Rule 2a-7 (17 CFR 270.2a-7) under the Investment Company Act of 1940, Money market funds

Forms and Documents

Document Name	Status
Rule 2a-7 Supporting Statement.pdf Supporting Statement A	2013-01-14

IC Document Collections

IC ID	Document Title	Status
34717	Rule 2a-7 (17 CFR 270.2a-7) under the Investment Company Act of 1940, Money market funds	Modified

ICR Details

OMB Control No: 3235-0268	ICR Reference No: 201211-3235-029
Status: Historical Active	Previous ICR Reference No: 201002-3235-029
Agency/Subagency: SEC	Agency Tracking No: IM-270-258
Title: Rule 2a-7 (17 CFR 270.2a-7) under the Investment Company Act of 1940, Money market funds
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: 02/13/2013
	Date Received in OIRA: 01/14/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/29/2016	36 Months From Approved	04/30/2013
Responses	102,379	0	70,498
Time Burden (Hours)	517,228	0	395,779
Cost Burden (Dollars)	92,900,000	0	121,200,000

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Abstract: Rule 2a-7 exempts money market funds from the valuation requirements of the Investment Company Act of 1940, and, subject to certain risk-limiting conditions, permits money market funds to use the amortized cost method of asset valuation or the penny-rounding method of share pricing.

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Authorizing Statute(s): US Code: 15 USC 80a-6(c) Name of Law: Investment Company Act of 1940
   US Code: 15 USC 80a-37(a) 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:
	77 FR 66883	11/07/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 2696	01/14/2013
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 2a-7 (17 CFR 270.2a-7) under the Investment Company Act of 1940, Money market funds

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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	102,379	70,498	0	0	31,881	0
Annual Time Burden (Hours)	517,228	395,779	0	0	121,449	0
Annual Cost Burden (Dollars)	92,900,000	121,200,000	0	0	-28,300,000	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 estimated total annual time burden is being increased from 395,779 hours to 517,228 hours. This net increase is attributable to a combination of factors, including a decrease in the number of money market funds and fund complexes, and updated information from money market funds regarding hourly burdens, including revised staff estimates of the burden hours required to comply with rule 2a-7 as a result of new information received from surveyed fund representatives. The estimated total annual cost is being decreased from $121.2 million to $92.9 million. This decrease is attributable to updated information from money market funds regarding assets under management.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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: 01/14/2013

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