Rule 35d-1 Investment Company Names

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Supporting Statement - Rule 35d-1 PRA_Names Adoption.pdf	Supporting Statement A	Uploaded 2023-09-29	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
35369	Rule 35d-1 under the Investment Company Act of 1940, Investment Company Names		Modified

ICR Details

OMB Control No: 3235-0548	ICR Reference No: 202309-3235-018
Status: Received in OIRA	Previous ICR Reference No: 202108-3235-009
Agency/Subagency: SEC	Agency Tracking No: IM-270-491
Title: Rule 35d-1 Investment Company Names
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 10/31/2023

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2025
Responses	10,291	38
Time Burden (Hours)	772,505	760
Cost Burden (Dollars)	5,833,625	0

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Abstract: Section 35(d) of the Investment Company Act of 1940 prohibits a registered investment company from adopting as part of the name or title of such company, or of any securities of which it is the issuer, any word or words that the Commission finds are materially deceptive or misleading. Rule 35d-1 under the Investment Company Act defines certain names of funds as “materially deceptive and misleading” for purposes of Section 35(d) unless a fund with one of those names adopts an investment policy to invest, under normal circumstances, at least 80% of the value of its assets in investments in accordance with the investment focus that the fund's name suggests (“80% investment policy”). Rule 35d-1 further requires either that the 80% investment policy be fundamental or that the fund has adopted a policy to provide its shareholders with at least 60 days prior notice of any change in the 80% investment policy. The rule, however, does not require that a fund file the notice to shareholders with the Commission.

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Authorizing Statute(s): US Code: 15 USC 80a-34(d) 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:
3235-AM72	Final or interim final rulemaking	88 FR 73755	10/27/2023

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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 35d-1 under the Investment Company Act of 1940, Investment Company Names

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ICR Summary of Burden

table that charts list of burden

	Total Request	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	10,291	38	0	10,253	0	0
Annual Time Burden (Hours)	772,505	760	0	771,745	0	0
Annual Cost Burden (Dollars)	5,833,625	0	0	5,833,625	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The amendments to rule 35d-1 will result in a number of changes to the currently approved burden. The new recordkeeping requirements for funds that adopt an 80% policy will add an additional hour burden of 75 hours per year for 10,291 funds, or 771,825 hours annually. While we estimate that the per-response hour burden associated with the notice requirement would not change from the currently-approved per-response hour burden, we have revised the number of responses to the notice requirement down from 38 responses annually to 34 responses, based upon an updated assessment that a lower percentage (76%, rather than 83%) of funds have names that would be subject to the rule. The Commission estimates that there would be an external cost burden associated with rule 35d-1’s notice and recordkeeping requirements of $5,833,625 (an increase from the currently-approved estimate of $0).

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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? No

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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: 10/31/2023

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