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:
3235-0561
ICR Reference No:
201611-3235-001
Status:
Historical Active
Previous ICR Reference No:
201401-3235-013
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-504
Title:
Rule 12d3-1 Exemption of acquisitions of securities issued by persons engaged in securities related businesses
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:
02/07/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/01/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2020
36 Months From Approved
05/31/2017
Responses
319
0
775
Time Burden (Hours)
239
0
581
Cost Burden (Dollars)
0
0
0
Abstract:
Rule 12d3-1 permits a registered investment company ("fund") to invest up to five percent of its assets in securities of an issuer deriving more than fifteen percent of its gross revenues from securities-related businesses unless the securities are issued by the fund's investment adviser or an affiliated person of the adviser. The rule provides an exemption that allows a fund to invest in securities of a subadviser if the fund's advisory contract includes certain clauses that prohibit, among other things, consultation between the subadvisers that advise the transacting fund and other fund subadvisers.
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:
81 FR 81825
11/18/2016
30-day Notice:
Federal Register Citation:
Citation Date:
82 FR 8642
01/27/2017
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
Exemption of acquisitions of securities issued by persons engaged in securities related businesses
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
319
775
0
0
-456
0
Annual Time Burden (Hours)
239
581
0
0
-342
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:
Rule 12d3-1 has a current annual burden of 581 hours and no costs. The hour burden associated with rule 12d3-1 has decreased to 239.25 hours since our last burden analysis due to a change in our estimate of the number of funds using subadvisers. The cost burden has not changed. We now estimate that funds that rely on rule 12d3-1 will incur an annual burden of 239.25 hours instead of the previously estimated 581 burden hours, for a total decrease of 341.75 burden hours.
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]?
No
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:
James Maclean 202 551-7794
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:
02/01/2017
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