[Federal Register Volume 88, Number 57 (Friday, March 24, 2023)]
[Notices]
[Pages 17900-17901]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-06046]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-580, OMB Control No. 3235-0642]


Submission for OMB Review; Comment Request; Extension: Investment 
Company Interactive Data

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 (the ``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.
    Certain funds have current requirements to submit to the Commission 
information included in their registration statements, or information 
included in or amended by any post-effective amendments to such 
registration statements, in response to certain form items in 
structured data language (``Investment Company Interactive Data''). 
This also includes the requirement for funds to submit interactive data 
to the Commission for any form of prospectus filed pursuant to 17 CFR 
230.497(c) or 17 CFR 230.497(e) under the Securities Act of 1933 
(``Securities Act'') [15 U.S.C. 77a et seq.] that includes information 
in response to certain form items. This collection of information 
relates to regulations and forms adopted under the Securities Act, and 
the Investment Company Act of 1940 (``Investment Company Act'') [15 
U.S.C. 80a-1 et seq.], that set forth disclosure requirements for funds 
and other issuers.
    On October 26, 2022, the Commission adopted rule and form 
amendments that require open-end management investment companies 
(``open-end funds'') to transmit concise and visually engaging annual 
and semi-annual reports to shareholders that highlight key information 
that is particularly important for retail investors to assess and 
monitor their fund investments.\1\ The Commission also adopted 
amendments to Form N-1A, Form N-CSR, and rule 405 of Regulation S-T to 
require certain new structured data requirements for open-end funds.\2\ 
Specifically, the final rule and form amendments require open-end funds 
to tag their shareholder report contents using Inline eXtensible 
Business Reporting Language or ``Inline XBRL.'' These requirements will 
make open-end funds' shareholder report disclosure more readily 
available and easily accessible for aggregation, comparison, filtering, 
and other analysis.
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    \1\ See Tailored Shareholder Reports for Mutual Funds and 
Exchange-Traded Funds; Fee Information in Investment Company 
Advertisements, Investment Company Act Release No. 34731 (Oct. 26, 
2022) (``Shareholder Reports Adopting Release'').
    \2\ See Shareholder Reports Adopting Release at section II.H.
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    The Commission estimates that the total current annual hour burden 
associated with the Investment Company Interactive Data requirements is 
approximately 252,684 hours. Based on estimates of 11,840 open-end 
funds, each incurring 6 hours on average annually to tag their 
shareholder reports using Inline XBRL, the Commission estimates that, 
in the aggregate, funds will incur an additional 71,040 annual burden 
hours. The Commission therefore estimates that, in the aggregate, 
Investment Company Interactive Data requirements will result in 
approximately 323,724 annual burden hours (252,684 currently-estimated 
annual burden hours + 71,040 additional estimated annual burden hours).
    The Commission estimates that the current average cost burden 
associated with the Investment Company Interactive Data requirements is 
approximately $15,449,450 per year. Based on the estimate of 11,840 
open-end funds, each incurring approximately $50 additional annual 
external cost associated with tagging their shareholder reports using 
Inline XBRL, the Commission estimates that, in the aggregate, funds 
will incur an

[[Page 17901]]

additional $592,000 in annual external costs. The Commission therefore 
estimates that, in the aggregate, Investment Company Interactive Data 
requirements will result in approximately $16,041,450 in external costs 
($15,449,450 in currently-estimated external costs + $592,000 in 
additional external costs).
    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 representative survey or study of the costs of Commission rules 
and forms.
    The collection of information under the Investment Company 
Interactive Data requirements is mandatory for all funds. Responses to 
the disclosure requirements 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.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
by April 24, 2023 to (i) [email protected] and 
(ii) David Bottom, Director/Chief Information Officer, Securities and 
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 
20549, or by sending an email to: [email protected].

    Dated: March 20, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-06046 Filed 3-23-23; 8:45 am]
BILLING CODE 8011-01-P


