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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0620
ICR Reference No:
200609-3235-044
Status:
Historical Active
Previous ICR Reference No:
200603-3235-014
Agency/Subagency:
SEC
Agency Tracking No:
270-540
Title:
Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/31/2006
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/02/2006
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2009
06/30/2009
06/30/2009
Responses
14,310,000
0
3,240,000
Time Burden (Hours)
2,429,500
0
2,429,500
Cost Burden (Dollars)
363,030,000
0
253,040,000
Abstract:
As a means of combating abusive short-term trading of mutural fund shares, Rule 22c-2 provides that if a fund redeems its share within seven days, its board must consider whether to impose a fee of up to two percent of the value of shares redeemed shortly after their purchase. The rule also requires such a fund to enter into agreements with is intermediaries that provide fund manage- ment the ability to identify investors whose trading violates fund restrictions on short-term trading. To reduce the costs of compliane with the rule, and to adress certain technical issues these amendments to Rule 22c-2 would (i) limit the types of .....
Authorizing Statute(s):
US Code:
15 USC 80a-6(c)
Name of Law: Investment Company Act of 1940
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
14,310,000
3,240,000
0
0
11,070,000
0
Annual Time Burden (Hours)
2,429,500
2,429,500
0
0
0
0
Annual Cost Burden (Dollars)
363,030,000
253,040,000
0
0
109,990,000
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Thoreau Bartmann 202 551-6792 barthmannt@sec.gov
Common Form ICR:
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:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(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;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
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.
Certification Date:
10/02/2006
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