Rule 38a-2 (17 C.F.R 270.38a-2) under the Investment Company Act of 1940

ICR 202203-3235-022

OMB: 3235-0786

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2022-03-22
IC Document Collections
ICR Details
202203-3235-022
Received in OIRA
SEC IM-270-
Rule 38a-2 (17 C.F.R 270.38a-2) under the Investment Company Act of 1940
New collection (Request for a new OMB Control Number)   No
Regular 03/24/2022
  Requested Previously Approved
36 Months From Approved
14,749 0
471,968 0
51,212,000 0

Proposed rule 38a-2 would require registered investment companies and business development companies to adopt and implement cybersecurity-related compliance policies and procedures, to review those policies and procedures annually, and to maintain certain records.

US Code: 15 USC 80a-30(a) Name of Law: Investment Company Act of 1940: Maintenance of Records
   US Code: 15 USC 80a-37(a) Name of Law: Investment Company Act of 1940: Powers of Commission
  
None

3235-AN08 Proposed rulemaking 87 FR 13524 03/09/2022

No

1
IC Title Form No. Form Name
Rule 38a-2 (17 C.F.R 270.38a-2) under the Investment Company Act of 1940

  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 14,749 0 0 14,749 0 0
Annual Time Burden (Hours) 471,968 0 0 471,968 0 0
Annual Cost Burden (Dollars) 51,212,000 0 0 51,212,000 0 0
Yes
Miscellaneous Actions
No
The estimated annual burden hours associated with proposed rule 38a-2, if adopted, would be 471,968 hours. In addition, the external cost burden associated with rule 38a-2 would be $51,212,000. These annual burden hours and external cost burden are due to the requirements in proposed rule 38a-2 to adopt and implement written policies and procedures reasonably designed to address cybersecurity risks; review at least annually the design and effectiveness of those policies and procedures; prepare and provide to the fund’s board a written report; and keep records related to the policies and procedures, written reports, annual review, and any reports provided to the Commission.

No
    No
    No
No
No
No
No
Y. Rachel Kuo 202 551-3589

  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.
03/24/2022


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