[Federal Register Volume 85, Number 190 (Wednesday, September 30, 2020)]
[Notices]
[Pages 61779-61780]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21541]


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SECURITIES AND EXCHANGE COMMISSION

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


Proposed Collection; Comment Request

Extension:
    Rule 31a-1

    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 3,964 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 3,964 funds subject to the rule therefore is 
approximately 27,748,000 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 2,774,800 hours.

[[Page 61780]]

    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 requested on: (a) Whether the collection of 
information is necessary for the proper performance of the functions of 
the Commission, including whether the information has practical 
utility; (b) the accuracy of the Commission's estimate of the burden(s) 
of the collection of information; (c) ways to enhance the quality, 
utility, and clarity of the 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 in writing within 60 days of this 
publication.
    Please direct your written comments to David Bottom, Director/Chief 
Information Officer, Securities and Exchange Commission, C/O Cynthia 
Roscoe, 100 F Street NE, Washington, DC 20549; or send an email to: 
[email protected].

    Dated: September 24, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-21541 Filed 9-29-20; 8:45 am]
BILLING CODE 8011-01-P