Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 31a-1

[Federal Register Volume 91, Number 106 (Wednesday, June 3, 2026)]

[Notices]

[Page 33257]

From the Federal Register Online via the Government Publishing Office [ www.gpo.gov ]

[FR Doc No: 2026-11130]

[[Page 33257]]

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SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0178]

Agency Information Collection Activities; Proposed Collection;

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.Sec. 3501 et seq.), the Securities and Exchange

Commission (SEC or ``Commission'') is soliciting comments on 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 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 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 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 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 www.sec.gov . The Commission is soliciting

comments to: (a) evaluate whether the proposed collection of

information is necessary for the proper performance of the functions of

the agency, including whether the information shall have practical

utility; (b) evaluate the accuracy of the agency's estimate of the

burden of the proposed collection of information; (c) determine whether

there are ways to enhance the quality, utility, and clarity of the

information to be collected; and (d) evaluate whether there are ways to

minimize the burden of the collection of information on those who are

to respond, including through the use of automated collection

techniques or other forms of information technology. Persons wishing to

submit comments on the collection of information requirements should

direct them to [email protected] . Comments must be submitted

within 60 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.

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

[email protected] by August 3, 2026. There will be a second

opportunity to comment on this SEC request following the Federal

Register publishing a 30-Day Submission Notice.

Dated: June 1, 2026.

Sherry R. Haywood,

Assistant Secretary.

[FR Doc. 2026-11130 Filed 6-2-26; 8:45 am]

BILLING CODE 8011-01-P