Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees

Forms and Documents

Document Name	Status
Adopting release.doc Justification for No Material/Nonsubstantive Change	2006-10-02
Rule 22c-2 SS-2.doc Supporting Statement A	2006-10-02

IC Document Collections

IC ID	Document Title	Status
35484	Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees	Modified

ICR Details

OMB Control No: 3235-0620	ICR Reference No: 200609-3235-044
Status: Historical Active	Previous ICR Reference No: 200603-3235-014
Agency/Subagency: SEC	Agency Tracking No: 270-540
Title: Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/31/2006
	Date Received in OIRA: 10/02/2006
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2009	06/30/2009	06/30/2009
Responses	14,310,000	0	3,240,000
Time Burden (Hours)	2,429,500	0	2,429,500
Cost Burden (Dollars)	363,030,000	0	253,040,000

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Abstract: As a means of combating abusive short-term trading of mutural fund shares, Rule 22c-2 provides that if a fund redeems its share within seven days, its board must consider whether to impose a fee of up to two percent of the value of shares redeemed shortly after their purchase. The rule also requires such a fund to enter into agreements with is intermediaries that provide fund manage- ment the ability to identify investors whose trading violates fund restrictions on short-term trading. To reduce the costs of compliane with the rule, and to adress certain technical issues these amendments to Rule 22c-2 would (i) limit the types of .....

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Authorizing Statute(s): US Code: 15 USC 80a-6(c) Name of Law: Investment Company Act of 1940
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees

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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	14,310,000	3,240,000	0	0	11,070,000	0
Annual Time Burden (Hours)	2,429,500	2,429,500	0	0	0	0
Annual Cost Burden (Dollars)	363,030,000	253,040,000	0	0	109,990,000	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:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 10/02/2006

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