Notice2024-15293
Submission for OMB Review; Comment Request; Extension: Rule 38a-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
July 12, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 134 (Friday, July 12, 2024)</title>
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[Federal Register Volume 89, Number 134 (Friday, July 12, 2024)]
[Notices]
[Pages 57174-57175]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-15293]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-522, OMB Control No. 3235-0586]
Submission for OMB Review; Comment Request; Extension: Rule 38a-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 et seq.), the Securities and Exchange
Commission (the ``Commission'') has submitted to the Office of
Management and Budget a request for extension of the previously
approved collection of information discussed below.
Rule 38a-1 (17 CFR 270.38a-1) under the Investment Company Act of
1940 (15 U.S.C. 80a) (``Investment Company Act'') is intended to
protect investors by fostering better fund compliance with securities
laws. The rule requires every registered investment company and
business development company (``fund'') to: (i) adopt and implement
written policies and procedures reasonably designed to prevent
violations of the federal securities laws by the fund, including
procedures for oversight of compliance by each investment adviser,
principal underwriter, administrator, and transfer agent of the fund;
(ii) obtain the fund board of directors' approval of those policies and
procedures; (iii) annually review the adequacy of those policies and
procedures and the policies and procedures of each investment adviser,
principal underwriter, administrator, and transfer agent of the fund,
and the effectiveness of their implementation; (iv) designate a chief
compliance officer to administer the fund's policies and procedures and
prepare an annual report to the board that addresses certain specified
items relating to the policies and procedures; and (v) maintain for
five years the compliance policies and procedures and the chief
compliance officer's annual report to the board.
The rule contains certain information collection requirements that
are designed to ensure that funds establish and maintain comprehensive,
written internal compliance programs. The information collections also
assist the Commission's examination staff in assessing the adequacy of
funds' compliance programs.
The Commission staff estimates that 13,628 funds are subject to
rule 38a-1. Based on these estimates, the total annual burden hours
associated with Rule 38a-1 is 476,980 hours. The estimated total annual
burden hours associated with rule 38a-1 have increased 25,572 hours,
from 451,408 hours to 476,980 hours and external costs increased from
$19,608,000 to $23,876,256. These changes in burden hours and external
costs reflect changes in the number of affected entities and in the
external cost associated with the information collection requirements.
These changes reflect revised estimates.
The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act. The estimate is based on
communications with industry representatives and is not derived from a
comprehensive or even a representative survey or study. Responses will
not be kept confidential. Other information provided to the Commission
in connection with staff examinations or investigations is kept
confidential subject to the provisions of applicable law. If
information collected pursuant to rule 38a-1 is reviewed by the
Commission's examination staff, it is accorded the same level of
confidentiality accorded to other responses provided to the Commission
in the context of its examination and oversight program. 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.
The public may view background documentation for this information
collection at the following website: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. Find this
particular
[[Page 57175]]
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function. Written
comments and recommendations for the proposed information collection
should be sent within 30 days of publication of this notice by August
12, 2024 to (i) <a href="/cdn-cgi/l/email-protection#773a352f59383a3559383e253659243234281312041c281811111e14120537181a155912180759101801"><span class="__cf_email__" data-cfemail="5e131c067011131c7011170c1f700d1b1d013a3b2d3501313838373d3b2c1e31333c703b312e70393128">[email protected]</span></a> and (ii)
Austin Gerig, Director/Chief Data Officer, Securities and Exchange
Commission, c/o Oluwaseun Ajayi, 100 F Street NE, Washington, DC 20549,
or by sending an email to: <a href="/cdn-cgi/l/email-protection#520200130d1f333b3e303d2a122137317c353d24"><span class="__cf_email__" data-cfemail="8ededccfd1c3efe7e2ece1f6cefdebeda0e9e1f8">[email protected]</span></a>.
Dated: July 8, 2024.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-15293 Filed 7-11-24; 8:45 am]
BILLING CODE 8011-01-P
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