Federal Register - June 9, 2021
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Source: Federal Register
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Federal Register / Vol. 86, No. 109 / Wednesday, June 9, 2021 / Notices have updated the estimated costs associated using the following methodology:
For professional personnel:
SIFMAs Management & Professional Earnings in the Securities Industry 2013, modified for 2020 by Commission staff to account for an 1,800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead;
For a fund board of directors:
SIFMA data does not include a board of directors. For board time, Commission staff currently uses a cost of $4,770 per
hour, which was last adjusted for inflation in 2019. This estimate assumes an average of nine board members per year; and For clerical personnel: SIFMAs Office Salaries in the Securities Industry 2013, modified for 2020 by Commission staff to account for an 1,800-hour workyear and inflation, and multiplied by 2.93 to account for bonuses, firm size, employee benefits, and overhead.
The estimated average burden hours in this collection of information are made solely for purposes of the Paperwork Reduction Act and are not
derived from a quantitative, comprehensive or even representative survey or study of the burdens associated with Commission rules and forms.
The estimated burden of information collection for rule 2a7 is set forth in Table 1 below. We use these estimated burdens for registered money market funds to extrapolate the information collection burdens for unregistered money market funds under rule 12d1
1 in Table 2 below.
BILLING CODE 801101P
Table 1: Rule 2a-7 burden of information collection for registered money market funds 14
85 responses annually for each of 433 funds 15
680 burden hours of professional business analyst or portfolio manager time per fund X
$232 per hour intermediate business analyst
+
$332 per hour senior portfolio manager $564
433
+2
$282 median weighted average per hour of professional time
36,805 estimated res onses annuall
Investment Company Act of 1940 OMB Control No.
32350268 approved May 28, 2019 the 2019
rule 2a7 PRA extension. The 2019 rule 2a7 PRA
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extension was the most recent rule 2a7 submission that includes certain estimates with respect to aggregate annual hour and cost burdens for
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$282 x 294,440 hours $83,032,080 estimated cost burden
294,440 estimated burden hours
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collections of information for registered money market funds.
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