View Information Collection Request (ICR) Package
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View ICR - Agency Submission
COMMENT
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OMB Control No:
3235-0422
ICR Reference No:
202610-3235-036
Status:
Received in OIRA
Previous ICR Reference No:
202407-3235-004
Agency/Subagency:
SEC
Agency Tracking No:
IM
Title:
Repurchase Offers by Closed-End Companies, Rule 23c-3 and Form N-23c-3
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
Date Submitted to OIRA:
10/30/2026
Requested
Previously Approved
Expiration Date
36 Months From Approved
11/30/2027
Responses
320
320
Time Burden (Hours)
6,554
7,512
Cost Burden (Dollars)
3,001,549
3,040,248
Abstract:
Rule 23c-3 permits a closed-end investment company to make repurchase offers at net asset value. It requires the investment company to provide notification of offers to share-holders, file copies of the shareholder notifications with the Commission, file Form N-23c-3 with the Commission as a cover sheet for the shareholder notifications, state information about repurchase offers in the annual report to shareholders, adopt and review written procedures concerning liquidity, and file copies of sales literature.
Authorizing Statute(s):
US Code:
15 USC 80a-23(c)
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-AN83
Proposed rulemaking
91 FR 63388
10/05/2026
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
Rule 23c-3 (17 CFR 270.23-3) under the Investment Company Act of 1940, Repurchase Offers by Closed-End Companies and Form N-23c-3 (17 CFR 274.221) under the Investment Company Act of 1940,
Form 2380
Form N-23c-3
ICR Summary of Burden
Total Request
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
320
320
0
0
0
0
Annual Time Burden (Hours)
6,554
7,512
0
-958
0
0
Annual Cost Burden (Dollars)
3,001,549
3,040,248
0
-38,699
0
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The estimated annual burden hours for funds relying on rule 23c-3 has decreased from 7,512 hours to 6,554 hours (a decrease of 958 hours). This is due to our proposed removal of burdens associated with creating and performing reviews of procedures established under rule 23c-3.
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:
Claudia Rios 202 551-8770
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:
10/30/2026
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