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

Forms and Documents

Document	Type	Status	Availability
Rule 2a-7 Supporting Statement (fin).docx	Supporting Statement A	Uploaded 2011-03-18	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
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: 201103-3235-023
Status: Historical Inactive	Previous ICR Reference No: 201002-3235-029
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: Comment filed on proposed rule and continue	Conclusion Date: 05/19/2011
	Date Received in OIRA: 03/18/2011
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2013	36 Months From Approved	04/30/2013
Responses	70,498	0	70,498
Time Burden (Hours)	395,779	0	395,779
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 or 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: PL: Pub.L. 111 - 203 939A Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL02	Proposed rulemaking	76 FR 12896	03/09/2011

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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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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 burden increased due to proposed amendments to rule 2a-7 that would remove references to credit ratings and replace them with alternative credit quality standards. Under the proposed amendments to rule 2a-7, the estimated total annual burden would increase from 395,779 to 396,105 hours. This increase would be due to technical changes made to written policies and procedures under the rule. The estimated total annual cost would not increase as a result of the amendments.

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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]? Yes

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: 03/18/2011

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