Notice2026-19033
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 30b1-10, Form N-RN
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 17, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 179 (Thursday, September 17, 2026)</title>
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[Federal Register Volume 91, Number 179 (Thursday, September 17, 2026)]
[Notices]
[Pages 58935-58936]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-19033]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0754]
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Extension: Rule 30b1-10, Form N-RN
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 this request for extension of the previously
approved collection of information discussed below.
Rule 30b1-10 [17 CFR 270.30b1-10] and Form N-RN [17 CFR 274.223]
require registered open-end management investment companies (not
including entities regulated as money market funds under 17 CFR 270.2a-
7), registered closed-end funds, and business development companies
(collectively, ``funds''), to file a current report on Form N-RN on a
non-public basis when certain events related to their liquidity and
events regarding funds' compliance with the VaR-based limit on fund
leverage risk in 17 CFR 270.18f-4 (``rule 18f-4'') occur. The first
category of information reported on Form N-RN concerns events under
which more than 15% of an open-end fund's net assets are, or become,
illiquid investments that are assets as defined in 17 CFR 270.22e-4
(``rule 22e-4'') and when holdings in illiquid investments are assets
that previously exceeded 15% of a fund's net assets have changed to be
less than or equal to 15% of the fund's net assets. The second category
of information reported on Form N-RN regards events for certain open-
end funds under which a fund's holdings in assets that are highly
liquid investments fall below the fund's highly liquid investment
minimum defined in rule 22e-4 for more than 7 consecutive calendar
days. The third category of information reported on Form N-RN regards
information about a fund's breaches of the VaR test under rule 18f-4. A
report on Form N-RN is required to be filed, as applicable, within one
business day of the occurrence of one or more of these events. In
addition, a fund is in certain cases required to file a second Form N-
RN when it is no longer in breach of the applicable limit.
Based on historical filing data and projected estimates of the
annual number of VAR-based filings, the staff estimates that the
Commission will receive roughly 31 reports per year on Form N-RN on
average When filing a report on Form N-RN, staff estimates that a fund
will spend on average approximately 4 hours of a lawyer's and a
computer programmer's time to prepare, review, and submit Form N-RN.\1\
We estimate the total time per
[[Page 58936]]
response to be $2,420.\2\ Accordingly, in the aggregate, staff
estimates that compliance with rule 30b1-10 and Form N-LIQUID will
result in a total annual burden of approximately 124 burden hours and
total annual time costs of approximately $75,020.\3\
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\1\ To calculate the occupational hourly rates used in this
release, the Commission uses occupational mean hourly wage data from
the Occupational Employment and Wage Statistics (OEWS) program of
the Bureau of Labor Statistics (BLS) for ``Securities, Commodity
Contracts, and Other Financial Investments and Related Activities''
(NAICS 523). See Occupational Employment and Wage Statistics, U.S.
BUREAU OF LABOR STATISTICS, <a href="https://www.bls.gov/oes/">https://www.bls.gov/oes/</a>; see also
Standard Occupational Classification, U.S. BUREAU OF LABOR
STATISTICS, <a href="https://www.bls.gov/soc/">https://www.bls.gov/soc/</a> (describing occupational
classification system used by BLS); EXEC. OFF. OF THE PRESIDENT,
OFF. OF MGMT. & BUDGET, NORTH AMERICAN INDUSTRY CLASSIFICATION
SYSTEM (2022), available at <a href="https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf">https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf</a> (describing the industry
classification system used by BLS and other agencies). The mean
hourly wage for each occupation is adjusted for changes in the
seasonally adjusted employment cost index for private wages and
salaries between the data reference period and when the data are
released by BLS. See Employment Cost Index, U.S. BUREAU OF LABOR
STATISTICS, <a href="https://www.bls.gov/eci/">https://www.bls.gov/eci/</a>. The adjusted mean hourly wage
is then multiplied by a factor that accounts for nonwage costs borne
by employers, such as bonuses, benefits, and overhead. This factor
is calculated as an average over the 10 most recently available
years of data of the ratio of the Bureau of Economic Analysis's
annual gross output data for NAICS 523 to total annual wages across
all occupations for NAICS 523 in the OEWS data. See Gross Output by
Industry, U.S. BUREAU OF ECONOMIC ANALYSIS, <a href="https://www.bea.gov/data/industries/gross-output-by-industry">https://www.bea.gov/data/industries/gross-output-by-industry</a>; Occupational Employment
and Wage Statistics, U.S. BUREAU OF LABOR STATISTICS, <a href="https://www.bls.gov/oes/">https://www.bls.gov/oes/</a>. The final product is the occupational hourly rate.
See generally UPDATED METHODOLOGY FOR CALCULATING OCCUPATIONAL
HOURLY RATES (Dec. 19, 2025), available at <a href="https://www.sec.gov/files/method-occupational-hourly-rates.pdfoffic">https://www.sec.gov/files/method-occupational-hourly-rates.pdfoffic</a>.
\2\ This estimate is based on the following calculations: ($774
hourly wage rate for lawyer + $436 hourly wage rate for computer
programmer)/2 = $605 blended hourly wage rate. $605 blended hourly
wage rate x 4 hours = $2,420.
\3\ This estimate is based on the following calculations: 31
reports filed per year x 4 hours per report = approximately 124
total annual burden hours. 31 reports filed per year x $2,420 in
costs per report = $75,020 total annual costs.
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Compliance with rule 30b1-10 is mandatory for all funds. Responses
to the disclosure requirements will be kept confidential. The estimate
of average burden hours is made solely for the purposes of the PRA. The
estimate is not derived from a comprehensive or even a representative
survey or study of the costs of Commission rules. Complying with this
collection of information requirement is necessary to enable the
Commission to receive information on fund liquidity events more
uniformly and efficiently, and to enhance the Commission's oversight of
funds when significant liquidity events occur and its ability to
respond to market events.
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=202606-3235-021">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202606-3235-021</a> or email comment to
<a href="/cdn-cgi/l/email-protection#9bd6d9c3b5d4d6d9b5d4d2c9dab5c8ded8c4fffee8f0c4f4fdfdf2f8fee9dbf4f6f9b5fef4ebb5fcf4ed"><span class="__cf_email__" data-cfemail="49040b116706040b6706001b08671a0c0a162d2c3a2216262f2f202a2c3b0926242b672c2639672e263f">[email protected]</span></a> within 30 days of the day
after publication of this notice, by October 19, 2026.
Dated: September 14, 2026.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-19033 Filed 9-16-26; 8:45 am]
BILLING CODE 8011-01-P
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