Rule 32a-4 (17 CFR Sec. 270.32a-4) under the Investment Company Act of 1940, "Independent Audit Committees"

ICR 201404-3235-014

OMB: 3235-0530

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2014-06-10
Supplementary Document
2011-08-22
Supplementary Document
2011-08-22
IC Document Collections
IC ID
Document
Title
Status
35332
Modified
ICR Details
3235-0530 201404-3235-014
Historical Active 201108-3235-023
SEC IM 270-473
Rule 32a-4 (17 CFR Sec. 270.32a-4) under the Investment Company Act of 1940, "Independent Audit Committees"
Extension without change of a currently approved collection   No
Regular
Approved without change 09/05/2014
Retrieve Notice of Action (NOA) 06/10/2014
  Inventory as of this Action Requested Previously Approved
09/30/2017 36 Months From Approved 09/30/2014
139 0 117
417 0 351
208,500 0 175,500

Rule 32a-4 exempts a fund from the requirements of section 32(a)(2) of the Investment Company Act -- that shareholders ratify or reject the selection of the fund's independent public accountant -- if the fund has an audit committee composed wholly of independent directors.

US Code: 15 USC 80a Name of Law: Investment Company Act of 1940
  
None

Not associated with rulemaking

  79 FR 11836 03/03/2014
79 FR 27942 05/15/2014
No

1
IC Title Form No. Form Name
Investment Company Act rule 32a-4

  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 139 117 0 0 22 0
Annual Time Burden (Hours) 417 351 0 0 66 0
Annual Cost Burden (Dollars) 208,500 175,500 0 0 33,000 0
No
No
The increase in the number of burden hours associated with the rule arises from an increase in the estimated number of funds that will rely on the rule each year. As noted above, because virtually all existing funds have now adopted audit committee charters, the annual one-time collection of information burden associated with adopting audit committee charters is limited to the burden incurred by newly established funds. Our estimate of the number of new funds formed each year has increased from 117 funds (as estimated in the last collection of information submission for rule 32a 4) to 139 funds. As noted above, the ongoing collection of information requirement to preserve a copy of the charter, while applying to all existing funds and new funds, is estimated by Commission staff to have no hourly burden. Therefore, existing funds are not included within the estimate of the number of respondents or responses to the collection of information requirements of rule 32a 4.

$0
No
No
No
No
No
Uncollected
Adam Bolter 202 551-6011

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
06/10/2014


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