Rule 482 under the Securities Act of 1933 Advertising by an Investment Company as Satisfying Requirements of Section 10

Forms and Documents

Document Name	Status
Statutory Authority for Rule 482 (to H Fernandez).docx Supplementary Document	2010-06-25
SUPPORTING STATEMENT Rule 482 (2010-06-24) (H Fernandez comments).docx Supporting Statement A	2010-06-25

IC Document Collections

IC ID	Document Title	Status
35403	Rule 482 under the Securities Act of 1933 Advertising by an Investment Company as Satisfying Requirements of Section 10	Modified

ICR Details

OMB Control No: 3235-0565	ICR Reference No: 201006-3235-026
Status: Historical Inactive	Previous ICR Reference No: 200802-3235-006
Agency/Subagency: SEC	Agency Tracking No: IM-270-508
Title: Rule 482 under the Securities Act of 1933 Advertising by an Investment Company as Satisfying Requirements of Section 10
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: 07/29/2010
	Date Received in OIRA: 06/25/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2013	36 Months From Approved	08/31/2011
Responses	58,368	0	89,077
Time Burden (Hours)	303,722	0	459,637
Cost Burden (Dollars)	1,035,300	0	0

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Abstract: Rule 482 permits registered investment companies and business development companies to advertise generally, without having to qualify the advertisement as a prospectus under Section 10(a) of the Securities Act of 1933, as amended, or to accompany or precede the advertisement with such a prospectus.

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Authorizing Statute(s): US Code: 15 USC 77j Name of Law: Securities Act of 1933
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK50	Proposed rulemaking	75 FR 35920	06/23/2010

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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 482 under the Securities Act of 1933 Advertising by an Investment Company as Satisfying Requirements of Section 10

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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	58,368	89,077	0	0	-30,709	0
Annual Time Burden (Hours)	303,722	459,637	0	2,543	-158,458	0
Annual Cost Burden (Dollars)	1,035,300	0	0	1,035,300	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: On June 16, 2010, the U.S. Securities and Exchange Commission proposed amendments to rule 482 under the Securities Act of 1933 that, if adopted, would require a target date retirement fund that includes the target date in its name to disclose the fund’s asset allocation at the target date immediately adjacent to the first use of the fund’s name in marketing materials. The Commission also proposed amendments to rule 482 that, if adopted, would require marketing materials for target date retirement funds to include a table, chart, or graph depicting the fund’s asset allocation over time, together with a statement that would highlight the fund’s final asset allocation. In addition, the Commission proposed to amend rule 482 to require a statement in marketing materials to the effect that a target date retirement fund should not be selected based solely on age or retirement date, is not a guaranteed investment, and the stated asset allocations may be subject to change. The amendments are intended to provide enhanced information to investors concerning target date retirement funds and reduce the potential for investors to be confused or misled regarding these and other investment companies. We estimate a net decrease of 155,915 burden hours per year for rule 482 from the previous PRA submission. This change is due to a decrease in the estimated number of annual responses from 89,077 to 58,368 (resulting in a decrease of 158,458 burden hours based on the previous estimate of 5.16 hours per response), offset slightly by the impact of the increase in the hour burden per response from approximately 5.16 hours per response to approximately 5.20 hours per response as a result of the proposed amendments (resulting in an increase of 2,543 burden hours).

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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]? No

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: 06/25/2010

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