registered under the Investment Company Act of 1940, shall pay to the Commission the following applicable fee:
(1) For preliminary proxy material involving acquisitions, mergers, spinoffs, consolidations or proposed sales or other dispositions of substantially all the assets of the company, a fee established in accordance with Rule 0–11 (§ 240.0–11 of this chapter) shall be paid. No refund shall be given. (2) For all other proxy submissions and submissions made pursuant to § 240.14a–6(g), no fee shall be required.

By amending § 240.14a–101 by
revising the cover page to read as follows:
§ 240.14a–101 Schedule 14A. Information required in proxy statement.
Schedule 14A Information
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [ ] Filed by a party other than the Registrant [ ] Check the appropriate box:
[ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a–6(e)(2)) [ ] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material Pursuant to § 240.14a–11(c) or § 240.14a–12 lllllllllllllllllllll (Name of Registrant as Specified In Its Charter) lllllllllllllllllllll (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box):
[ ] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a–6(i)(1) and 0–11 (1) Title of each class of securities to which transaction applies:
lllllllllllllllllllll
(2) Aggregate number of securities to which transaction applies:
lllllllllllllllllllll
(3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0–11 (set forth the amount on which the filing fee is calculated and state how it was determined):
lllllllllllllllllllll
(4) Proposed maximum aggregate value of transaction:
lllllllllllllllllllll
(5) Total fee paid:
lllllllllllllllllllll
[ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0– 11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid:
lllllllllllllllllllll
(2) Form, Schedule or Registration Statement No.:
lllllllllllllllllllll
(3) Filing Party:
lllllllllllllllllllll
(4) Date Filed:
lllllllllllllllllllll
Notes. * * *

§ 240.14a–101 [Amended]
19. Item 22 of § 240.14a–101 is
amended by removing and reserving paragraph (a)(2).
20. By amending § 240.14c–5 by
revising paragraph (g) to read as follows:
§ 240.14c–5 Filing Requirements.

(g) Fees. At the time of filing a preliminary information statement regarding an acquisition, merger, spinoff, consolidation or proposed sale or other disposition of substantially all the assets of the company, the registrant shall pay the Commission a fee, no part of which shall be refunded, established in accordance with § 240.0–11.

By amending § 240.14c–101 by
revising the cover page to read as follows:
§ 240.14c–101 Schedule 14C. Information required in information statement.
Schedule 14C Information
Information Statement Pursuant to Section 14(c) of the Securities Exchange Act of 1934 (Amendment No. ) Check the appropriate box:
[ ] Preliminary Information Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14c–5(d)(2)) [ ] Definitive Information Statement lllllllllllllllllllll (Name of Registrant As Specified In Its Charter) Payment of Filing Fee (Check the appropriate box):
[ ] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14c–5(g) and 0–11 (1) Title of each class of securities to which transaction applies:
lllllllllllllllllllll
(2) Aggregate number of securities to which transaction applies:
lllllllllllllllllllll
(3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0–11 (set forth the amount on which the filing fee is calculated and state how it was determined):
lllllllllllllllllllll
(4) Proposed maximum aggregate value of transaction:
lllllllllllllllllllll
(5) Total fee paid:
lllllllllllllllllllll
[ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0– 11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid:
lllllllllllllllllllll
(2) Form, Schedule or Registration Statement No.:
lllllllllllllllllllll
(3) Filing Party:
lllllllllllllllllllll
(4) Date Filed:
lllllllllllllllllllll
Note * * *

§ 240.15d–11 [Amended]
22. By amending § 240.15d–1 by
removing the last sentence.
PART 249—FORMS, SECURITIES
EXCHANGE ACT OF 1934
23. The authority citation for Part 249
continues to read in part as follows:
Authority: 15 U.S.C. 78, et seq., unless otherwise noted;

§ 249.240 [Amended]
24. By amending Form 40–F
(referenced in § 249.240f) by removing paragraph D.(5) of General Instructions and redesignating paragraphs D.(6), D.(7), D.(8), D.(9) and D.(10) as paragraphs D.(5), D.(6), D.(7), D.(8) and D.(9). Note: The text of Form 40–F does not appear and this amendment will not appear in the Code of Federal Regulations.

Federal Register / Vol. 61, No. 186 / Tuesday, September 24, 1996 / Rules and Regulations 49961
PART 250—GENERAL RULES AND
REGULATIONS, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
25. The authority citation for Part 250
continues to read as follows:
Authority: 15 U.S.C. 79c, 79f(b), 79i(c)(3), 79t, unless otherwise noted. § 250.1 [Amended]
26. Section 250.1 is amended by
removing paragraph (d).
§ 250.94 [Amended]
27. Section 250.94 is amended by
removing paragraph (b).
§ 250.106 [Removed]
28. Section 250.106 is removed and
reserved.
§ 250.107 [Removed]
29. Section 250.107 is removed and
reserved.
PART 259—FORMS PRESCRIBED
UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
30. The authority citation for Part 259
continues to read as follows:
Authority: 15 U.S.C. 79e, 79f, 79g, 79j, 79l, 79m, 79n, 79q, 79t. § 259.404 [Amended]
31. The preamble to the Instructions
for Form U–7D (referenced in § 259.404) is revised to read as follows:
Note: The text of Form U–7D does not and this amendment will not appear in the Code of Federal Regulations. Form U–7D

Instructions
This form must be filed in triplicate within 30 days after execution of any lease of a utility facility to an operating public-utility company. Rules 21 and 22 under the Act govern the specifications. Official Form U–7D and these instructions specify the contents.

PART 270—RULES AND
REGULATIONS, INVESTMENT COMPANY ACT OF 1940
32. The authority citation for Part 270
continues to read in part as follows:
Authority: 15 U.S.C. 80a–1 et seq., 80a–37, 80a–39 unless otherwise noted;

§ 270.0–5 [Amended]
33. Section 270.0–5 is amended by
removing paragraph (d).
34. By revising § 270.0–8 to read as
follows:
§ 270.0–8 Payment of fees.
All payment of fees shall be made in cash, certified check or by United States postal money order, bank cashier’s check or bank money order payable to the Securities and Exchange Commission, omitting the name or title of any official of the Commission. Payment of fees required by this section shall be made in accordance with the directions set forth in § 202.3a of this
chapter.

§ 270.8b–6 [Removed]
35. Section 270.8b–6 is removed and
reserved.
36. § 270.24f–2 is amended by
removing paragraph (a)(3), redesignating paragraph (a)(4) as paragraph (a)(3), and revising newly designated paragraph (a)(3) to read as follows:
§ 270.24f–2 Registration under the Securities Act of 1933 of an indefinite number of certain investment company securities.

(a) * * *
(3) If such registration statement also registers a definite number or amount of securities, there shall be paid to the Commission with respect to such definite amount of securities a registration fee calculated in the manner specified in section 6(b) of the Securities Act of 1933, (15 U.S.C. 77f(b)) and the rules and regulations thereunder.

§ 270.30a–1 [Amended]
37. Section 270.30a–1 is amended by
removing the third sentence.
§ 270.30b1–1 [Amended]
38. Section 270.30b1–1 is amended by
removing the second sentence.
§ 270.30b1–3 [Amended]
39. Section 270.30b1–3 is amended by
removing the last sentence.
PART 239—FORMS PRESCRIBED
UNDER THE SECURITIES ACT OF 1933
40. The authority citation for Part 239
continues to read in part as follows:
Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 77sss, 78c, 78l, 78m, 78n, 78o(d), 78w(a), 78ll(d), 79e, 79f, 79g, 79j, 79l, 79m, 79n, 79q, 79t, 80a–8, 80a–29, 80a–30 and 80a–37, unless otherwise noted.

PART 274—FORMS PRESCRIBED
UNDER THE INVESTMENT COMPANY ACT OF 1940
41. The authority citation for Part 274
continues to read as follows:
Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l, 78m, 78n, 78o(d), 80a–8, 80a–24, and 80a–29, unless otherwise noted. § 239.15A [Amended] § 274.11A [Amended]
42. General Instruction B of Form N–
1A (referenced in §§ 239.15A and 274.11A) is amended by removing the second and third sentences. Note: The text of Form N–1A does not and these amendments will not appear in the Code of Federal Regulations. § 239.14 [Amended] § 274.11a–1 [Amended]
43. General Instruction B of Form N–
2 (referenced in §§ 239.14 and 274.11a–
1) is amended by removing the second
and third sentences.
Note: The text of Form N–2 does not and these amendments will not appear in the Code of Federal Regulations. § 239.17a [Amended] § 274.11b [Amended]
44. General Instruction B of Form N–
3 (referenced in §§ 239.17a and 274.11b) is amended by removing the second and third sentences. Note: The text of Form N–3 does not and these amendments will not appear in the Code of Federal Regulations. § 239.17b [Amended] § 274.11c [Amended]
45. General Instruction B of Form N–
4 (referenced in §§ 239.17b and 274.11c) is amended by removing the second and third sentences. Note: The text of Form N–4 does not and these amendments will not appear in the Code of Federal Regulations. § 249.330 [Amended] § 274.101 [Amended]
46. General Instruction C of Form N–
SAR (referenced in §§ 249.330 and 274.101) is amended by removing the third undesignated paragraph. § 249.330 [Amended] § 274.101 [Amended]
47. General Instruction G of Form N–
SAR (referenced in §§ 249.330 and 274.101) is amended by removing paragraph (5). Note: The text of Form N–SAR does not and these amendments will not appear in the Code of Federal Regulations.
PART 275—RULES AND
REGULATIONS, INVESTMENT ADVISERS ACT OF 1940
48. The authority citation for Part 275
continues to read in part as follows:

49962 Federal Register / Vol. 61, No. 186 / Tuesday, September 24, 1996 / Rules and Regulations Authority: 15 U.S.C. 80b–3, 80b–4, 80b– 6A, 80b–11, unless otherwise noted.

§ 275.0–5 [Amended]
49. Section 275.0–5 is amended by
removing paragraph (d) and redesignating paragraph (e) as paragraph (d). § 275.203–3 [Removed]
50. Section 275.203–3 is removed.
Dated: September 17, 1996.
By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96–24368 Filed 9–23–96; 8:45 am] BILLING CODE 8010–01–P

Lineage: No known changes