Rule 20a-1 under the Investment Company Act of 1940, Solicitation of Proxies, Consents and Authorizations

Forms and Documents

Document Name	Status
Supporting Statement for rule 20a-1.pdf Supporting Statement A	2022-02-09

IC Document Collections

IC ID	Document Title	Status
34463	Rule 20a-1 Under the Investment Company Act of 1940, Solicitation of Proxies, Consents and Authorizations	Modified

ICR Details

OMB Control No: 3235-0158	ICR Reference No: 202202-3235-010
Status: Received in OIRA	Previous ICR Reference No: 201904-3235-003
Agency/Subagency: SEC	Agency Tracking No: IM-270-132
Title: Rule 20a-1 under the Investment Company Act of 1940, Solicitation of Proxies, Consents and Authorizations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/09/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2022
Responses	1,333	1,333
Time Burden (Hours)	113,472	113,305
Cost Burden (Dollars)	40,012,200	39,990,000

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Abstract: Rule 20a-1 requires that the solicitation of a proxy, consent, or authorization with respect to a security issued by a fund be impliance with Regulation 14A (17 CFR 240.14a-1 et seq.), Schedule 14A (17 CFR 240.14a-101), and all other rules and regulations adopted pursuant to section 14(a) of the Securities Exchange Act of 1934 (“1934 Act”) (15 U.S.C. 78n(a)).

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Authorizing Statute(s): US Code: 15 USC 80a-20(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:
3235-AL84	Final or interim final rulemaking	86 FR 68330	12/01/2021

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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 20a-1 Under the Investment Company Act of 1940, Solicitation of Proxies, Consents and Authorizations

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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	1,333	1,333	0	0	0	0
Annual Time Burden (Hours)	113,472	113,305	0	167	0	0
Annual Cost Burden (Dollars)	40,012,200	39,990,000	0	22,200	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The Securities and Exchange Commission adopted amendments in Release No. 34-93596 to the proxy rules relating to all director elections to: specify that the proxy card must include an “against” voting option when applicable state law gives effect to a vote “against”; require proxy cards to give shareholders the ability to “abstain” in an election where a majority voting standard is in effect; and mandate disclosure about the effect of a “withhold” vote in an election. These amendments will apply to all director elections, including director elections for registered investment companies and business development companies. The disclosure and changes to the proxy cards will require registrants to clarify existing standards, and many of the descriptions and standards, once revised, are not likely to require significant revision from year to year. We anticipate that the amendments to rule 20a-1 will result in a small increase in the required disclosure and related burdens and costs for registrants to prepare and review the collections of information. For purposes of the Paperwork Reduction Act of 1995, we estimate that the amendments to rule 20a-1 under the Investment Company Act of 1940 will result in a net increase of 166.5 burden hours for internal time and a net increase in the cost burden of $22,200 for the services of outside professionals.

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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? 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: 02/09/2022

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