Notice2026-11130
Agency Information Collection Activities; 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
June 3, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 106 (Wednesday, June 3, 2026)</title>
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[Federal Register Volume 91, Number 106 (Wednesday, June 3, 2026)]
[Notices]
[Page 33257]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-11130]
[[Page 33257]]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0178]
Agency Information Collection Activities; 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.Sec. 3501 et seq.), the Securities and Exchange
Commission (SEC or ``Commission'') is soliciting comments on the
proposed collection of information described below.
Rule 31a-1 (17 CFR 270.31a-1) under the Investment Company Act of
1940 (15 U.S.C. 80a) requires registered investment companies, business
development companies (BDCs), and certain of their majority-owned
subsidiaries to maintain and keep current the accounts, books,
auditors' certificates, and other documents that underlie and support
the financial statements these entities are required to file with the
Commission under section 30 of the Act. The Commission regularly
conducts inspections and examinations of funds and other regulated
entities to foster compliance with the securities laws, to detect
violations of the law, and to keep the Commission informed of
developments in the regulated community. Without the information
contained in the records required by rule 31a-1, the Commission could
not readily determine whether funds are in compliance with the Act's
provisions.
The collection of information is found at 17 CFR 270.31a-1.
Compliance with the recordkeeping requirements of rule 31a-1 is
mandatory for registered investment companies, BDCs, and certain
majority-owned subsidiaries, as required by section 31(a) of the
Investment Company Act of 1940 (15 U.S.C. 80a-30(a)).
The books and records required to be maintained by rule 31a-1
constitute a major focus of the Commission's inspection and examination
programs. The Commission uses these records during inspections and
examinations to foster compliance with the securities laws, to detect
violations of the law, and to keep the Commission informed of
developments in the regulated community. The rule's requirement to
maintain such records avoids the need for potentially more burdensome
requirements such as mandatory filings of similar information with the
Commission.
The Commission staff estimates that there are approximately 14,301
total entities (14,125 series of investment companies and 176 BDCs)
required to comply with rule 31a-1. Each entity spends approximately
1,750 hours per year complying with the rule, for a total estimated
annual burden of 25,026,750 hours. However, the Commission estimates
that at least 90% of this burden would be incurred in any case as a
normal business practice, resulting in an estimated actual annual
burden of 2,502,675 hours attributable to the rule. The estimated
annual cost per entity is $613,200, broken down as follows: 175 hours
by office clerks at $144 per hour ($25,200); 1,312.5 hours by fund
accountants and auditors at $348 per hour ($456,750); 87.5 hours by
lawyers at $744 per hour ($65,100); and 175 hours by management
analysts at $378 per hour ($66,150). The total estimated annual cost to
the industry attributable to the rule is approximately $877 million.
There is no external cost burden beyond the internal labor costs
described above.
This is a recordkeeping requirement and no reporting or filing with
the Commission is required; therefore, confidentiality is not
applicable. The records required by rule 31a-1 are required to be
preserved pursuant to rule 31a-2 under the Investment Company Act (17
CFR 270.31a-2), which specifies the retention periods for various
categories of records.
A copy of the collection of information and related instructions
may be obtained at no charge at the Securities and Exchange
Commission's website at <a href="http://www.sec.gov">www.sec.gov</a>. The Commission is soliciting
comments to: (a) evaluate whether the proposed collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information shall have practical
utility; (b) evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information; (c) determine whether
there are ways to enhance the quality, utility, and clarity of the
information to be collected; and (d) evaluate whether there are ways to
minimize the burden of the collection of information on those who are
to respond, including through the use of automated collection
techniques or other forms of information technology. Persons wishing to
submit comments on the collection of information requirements should
direct them to <a href="/cdn-cgi/l/email-protection#590938293c2b2e362b320b3c3d2c3a2d303637192a3c3a773e362f"><span class="__cf_email__" data-cfemail="015160716473766e736a536465746275686e6f417264622f666e77">[email protected]</span></a>. Comments must be submitted
within 60 days of this notice.
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#c191a0b1a4b3b6aeb3aa93a4a5b4a2b5a8aeaf80a2b581b2a4a2efa6aeb7"><span class="__cf_email__" data-cfemail="792918091c0b0e160b122b1c1d0c1a0d101617381a0d390a1c1a571e160f">[email protected]</span></a> by August 3, 2026. There will be a second
opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: June 1, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-11130 Filed 6-2-26; 8:45 am]
BILLING CODE 8011-01-P
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