Rule 498 under the Securities Act of 1933, Summary Prospectuses for Open-End Management Investment Companies

Forms and Documents

Document Name	Status
Supporting Statement Rule 498.pdf Supporting Statement A	2014-11-13

IC Document Collections

IC ID	Document Title	Status
187875	Rule 498 under the Securities Act of 1933, Summary Prospectuses for Open-End Management Investment Companies	Modified

ICR Details

OMB Control No: 3235-0648	ICR Reference No: 201410-3235-032
Status: Historical Active	Previous ICR Reference No: 201111-3235-028
Agency/Subagency: SEC	Agency Tracking No: IM-270-574
Title: Rule 498 under the Securities Act of 1933, Summary Prospectuses for Open-End Management Investment Companies
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: 02/19/2015
	Date Received in OIRA: 11/13/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2018	36 Months From Approved	02/28/2015
Responses	9,082	0	6,250
Time Burden (Hours)	13,623	0	9,375
Cost Burden (Dollars)	144,403,800	0	99,375,000

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Abstract: Rule 498 permits the obligation under the Securities Act to deliver a statutory prospectus with respect to mutual fund securities to be satisfied by sending or giving a summary prospectus and providing the statutory prospectus online. In addition, the rule requires a fund to send the statutory prospectus in paper or by e-mail upon request. The summary prospectus is required to contain the key information that is included in the summary section of the statutory prospectus.

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Authorizing Statute(s): US Code: 15 USC 80a-24(g) Name of Law: Investment Company Act of 1940
   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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 42843	07/23/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 59869	10/03/2014
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 498 under the Securities Act of 1933, Summary Prospectuses for Open-End Management Investment Companies

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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	9,082	6,250	0	0	2,832	0
Annual Time Burden (Hours)	13,623	9,375	0	0	4,248	0
Annual Cost Burden (Dollars)	144,403,800	99,375,000	0	0	45,028,800	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 estimated hourly burden associated with rule 498 has increased from 9,375 hours to 13,623 hours (an increase of 4,248 hours). The increase is due to an increase in the estimated number of portfolios using a Summary Prospectus. The estimated cost burden associated with rule 498 has increased from $99,375,000 to $144,403,800 (an increase of $45,028,800). The increase is due to an increase in the estimated number of portfolios using a Summary Prospectus.

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Annual Cost to Federal Government:

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]? No

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: 11/13/2014

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