Rule 22c-1 (17 CFR 270.22c-1) under the Investment Company Act of 1940, Pricing of redeemable securities for distribution, redemption and repurchase

Forms and Documents

Document Name	Status
3235-0734 30 Day Notice.pdf Supplementary Document	2020-01-06
3235-0734 60 day notice.pdf Supplementary Document	2020-01-06
Rule 22c-1 60-DAY (2019).doc Supplementary Document	2019-08-27
Rule 22c-1 30-DAY (2019).doc Supplementary Document	2019-08-27
Supporting Statement for Rule 22c-1 (2019).pdf Supporting Statement A	2019-08-27

IC Document Collections

IC ID	Document Title	Status
218704	Rule 22c-1	Modified

ICR Details

OMB Control No: 3235-0734	ICR Reference No: 201908-3235-023
Status: Active	Previous ICR Reference No: 201611-3235-024
Agency/Subagency: SEC	Agency Tracking No: IM-270-793
Title: Rule 22c-1 (17 CFR 270.22c-1) under the Investment Company Act of 1940, Pricing of redeemable securities for distribution, redemption and repurchase
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: 03/25/2020
	Date Received in OIRA: 01/06/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2023	36 Months From Approved	03/31/2020
Responses	5	0	84
Time Burden (Hours)	113	0	1,848
Cost Burden (Dollars)	0	0	0

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Abstract: Rule 22c-1 permits a registered open-end investment company (but not a registered investment company that is regulated as a money market fund, and not including an exchange-traded fund) to use "swing pricing," the process of adjusting a fund's current net asset value per share to mitigate dilution of the value of its outstanding redeemable securities as a result of shareholder purchase and redemption activity, under certain circumstances.

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Authorizing Statute(s): US Code: 15 USC 80a-22(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: US Code: 15 USC 80a-1 Name of Law: Investment Company Act

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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:
	84 FR 55649	10/17/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 159	01/02/2020
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 22c-1

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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	5	84	0	0	-79	0
Annual Time Burden (Hours)	113	1,848	0	0	-1,735	0
Annual Cost Burden (Dollars)	0	0	0	0	0	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 burden hours decreased 1,734.7 hours, from 1,848 hours to 113.3 hours. This change in burden hours is primarily attributable to changes in the staff’s estimates of the number of fund complexes that have funds that may adopt swing pricing policies and procedures in the future.

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Annual Cost to Federal Government:

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? 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: 01/06/2020

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