View Information Collection Request (ICR) Package
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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:
3235-0212
ICR Reference No:
200908-3235-005
Status:
Historical Active
Previous ICR Reference No:
200611-3235-011
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-188
Title:
Rule 12b-1 (17 CFR 270.12b-1) under the Investment Company Act of 1940: Distribution of Shares by Registerd Open-end Management Investment Company.
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:
01/07/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/30/2009
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2013
36 Months From Approved
04/30/2010
Responses
27,484
0
26,144
Time Burden (Hours)
157,675
0
653,600
Cost Burden (Dollars)
90,000
0
90,000
Abstract:
Rule 12b-1 permits registered open-end management investment companies to distribute their own securities and pay the expenses of distribution out of company assets, provided the company adopts a written distribution plan and meets certain other requirements. The rule requires, among other things, that the fund adopt a written plan describing all material aspects ofthe proposed financing of distribution ("rule 12b-1 plan"). The plan must be approved by the fund's board of directors, including the independent directors, and by a majority of the fund's outstanding voting securities.
Authorizing Statute(s):
US Code:
15 USC 80a-12b
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 43172
08/26/2009
30-day Notice:
Federal Register Citation:
Citation Date:
74 FR 56246
10/30/2009
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 12b-1 (17 CFR 270.12b-1) under the Investment Company Act of 1940: Distribution of Shares by Registerd Open-end Management Investment Company.
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
27,484
26,144
0
0
1,340
0
Annual Time Burden (Hours)
157,675
653,600
0
0
-495,925
0
Annual Cost Burden (Dollars)
90,000
90,000
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 annual burden hours for funds with rule 12b-1 plans decreased by 495,925 hours from 653,600 hours to 157,675 hours. This is primarily due to revised estimates the staff made based on extensive conversations with fund representatives involved in the administration of rule 12b-1 plans. In the past, the staff assumed that each fund portfolio would incur the burden of complying with the rule 12b-1s collection of information requirements individually, but the staff now understands that the collection of information burdens are typically incurred at the fund family level. Because there are significantly fewer fund families than fund portfolios with 12b-1 fees, the estimated time burden has decreased significantly. The change is also affected by an increase in the number of portfolios with 12b-1 plans currently operating, and an increase in the estimated time spent by fund accountants. The estimated total annual cost burden did not change.
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:
10/30/2009
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