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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:
3235-0224
ICR Reference No:
200911-3235-020
Status:
Historical Active
Previous ICR Reference No:
200701-3235-028
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-239
Title:
Rule 17j-1 (17 CFR 270.17j-1) under the Investment Company Act of 1940, Personal Investment Activities of Investment Company Personnel
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/23/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/01/2010
Terms of Clearance:
The agency must ensure that it accurately reports the information collection burden imposed on small entities.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2013
36 Months From Approved
08/31/2010
Responses
105,125
0
113,970
Time Burden (Hours)
292,740
0
169,950
Cost Burden (Dollars)
3,275,000
0
1,100,000
Abstract:
Rule 17j-1 requires investment companies and their investment advisers and principal underwriters to establish codes of ethics to prevent affiliated persons from engaging in fraudulent practices and requires these persons to file reports with their employers with respect to their personal securities transactions.
Authorizing Statute(s):
US Code:
15 USC 80a-17j
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
60-day Notice:
Federal Register Citation:
Citation Date:
74 FR 61720
11/25/2009
30-day Notice:
Federal Register Citation:
Citation Date:
75 FR 5152
02/01/2010
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
Rule 17j-1 (17 CFR 270.17j-1) under the Investment Company Act of 1940, Personal Investment Activities of Investment Company Personnel
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
105,125
113,970
0
0
-8,845
0
Annual Time Burden (Hours)
292,740
169,950
0
0
122,790
0
Annual Cost Burden (Dollars)
3,275,000
1,100,000
0
0
2,175,000
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:
The increase from 169,950 burden hours to 292,740 hours (a change of 122,790 hours) reflects a change in the estimated number of Access Persons and fund complexes, as well as adjustments to our hour estimates we made in response to discussions with representatives of fund complexes about their experiences in complying with rule 17j-1. In particular, our estimate for each fund complex to review, analyze, and maintain rule 17j-1 records increased significantly, from 180 hours to 300 hours, due to revised estimates we received from funds. The increase in costs from $1,100,000 to $3,2750,00 (an increase of $2,175,000) associated with the collections of information is primarily attributable to an increase in the estimated costs of purchasing and maintaining computers and software to assist with 17j-1 recordkeeping, although it is also partially attributable to an increase in the number of fund complexes currently operating. Fund complexes are relying increasingly on computers to assist them in complying with the information collection requirements under rule 17j-1 and must purchase and maintain the computer systems they develop for these purposes.
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)?
No
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:
02/01/2010
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