Rule 20a-1 Under the Investment Company Act of 1940, Solicitation of Proxies, Consents and Authorizations

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
January 2016 EDGAR PIA.pdf	Supplementary Document	Uploaded 2018-10-17	Available
Supporting Statement Hedging -12-18-2018.pdf	Supporting Statement A	Uploaded 2018-12-19	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
34463	Rule 20a-1 Under the Investment Company Act of 1940, Solicitation of Proxies, Consents and Authorizations		Modified

ICR Details

OMB Control No: 3235-0158	ICR Reference No: 201810-3235-030
Status: Historical Inactive	Previous ICR Reference No: 201602-3235-007
Agency/Subagency: SEC	Agency Tracking No: CF-270-132
Title: Rule 20a-1 Under the Investment Company Act of 1940, Solicitation of Proxies, Consents and Authorizations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 12/20/2018
	Date Received in OIRA: 10/19/2018
Terms of Clearance: OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. In addition, the agency shall incorporate into the final submission supporting statement a detailed discussion of the ICR burdens, including tables showing the marginal differences in responses, burden hours, and cost between the proposed and final rules. The agency shall also provide aggregate burden estimates for all activities accounted for in the package. The next submission to OMB must include the draft final rule.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2019	36 Months From Approved	11/30/2019
Responses	1,196	0	1,196
Time Burden (Hours)	101,660	0	101,660
Cost Burden (Dollars)	35,880,000	0	35,880,000

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Abstract: Rule 20a-1 requires that the solicitation of a proxy, consent or authorization with respect to a security issued by an investment company registered under the Investment Company Act of 1940 be in compliance with the Commission's proxy rules (e.g., Regulation 14A and Schedule 14A) to enable security holders to make informed voting decisions. Also, rule 20a-1 instructs registered investment companies, that have made a public offering of securities and that hold security holder votes for which proxies, consents, or authorizations are not being solicited, to refer to the Commission's rules governing information statements (e.g. Regulation 14C and Schedule 14C).

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Authorizing Statute(s): US Code: 15 USC 80a-6, 80a-20(a), 80a-37 Name of Law: Investment Company Act of 1940
   US Code: 15 USC 78n, 78w(a), 78mm(a) Name of Law: Securities Exchange Act of 1934
   PL: Pub.L. 111 - 203 955 Name of Law: Dodd-Frank Wall Street Reform and Comsumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL49	Proposed rulemaking	80 FR 8485	02/17/2015

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Federal Register Notices & Comments

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
Rule 20a-1 Under the Investment Company Act of 1940, Solicitation of Proxies, Consents and Authorizations

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: As explained in further detail in Items 12 and 13 above, the proposed rules in Release No. 33-9723 are mandated by Section 955 of the Dodd-Frank Act. The changes in burden of Rule 20a-1 relate to enhanced disclosure requirements in Schedule 14A and Schedule 14C to provide transparency to shareholders, if action is to be taken with respect to the election of directors, about whether employees or directors are permitted to engage in transactions that mitigate or avoid the incentive alignment associated with equity ownership. The change in burden of Rule 20a-1 corresponds to these proposed disclosure requirements. For purposes of the PRA, we estimate that the amendments to Rule 20a-1 will result in a net increase of 2,691 burden hours and a net increase in the cost burden of $358,800 for the services of outside professionals

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Annual Cost to Federal Government: $100,000

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]? Yes

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: 10/19/2018

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