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

ICR 201802-3235-017

OMB: 3235-0620

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2018-11-20
IC Document Collections
IC ID
Document
Title
Status
35484
Modified
ICR Details
3235-0620 201802-3235-017
Active 201410-3235-031
SEC IM-270-541
Investment Company Act rule 22c-2, 17 CFR 270.22c-2 Mutual Fund Redemption Fees
Extension without change of a currently approved collection   No
Regular
Approved with change 11/27/2018
Retrieve Notice of Action (NOA) 07/24/2018
  Inventory as of this Action Requested Previously Approved
11/30/2021 36 Months From Approved 11/30/2018
362,592 0 343,111
29,688 0 33,830
40,750,000 0 40,243,000

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.

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

Not associated with rulemaking

  83 FR 9791 03/07/2018
83 FR 22307 05/14/2018
No

1
IC Title Form No. Form Name
Investment Company Act rule 22c-2

  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
No
No
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.

$0
No
    No
    No
No
No
No
Uncollected
Joel Cavanaugh 202 551-3173

  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.
07/24/2018


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