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:
3235-0642
ICR Reference No:
201810-3235-047
Status:
Historical Active
Previous ICR Reference No:
201411-3235-009
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-580
Title:
Mutual Fund Interactive Data
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/31/2018
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/31/2018
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2021
36 Months From Approved
10/31/2018
Responses
15,206
0
14,360
Time Burden (Hours)
178,803
0
172,323
Cost Burden (Dollars)
10,000,647
0
9,355,713
Abstract:
Open-end management investment companies (“funds”) are required to submit to the Commission information included in their registration statements, or information included in or amended by post-effective amendments thereto, in response to Items 2, 3, and 4 (“risk/return summary information”) of Form N-1A (OMB Control No. 3235-0307) in interactive data format and to post it on their Web sites, if any, in interactive data form. In addition, funds are required to submit an interactive data file to the Commission for any form of prospectus filed pursuant to rule 497(c) or (e) under the Securities Act of 1933 that includes risk/return summary information that varies from the registration statement and to post the interactive data file on their Web sites, if any. The Commission has adopted amendments to require use of the “Inline XBRL” format for the submission of mutual fund risk/return summary information using the machine-readable (i.e., interactive) eXtensible Business Reporting Language (XBRL) format in interactive data files, and to eliminate the aforementioned website posting requirements.
Authorizing Statute(s):
US Code:
15 USC 80a-1 et seq.
Name of Law: Investment Company Act of 1940
US Code:
15 USC 77a et seq
Name of Law: Securities Act of 1933
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AL59
Final or interim final rulemaking
83 FR 40846
06/28/2018
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
Mutual Fund Interactive Data
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
15,206
14,360
0
0
846
0
Annual Time Burden (Hours)
178,803
172,323
0
0
6,480
0
Annual Cost Burden (Dollars)
10,000,647
9,355,713
0
0
644,934
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:
Currently, the approved annual hour burden for complying with the Mutual Fund Interactive Data requirements is 172,323 hours. The new estimate for complying with the Mutual Fund Interactive Data requirements after accounting for the Inline Tagging of XBRL Data adoption is 178,803 hours, representing an increase of 6,480 hours. The increase in hourly burden is due to the Commission’s increased estimate in the number of funds that would provide risk/return summary information as interactive data in additional filings submitted pursuant to rule 485(b) or rule 497 annually, along with an estimate that the Inline XBRL requirements (including the elimination of website posting requirements) for mutual fund risk/return summary will result in an overall decrease in burden hours per filing. Based on the estimated wage rate, the total cost to the fund industry of the aforementioned 178,803 hour burden is approximately $52.5 million per year. Currently, the approved total cost burden for software and/or consulting services for complying with the Mutual Fund Interactive Data requirements is approximately $9,355,713. The estimated new total cost burden is $10,000,647, representing an increase of $644,934. This increase is due to an increase in the estimated number of funds and an increase in the estimated software costs per fund.
Annual Cost to Federal Government:
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?
Uncollected
Agency Contact:
John Foley 202 551-6724
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:
10/31/2018
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