Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 498

Issuing agencies

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<title>Federal Register, Volume 91 Issue 190 (Friday, October 2, 2026)</title>
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[Federal Register Volume 91, Number 190 (Friday, October 2, 2026)]
[Notices]
[Page 62798]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20280]


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SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0648]


Agency Information Collection Activities; Proposed Collection; 
Comment Request; Extension: Rule 498

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 
collection of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget (``OMB'') for extension and approval.
    Rule 498 (17 CFR 230.498) under the Securities Act of 1933 (15 
U.S.C. 77a et seq.) (``Securities Act'') permits open-end management 
investment companies (``funds'') to satisfy their prospectus delivery 
obligations under the Securities Act by sending or giving key 
information directly to investors in the form of a summary prospectus 
(``Summary Prospectus'') and providing the statutory prospectus on a 
website. Upon an investor's request, funds are also required to send 
the statutory prospectus to the investor. In addition, under rule 498, 
a fund that relies on the rule to meet its statutory prospectus 
delivery obligations must make available, free of charge, the fund's 
current Summary Prospectus, statutory prospectus, statement of 
additional information, and most recent annual and semi-annual reports 
to shareholders at the website address specified in the required 
Summary Prospectus legend (17 CFR 270.498(e)(1)). A Summary Prospectus 
that complies with rule 498 is deemed to be a prospectus that is 
authorized under Section 10(b) of the Securities Act and Section 24(g) 
of the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.).
    The purpose of rule 498 is to enable a fund to provide investors 
with a Summary Prospectus containing key information necessary to 
evaluate an investment in the fund. Unlike many other federal 
information collections, which are primarily for the use and benefit of 
the collecting agency, this information collection is primarily for the 
use and benefit of investors. The information filed with the Commission 
also permits the verification of compliance with securities law 
requirements and assures the public availability and dissemination of 
the information.
    Based on an analysis of fund filings, the Commission estimates that 
approximately 11,699 funds are using a Summary Prospectus. The 
Commission estimates that the annual hourly burden per fund associated 
with the compilation of the information required on the cover page or 
the beginning of the Summary Prospectus is 0.5 hours, and estimates 
that the annual hourly burden per fund to comply with the website 
posting requirement is approximately 1 hour, requiring a total of 1.5 
hours per fund per year.\1\ Thus the total annual hour burden 
associated with these requirements of the rule is approximately 17,549 
hours.\2\ The Commission estimates that the annual cost burden is 
approximately $23,380 per fund, for a total annual cost burden of 
approximately $273,522,620.\3\
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    \1\ 0.5 hours per fund + 1 hour per fund = 1.5 hours per fund.
    \2\ 1.5 hours per fund x 11,699 funds = 17,549 hours.
    \3\ $23,380 per fund x 11,699 funds = $273,522,620.
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    Estimates of average burden hours are made solely for the purposes 
of the Paperwork Reduction Act and are not derived from a comprehensive 
or even a representative survey or study of the costs of Commission 
rules and forms. Under rule 498, use of the Summary Prospectus is 
voluntary, but the rule's requirements regarding provision of the 
statutory prospectus upon investor request are mandatory for funds that 
elect to send or give a Summary Prospectus in reliance upon rule 498. 
The information provided under rule 498 will not be kept confidential.
    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#d787b6a7b2a5a0b8a5bc85b2b3a2b4a3beb8b996b4a397a4b2b4f9b0b8a1"><span class="__cf_email__" data-cfemail="9fcffeeffaede8f0edf4cdfafbeafcebf6f0f1defcebdfecfafcb1f8f0e9">[email&#160;protected]</span></a> by December 1, 2026.

    Dated: September 30, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-20280 Filed 10-1-26; 8:45 am]
BILLING CODE 8011-01-P


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