Notice2026-01726
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 22d-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
January 29, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 19 (Thursday, January 29, 2026)</title>
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[Federal Register Volume 91, Number 19 (Thursday, January 29, 2026)]
[Notices]
[Pages 3945-3946]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-01726]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0310]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Rule 22d-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 (``SEC'' or ``Commission'') is soliciting comments on the
proposed collection of information discussed below.
Section 22(d) of the Investment Company Act of 1940 (the ``Act'')
(15 U.S.C. 80a-22(d)) generally prohibits the sale of redeemable
securities of a registered investment company (``fund'') except at a
current public offering price described in the prospectus. Rule 22d-1
under the Act (17 CFR 270.22d-1) provides an exemption from section
22(d) to the extent necessary to permit scheduled variations in or
elimination of the sales load on fund securities for particular classes
of investors or transactions, provided certain conditions are met.\1\
These conditions require that (1) the scheduled variation be applied
uniformly to all offerees in the specified class; (2) existing
shareholders and prospective investors be furnished adequate
information concerning the scheduled variation, as prescribed in
applicable registration statement form requirements; (3) the fund's
prospectus and statement of additional information are revised to
describe the new scheduled variation before any new sales load
variation is made available to purchasers of fund shares; and (4)
within one year of first making the scheduled variation available,
existing shareholders are advised of any new sales load variation
(items (2) through (4), collectively, ``notice requirements'').\2\ The
notice requirements of rule 22d-1 are designed to ensure that all
existing and prospective investors that may be eligible for a reduction
or elimination of the sales load receive timely notice regarding the
details of such charge.
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\1\ A sales load is a front-end charge investors pay when buying
shares.
\2\ 17 CFR 270.22d-1(a)-(d).
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The following estimates of average burden hours and costs are made
solely for purposes of the Paperwork Reduction Act of 1995 and are not
derived from a comprehensive or even representative survey or study of
the cost of Commission rules and forms. Compliance with rule 22d-1 is
required to retain or obtain the benefits of rule 22d-1. Responses to
the collection of information will not be kept confidential.
We estimate that approximately 6,740 funds currently issue
redeemable securities that carry a sales load.\3\ We estimate that each
year, as many as 50% of these series may choose to offer a scheduled
variation in or elimination of the sales load in reliance on the
rule.\4\ Thus, it is estimated that approximately 3,370 series may
become subject to the rule annually. Based on a review of internal and
external data, including communications with industry representatives,
we estimate that the reporting burden of compliance with rule 22d-1 is
approximately 0.25 hours per respondent. This time is spent, for
example, complying with the notice requirements. Accordingly, we
calculate the total estimated annual internal burden of responding to
be 843 hours.\5\
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\3\ We estimate approximately 2,942 open-end funds sold
securities subject to a front-end sales load as of December 2025; In
addition, we estimate approximately 3,798 non-insurance UITs offer
securities with a front-end sales load reported on Form N-CEN as of
December 2024; accordingly, a total of approximately 6,740 series
currently issue redeemable securities subject to a front-end sales
load.
\4\ The estimated 50 percent excludes those funds currently
offering variations in the sales load because their estimated hourly
burden is accounted for in their registration statements.
\5\ This estimate is based on the following calculation: 3,370
series x 0.25 burden hours = 843 total annual burden hours.
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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 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
[[Page 3946]]
Commission, c/o Tanya Ruttenberg, via an email to:
<a href="/cdn-cgi/l/email-protection#401021302532372f322b122524352334292f2e012334003325236e272f36"><span class="__cf_email__" data-cfemail="287849584d5a5f475a437a4d4c5d4b5c414746694b5c685b4d4b064f475e">[email protected]</span></a> by March 30, 2026. There will be a second
opportunity to comment on this SEC request following the Federal
Register publishing a 30-day Submission Notice.
Dated: January 26, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-01726 Filed 1-28-26; 8:45 am]
BILLING CODE 8011-01-P
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