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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:
3235-0217
ICR Reference No:
202112-3235-010
Status:
Active
Previous ICR Reference No:
201810-3235-046
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-224
Title:
Investment Company Act rule 17e-1, CFR Sec. 270.17e-1, Brokerage Transactions on a Securities Exchange
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:
03/24/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/27/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2025
36 Months From Approved
07/31/2022
Responses
1,640
0
1,609
Time Burden (Hours)
82,000
0
48,450
Cost Burden (Dollars)
0
0
0
Abstract:
Rule 17e-1 governs the receipt of compensation by a broker affiliated with a registered investment company in connection with securities transactions by the investment company. The rule requires the board of directors to establish and review procedures to ensure compliance with the rule, and imposes recordkeeping requirements concerning such procedures and transactions effected under the rule. The rule exempts certain transactions from some of the rule's procedural and recordkeeping requirements.
Authorizing Statute(s):
US Code:
15 USC 80a
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:
87 FR 2190
01/13/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 4321
01/27/2022
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 17e-1, Brokerage Transactions on a Securities Exchange
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
1,640
1,609
0
0
31
0
Annual Time Burden (Hours)
82,000
48,450
0
0
33,550
0
Annual Cost Burden (Dollars)
0
0
0
0
0
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 estimated hourly burden associated with rule 17e-1 has increased from 48,450 hours to 82,000 hours (an increase of 33,550 hours). The increase in the amount of annual responses and annual time burden is attributable to two factors. First, we are using data provided on Form N-CEN for determining the number of respondents to the reporting and recordkeeping requirements, which we had not done in prior submissions. Secondly, prior submissions had included a third element to the collection, one relating to the rule’s exception for subadvisory contracts that meet the requirements of 17 CFR 270.17a-10 (“rule 17a-10”). However, because rule 17e-1 does not contain any specific subadvisory contract requirements and we have already accounted for the burdens and costs for entering into these subadvisory contracts in the information collection relating to rule 17a-10, we are not including those burdens and costs in the rule 17e-1 information collection.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Bradley Gude 2025515590
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:
01/27/2022
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