Notice2023-19248
Proposed Collection; Comment Request; Extension: Rule 31a-1
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
September 7, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 172 (Thursday, September 7, 2023)</title>
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[Federal Register Volume 88, Number 172 (Thursday, September 7, 2023)]
[Notices]
[Pages 61650-61651]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-19248]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-173, OMB Control No. 3235-0178]
Proposed Collection; Comment Request; Extension: Rule 31a-1
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. 3501-3520), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collections
of information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget for extension.
Rule 31a-1 (17 CFR 270.31a-1) under the Investment Company Act of
1940 (the ``Act'') (15 U.S.C. 80a) is entitled ``Records to be
maintained by registered investment companies, certain majority-owned
subsidiaries thereof, and other persons having transactions with
registered investment companies.'' Rule 31a-1 requires registered
investment companies (``funds''), and every underwriter, broker,
dealer, or investment adviser that is a majority-owned subsidiary of a
fund, to maintain and keep current accounts, books, and other documents
which constitute the record forming the basis for financial statements
required to be filed pursuant to section 31 of the Act (15 U.S.C. 80a-
30) and of the auditor's certificates relating thereto. The rule lists
specific records to be maintained by funds. The rule also requires
certain underwriters, brokers, dealers, depositors, and investment
advisers to maintain the records that they are required to maintain
under federal securities laws.
There are approximately 2,766 investment companies registered with
the Commission, all of which are required to comply with rule 31a-1.
For purposes of determining the burden imposed by rule 31a-1, the
Commission staff estimates that each fund is divided into approximately
four series, on average, and that each series is required to comply
with the recordkeeping requirements of rule 31a-1. Based on
conversations with fund representatives, it is estimated that rule 31a-
1 imposes an average burden of approximately 1,750 hours annually per
series for a total of 7,000 annual hours per fund. The estimated total
annual burden for all 2,766 funds subject to the rule therefore is
approximately 19,362,000 hours. Based on conversations with fund
representatives, however, the Commission staff estimates that even
absent the requirements of rule 31a-1, 90 percent of the records
created pursuant to the rule are the type that generally would be
created as a matter of normal business practice and to prepare
financial statements. Thus, the Commission staff estimates that the
total annual burden associated with rule 31a-1 is 1,936,200 hours.
The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act, and is not derived from a
comprehensive or even a representative survey or study. 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
[[Page 61651]]
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 November 6, 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#48181a0917052921242a2730083b2d2b662f273e"><span class="__cf_email__" data-cfemail="550507140a18343c39373a2d152630367b323a23">[email protected]</span></a>.
Dated: August 31, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19248 Filed 9-6-23; 8:45 am]
BILLING CODE 8011-01-P
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