Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 2a-7

Issuing agencies

Full Text

<html>
<head>
<title>Federal Register, Volume 91 Issue 194 (Thursday, October 8, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 194 (Thursday, October 8, 2026)]
[Notices]
[Pages 64415-64416]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20671]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0268]


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Extension: Rule 2a-7

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.
    Money market funds are open-end management investment companies 
that differ from other open-end management investment companies in that 
they seek to maintain a stable price per share, usually $1.00, or seek 
to minimize fluctuations in their price per share. Rule 2a-7 [17 CFR 
270.2a-7] under the Investment Company Act of 1940 [15 U.S.C. 80a-1 et 
seq.] (the ``Act'') exempts certain money market funds from the 
valuation requirements of the Act, and, subject to certain risk-
limiting conditions, permits these money market funds to use the 
``amortized cost method'' of asset valuation or the ``penny-rounding 
method'' of share pricing.
    Rule 2a-7 imposes certain recordkeeping obligations on money market 
funds, some of which vary based on the type of money market fund. For 
example, the board of directors of a government or retail money market 
fund, in supervising the fund's operations, must establish written 
procedures designed to stabilize the fund's net asset value (``NAV''). 
An institutional prime or institutional tax-exempt money market fund 
must have written guidelines established and reviewed by the board 
related to mandatory liquidity fees, while non-government money market 
funds similarly must have written guidelines related to discretionary 
liquidity fees. In addition, money market fund boards must adopt 
written procedures that provide for periodic stress testing (and 
reporting to the board) of the fund's ability to minimize principal 
volatility and maintain sufficient minimum liquidity under certain 
hypothetical events and to maintain policies and procedures that 
specifically address ongoing minimal credit risk monitoring. A money 
market fund's board must also adopt guidelines and procedures relating 
to certain responsibilities it delegates to the fund's investment 
adviser. These procedures and guidelines typically address various 
aspects of the fund's operations. The fund must maintain and preserve 
for six years a written copy of both these procedures and guidelines. 
The fund also must maintain and preserve for six years a written record 
of the board's considerations and actions taken in connection with the 
discharge of its responsibilities, to be included in the board's 
minutes. In addition, the fund must maintain and preserve for three 
years written records of certain credit risk analyses, evaluations with 
respect to securities subject to demand features or guarantees, and 
determinations with

[[Page 64416]]

respect to adjustable rate securities and asset backed securities.
    Funds must also post monthly portfolio information and certain 
other information on their websites and maintain records of 
creditworthiness evaluations on counterparties to repurchase agreements 
that the fund intends to ``look through'' for purposes of rule 2a-7's 
diversification limitations. If a retail or government money market 
fund determines to use a share cancellation method to maintain a stable 
net asset value in a period with negative interest rates, it must 
provide certain disclosures to investors in advance of using share 
cancellation and when share cancellation is used. Compliance with rule 
2a-7's information collection requirements is required to obtain or 
retain benefits.
    We estimate that approximately 284 money market funds are subject 
to rule 2a-7. We estimate that each money market fund incurs an average 
of 700 hours per year to comply with the recordkeeping requirements of 
rule 2a-7 (relating to the establishment and maintenance of policies 
and procedures, records of credit risk analyses, certain notices or 
reports to the fund's board of directors, determinations made by the 
fund's board of directors, and other information collection 
requirements that do not involve third-party disclosures) and an 
average of 75 hours per year to comply with the third-party disclosure 
requirements of rule 2a-7 (including requirements to provide certain 
information on money market fund websites and requirements for certain 
funds to provide disclosures to investors related to share 
cancellation). We estimate the total annual burden of the collection of 
information requirements of rule 2a-7 to be 220,100 hours, with an 
aggregate external cost burden of $51,120,000.
    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=202607-3235-026">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202607-3235-026</a> or email comment to 
<a href="/cdn-cgi/l/email-protection#2469667c0a6b69660a6b6d76650a7761677b4041574f7b4b42424d474156644b49460a414b540a434b52"><span class="__cf_email__" data-cfemail="1459564c3a5b59563a5b5d46553a4751574b7071677f4b7b72727d777166547b79763a717b643a737b62">[email&#160;protected]</span></a> within 30 days of the day 
after publication of this notice, by November 9, 2026.

    Dated: October 6, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-20671 Filed 10-7-26; 8:45 am]
BILLING CODE 8011-01-P


</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>