SEC Seeks Comments on Extending Form S-6 Information Collection
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
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.
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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
File a registration statement before offering securities of a unit investment trust to the public under the Securities Act of 1933.
Ensure the registration statement is effective before any unit investment trust securities are sold.
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.
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.
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.