Repurchase Offers by Closed-End Companies, Rule 23c-3 and Form N-23c-3

Forms and Documents

Document Name	Status
Form Form 2380 Rule 23c-3 (17 CFR 270.23-3) under the Investment Company Act of 1940, Repurchase Offers by Closed-End Companies and Form N-23c-3 (17 CFR 274.221) under the Investment Company Act of 1940, Form and Instruction	Modified
Supporting Statement for Rule 23c and Form N-23c-3.pdf Supporting Statement A	2018-11-14
EDGAR PIA 2016.pdf Supplementary Document	2018-11-14

IC Document Collections

IC ID	Document Title	Status
35073	Rule 23c-3 (17 CFR 270.23-3) under the Investment Company Act of 1940, Repurchase Offers by Closed-End Companies and Form N-23c-3 (17 CFR 274.221) under the Investment Company Act of 1940, Form and Instruction	Modified

ICR Details

OMB Control No: 3235-0422	ICR Reference No: 201807-3235-009
Status: Active	Previous ICR Reference No: 201505-3235-018
Agency/Subagency: SEC	Agency Tracking No: IM-270-373
Title: Repurchase Offers by Closed-End Companies, Rule 23c-3 and Form N-23c-3
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: 02/13/2019
	Date Received in OIRA: 11/14/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2022	36 Months From Approved	03/31/2019
Responses	132	0	84
Time Burden (Hours)	3,161	0	2,037
Cost Burden (Dollars)	1,029,101	0	629,297

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Abstract: Rule 23c-3 permits a closed-end investment company to make repurchase offers at net asset value. It requires the investment company to provide notification of offers to share-holders, file copies of the shareholder notifications with the Commission, file Form N-23c-3 with the Commission as a cover sheet for the shareholder notifications, state information about repurchase offers in the annual report to shareholders, adopt and review written procedures concerning liquidity, and file copies of sales literature.

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Authorizing Statute(s): US Code: 15 USC 80a-23(c) 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 42963	08/24/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 55223	11/02/2018
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 23c-3 (17 CFR 270.23-3) under the Investment Company Act of 1940, Repurchase Offers by Closed-End Companies and Form N-23c-3 (17 CFR 274.221) under the Investment Company Act of 1940,	Form 2380	Form N-23c-3

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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	132	84	0	0	48	0
Annual Time Burden (Hours)	3,161	2,037	0	0	1,124	0
Annual Cost Burden (Dollars)	1,029,101	629,297	0	0	399,804	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 annual burden hours for funds relying on rule 23c 3 has increased from 2,037 to 3,161 hours (an increase of 1,124 hours). This is due to an increase in the number of funds that rely on rule 23c 3. The estimated annual cost burden for funds relying on rule 23c 3 has increased from $629,297 to $1,029,101 (an increase of $399,804). This increase is due to an increase in the number of funds that rely on rule 23c 3 and the effects of inflation.

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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: 11/14/2018

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