Rule 32a-4 exempts a fund from the
requirements of section 32(a)(2) of the Investment Company Act --
that shareholders ratify or reject the selection of the fund's
independent public accountant -- if, among other things, the fund
has an audit committee composed wholly of independent
directors.
US Code:
15
USC 80a Name of Law: Investment Company Act of 1940
The decrease in the number of
annual burden hours from 417 to 280 is the result of a decrease in
the estimated number of new funds each year and from a decrease in
the estimated number of hours associated with paralegal preparation
of the audit committee charter for board review. The decrease in
the ongoing annual cost burden from $208,500 to $168,000 is a
result of the decrease in the estimated number of new funds each
year.
$0
No
No
No
No
No
No
Uncollected
Andrea Magovern 202
551-6784
No
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:
(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;
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.