Tax & Finance

SEC Seeks Comments on Extending Form S-6 Information Collection

🇺🇸United States··Notice·Low Impact·View source ↗

AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.

🇬🇧 English

The SEC is seeking public comments on continuing the paperwork requirements for Form S-6, which unit investment trusts use to register securities and update prospectuses. These filings help keep investor disclosure current when UIT sponsors continue offering or supporting a secondary market for trust units. The notice mainly affects unit investment trusts, fund sponsors, securities lawyers, compliance teams, and disclosure staff. The SEC estimates about 1,014 Form S-6 filings each year, with about 75 hours of internal work per filing, for a total annual burden of roughly 76,050 hours.

AI-generated summary. May contain errors. Refer to official sources for legal decisions.

Key Changes

  • Continues the SEC’s review of Form S-6 information collection requirements
  • Invites public comments under the Paperwork Reduction Act
  • Estimates an annual reporting burden of about 76,050 internal hours

Obligations

What this law requires

high

File a registration statement before offering securities of a unit investment trust to the public under the Securities Act of 1933.

unit investment trustsUIT sponsors
Before securities are offered to the public
reporting
high

Ensure the registration statement is effective before any unit investment trust securities are sold.

unit investment trustsUIT sponsors
Before securities are sold
licensing
high

Provide investors with a prospectus containing the information required in the registration statement before sale or at the time of confirmation or delivery of the securities.

unit investment trustsUIT sponsorssecurities distributors
Before sale or at the time of confirmation or delivery
disclosure
medium

When using a prospectus more than nine months after the registration statement became effective, ensure the prospectus information is dated no more than sixteen months before that use.

unit investment trustsUIT sponsors
When a prospectus is used more than nine months after the registration statement effective date
disclosure
medium

UITs registered under the Investment Company Act on Form N-8B-2 must file post-effective amendments to their registration statements on Form S-6 to update their prospectuses.

unit investment trusts registered on Form N-8B-2
As needed to keep prospectuses updated, typically annually when sponsors continue a secondary market
reporting

Affected Parties

Unit investment trustsFund sponsors+2 more…

Tags

SEC,Form S-6,unit investment trusts…