
[Federal Register Volume 88, Number 172 (Thursday, September 7, 2023)]
[Notices]
[Pages 61650-61651]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-19248]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-173, OMB Control No. 3235-0178]


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. 3501-3520), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collections 
of information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget for extension.
    Rule 31a-1 (17 CFR 270.31a-1) under the Investment Company Act of 
1940 (the ``Act'') (15 U.S.C. 80a) is entitled ``Records to be 
maintained by registered investment companies, certain majority-owned 
subsidiaries thereof, and other persons having transactions with 
registered investment companies.'' Rule 31a-1 requires registered 
investment companies (``funds''), and every underwriter, broker, 
dealer, or investment adviser that is a majority-owned subsidiary of a 
fund, to maintain and keep current accounts, books, and other documents 
which constitute the record forming the basis for financial statements 
required to be filed pursuant to section 31 of the Act (15 U.S.C. 80a-
30) and of the auditor's certificates relating thereto. The rule lists 
specific records to be maintained by funds. The rule also requires 
certain underwriters, brokers, dealers, depositors, and investment 
advisers to maintain the records that they are required to maintain 
under federal securities laws.
    There are approximately 2,766 investment companies registered with 
the Commission, all of which are required to comply with rule 31a-1. 
For purposes of determining the burden imposed by rule 31a-1, the 
Commission staff estimates that each fund is divided into approximately 
four series, on average, and that each series is required to comply 
with the recordkeeping requirements of rule 31a-1. Based on 
conversations with fund representatives, it is estimated that rule 31a-
1 imposes an average burden of approximately 1,750 hours annually per 
series for a total of 7,000 annual hours per fund. The estimated total 
annual burden for all 2,766 funds subject to the rule therefore is 
approximately 19,362,000 hours. Based on conversations with fund 
representatives, however, the Commission staff estimates that even 
absent the requirements of rule 31a-1, 90 percent of the records 
created pursuant to the rule are the type that generally would be 
created as a matter of normal business practice and to prepare 
financial statements. Thus, the Commission staff estimates that the 
total annual burden associated with rule 31a-1 is 1,936,200 hours.
    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study. 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 the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimate of the burden of the collection of information; (c) ways to 
enhance the quality, utility, and clarity of the

[[Page 61651]]

information collected; and (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology. Consideration will be given to comments and suggestions 
submitted by November 6, 2023.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: David Bottom, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John Pezzullo, 100 F Street, NE Washington, DC 20549 or send an 
email to: [email protected].

    Dated: August 31, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19248 Filed 9-6-23; 8:45 am]
BILLING CODE 8011-01-P


