Rule 17a-6, Exemption for Transactions with Portfolio Affiliates

Forms and Documents

Document Name	Status
20251118_3235-0564_2025-20179_90 FR 51799_30-Day Submission Notice.pdf.pdf Supplementary Document	2025-11-18
20250811_3235-0564_2025-15180_90 FR 38682_60-Day Collection Notice.pdf Supplementary Document	2025-08-11
Supporting Statement_Rule 17a-6 (2025).pdf Supporting Statement A	2025-08-04

IC Document Collections

IC ID	Document Title	Status
35401	Exemption for transactions with portfolio affiliates	Modified

ICR Details

OMB Control No: 3235-0564	ICR Reference No: 202508-3235-001
Status: Received in OIRA	Previous ICR Reference No: 202209-3235-007
Agency/Subagency: SEC	Agency Tracking No: IM
Title: Rule 17a-6, Exemption for Transactions with Portfolio Affiliates
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/18/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2026
Responses	98	335
Time Burden (Hours)	69	67
Cost Burden (Dollars)	0	0

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Abstract: Rule 17a-6 (17 CFR 270.17a-6) under the Investment Company Act of 1940 (the “Act”), permits a fund, or a company controlled by the fund and a “portfolio affiliate,” to engage in principal transactions in which it is unlikely that the portfolio affiliate would be in a position to take advantage of the fund (i.e., there is a material financial interest in the transaction). A fund cannot rely on rule 17a-6, if the fund’s directors, employees or investment adviser) have a financial interest in a party to the principal transaction. Rule 17a-6 defines what interests are not “financial interests” for purposes of the exemption. For certain types of “financial interests”, for a fund to rely on rule 17a-6, the fund’s board, including a majority of the directors who are not interested persons of the fund, must find that the that the “financial interests” are not material to the decision to enter into the principal transaction. In addition, the board is required to record the basis for its decision in its meeting minutes.

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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: 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:
	90 FR 38682	08/11/2025
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 51799	11/18/2025
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
Exemption for transactions with portfolio affiliates

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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	98	335	0	0	-237	0
Annual Time Burden (Hours)	69	67	0	0	2	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: Rule 17a-6 has a current annual burden of 1 hour. The hour burden associated with rule 17a-6 has increased 2 hours from 67 hours to 69 hours since our last burden analysis due to changes in methodology. The number of respondents has decreased from 335 to 98. The decrease is due to a change in methodology and a decrease in the number of funds relying on rule 17a-6 based upon our review of Form N-CEN filings.

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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: 11/18/2025

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