OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenterâs recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
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Previously Approved
36 Months From Approved
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Proposed rule 498A under the Securities Act, if adopted, would permit a person to satisfy its prospectus delivery obligations under the Securities Act for a variable annuity or variable life insurance contract (âvariable contractâ) by providing a summary prospectus to investors and making the statutory prospectus available online. The proposed rule also would consider a person to have met its prospectus delivery obligations for any portfolio companies associated with a variable contract if these prospectuses are posted online. Registrants would also be required to send these documents to the investor upon request. A summary prospectus that complies with rule 498A would be deemed to be a prospectus that is authorized under Section 10(b) of the Securities Act and Section 24(g) of the Investment Company Act. The purpose of proposed rule 498A is to provide investors with a summary prospectus to help them make informed investment decisions regarding variable contracts.
US Code:
15 USC 80a-24(g)
Name of Law: Investment Company Act of 1940
US Code:
15 USC 77j
Name of Law: Securities Act of 1933
US Code: 15 USC 78a Name of Law: Securities Exchange Act of 1934
US Code: 15 USC 77a Name of Law: Securities Act of 1933
US Code: 15 USC 77e(b)(2) Name of Law: Securities Act of 1933
US Code: 15 USC 80a-24(g) Name of Law: Investment Comapny Act of 1940
US Code: 15 USC 77b(a)(10) Name of Law: Securities Act of 1933
US Code: 15 USC 77j Name of Law: Securities Act of 1933
US Code: 15 USC 80a-1 Name of Law: Investment Company Act of 1940
We are asking that a new collection of information for proposed rule 498A be created. As a result of proposed rule 498A, the hour burden for preparing and filing summary prospectuses will be 17,359 hours, and the cost burden will be $4,157,200.
No
No
No
No
No
No
Uncollected
James Maclean 202 551-7794
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
498A Supporting Statement - new.pdf
Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts