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:
3235-0764
ICR Reference No:
202208-3235-030
Status:
Active
Previous ICR Reference No:
202101-3235-023
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-814
Title:
6c-11 under the Investment Company Act of 1940 (17 CFR 270.6c-11), Exchange-Traded Funds
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:
02/07/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/19/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2026
36 Months From Approved
02/28/2023
Responses
2,352
0
1,907
Time Burden (Hours)
51,156
0
81,848
Cost Burden (Dollars)
1,248,912
0
27,227,498
Abstract:
Rule 6c-11 under the Investment Company Act of 1940 permits ETFs that satisfy certain conditions to operate without first obtaining an exemptive order from the Commission. The rule is designed to create a consistent, transparent, and efficient regulatory framework for such ETFs and facilitate greater competition and innovation among ETFs.
Authorizing Statute(s):
US Code:
15 USC 80a-6(c)
Name of Law: Investment Company Act of 1940
US Code:
15 USC 80a-3
Name of Law: Investment Company Act of 1940
US Code:
15 USC 80a-22(c)
Name of Law: Investment Company Act of 1940
Citations for New Statutory Requirements:
US Code: 15 USC 80a-1 Name of Law: Investment Company Act
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:
87 FR 56136
09/13/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 69372
11/18/2022
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
6c-11 under the Investment Company Act of 1940 (17 CFR 270.6c-11), Exchange-Traded Funds
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
2,352
1,907
0
0
445
0
Annual Time Burden (Hours)
51,156
81,848
0
0
-30,692
0
Annual Cost Burden (Dollars)
1,248,912
27,227,498
0
0
-25,978,586
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 total annual hour burden of 51,156 hours represents a decrease of 30,692 hours over the previous burden hour estimate of 81,848 hours. In addition, the annual external cost burden of $1,248,912 represents a decrease of $25,978,586 over the previously approved annual external cost burden of $27,227,498. The changes in burdens are due to an increase in the number of ETFs covered by rule 6c-11, the completion of initial burdens to comply with the rule, and correction of a ministerial error that resulted in prior approval of a larger external cost burden than intended.
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?
No
Agency Contact:
Laura Powell 202 551-7709 powellla@sec.gov
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:
11/19/2022
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