Rule 17j-1 (17 CFR 270.17j-1) under the Investment Company Act of 1940, Personal Investment Activities of Investment Company Personnel

Forms and Documents

Document Name	Status
17j-1 statute.doc Supplementary Document	2009-11-18
Supporting Statement.doc Supporting Statement A	2009-11-18

IC Document Collections

IC ID	Document Title	Status
34621	Rule 17j-1 (17 CFR 270.17j-1) under the Investment Company Act of 1940, Personal Investment Activities of Investment Company Personnel	Modified

ICR Details

OMB Control No: 3235-0224	ICR Reference No: 200911-3235-020
Status: Historical Active	Previous ICR Reference No: 200701-3235-028
Agency/Subagency: SEC	Agency Tracking No: IM-270-239
Title: Rule 17j-1 (17 CFR 270.17j-1) under the Investment Company Act of 1940, Personal Investment Activities of Investment Company Personnel
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: 03/23/2010
	Date Received in OIRA: 02/01/2010
Terms of Clearance: The agency must ensure that it accurately reports the information collection burden imposed on small entities.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2013	36 Months From Approved	08/31/2010
Responses	105,125	0	113,970
Time Burden (Hours)	292,740	0	169,950
Cost Burden (Dollars)	3,275,000	0	1,100,000

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Abstract: Rule 17j-1 requires investment companies and their investment advisers and principal underwriters to establish codes of ethics to prevent affiliated persons from engaging in fraudulent practices and requires these persons to file reports with their employers with respect to their personal securities transactions.

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Authorizing Statute(s): US Code: 15 USC 80a-17j 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
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 61720	11/25/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 5152	02/01/2010
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 17j-1 (17 CFR 270.17j-1) under the Investment Company Act of 1940, Personal Investment Activities of Investment Company Personnel

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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	105,125	113,970	0	0	-8,845	0
Annual Time Burden (Hours)	292,740	169,950	0	0	122,790	0
Annual Cost Burden (Dollars)	3,275,000	1,100,000	0	0	2,175,000	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: The increase from 169,950 burden hours to 292,740 hours (a change of 122,790 hours) reflects a change in the estimated number of Access Persons and fund complexes, as well as adjustments to our hour estimates we made in response to discussions with representatives of fund complexes about their experiences in complying with rule 17j-1. In particular, our estimate for each fund complex to review, analyze, and maintain rule 17j-1 records increased significantly, from 180 hours to 300 hours, due to revised estimates we received from funds. The increase in costs from $1,100,000 to $3,2750,00 (an increase of $2,175,000) associated with the collections of information is primarily attributable to an increase in the estimated costs of purchasing and maintaining computers and software to assist with 17j-1 recordkeeping, although it is also partially attributable to an increase in the number of fund complexes currently operating. Fund complexes are relying increasingly on computers to assist them in complying with the information collection requirements under rule 17j-1 and must purchase and maintain the computer systems they develop for these purposes.

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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: 02/01/2010

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