Repurchase Offers by Closed-End Companies, Rule 23c-3 and Form N-23c-3

Forms and Documents

Document Name	Status
Form Form 2380 Rule 23c-3 (17 CFR 270.23-3) under the Investment Company Act of 1940, Repurchase Offers by Closed-End Companies and Form N-23c-3 (17 CFR 274.221) under the Investment Company Act of 1940, Form and Instruction	Modified
Form N-23c-3 Supporting Statement - 2015.pdf Supporting Statement A	2015-12-15

IC Document Collections

IC ID	Document Title	Status
35073	Rule 23c-3 (17 CFR 270.23-3) under the Investment Company Act of 1940, Repurchase Offers by Closed-End Companies and Form N-23c-3 (17 CFR 274.221) under the Investment Company Act of 1940, Form and Instruction	Modified

ICR Details

OMB Control No: 3235-0422	ICR Reference No: 201505-3235-018
Status: Historical Active	Previous ICR Reference No: 201211-3235-009
Agency/Subagency: SEC	Agency Tracking No: IM-270-373
Title: Repurchase Offers by Closed-End Companies, Rule 23c-3 and Form N-23c-3
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/07/2016
	Date Received in OIRA: 12/15/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2019	36 Months From Approved	03/31/2016
Responses	84	0	80
Time Burden (Hours)	2,037	0	1,836
Cost Burden (Dollars)	629,297	0	599,330

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Abstract: Rule 23c-3 permits a closed-end investment company to make repurchase offers at net asset value. It requires the investment company to provide notification of offers to share-holders, file copies of the shareholder notifications with the Commission, file Form N-23c-3 with the Commission as a cover sheet for the shareholder notifications, state information about repurchase offers in the annual report to shareholders, adopt and review written procedures concerning liquidity, and file copies of sales literature.

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Authorizing Statute(s): US Code: 15 USC 80a-23(c) 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:
	80 FR 30314	05/27/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 46376	08/04/2015
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 23c-3 (17 CFR 270.23-3) under the Investment Company Act of 1940, Repurchase Offers by Closed-End Companies and Form N-23c-3 (17 CFR 274.221) under the Investment Company Act of 1940,	Form 2380	Form N-23c-3

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ICR Summary of Burden

	Total Approved	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	84	80	0	0	4	0
Annual Time Burden (Hours)	2,037	1,836	0	0	201	0
Annual Cost Burden (Dollars)	629,297	599,330	0	0	29,967	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: The total annual hour burden of 2,037 hours represents an increase of 201 hours from the prior estimate of 1,836 hours. The increase principally results from an increase in the number of funds relying on rule 23c-3. The total annual cost burden of $629,297 in printing and mailing costs represents an increase of $29,967 from the last approved cost burden of $599,330. This increase principally results from an increase in the number of funds relying on rule 23c-3.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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? Uncollected

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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: 12/15/2015

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