View Information Collection Request (ICR) Package

OMB Control No: 3235-0648	ICR Reference No: 202012-3235-014
Status: Historical Active	Previous ICR Reference No: 202010-3235-001
Agency/Subagency: SEC	Agency Tracking No: IM-270-574
Title: Rule 498 under the Securities Act of 1933, Summary Prospectuses for Open-End Management Investment Companies
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 with change	Conclusion Date: 05/13/2021
	Date Received in OIRA: 03/19/2021
Terms of Clearance: Clarified that a portion of the burden change was due to a calculation error from the previous PRA submission.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2024	36 Months From Approved	05/31/2021
Responses	10,536	0	9,057
Time Burden (Hours)	15,804	0	20,327
Cost Burden (Dollars)	190,754,280	0	167,458,800

Abstract: Rule 498 permits the obligation under the Securities Act to deliver a statutory prospectus with respect to mutual fund securities to be satisfied by sending or giving a summary prospectus and providing the statutory prospectus online. In addition, the rule requires a fund to send the statutory prospectus in paper or by e-mail upon request. The summary prospectus is required to contain the key information that is included in the summary section of the statutory prospectus.

Authorizing Statute(s): US Code: 15 USC 80a-24(g) Name of Law: Investment Company Act of 1940
US Code: 15 USC 77j Name of Law: Securities Act of 1933

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:
	86 FR 354	01/05/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 14502	03/16/2021
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 498 under the Securities Act of 1933, Summary Prospectuses for Open-End Management Investment Companies

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	10,536	9,057	1,479
Annual Time Burden (Hours)	15,804	20,327	-4,523
Annual Cost Burden (Dollars)	190,754,280	167,458,800	23,295,480

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 annual total internal hour burden of 15,804 hours represents a decrease of 4,523 hours over the previous estimate of 20,327 hours. The decrease in burden hours reflects the Commission’s belief that funds have largely incurred the temporary rule 498 burdens associated with rule 30e-3 as reflected in the previously-approved PRA submission. In addition, the annual total external cost burden of $190,754,280 represents an increase of $23,295,480 over the previous estimate of $167,458,800. This increase is due to a change in the estimated number of funds that use a Summary Prospectus, coupled with an upward adjustment to the estimated external cost per fund to reflect the effects of inflation. Due to calculation error, the previous PRA update (83 FR 29158) reflected a lower estimate for number of Rule 498 summary prospectus filings (responses) and total internal burden hours than should have been reported. This submission corrects that error by updating the number of responses based the latest filing data and revised internal burden hours.

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. 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? No

Agency Contact: Amy Miller 202 551-4447

View ICR - OIRA Conclusion