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
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.