Rule 173

Forms and Documents

Document Name	Status
IC-33427 Supporting Statement.06-15-2020.pdf Supporting Statement A	2020-06-15

IC Document Collections

IC ID	Document Title	Status
43055	Rule 173	Modified

ICR Details

OMB Control No: 3235-0618	ICR Reference No: 202006-3235-017
Status: Historical Inactive	Previous ICR Reference No: 201708-3235-004
Agency/Subagency: SEC	Agency Tracking No: CF-270-557
Title: Rule 173
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 08/13/2020
	Date Received in OIRA: 06/26/2020
Terms of Clearance: OMB files this comment in accordance with 5 CFR 1320.11(c). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2020	36 Months From Approved	12/31/2020
Responses	232,448,548	0	232,448,548
Time Burden (Hours)	3,881,891	0	3,881,891
Cost Burden (Dollars)	0	0	0

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Abstract: Rule 173 provides a notice of registration to investors who purchased securities in a registered offering under the Securities Act of 1933.

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Authorizing Statute(s): US Code: 15 USC 77z-3 Name of Law: Securities Act of 1933
   US Code: 15 USC 78b, 78c(b), 78i, 78j, 78l, Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78m, 78n, 78o, 78q(a), 78u-5 Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78w(a), 78ll, 78mm Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 77f, 77g, 77h, 77j, 77s, 77z-2 Name of Law: Securities Act of 1933
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AM31	Proposed rulemaking	84 FR 14448	04/10/2019

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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

IC Title	Form No.	Form Name
Rule 173

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The proposed amendments in Release No. IC-33427 would modify the registration, communications, and offering processes for registered closed-end funds and business development companies. The proposed amendments to Rule 173 entail burdens for affected funds that elect to rely on Rule 172 to satisfy final prospectus delivery obligations, subject to certain conditions. Such funds may incur additional costs due to the requirement to provide the notice that Rule 173 requires to investors (stating that a sale of securities was made based on a registration statement or in a transaction in which a final prospectus would have been required to have been delivered in the absence of rule 172). For purposes of the PRA, we estimate that the proposed amendments to Rule 173 would result in a net increase of 586,865 internal burden hours due to the increase in the number of issuers expected to provide the information required under Rule 173. We estimate no change to the external cost burden.

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Annual Cost to Federal Government: $103,479,690

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: 06/26/2020

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