The agency must ensure that it accurately reports the information collection burden imposed on small entities.
Inventory as of this Action
Requested
Previously Approved
03/31/2013
36 Months From Approved
08/31/2010
105,125
0
113,970
292,740
0
169,950
3,275,000
0
1,100,000
Rule 17j-1 requires investment companies and their investment advisers and principal underwriters to establish codes of ethics to prevent affiliated persons from engaging in fraudulent practices and requires these persons to file reports with their employers with respect to their personal securities transactions.
US Code:
15 USC 80a-17j
Name of Law: Investment Company Act of 1940
The increase from 169,950 burden hours to 292,740 hours (a change of 122,790 hours) reflects a change in the estimated number of Access Persons and fund complexes, as well as adjustments to our hour estimates we made in response to discussions with representatives of fund complexes about their experiences in complying with rule 17j-1. In particular, our estimate for each fund complex to review, analyze, and maintain rule 17j-1 records increased significantly, from 180 hours to 300 hours, due to revised estimates we received from funds.
The increase in costs from $1,100,000 to $3,2750,00 (an increase of $2,175,000) associated with the collections of information is primarily attributable to an increase in the estimated costs of purchasing and maintaining computers and software to assist with 17j-1 recordkeeping, although it is also partially attributable to an increase in the number of fund complexes currently operating. Fund complexes are relying increasingly on computers to assist them in complying with the information collection requirements under rule 17j-1 and must purchase and maintain the computer systems they develop for these purposes.
$0
No
No
Uncollected
Uncollected
No
Uncollected
Thoreau Bartmann 202 551-6792 barthmannt@sec.gov
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.
17j-1 statute.doc
Rule 17j-1 (17 CFR 270.17j-1) under the Investment Company Act of 1940, Personal Investment Activities of Investment Company Personnel