Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Supporting Statement for rule 22c-2 (2018 UPDATED).docx	Supporting Statement A	Uploaded 2018-11-20	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
35484	Investment Company Act rule 22c-2		Modified

ICR Details

OMB Control No: 3235-0620	ICR Reference No: 201802-3235-017
Status: Active	Previous ICR Reference No: 201410-3235-031
Agency/Subagency: SEC	Agency Tracking No: IM-270-541
Title: Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees
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 with change	Conclusion Date: 11/27/2018
	Date Received in OIRA: 07/24/2018
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2021	36 Months From Approved	11/30/2018
Responses	362,592	0	343,111
Time Burden (Hours)	29,688	0	33,830
Cost Burden (Dollars)	40,750,000	0	40,243,000

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Abstract: Rule 22c-2 requires the board of directors (including a majority of independent directors) of most registered investment companies ("funds") to either approve a redemption fee of up to two percent or determine that imposition of a redemption fee is not necessary or appropriate for the fund. Rule 22c-2 also requires a fund to enter into written agreements with their financial intermediaries (such as broker-dealers and retirement plan administrators) under which the fund, upon request, can obtain certain shareholder identity and trading information from the intermediaries.

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Authorizing Statute(s): US Code: 15 USC 80a 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:
	83 FR 9791	03/07/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 22307	05/14/2018
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Investment Company Act rule 22c-2

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ICR Summary of Burden

table that charts list 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	362,592	343,111	0	0	19,481	0
Annual Time Burden (Hours)	29,688	33,830	0	0	-4,142	0
Annual Cost Burden (Dollars)	40,750,000	40,243,000	0	0	507,000	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: There has been a decrease in the estimates of burden hours for rule 22c-2. The decrease primarily results from a decrease in the number of new fund groups that form each year. Accordingly, the estimated hour burden has decreased to 29,687.67 hours from a previously estimated 33,829.5, a decrease of 4,141.83 hours. There has been an increase in the cost burden associated with rule 22c-2. The increase primarily results from the staff’s estimates of the time costs that would result from the rule. As a result, the estimated cost burden has increased to $40,750,000 from $40,243,000, an increase of $507,000.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 07/24/2018

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