Notice2026-16085
Agency Information Collection Activities; Submission for OMB Review; 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
August 7, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 151 (Friday, August 7, 2026)</title>
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[Federal Register Volume 91, Number 151 (Friday, August 7, 2026)]
[Notices]
[Pages 51209-51210]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-16085]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0178]
Agency Information Collection Activities; Submission for OMB
Review; 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 et seq.), the Securities and Exchange
Commission (SEC or ``Commission'') is submitting to the Office of
Management and Budget (OMB) this request for extension of 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 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 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 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
[[Page 51210]]
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> or at <a href="http://reginfo.gov">reginfo.gov</a>. Written comments
are invited on: (a) whether the proposed collection of information is
necessary for the proper performance of the functions of the agency;
(b) the accuracy of the agency's estimate of the burden of the
collection of information; (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. Comments should
be directed to the Office of Management and Budget, Attention: Desk
Officer for the Securities and Exchange Commission, Office of
Information and Regulatory Affairs, Washington, DC 20503, or by sending
an email to <a href="/cdn-cgi/l/email-protection#cf80869d8e90bcbaada2a6bcbca6a0a18fa0a2ade1aaa0bfe1a8a0b9"><span class="__cf_email__" data-cfemail="b5fafce7f4eac6c0d7d8dcc6c6dcdadbf5dad8d79bd0dac59bd2dac3">[email protected]</span></a>. Comments must be submitted
within 30 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.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202605-3235-022">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202605-3235-022</a> or email comment to
<a href="/cdn-cgi/l/email-protection#f1bcb3a9dfbebcb3dfbeb8a3b0dfa2b4b2ae9594829aae9e979798929483b19e9c93df949e81df969e87"><span class="__cf_email__" data-cfemail="5b16190375141619751412091a75081e18043f3e283004343d3d32383e291b343639753e342b753c342d">[email protected]</span></a> within 30 days of the day
after publication of this notice, by September 8, 2026.
Dated: August 4, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-16085 Filed 8-6-26; 8:45 am]
BILLING CODE 8011-01-P
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