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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:
3235-0586
ICR Reference No:
201401-3235-011
Status:
Historical Inactive
Previous ICR Reference No:
201211-3235-031
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-522
Title:
Investment Company Act rule 38a-1, 17 C.F.R. Sec. 270.38a-1, Compliance procedures and practices of registered investment companies.
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
01/22/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/21/2014
Terms of Clearance:
Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2016
36 Months From Approved
02/29/2016
Responses
4,237
0
4,237
Time Burden (Hours)
248,455
0
248,455
Cost Burden (Dollars)
0
0
0
Abstract:
Rule 38a-1 requires registered investment companies and business development companies to adopt and implement compliance policies and procedures, to review those policies and procedures annually, and to maintain certain records.
Authorizing Statute(s):
US Code:
15 USC 80a-37(a)
Name of Law: Investment Company Act of 1940: Powers of Commission
US Code:
15 USC 80a-30(a)
Name of Law: Investment Company Act of 1940: Maintenance of Records
PL:
Pub.L. 111 - 203 939A
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 939A Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AL02
Proposed rulemaking
76 FR 12896
03/09/2011
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 38a-1, 17 C.F.R. Sec. 270.38a-1, Compliance procedures and practices of registered investment companies.
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The estimated total annual burden hours increased slightly from 254,703 to 258,933 hours. The increase in hours is attributable to the additional burden that would result from technical changes to written policies and procedures relating to compliance with rule 5b-3 under the Investment Company Act of 1940 made in response to proposed amendments to rule 5b-3 that replace credit ratings with an alternative standard of credit-worthiness.
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
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:
Anu Dubey 202 551-6792
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:
01/21/2014
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