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:
202005-3235-014
Status:
Historical Active
Previous ICR Reference No:
201810-3235-047
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:
07/14/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/27/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2021
36 Months From Approved
10/31/2021
Responses
17,234
0
15,206
Time Burden (Hours)
206,943
0
178,803
Cost Burden (Dollars)
10,614,447
0
10,000,647
Abstract:
Open-end management investment companies 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 eXtensible Business Reporting Language (XBRL) data format. On Oct. 30, 2018, the Commission proposed amendments to certain rules and forms that would require variable annuity and variable life insurance contract issuers to also use the Inline XBRL format for the submission of certain required disclosures in variable contract statutory prospectuses.
Authorizing Statute(s):
US Code:
15 USC 77a et seq
Name of Law: Securities Act of 1933
US Code:
15 USC 80a-1 et seq.
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-AK60
Final or interim final rulemaking
85 FR 25964
05/01/2020
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
17,234
15,206
0
0
2,028
0
Annual Time Burden (Hours)
206,943
178,803
0
0
28,140
0
Annual Cost Burden (Dollars)
10,614,447
10,000,647
0
0
613,800
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 newly-retitled “Investment Company Interactive Data” requirements is 178,803 internal burden hours to use Inline XBRL format to tag fund risk/return summary items. The new estimate is 206,943 hours, representing an increase of 28,140 burden hours as a result of the rule amendments requiring issuers of variable annuities and variable life insurance contracts to use Inline XBRL to tag certain disclosures. The increase in hourly burdens is due to an increase in the number of registrants that would be required to use Inline XBRL format to tag certain disclosures, and an increase in the number of filings to be tagged. Currently, the total external cost burden for software and/or consulting services is $10,000,647. The new estimate is $10,614,447, representing an increase of $613,800 due to the increase in the number of registrants that would incur the cost of goods and services purchased to comply with the proposed Inline XBRL requirements.
Annual Cost to Federal Government:
$21,200,000
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.
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:
05/27/2020
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