Rule 2a-7 (17 CFR 270.2a-7) under the Investment Company Act of 1940, Money market funds

Forms and Documents

Document Name	Status
ic-28807 (2a-7 June proposing release).pdf Supplementary Document	2009-10-29
Supporting Statement.doc Supporting Statement A	2009-10-29

IC Document Collections

IC ID	Document Title	Status
34717	Rule 2a-7 (17 CFR 270.2a-7) under the Investment Company Act of 1940, Money market funds	Modified

ICR Details

OMB Control No: 3235-0268	ICR Reference No: 200910-3235-013
Status: Historical Inactive	Previous ICR Reference No: 200906-3235-012
Agency/Subagency: SEC	Agency Tracking No: IM-270-258
Title: Rule 2a-7 (17 CFR 270.2a-7) under the Investment Company Act of 1940, Money market funds
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 01/13/2010
	Date Received in OIRA: 11/02/2009
Terms of Clearance: Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2013	36 Months From Approved	10/31/2012
Responses	70,988	0	61,554
Time Burden (Hours)	378,646	0	310,983
Cost Burden (Dollars)	121,200,000	0	121,200,000

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Abstract: Rule 2a-7 exempts money market funds from the valuation requirements of the Investment Company Act of 1940, and, subject to certain risk-limiting conditions, permits money market funds to use the "amortized cost method" of asset valuation of the "penny-rounding method" of share pricing.

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Authorizing Statute(s): US Code: 15 USC 80a-6(c) Name of Law: Investment Company Act of 1940
   US Code: 15 USC 80a-37(a) 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:
3235-AK33	Proposed rulemaking	74 FR 32688	07/08/2009

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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
Rule 2a-7 (17 CFR 270.2a-7) under the Investment Company Act of 1940, Money market funds

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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	70,988	61,554	0	9,434	0	0
Annual Time Burden (Hours)	378,646	310,983	0	67,663	0	0
Annual Cost Burden (Dollars)	121,200,000	121,200,000	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The burden increased due to propsoed amendments to rule 2a-7 designed to increase the resiliency of money market funds.

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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)? No

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: 11/02/2009

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