SEC Solicits Comments on Burden of Collecting Information from Investment Company Act Form N-6 (Fed. Reg.)

The SEC requested public comments on the collection of information from Form N-6. The Form is used by insurance companies to register separate accounts, organized as unit investment trusts that offer variable life insurance contracts, as investment companies under the Investment Company Act or to register their securities under the Securities Act.

According to the SEC's request as published in the Federal Register, the primary purpose of the registration process involving Form N-6 is "to provide disclosure of financial and other information to investors and potential investors for the purpose of evaluating an investment in a security." The SEC estimates the total time burden for Form N-6 to be around 85,269 hours, the total cost burden, around $5 million.

For that reason, the SEC invited comments on (i) whether the proposed collection of information from Form N-6 is "necessary for the proper performance of the functions of the agency," (ii) the accuracy of the agency's estimate of the burden of the collection of information, (iii) ways to enhance the information that is collected, and (iv) ways to minimize the burden of the collection of information on respondents.

See: 80 FR 13503.