Notice2023-00986
Proposed Collection; Comment Request; Extension: Investment Company Interactive Data
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 19, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 12 (Thursday, January 19, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 12 (Thursday, January 19, 2023)]
[Notices]
[Pages 3451-3452]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-00986]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-580, OMB Control No. 3235-0642]
Proposed Collection; Comment Request; Extension: Investment
Company Interactive Data
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
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.
Certain funds have current requirements to submit to the Commission
information included in their registration statements, or information
included in or amended by any post-effective amendments to such
registration statements, in response to certain form items in
structured data language (``Investment Company Interactive Data'').
This also includes the requirement for funds to submit interactive data
to the Commission for any form of prospectus filed pursuant to 17 CFR
230.497(c) or 17 CFR 230.497(e)
[[Page 3452]]
under the Securities Act of 1933 (``Securities Act'') [15 U.S.C. 77a et
seq.] that includes information in response to certain form items. This
collection of information relates to regulations and forms adopted
under the Securities Act, and the Investment Company Act of 1940
(``Investment Company Act'') [15 U.S.C. 80a-1 et seq.], that set forth
disclosure requirements for funds and other issuers.
On October 26, 2022, the Commission adopted rule and form
amendments that require open-end management investment companies
(``open-end funds'') to transmit concise and visually engaging annual
and semi-annual reports to shareholders that highlight key information
that is particularly important for retail investors to assess and
monitor their fund investments.\1\ The Commission also adopted
amendments to Form N-1A, Form N-CSR, and rule 405 of Regulation S-T to
require certain new structured data requirements for open-end funds.\2\
Specifically, the final rule and form amendments require open-end funds
to tag their shareholder report contents using Inline eXtensible
Business Reporting Language or ``Inline XBRL.'' These requirements will
make open-end funds' shareholder report disclosure more readily
available and easily accessible for aggregation, comparison, filtering,
and other analysis.
---------------------------------------------------------------------------
\1\ See Tailored Shareholder Reports for Mutual Funds and
Exchange-Traded Funds; Fee Information in Investment Company
Advertisements, Investment Company Act Release No. 34731 (Oct. 26,
2022) (``Shareholder Reports Adopting Release'').
\2\ See Shareholder Reports Adopting Release at section II.H.
---------------------------------------------------------------------------
The Commission estimates that the total current annual hour burden
associated with the Investment Company Interactive Data requirements is
approximately 252,684 hours. Based on estimates of 11,840 open-end
funds, each incurring 6 hours on average annually to tag their
shareholder reports using Inline XBRL, the Commission estimates that,
in the aggregate, funds will incur an additional 71,040 annual burden
hours. The Commission therefore estimates that, in the aggregate,
Investment Company Interactive Data requirements will result in
approximately 323,724 annual burden hours (252,684 currently-estimated
annual burden hours + 71,040 additional estimated annual burden hours).
The Commission estimates that the current average cost burden
associated with the Investment Company Interactive Data requirements is
approximately $15,449,450 per year. Based on the estimate of 11,840
open-end funds, each incurring approximately $50 additional annual
external cost associated with tagging their shareholder reports using
Inline XBRL, the Commission estimates that, in the aggregate, funds
will incur an additional $592,000 in annual external costs. The
Commission therefore estimates that, in the aggregate, Investment
Company Interactive Data requirements will result in approximately
$16,041,450 in external costs ($15,449,450 in currently-estimated
external costs + $592,000 in additional external costs).
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 Investment Company
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 Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission'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 by March 20, 2023.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
Please direct your written comments to: David Bottom, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an
email to: <a href="/cdn-cgi/l/email-protection#0a5a584b55476b63666865724a796f69246d657c"><span class="__cf_email__" data-cfemail="d6868497899bb7bfbab4b9ae96a5b3b5f8b1b9a0">[email protected]</span></a>.
Dated: January 13, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-00986 Filed 1-18-23; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on January 19, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.