Rule 22e-4 (17 CFR 270.22e-4) under the Investment Company Act 0f 1940, Investment Company Liquidity Risk Management Programs

Forms and Documents

Document Name	Status
Rule 22e-4 (P - Open-End Fund) Supporting Statement.pdf Supporting Statement A	2022-12-02

IC Document Collections

IC ID	Document Title	Status
218705	Rule 22e-4 (17 CFR 270.22e-4) under the Investment Company Act of 1940, "Liquidity risk management programs"	Modified

ICR Details

OMB Control No: 3235-0737	ICR Reference No: 202212-3235-003
Status: Historical Inactive	Previous ICR Reference No: 201911-3235-011
Agency/Subagency: SEC	Agency Tracking No: IM-270-794
Title: Rule 22e-4 (17 CFR 270.22e-4) under the Investment Company Act 0f 1940, Investment Company Liquidity Risk Management Programs
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: 03/01/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/18/2022
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). 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. 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	05/31/2023	36 Months From Approved	07/31/2023
Responses	846	0	846
Time Burden (Hours)	28,150	0	28,150
Cost Burden (Dollars)	0	0	0

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Abstract: Rule 22e-4 under the Investment Company Act of 1940 requires an open-end management investment companies (but not money market funds) and an exchange-traded fund that redeems in kind to establish a written liquidity risk management program that is designed to assess and manage the fund's liquidity risk.

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Authorizing Statute(s): US Code: 15 USC 80a 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:
3235-AM98	Proposed rulemaking	87 FR 77172	12/16/2022

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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 22e-4 (17 CFR 270.22e-4) under the Investment Company Act of 1940, "Liquidity risk management programs"

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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: Currently, the approved total annual hour burden for complying with rule 22e-4 is 28,150 hours. The estimate of the total annual hour burden of the proposed amendments is 108,566 hours (an increase of 80,416 hours). The current total annual external cost burden is $0; we estimate an external cost burden of $17,588,128 associated with the proposed amendments. The changes in annual burden hours and external cost burden are due to the proposed amendments to rule 22e-4.

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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: 12/18/2022

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