[Federal Register Volume 79, Number 231 (Tuesday, December 2, 2014)]
[Notices]
[Pages 71461-71462]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-28312]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736.
Extension: Mutual Fund Interactive Data,
SEC File No. 270-580, OMB Control No. 3235-0642.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (the ``Commission'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget (``OMB'') for extension and approval.
Open-end management investment companies (``funds'') are required
to submit to the Commission information included in their registration
statements, or information included in or amended by post-effective
amendments thereto, in response to Items 2, 3, and 4 (``risk/return
summary information'') of Form N-1A (17 CFR 239.15A and 274.11A) in
interactive data format and to post it on their Web sites, if any, in
interactive data form. In addition, funds are required to submit an
interactive data file to the Commission for any form of prospectus
filed pursuant to rule 497(c) or (e) (17 CFR 230.497) under the
Securities Act of 1933 (``Securities Act'') (15 U.S.C. 77a et seq.)
that includes risk/return summary information that varies from the
registration statement and to post the interactive data file on their
Web sites, if any.
The title for the collection of information for submitting risk/
return summary information in interactive data format is ``Mutual Fund
Interactive Data.'' This collection of information relates to
regulations and forms adopted under the Securities Act, the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.), and the Investment
Company Act of 1940 (15 U.S.C. 80a-1 et seq.) that set forth disclosure
requirements for funds and other issuers. The purpose of the
[[Page 71462]]
Mutual Fund Interactive Data requirements is to make risk/return
summary information easier for investors to analyze and to assist in
automating regulatory filings and business information processing.
Funds are required to file an initial registration statement on
Form N-1A and to update that registration statement annually. The
Commission estimates that each fund will submit one interactive data
document as an exhibit to a registration statement or a post-effective
amendment thereto on Form N-1A that includes or amends information
provided in response to Items 2, 3 or 4 annually. In addition, based on
a review by Commission staff of Mutual Fund Interactive Data
submissions in calendar year 2013, the Commission estimates that 36% of
funds will provide risk/return summary information as interactive data
in additional filings submitted pursuant to rule 485(b) (17 CFR
230.485(b)) or rule 497 under the Securities Act annually.
The Commission estimates that the total annual hour burden
associated with tagging risk/return summary information is
approximately 11 hours. Based on estimates of 10,559 funds each
submitting one interactive data document as an exhibit to a
registration statement or post-effective amendment thereto and 3,801
funds submitting an additional interactive data document as an exhibit
to a filing pursuant to rule 485(b) or rule 497, each incurring 11
hours per year on average, the Commission estimates that, in the
aggregate, the tagging of risk/return summary information will result
in approximately 157,960 annual burden hours. In addition, the
Commission estimates that funds will require an average of
approximately one burden hour to post interactive data to their Web
sites. Based on estimates of 10,559 funds each posting one interactive
data document as an exhibit to a registration statement or post-
effective amendment thereto and 3,801 funds posting an additional
interactive data document as an exhibit to a filing pursuant to rule
485(b) or rule 497, each incurring one burden hour per year on average,
the Commission estimates that, in the aggregate, Mutual Fund
Interactive Data Web site posting requirements will result in
approximately 14,360 annual burden hours.
The Commission estimates that the average cost burden per fund is
$890 per year. Based on the estimate of 10,559 funds using software
and/or consulting services at an annual cost of $890, the Commission
estimates that, in the aggregate, the total external costs to the
industry will be approximately $9.4 million.
Estimates of average burden hours are made solely for the purposes
of the Paperwork Reduction Act and are not derived from a comprehensive
or even representative survey or study of the costs of Commission rules
and forms.
The collection of information under the Mutual Fund Interactive
Data requirements is mandatory for all funds. Responses to the
disclosure requirements will not be kept confidential. An agency may
not conduct or sponsor, and a person is not required to respond to, a
collection of information unless it displays a currently valid OMB
control number.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
Please direct your written comments to Pamela Dyson, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
C/O Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send
an email to: [email protected].
Dated: November 25, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-28312 Filed 12-1-14; 8:45 am]
BILLING CODE 8011-01-P