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:
3235-0570
ICR Reference No:
201709-3235-005
Status:
Historical Active
Previous ICR Reference No:
201605-3235-003
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-181
Title:
Form N-CSR under the Securities Exchange Act of 1934 and under the Investment Company Act of 1940, Certified Shareholder Report of Registered Management Investment Companies
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
09/29/2017
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/02/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/07/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2018
6 Months From Approved
08/31/2020
Responses
6,898
0
6,898
Time Burden (Hours)
172,899
0
167,878
Cost Burden (Dollars)
3,129,984
0
3,081,637
Abstract:
Form N-CSR is a combined reporting form used by management investment companies to file certified shareholder reports under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) ("Investment Company Act") and under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.)(Securities Exchange Act"). Form N-CSR is to be used for reports under section 30(b)(2) of the Investment Company Act and section 13(a) or 15(d) of the Securities Exchange Act, filed pursuant to rule 30b2-1(a) under the Investment Company Act (17 CFR 270.30b2-1(a)). Form N-CSR reports are to be filed with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under rule 30e-1 under the Investment Company Act (17 CFR 270.30e-1). The information provided on Form N-CSR may be used by the Commission in its regulatory disclosure review, inspection, and policymaking roles. The information filed with the Commission also permits the verification of compliance with securities law requirements and assures the public availability and dissemination of the information.
Emergency Justfication:
The Proposed Rule 3235-AL42 was published at 80 FR 33590 and reopened for comments on 10/12/15 at 80 FR 62274. The new disclosures were originally proposed to be part of fund financial statements prepared pursuant to Regulation S-X. After considering comments from the public, the Commission determined that it was appropriate to require closed-end funds to include these disclosures in their reports on Form N-CSR, rather than to require their inclusion in fund financial statements. The SEC prioritized the Extension for this ICR submitted on 01/27/2017 and recently approved by OMB on 8/23/17. The Final Rule was published on 11/18/16 at 81 FR 81870 and the discussion of Form N-CSR is on page 81962. Because the compliance date is Aug 1, 2017, we are requesting an expedited review so that we can obtain PRA approval before filers begin complying with the new disclosures. Filers will begin complying with the amendments to Form N-CSR beginning with the first Form N-CSR relating to an annual reporting period ended after the compliance date. Thus, a Sept 30 fiscal year-end closed-end fund would first reflect the amendments in its report on Form N-CSR for the annual reporting period ending Aug 31, 2017, which would be filed with the Commission 70 days after that date, or November 9, 2017.
Authorizing Statute(s):
US Code:
15 USC 78m
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78o
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 80a-29
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:
3235-AL42
Final or interim final rulemaking
81 FR 81870
11/16/2016
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
81 FR 81870
11/18/2016
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 81870
11/29/2016
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
Form N-CSR under the Securities Exchange Act of 1934 and under the Investment Company Act of 1940, Certified Shareholder Report of Registered Management Investment Companies
SEC 2569
FORM N-CSR
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
6,898
6,898
0
0
0
0
Annual Time Burden (Hours)
172,899
167,878
0
0
5,021
0
Annual Cost Burden (Dollars)
3,129,984
3,081,637
0
0
48,347
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 Form N CSR has increased from 167,878 hours to 172,899 (an increase of 5,021). This increase is due, in part, to a increase in the burdens for closed-end funds due to this rulemaking. The estimated cost burden associated with Form N-CSR has decreased from $ $3,081,637 to $3,129,984(an increase of $48,347). This increase is due to an increase in the estimated number of annual filings.
Annual Cost to Federal Government:
$29,000,000
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.
Yes
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?
Uncollected
Agency Contact:
Jacob Krawitz 202 551-4673
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:
09/07/2017
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