Rule 12b-1 [17 CFR 270.12b-1] under the Investment Company Act of 1940: Distribution of Shares by Registered Open-end Management Investment Company

Forms and Documents

Document Name	Status
3235-0212.pdf Supplementary Document	2022-05-20
3235-0212.pdf Supplementary Document	2022-05-20
60-Day Citation (2021-23160).pdf Supplementary Document	2022-03-03
Rule 12b-1 Supporting Statement.pdf Supporting Statement A	2021-10-01

IC Document Collections

IC ID	Document Title	Status
34589	Rule 12b-1 [17 CFR 270.12b-1] under the Investment Company Act of 1940: Distribution of Shares by Registered Open-End Management Investment Company	Modified

ICR Details

OMB Control No: 3235-0212	ICR Reference No: 202110-3235-001
Status: Received in OIRA	Previous ICR Reference No: 201805-3235-019
Agency/Subagency: SEC	Agency Tracking No: IM-270-188
Title: Rule 12b-1 [17 CFR 270.12b-1] under the Investment Company Act of 1940: Distribution of Shares by Registered Open-end Management Investment Company
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 05/20/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	25,432	0
Time Burden (Hours)	192,950	0
Cost Burden (Dollars)	90,000	0

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Abstract: Rule 12b-1 under the Investment Company Act (17 CFR 270.12b-1) permits a mutual fund to bear expenses associated with the distribution of its shares, provided that the fund complies with certain requirements. Rule 12b-1 requires, among other things, that the fund adopt a written plan describing all material aspects of the proposed financing of distribution ("rule 12b-1 plan"). The rule 12b-1 plan must be approved by the fund's board of directors, including the independent directors (as described in the rule), and, if the rule 12b-1 plan is being adopted after public offering of the fund's voting securities, by a majority of the fund's outstanding voting securities.

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Authorizing Statute(s): US Code: 15 USC 80a-12(b) 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:
	87 FR 14315	03/14/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 31019	05/20/2022
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 12b-1 [17 CFR 270.12b-1] under the Investment Company Act of 1940: Distribution of Shares by Registered Open-End Management Investment Company

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ICR Summary 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	25,432	0	0	0	-6,000	31,432
Annual Time Burden (Hours)	192,950	0	0	0	55,675	137,275
Annual Cost Burden (Dollars)	90,000	0	0	0	-14,547	104,547

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 annual burden hours for funds with rule 12b-1 plans has increased from 137,275 to 192,950 hours (an increase of 55,675 hours). This is due to an increase in the number of fund families that have at least one fund that has a rule 12b-1 plan. The estimated annual cost burden associated with rule 12b 1 has decreased from $104,547 to $90,000 (a decrease of $14,457). The decrease in the cost burden reflects the staff’s determination to revise the manner in which it calculates certain cost estimates.

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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: 05/20/2022

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