Rule 32a-4 (17 CFR Sec. 270.32a-4) under the Investment Company Act of 1940, "Independent Audit Committees"

Forms and Documents

Document Name	Status
3235-0530 30 Day Notice.pdf Supplementary Document	2020-05-20
3235-0530 60 Day Notice.pdf Supplementary Document	2020-05-20
new - Rule 32a-4 Supporting Statement 2020 (2-5-2020) (Burden Table version).pdf Supporting Statement A	2020-02-20

IC Document Collections

IC ID	Document Title	Status
35332	Investment Company Act rule 32a-4	Modified

ICR Details

OMB Control No: 3235-0530	ICR Reference No: 202002-3235-016
Status: Active	Previous ICR Reference No: 201612-3235-030
Agency/Subagency: SEC	Agency Tracking No: IM 270-473
Title: Rule 32a-4 (17 CFR Sec. 270.32a-4) under the Investment Company Act of 1940, "Independent Audit Committees"
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: 07/08/2020
	Date Received in OIRA: 05/20/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2023	36 Months From Approved	08/31/2020
Responses	90	0	112
Time Burden (Hours)	225	0	280
Cost Burden (Dollars)	135,000	0	168,000

---

Abstract: Rule 32a-4 exempts a fund from the requirements of section 32(a)(2) of the Investment Company Act -- that shareholders ratify or reject the selection of the fund's independent public accountant -- if, among other things, the fund has an audit committee composed wholly of independent directors.

---

Authorizing Statute(s): US Code: 15 USC 80a Name of Law: Investment Company Act of 1940
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 12632	03/03/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 30760	05/20/2020
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Investment Company Act rule 32a-4

---

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	90	112	0	0	-22	0
Annual Time Burden (Hours)	225	280	0	0	-55	0
Annual Cost Burden (Dollars)	135,000	168,000	0	0	-33,000	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: The decrease in the number of annual burden hours from 280 to 225 is the result of a decrease in the estimated number of new funds each year and from a decrease in the estimated number of hours associated with paralegal preparation of the audit committee charter for board review. The decrease in the ongoing annual cost burden from $168,000 to $135,000 is a result of the decrease in the estimated number of new funds each year.

---

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? No

---

Common Form ICR:  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:

(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: 05/20/2020

---