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

ICR 200809-3235-020

OMB: 3235-0620

Federal Form Document

Forms and Documents
Justification for No Material/Nonsubstantive Change
Supporting Statement A
IC Document Collections
ICR Details
3235-0620 200809-3235-020
Historical Active 200609-3235-044
SEC IM-270-541
Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees
Extension without change of a currently approved collection   No
Approved without change 05/01/2009
Retrieve Notice of Action (NOA) 03/03/2009
  Inventory as of this Action Requested Previously Approved
05/31/2012 36 Months From Approved 06/30/2009
290,140 0 14,310,000
26,413 0 2,429,500
31,440,000 0 363,030,000

“Rule 22c-2 requires the board of directors (including a majority of independent directors) of most registered investment companies (“funds”) to either approve a redemption fee of up to two percent or determine that imposition of a redemption fee is not necessary or appropriate for the fund. Rule 22c-2 also requires a fund to enter into written agreements with their financial intermediaries (such as broker-dealers and retirement plan administrators) under which the fund, upon request, can obtain certain shareholder identity and trading information from the intermediaries. The written agreement must also allow the fund to direct the intermediary to prohibit further purchases or exchanges by specific shareholders that the fund has identified as being engaged in transactions that violate the fund’s market timing policies. These requirements enable funds to obtain the information that they need to monitor the frequency of short term trading in omnibus accounts and enforce their market timing policies.”

US Code: 15 USC 80a Name of Law: Investment Company Act of 1940

Not associated with rulemaking

  73 FR 79522 12/29/2008
74 FR 9318 03/03/2009

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

  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 290,140 14,310,000 0 0 -14,019,860 0
Annual Time Burden (Hours) 26,413 2,429,500 0 0 -2,403,087 0
Annual Cost Burden (Dollars) 31,440,000 363,030,000 0 0 -331,590,000 0
There have been significant decreases in the estimates of burden hours and costs for rule 22c-2. The decrease primarily results from the rule having been adopted and the start-up and initial implementation costs and time having been previously expended. In contrast, this renewal only reflects the ongoing hourly burden and costs for existing funds, and the initial hourly burden and costs for new entrants. Accordingly, the estimated hour burden has decreased to 26,413 hours from a previously estimated 2,429,500 hours, a decrease of 2,403,087 hours. Similarly, the estimated cost burden has decreased to $31,440,000 from $363,030,000, a decrease of $331,590,000

Thoreau Bartmann 202 551-6792 [email protected]


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:
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    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
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