Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 31a-4

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<title>Federal Register, Volume 91 Issue 162 (Monday, August 24, 2026)</title>
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[Federal Register Volume 91, Number 162 (Monday, August 24, 2026)]
[Notices]
[Page 54768]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-17189]


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SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0783]


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Extension: Rule 31a-4

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. 3501-3520), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    Rule 2a-5 (17 CFR 270.2a-5) under the Investment Company Act (the 
``Act'') provides the requirements for determining in good faith the 
fair value of the investments of a registered investment company or 
companies that have elected to be treated as business development 
companies under the Investment Company Act (``BDCs'' and, collectively, 
``funds'') for purposes of section 2(a)(41) of the Investment Company 
Act and rule 2a-4 thereunder. Under rule 2a-5, fair value as determined 
in good faith requires assessing and managing material risks associated 
with fair value determinations; selecting, applying, and testing fair 
value methodologies; and overseeing and evaluating any pricing services 
used. Rule 2a-5 also permits a fund's board to designate a ``valuation 
designee'' to perform fair value determinations. The valuation designee 
can be the adviser of the fund or an officer of an internally managed 
fund.\1\ When a board designates the performance of determinations of 
fair value to a valuation designee for some or all of the fund's 
investments under rule 2a-5, this rule requires the board to oversee 
the valuation designee's performance of fair value determinations. To 
facilitate such oversight, rule 2a-5 also includes certain reporting 
and other requirements.\2\
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    \1\ Rule 2a-5(e)(4); see generally Good Faith Determinations of 
Fair Value, Investment Company Act Release No. 34128 (Dec. 7, 2020) 
(``Adopting Release'').
    \2\ Rule 2a-5(b).
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    Rule 31a-4 (17 CFR 270.34a-1) contains the recordkeeping 
requirements associated with rule 2a-5. Specifically, registered 
investment companies and BDCs, or their advisers, are required to 
maintain appropriate documentation to support fair value determinations 
made pursuant to rule 2a-5.\3\ Further, if the board of the fund 
designates performance of fair value determinations to a valuation 
designee under rule 2a-5, the fund or adviser needs to maintain certain 
additional records relating to that designation.\4\
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    \3\ Rule 31a-4(a).
    \4\ Rule 31a-4(b).
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    Compliance with rule 31a-4 is mandatory for any fund that needs to 
determine fair value under the Act. To the extent that records that are 
required to be created and maintained under this rule are provided to 
the Commission in connection with examinations or investigations, such 
information will be kept confidential subject to the provisions of 
applicable law.
    There are approximately 10,047 funds that are required to comply 
with rule 31a-4. It is estimated that rule 31a-4 imposes an annual time 
burden of approximately 36 hours with an annual time cost of $15,984 
per fund, resulting in total annual time burden (across all 10,047 
funds) of 361,692 hours at a cost of $160,591,348.
    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=202606-3235-002">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202606-3235-002</a> or send an email comment to 
<a href="/cdn-cgi/l/email-protection#7538372d5b3a38375b3a3c27345b2630362a1110061e2a1a13131c161007351a18175b101a055b121a03"><span class="__cf_email__" data-cfemail="a2efe0fa8cedefe08cedebf0e38cf1e7e1fdc6c7d1c9fdcdc4c4cbc1c7d0e2cdcfc08cc7cdd28cc5cdd4">[email&#160;protected]</span></a> within 30 days of the day 
after publication of this notice by September 24, 2026.

    Dated: August 19, 2026.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-17189 Filed 8-21-26; 8:45 am]
BILLING CODE 8011-01-P


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