Notice2025-18241
Agency Information Collection Activities; Proposed Collection; Comment Request; Reinstatement Without Change: Rule 23c-2
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 22, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 181 (Monday, September 22, 2025)</title>
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[Federal Register Volume 90, Number 181 (Monday, September 22, 2025)]
[Notices]
[Page 45446]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18241]
[[Page 45446]]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0282]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Reinstatement Without Change: Rule 23c-2
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 (``SEC'' or ``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.
The title for the collection of information is ``Rule 23c-2 (17 CFR
270.23c-2) under the Investment Company Act of 1940.'' Rule 23c-2(a)
(17 CFR 270.23c-2(a)) under the Act provides that a closed-end fund may
call or redeem any securities it has issued in accordance with the
charter, provided that in instances where less than all of the
outstanding shares of a class or series are called or redeemed, the
call or redemption is made by lot on a pro rata basis, or in a manner
that does not discriminate against any shareholders. Further, rule 23c-
2(b) (17 CFR 270.23c-2(b)) requires closed-end funds that propose to
call or redeem any securities it has issued to file with the Commission
notice of its intention at least 30 days prior to the date set for the
call or redemption, provided that if such notice is required to by
published in newspaper, notice is required within 10 days of
publication. The notice is required to include (1) the title of the
class of securities to be called or redeemed; (2) the date on which the
securities are to be called or redeemed; (3) the applicable provisions
of the governing instrument pursuant to which the securities are to be
called or redeemed; and (4) if less than all the outstanding securities
of a class or series are to be called or redeemed, the principal amount
or number of shares and the basis upon which the securities to be call
or redeemed are to be selected.
The Commission last submitted an information collection request
(``ICR'') regarding this rule to OMB for approval under the Paperwork
Reduction Act of 1995 (``PRA'') in November of 1982. The submission was
subsequently approved in February of 1983. The Commission never sought
an extension of the previously approved ICR upon expiration of the OMB
approval in February of 1986. The reason the Commission never sought an
extension is because the number of responses to this ICR recorded
within the 1982 submission was only five, which is below the threshold
of ten respondents outlined within the PRA for requiring OMB clearance.
The Commission is now seeking to reinstate the rule 23c-2 ICR under
control number 3235-0282.
Commission staff estimates that approximately 75 closed-end funds
undertake an average of 110 proposed calls or redemptions of securities
annually under rule 23c-2. Staff estimates further that, with respect
to each proposed call or redemption, each fund spends 1.5 hours to
comply with the rule's filing requirement with the Commission. Thus,
Commission staff estimates the total annual respondent reporting burden
is 165 hours. The total annual cost for all funds is estimated to be
$81,180.
The requirements of this collection of information are mandatory.
Responses 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 this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic collection techniques or other forms of information
technology.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#88d8e9f8edfaffe7fae3daedecfdebfce1e7e6c9ebfcc8fbedeba6efe7fe"><span class="__cf_email__" data-cfemail="a5f5c4d5c0d7d2cad7cef7c0c1d0c6d1cccacbe4c6d1e5d6c0c68bc2cad3">[email protected]</span></a> by November 21, 2025. There will be a
second opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: September 17, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18241 Filed 9-19-25; 8:45 am]
BILLING CODE 8011-01-P
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