[Federal Register Volume 89, Number 222 (Monday, November 18, 2024)]
[Rules and Regulations]
[Pages 90579-90592]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-26387]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 200, 230, 274, and 275
[Release Nos. 33-11325; 34-101540; IA-6767; IC-35377]
Conforming Amendments to Commission Rules and Forms
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
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SUMMARY: The Securities and Exchange Commission (``Commission'') is
adopting amendments to correct certain errors in various rules and
forms under the Securities Act of 1933, the Securities Exchange Act of
1934, the Investment Company Act of 1940, and the Investment Advisers
Act of 1940. The Commission is also amending a rule that displays
control numbers assigned to information collection requirements by the
Office of Management and Budget pursuant to the Paperwork Reduction
Act.
DATES: This rule is effective November 18, 2024.
FOR FURTHER INFORMATION CONTACT: Greg Scopino, Senior Counsel; Blair
Burnett, Branch Chief; or Brian McLaughlin Johnson, Assistant Director,
Investment Company Regulation Office, at (202) 551-6792, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549-8549.
SUPPLEMENTARY INFORMATION: The Commission is amending the following
rules and forms:
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\1\ 15 U.S.C. 77a et seq. The Securities Act is available at
https://www.govinfo.gov/content/pkg/COMPS-1884/pdf/COMPS-1884.pdf.
\2\ Rule 482 is available at https://www.ecfr.gov/current/title-17/chapter-II/part-230#230.482.
\3\ 15 U.S.C. 80a-1 et seq. Unless otherwise noted, all
references to statutory sections are to the Investment Company Act,
and all references to rules under the Investment Company Act are to
title 17, part 270 of the Code of Federal Regulations [17 CFR part
270]. The Investment Company Act is available at https://www.govinfo.gov/content/pkg/COMPS-1879/pdf/COMPS-1879.pdf.
\4\ A reference copy of Form N-1A is available at https://www.sec.gov/files/form-n-1a.pdf.
\5\ A reference copy of Form N-2 is available at https://www.sec.gov/files/formn-2.pdf.
\6\ 15 U.S.C. 78a et seq. The Exchange Act is available at
https://www.govinfo.gov/content/pkg/COMPS-1885/pdf/COMPS-1885.pdf.
\7\ A reference copy of Form N-CSR is available at https://www.sec.gov/files/formn-csr.pdf.
\8\ A reference copy of Form N-MFP is available at https://www.sec.gov/files/formn-mfp.pdf.
\9\ 15 U.S.C. 80b-1 et seq. The Investment Advisers Act is
available at https://www.govinfo.gov/content/pkg/COMPS-1878/pdf/COMPS-1878.pdf.
\10\ Rule 204-2 is available at https://www.ecfr.gov/current/title-17/chapter-II/part-275/section-275.204-2.
\11\ 17 CFR 200.800 is available at https://www.ecfr.gov/current/title-17/chapter-II/part-200/subpart-N.
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Commission reference CFR citation
(17 CFR)
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Securities Act of 1933 Rule 482 \2\...... Sec. 230.482.
(``Securities Act'') \1\.
Securities Act and Investment Form N-1A \4\..... Sec. Sec.
Company Act of 1940 (``Act'' or 239.15A and
``Investment Company Act'') \3\. 274.11A.
Form N-2 \5\...... Sec. Sec.
239.14 and
274.11a-1.
Securities Exchange Act of 1934 Form N-CSR \7\.... Sec. Sec.
(``Exchange Act'') \6\ and 249.331 and
Investment Company Act. 274.128.
Investment Company Act.......... Form N-MFP \8\.... Sec. 274.201.
Investment Advisers Act of 1940 Rule 204-2 \10\... Sec. 275.204-2.
(``Investment Advisers Act'')
\9\.
OMB control Sec. 200.800.
numbers \11\.
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Table of Contents
I. Discussion
A. Form N-MFP
B. Rule 482(b)(4)
C. Form N-1A
D. Form N-2
E. Form N-CSR
F. Rule 204-2(j)(4)
G. OMB Control Numbers
II. Procedural and Other matters
III. Economic Analysis
A. Form N-MFP
B. Rule 482(b)(4)
C. Other Amendments
IV. Paperwork Reduction Act
Statutory Authority
I. Discussion
The Commission is adopting amendments to correct errors in certain
Commission rules and forms. Specifically, the amendments correct errors
in the formula for calculating yield data reported on Form N-MFP, which
requires money market funds to report portfolio and other information
to the Commission each month. The amendments also make conforming
changes to the risk disclosure statement in rule 482, which requires
certain information to be included in mutual fund advertisements and
sales literature. The amendments also conform certain provisions of
Form N-1A and Form N-2, forms used by open-end management investment
companies (``open-end funds'') and closed-end funds, respectively, to
register under the Investment Company Act and to offer their shares
under the Securities Act. These amendments reflect recent rule changes
requiring open-end funds to transmit more concise annual and semi-
annual reports to shareholders. Further, the amendments correct
outdated cross-
[[Page 90580]]
references and redesignate the numbering of certain paragraphs within
Form N-CSR, a reporting form used by funds to file shareholder reports
under the Investment Company Act and the Exchange Act. The amendments
also correct an erroneous cross-reference in rule 204-2, which
prescribes recordkeeping requirements for investment advisers. Finally,
the amendments insert inadvertently omitted Office of Management and
Budget (``OMB'') control numbers in 17 CFR 200.800, which is a rule
that displays control numbers OMB has assigned to existing information
collection requirements pursuant to the Paperwork Reduction Act.
Although the amendments are effective immediately, to the extent
that registrants need additional time to conform to the amendments,
they may take up to 90 days after the effective date to comply.\12\
Given the nature of the amendments, a 90-day compliance period gives
registrants adequate time to review these amendments and, if necessary,
update their practices to reflect the corrections.
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\12\ See also infra section I.C (stating that funds may include
the updates to Item 10(a)(1)(iii) of Form N-1A in their next annual
prospectus update following the adoption of the amendments to Form
N-1A).
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A. Form N-MFP
The Commission is adopting amendments to correct errors in Form N-
MFP. Money market funds use Form N-MFP to report portfolio and other
information to the Commission each month. Among the items required by
Form N-MFP is the reporting of a money market fund's 7-day annualized
gross and net yields. The form requires money market funds to report 7-
day gross yield at the series level and 7-day net yield at the class
level.\13\ These standardized metrics give investors the ability to
view the yield information of a money market fund over a recent time
period, allowing investors to make better informed decisions and, in
the aggregate, provide the Commission with useful data for identifying
and monitoring trends in the money market fund sector.
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\13\ See Items A.19 and B.8 of Form N-MFP.
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In 2023, the Commission adopted a rulemaking that changed the
frequency at which funds are required to report the 7-day yield
information in their monthly reports on Form N-MFP to require 7-day
gross and net yield data for each business day of the month (instead of
only the 7 days ended on the last day of the month).\14\
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\14\ See Money Market Fund Reforms; Form PF Reporting
Requirements for Large Liquidity Fund Advisers; Technical Amendments
to Form N-CSR and Form N-1A, Investment Company Act Release No.
34959 (July 12, 2023) [88 FR 51404 (Aug. 3, 2023)] (``Money Market
Fund Reform Adopting Release''), available at https://www.federalregister.gov/documents/2023/08/03/2023-15124/money-market-fund-reforms-form-pf-reporting-requirements-for-large-liquidity-fund-advisers-technical.
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In making this frequency-related change, the phrase ``business
days'' was erroneously inserted into the yield calculation formula in a
way that inadvertently altered the calculation period from 7 calendar
days to 7 business days. A 7-business day period is internally
inconsistent with the remainder of the yield calculation formula, which
uses a scaling factor intended to annualize yields calculated over 7
calendar days. If used with a 7-business day period, it would result in
the reporting of inflated annual yields on Form N-MFP.\15\ Based on a
review of a sample of recent Form N-MFP filings, Commission staff has
not observed any evidence of an increase in reported yield figures
relative to yields reported in prior periods, suggesting that money
market funds' yield calculations do not reflect the error.\16\ In
addition, in amending Form N-MFP in 2023, the phrase ``immediately
preceding'' was inadvertently inserted into the yield calculation
formula, such that the reporting day would not be included in the
calculation. The amendments correct these errors, ensuring that Form N-
MFP continues to reflect the longstanding method money market funds
have used to calculate and report yield figures (measured over seven
calendar days) to the Commission in Form N-MFP and in other contexts,
including prospectuses, advertisements, and sales literature.\17\
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\15\ The yield calculation formula in Items A.19 and B.8 (by
reference to Item 26(a)(1) of Form N-1A) includes a scaling factor
of 365/7, which operates to annualize yields calculated over a
period of 7 calendar days. Due to the inclusion of weekends and
holidays, however, 7 business days span a longer calendar period
than 7 calendar days. Accordingly, yields calculated over 7 business
days but annualized over 7 calendar days would result in inflated
annual yields. See infra footnote 45.
\16\ See infra footnote 45 and accompanying text.
\17\ See Item 26(a) of Form N-1A (requiring money market funds
to base yield calculations on the 7 days ended on the date of the
most recent balance sheet included in the registration statement);
Item 24(a) of Form N-4 (at 17 CFR 239.17b and 274.11c) (requiring a
prospectus for an account or sub-account that holds itself out as a
money market account or sub-account to be calculated based on the 7
days ended on the date of the most recent balance sheet of the
registrant included in the registration statement); paragraph (e)(1)
of 17 CFR 230.482 (requiring that any quotation of a money market
fund's yield in an advertisement be based on the methods of
computation prescribed in Form N-1A or Form N-4); paragraph
(b)(1)(ii) of 17 CFR 270.34b-1 (requiring a money market fund's
sales literature that includes any quotation of yield or similar
quotations purporting to demonstrate the income earned or
distributions made by the fund to be accompanied by a quotation of
current yield based on the computation method prescribed in Form N-
1A or Form N-4).
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B. Rule 482(b)(4)
We are amending rule 482 to correct outdated cross-references and
conform the risk statements that money market funds must include in
their advertisements and sales literature to the risk statements that
money market funds must include in their prospectuses.\18\ Rule 482
applies to advertisements or other sales materials with respect to
securities of an investment company registered under the Investment
Company Act that is selling or proposing to sell its securities
pursuant to a registration statement that has been filed under the
Investment Company Act.\19\ This rule describes the information that is
required to be included in an advertisement, including a disclosure
statement that must be used on money market fund advertisements.\20\
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\18\ See amended rule 482(b)(4). The regulations at 17 CFR
270.34b-1 (rule 34b-1) cross reference paragraph (b)(4) of rule 482,
so the amendments will update the risk statements that money market
funds must include in sales literature under rule 34b-1 as well. For
purposes of this release, we use the term ``advertisement'' to
include both rule 482 advertisements and rule 34b-1 sales
literature, unless otherwise specified.
\19\ See rule 482(a).
\20\ See rule 482(b).
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In the Money Market Fund Reform Adopting Release, the Commission
amended the risk statements that money market funds must include in
their prospectuses to align with the changes to money market fund
regulations adopted in that release (e.g., the removal of provisions
allowing temporary suspensions of redemptions and changes to the
liquidity fee framework). However, rule 482 was not included in the
amendments and the statements that rule 482 currently requires are
inconsistent with the recently amended regulatory framework for money
market funds.\21\ Further, the risk statements that money market funds
were required to include in prospectuses and advertisements have
otherwise always been identical and the risk statements should not
differ based on whether an investor is reviewing a prospectus or an
advertisement.\22\
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\21\ See Item 4(b)(1)(ii) of Form N-1A.
\22\ See Revisions to Rules Regulating Money Market Funds,
Investment Company Act Release No. 18005 (Feb. 20, 1991) [56 FR 8113
(Feb. 27, 1991)], at text accompanying n.88, available at https://archives.federalregister.gov/issue_slice/1991/2/27/8112-8130.pdf#page=2; New Disclosure Option for Open-End Management
Investment Companies, Investment Company Act Release No. 23065 (Mar.
13, 1998) [63 FR 13968 (Mar. 23, 1998)], at n.72 and accompanying
text, available at https://www.govinfo.gov/content/pkg/FR-1998-03-23/pdf/98-7071.pdf; Registration Form Used by Open-End Management
Investment Companies, Investment Company Act Release No. 23064 (Mar.
13, 1998) [63 FR 13916 (Mar. 23, 1998)], at paragraph accompanying
n.41, available at https://www.govinfo.gov/content/pkg/FR-1998-03-23/pdf/98-7070.pdf; Money Market Fund Reform; Amendments to Form PF,
Investment Company Act Release No. 31166 (July 23, 2014) [79 FR
47736 (Aug. 14, 2024)], at section III.E.1.a., available at https://www.federalregister.gov/documents/2014/08/14/2014-17747/money-market-fund-reform-amendments-to-form-pf.
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[[Page 90581]]
As a result, rule 482 includes outdated references to concepts that
have been removed or significantly modified in underlying money market
fund regulations (e.g., allowing temporary suspensions of redemptions).
The amendments to rule 482 would correct this error, make certain other
conforming edits to further align the language of the risk statements
with the risk statements that money market funds must include in their
prospectuses, and correct inaccurate cross references to money market
fund rules.\23\
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\23\ For example, the amendments correct errors in cross
references to the definitions of government money market fund and
retail money market fund located in 17 CFR 270.2a-7 (rule 2a-7), as
well as cross references to the location of liquidity fee provisions
in that rule.
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C. Form N-1A
We are amending a provision of Form N-1A to correct a cross
reference, reflecting changes made in the Tailored Shareholder Reports
Adopting Release.\24\ Specifically, we are amending Item 10(a)(1)(iii)
of Form N-1A. This item requires open-end funds to include prospectus
disclosure stating that a discussion regarding the basis for the board
of directors approving any advisory contract of the fund is available
in the fund's annual or semi-annual report to shareholders, as
applicable.\25\ In the Tailored Shareholder Reports Adopting Release,
however, the Commission adopted amendments requiring discussion
regarding the basis for the board's approval of the advisory contract
to be included on Form N-CSR rather than in the annual or semi-annual
report.\26\ We are accordingly amending Item 10(a)(1)(iii) to reference
that this disclosure now appears in the fund's reports on Form N-
CSR.\27\ Because this change simply updates a cross reference, funds
may include the updated language in their next annual prospectus update
following the adoption of the amendments to Form N-1A and we anticipate
funds would update this disclosure at that time. In the interim period
before funds make this update, an investor who wants to review the
discussion regarding the basis for the board's approval of the advisory
contract would look in the fund's shareholder report (which is
referenced in the current prospectus disclosure requirement).\28\ While
this discussion will no longer appear in the fund's shareholder report,
the report will include a link to additional information about the
fund, which includes the discussion regarding the basis for the board's
approval of the advisory contract.
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\24\ 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) [87 FR 72758 (Nov. 25, 2022)] (``Tailored Shareholder Reports
Adopting Release''), available at https://www.federalregister.gov/documents/2022/11/25/2022-23756/tailored-shareholder-reports-for-mutual-funds-and-exchange-traded-funds-fee-information-in.
\25\ See Item 10(a)(1)(iii) of Form N-1A (``Include a statement,
adjacent to the disclosure required by paragraph (a)(1)(ii) of this
Item, that a discussion regarding the basis for the board of
directors approving any investment advisory contract of the Fund is
available in the Fund's annual or semi-annual report to
shareholders, as applicable, and providing the period covered by the
relevant annual or semi-annual report.'').
\26\ See Form N-CSR Item 11 (Statement Regarding Basis for
Approval of Investment Advisory Contract).
\27\ As amended, Item 10(a)(1)(iii) will read: ``Include a
statement, adjacent to the disclosure required by paragraph
(a)(1)(ii) of this Item, that a discussion regarding the basis for
the board of directors approving any investment advisory contract of
the Fund is available in the Fund's reports filed on Form N-CSR, and
providing the period covered by the most recent Form N-CSR report
that includes this discussion.''
\28\ See Item 27A(b)(4) of Form N-1A (shareholder report cover
page must include a website address where additional information
about the fund, as required under 17 CFR 270.30e-1 (rule 30e-1), is
available); rule 30e-1(b)(2) under the Investment Company Act
(content requirements for additional information that an open-end
fund must make available on a website, including the discussion
regarding the basis for the board's approval of the advisory
contract).
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D. Form N-2
We are amending Instruction 8.a to Item 24 of Form N-2 to correct a
cross-reference to a provision of Form N-CSR that became outdated when
the Commission adopted amendments to Form N-CSR in the Tailored
Shareholder Reports Adopting Release. Instruction 8.a refers to Item 7
of Form N-CSR (``Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies''), which was redesignated
as Item 12 (but not otherwise changed) in the Tailored Shareholder
Reports Adopting Release.\29\ We are therefore amending the reference
in Item 7 in Instruction 8.a to refer instead to Item 12.
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\29\ See Tailored Shareholder Reports Adopting Release at
amendatory instruction 17.g.
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E. Form N-CSR
We are amending Items 2, 16, and 19 of Form N-CSR to correct
outdated cross-references, remove unnecessary instructions, and
redesignate the numbering of certain paragraphs. In the Recovery of
Erroneously Awarded Compensation Adopting Release, the Commission added
a new Item 18 (``Recovery of Erroneously Awarded Compensation'') to
Form N-CSR and redesignated then-current Item 18 (``Exhibits'') as Item
19.\30\ References in Item 2 of Form N-CSR, however, erroneously still
refer to Item 18.\31\ We are therefore amending Item 2 to refer to Item
19 instead of Item 18.
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\30\ Listing Standards for Recovery of Erroneously Awarded
Compensation, Investment Company Act Release No. 34732 (Oct. 26,
2022) [87 FR 73076 (Nov. 28, 2022)] (``Recovery of Erroneously
Awarded Compensation Adopting Release''), available at https://www.federalregister.gov/documents/2022/11/28/2022-23757/listing-standards-for-recovery-of-erroneously-awarded-compensation.
\31\ These references appear in paragraphs (c) and (f) of Item
2.
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In the Recovery of Erroneously Awarded Compensation Adopting
Release, the Commission also added new paragraph (a)(2) to newly
designated Item 19 (``Exhibits'') and redesignated paragraph (a)(2) of
newly redesignated Item 19 as paragraph (a)(3). Subsequent paragraphs
were not renumbered, however, resulting in two paragraphs designated
(a)(3). The amendments would correct this error by redesignating
existing paragraphs (a)(3) and (a)(4) of newly redesignated Item 19 as
paragraphs (a)(4) and (a)(5). We are also correcting the title for the
instructions to Item 19, which currently erroneously references Item
13. In addition, we are removing the instruction to paragraph (b) of
Item 16 and the instruction to paragraph (a)(3) of Item 19 on Form N-
CSR.\32\ These instructions were included in Form N-CSR pursuant to the
2016 investment company reporting modernization
[[Page 90582]]
rulemaking to address how registrants should handle certain disclosures
during the transition period before all registered management
investment companies were required to file Form N-PORT.\33\ These
instructions are unnecessary as all registered management investment
companies are currently required to file Form N-PORT (i.e., the
transition period for reporting on Form N-PORT has concluded).
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\32\ See instruction to paragraph (b) of Item 16 of Form N-CSR
(``Until the date that the registrant has filed its first report on
Form N-PORT (17 CFR 270.150), the registrant's disclosures required
by this Item are limited to any change in the registrant's internal
control over financial reporting that occurred during the
registrant's last fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting.''); see also instruction to
paragraph (a)(3) of Item 19 on Form N-CSR (``Until the date that the
registrant has filed its first report on Form N-PORT (17 CFR
270.150), in the certification required by Item 18(a)(3), the
registrant's certifying officers must certify that they have
disclosed in the report any change in the registrant's internal
control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.'').
\33\ See Investment Company Reporting Modernization, Investment
Company Act Release No. 32314 (Oct. 13, 2016) [81 FR 81870 (Nov. 18,
2016)], available at https://www.federalregister.gov/documents/2016/11/18/2016-25349/investment-company-reporting-modernization.
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F. Rule 204-2(j)(4)
We are amending rule 204-2 under the Investment Advisers Act to
correct an erroneous cross reference. The corrected cross reference in
rule 204-2(j)(4) will refer to 17 CFR 270.0-2(b)(2) (rule 0-2(b)(2))
for the definition of non-resident investment adviser (and not rule 0-
2(d)(3) under the Investment Advisers Act, which does not exist).
G. OMB Control Numbers
Finally, we are amending 17 CFR 200.800 to display control numbers
OMB has assigned to certain existing information collection
requirements pursuant to the Paperwork Reduction Act that mistakenly
were not previously listed in that rule.
II. Procedural and Other Matters
The Administrative Procedure Act (``APA'') generally requires an
agency to publish notice of a rulemaking in the Federal Register and
provide an opportunity for public comment.\34\ This requirement does
not apply, however, if the agency ``for good cause, finds . . . that
notice and public procedure thereon are impracticable, unnecessary, or
contrary to the public interest.'' \35\ Given the nature of the
amendments and the associated minimal exercise of discretion, the
Commission finds that notice and public comment are unnecessary and
that there is good cause to implement these amendments in a final rule.
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\34\ 5 U.S.C. 553(b)-(c).
\35\ 5 U.S.C. 553(b)(3)(B).
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The amendments to Form N-MFP correct inadvertent errors that
created an inconsistency in the yield calculation formula and
represented a departure from the longstanding method money market funds
have used to calculate and report yield figures to the Commission. The
amendments to rule 482 conform the required risk disclosure to the
recently amended regulatory framework for money market funds. The
amendments to Form N-1A, Form N-2, Form N-CSR, and rule 204-2 are
ministerial in nature. They update incorrect or outdated cross
references, redesignate the numbering of certain paragraphs, or remove
outdated information. Accordingly, we find good cause that publishing
the amendments to Form N-MFP, rule 482, Form N-1A, Form N-2, Form N-
CSR, and rule 204-2 for comment is unnecessary. The APA also provides
that notice of proposed rulemaking is not required for ``rules of
agency organization, procedure, or practice.'' \36\ The amendments to
17 CFR 200.800 pertain to agency organization, procedure, or practice,
and therefore are not subject to the APA's requirement for advance
notice and opportunity for public comment prior to publication.
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\36\ See 5 U.S.C. 553(b).
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The APA generally requires publication of a rule at least 30 days
before its effective date. This requirement does not apply, however, if
the agency finds good cause for making the rule effective sooner.\37\
For the same reasons we are forgoing notice and comment, we find good
cause to make the amendments effective upon publication in the Federal
Register. This finding that notice and public comment are unnecessary
also satisfies the requirements of the Congressional Review Act,
allowing the amendments to become effective at such time that the
Commission determines.\38\ Pursuant to the Congressional Review Act,
the Office of Information and Regulatory Affairs has designated these
amendments not a ``major rule,'' as defined by 5 U.S.C. 804(2). The
amendments also do not require analysis under the Regulatory
Flexibility Act.\39\
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\37\ See 5 U.S.C. 553(d).
\38\ See 5 U.S.C. 808(2), allowing the rule amendments to become
effective notwithstanding the requirement of 5 U.S.C. 801 (if a
Federal agency finds that notice and public comment are impractical,
unnecessary, or contrary to the public interest, a rule shall take
effect at such time as the Federal agency promulgating the rule
determines).
\39\ See 5 U.S.C. 604(a) (requiring a final regulatory
flexibility analysis only for rules required by the APA or other law
to undergo notice and comment).
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III. Economic Analysis
As discussed above, these amendments correct errors in certain
Commission rules and forms. The Commission is mindful of the economic
effects, including the benefits and costs, of the adopted amendments.
The analysis below addresses the likely economic effects of the
amendments, including the anticipated and estimated benefits and costs
of the amendments and their likely effects on efficiency, competition,
and capital formation.\40\ We analyze these effects against a baseline
that consists of the current regulatory framework and current market
practices.
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\40\ Section 2(a) of the Securities Act, section 3(f) of the
Exchange Act, section 2(c) of the Investment Company Act, and
section 202(c) of the Investment Advisers Act require us, when
engaging in rulemaking that requires us to consider or determine
whether an action is necessary or appropriate in or consistent with
the public interest, to consider, in addition to the protection of
investors, whether the action will promote efficiency, competition,
and capital formation. Section 23(a)(2) of the Exchange Act also
requires us to consider the effect that the rules will have on
competition and prohibits us from adopting any rule that would
impose a burden on competition not necessary or appropriate in
furtherance of the Exchange Act.
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The amendments we are adopting are limited in nature.\41\
Therefore, many of the economic effects will be minimal or null. Where
we are unable to quantify those economic effects that may exist, we
explain why they are impracticable to quantify and we discuss them in
qualitative terms. Given the nature of the benefits and the minimal
costs expected to result from these amendments, we do not anticipate
any changes to efficiency, competition, or capital formation will
result from these amendments.
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\41\ See supra section II.
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A. Form N-MFP
Baseline. Money market funds report their gross and net yields
using public Form N-MFP filings.\42\ The instructions accompanying
these yields' calculations were inadvertently changed in a 2023
rulemaking.\43\ The amendments to Form N-MFP correct this error.\44\
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\42\ See Form N-MFP Item A.19 for instructions on the
calculation of 7-day gross yields at the series level, and Item B.8
for instructions on the calculation of 7-day net yields at the class
level.
\43\ The change directed the yield calculations to be based on
the 7 business days preceding the date for which the yield is
reported, instead of the 7 calendar days ended on (and including)
that date. See supra section I.A.
\44\ See supra section I.
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We estimate that this amendment to Form N-MFP will apply to 291
money market funds registered with the Commission as of December 31,
2023. Commission staff have not observed evidence of reported yield
changes that would be expected if money market funds had fully
implemented the erroneous instructions in their calculations of 7-day
annualized gross and net yields.\45\
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\45\ The scaling factor of 365/7 provided in the instructions to
Item A.19 and B.8 (by reference to Item 26(a)(1) of Form N-1A)
appropriately annualizes yields calculated over a period of 7
calendar days, but is inconsistent with the longer period of 7
business days as erroneously amended. Specifically, because 7
business days encompasses a longer period than 7 calendar days, a
fund that annualizes its yields using a scaling factor of 365/7
would overstate its annual yields relative to those yields reported
prior to the June 11, 2024, compliance date. Commission staff
reviewed Form N-MFP filings from 29 money market funds that filed
Form N-MFP in May 2024 (representing 10% of money market funds and
$620 billion (9.5%) of money market fund net assets) and did not
observe any evidence of any such changes in yield reporting
following this compliance date.
---------------------------------------------------------------------------
[[Page 90583]]
Economic Effects. The amendments to Form N-MFP will correct errors
and ensure that Form N-MFP continues to reflect the longstanding
calculation method for money market fund yields, including consistency
in calculation methods across Form N-MFP, prospectuses, advertisements,
and sales literature.\46\ Investors will benefit to the extent that
they would have been confused as to the performance of any money market
funds that incorporate the errors into their yield calculations.\47\
The change may also provide a small benefit to money market funds to
the extent that the erroneous instructions and departure from
longstanding methods would otherwise complicate their completion of the
form.
---------------------------------------------------------------------------
\46\ See supra footnote 17.
\47\ See supra footnote 45 (explaining why applying the
incorrect formula could create misleading yield results).
---------------------------------------------------------------------------
We expect that money market funds will not incur significant costs
associated with these amendments. As mentioned above, a review of a
sample of Form N-MFP filings suggests that filers' recent yield
calculations do not reflect the error.\48\ If there are any money
market funds that have implemented the erroneous instructions, those
funds will have to make corrections to their internal processes
following these amendments. However, we anticipate the one-time costs
to do so will be minimal as funds are familiar with the correct method
from Form N-MFP prior to the erroneous amendments going into effect, as
well as from preparing their prospectuses, advertisements, and sales
literature.
---------------------------------------------------------------------------
\48\ See supra section I.A. See also supra footnote 45.
---------------------------------------------------------------------------
B. Rule 482(b)(4)
Baseline. Advertisements and other sales material for securities of
a registered investment company that holds itself out to be a money
market fund must include certain risk disclosures specified in
paragraph (b)(4) of rule 482, as applicable to the fund.\49\ Currently,
the disclosures required by rule 482(b)(4) do not reflect recent
changes to 17 CFR 270.2a-7 (rule 2a-7).\50\ In addition, the required
wording in these disclosures deviates from the corresponding statements
that Form N-1A directs money market funds to include in their
prospectuses, which historically had been aligned.\51\ The amendment to
rule 482 corrects these errors by aligning the risk disclosure language
in paragraph (b)(4) to exactly match the corresponding language in Form
N-1A.\52\
---------------------------------------------------------------------------
\49\ The amendment will update risk statement language that also
applies to sales literature under rule 34b-1. See supra footnote 18.
\50\ Specifically, Rule 482(b)(4) refers to a fund's suspension
of redemptions or assessment of fees contingent upon the fund's
available liquidity and regulatory minimums. These references are no
longer applicable following the Money Market Fund Reform Adopting
Release. The rule also includes outdated cross references to rule
2a-7. See supra footnote 23.
\51\ See supra footnote 22 (describing corresponding
statements).
\52\ See supra section I.B.
---------------------------------------------------------------------------
We estimate that the amendment to rule 482 will apply to 291 money
market funds registered with the Commission as of December 2023. Money
market funds will have to update their processes for preparing
advertisements to incorporate the amended language in rule 482(b)(4),
to the extent these processes have not already been updated.
Intermediaries that prepare money market fund advertisements are also
subject to rule 482(b)(4) and will also have to update their processes,
if they have not already done so.
Economic Effects. The amendment will restore the consistency of the
aforementioned risk disclosures presented by money market funds across
various channels. This change will principally benefit certain
prospective investors that may use a fund's advertisement to inform
their investment decisions. Specifically, these investors will be
presented with information that accurately describes certain
requirements of amended rule 2a-7 applicable to the fund, thereby
eliminating any confusion stemming from potential inconsistencies in
risk disclosures across these channels.
Funds and intermediaries will incur a minimal cost associated with
updating their processes for preparing money market fund advertisements
as a result of this amendment because the wording changes are not
extensive, and they may take up to 90 days to make the changes. In
addition, we anticipate that funds or intermediaries generally will
update any previously prepared advertisements that are actively in use,
but that have not been updated to account for amended rule 2a-7.\53\
This cost will scale with the number of these money market fund
advertisements maintained by a fund or intermediary, but we expect the
costs to funds and intermediaries will be minimal because the wording
changes are minor and precisely prescribed, and funds and
intermediaries may take up to 90 days to make the changes.
---------------------------------------------------------------------------
\53\ Pursuant to the Paperwork Reduction Act analysis, we
anticipate a one-time internal time burden of half an hour per fund,
at a cost of $21,243 across 291 money market funds. See infra
section IV.
---------------------------------------------------------------------------
C. Other Amendments
The amendments make several ministerial changes to correct missing
or erroneous paragraph numbers, cross-references, and similar
administrative text. These changes affect Form N-1A, Form N-CSR, Form
N-2, rule 204-2(j)(4), and the OMB control numbers listed in 17 CFR
200.800.
Form N-1A contains inaccurate language, in Item 10(a)(1)(iii),
about the location of a discussion regarding the basis for the fund
board's approval of the fund's advisory contract: it states the basis
will be in the fund's annual or semi-annual report to fund
shareholders, but funds are required to include this basis in Form N-
CSR filings rather than in reports.\54\ Open-end funds use Form N-1A to
register with the Commission and to offer their shares; as of December
2023, there are 12,153 open-end funds registered with the Commission.
---------------------------------------------------------------------------
\54\ See supra section I.C.
---------------------------------------------------------------------------
Correcting the erroneous statement in Form N-1A may benefit certain
prospective investors that are inclined to review a fund board's basis
for approving the fund's advisory contract. We are unaware of any data
that would allow us to estimate the number of prospective investors
that are inclined to seek out this information or the number of these
prospective investors that would face difficulty obtaining this
information in the absence of the technical amendment. However, any
benefit will be small because investors can find this information
despite the error.\55\ Similarly, the costs that funds will undertake
to update the wording on Form N-1A to reference Form N-CSR rather than
their annual or semi-annual report will be minimal because the wording
changes are not extensive and because funds will not need to include
the updated language until their next annual prospectus update
following the adoption of the amendments to Form N-1A.\56\
---------------------------------------------------------------------------
\55\ See supra footnote 28 and accompanying text.
\56\ See id. and accompanying text.
---------------------------------------------------------------------------
[[Page 90584]]
Form N-CSR contains incorrect cross-references, paragraph
numbering, and section headings.\57\ As of December 2023, there are
12,851 registered management investment companies that are registered
with the Commission and required to file Form N-CSR. Correcting Form N-
CSR will benefit users to the extent they may have been confused by the
errors. Registered management investment companies will not incur any
costs as a result of the corrections, which impose no new obligations.
---------------------------------------------------------------------------
\57\ Item 2 and Item 19 of Form N-CSR contain incorrect cross-
references. In addition, certain paragraphs in Item 19 are
incorrectly numbered and one of the headings incorrectly refers to
Item 13 instead of Item 19. Also, instructions to Item 16(b) and
Item(a)(3) are irrelevant, as they refer to a 2016 rulemaking's pre-
compliance transitionary period that is now concluded. See supra
section I.E.
---------------------------------------------------------------------------
Form N-2 contains an incorrect cross-reference.\58\ Closed-end
funds use Form N-2 to register with the Commission and to offer their
shares; as of December 2023 there are 683 closed-end funds registered
with the Commission. There may be a minimal benefit to closed-end funds
resulting from this change if fewer compliance resources are required
to correctly complete the form. There will be no cost to closed-end
funds or other registrants, as the change does not require any action.
---------------------------------------------------------------------------
\58\ Instruction 8.a to Item 24 of Form N-2 refers to Item 7 of
Form N-CSR; it should instead refer to Item 12. See supra section
I.D.
---------------------------------------------------------------------------
Rule 204-2(j)(4) contains an incorrect cross-reference. Rule 204-
2(j)(4) sets books and records requirements for non-resident advisers;
as of December 2023, there are 15,478 advisers registered with the
Commission. There may be minimal benefit to advisers from this
amendment to the extent that the erroneous cross reference caused
confusion to some registrants or other individuals.\59\ There will be
no costs to advisers or other registrants resulting from this change,
as no new actions will be required of them.
---------------------------------------------------------------------------
\59\ Rule 204-2(j)(4) incorrectly cross-references the location
of the definition of ``non-resident advisers.'' The erroneous
reference does not exist, and the definition appears in the same
section as the erroneous reference, so any confusion is likely
small. See supra section I.F.
---------------------------------------------------------------------------
The table in 17 CFR 200.800 displays current OMB control numbers
for information collection requirements codified in title 17 of the
CFR, but OMB control numbers for several rules are absent from this
display.\60\ This amendment may benefit the public to the extent the
corrected table improves ease of reference. We expect any benefit to be
small. The amendment has no costs to registrants or other market
participants.
---------------------------------------------------------------------------
\60\ See supra section I.G.
---------------------------------------------------------------------------
IV. Paperwork Reduction Act
Certain provisions of the rules and form amendments contain
``collection of information'' requirements within the meaning of the
Paperwork Reduction Act of 1995 (``PRA'').\61\ Specifically, the
amendments to rule 482(b)(4) of the Securities Act to revise the
particular wording of the risk statements that money market funds must
include in their advertisements modify an existing ``collection of
information.'' The title for the existing collection of information is
``Rule 482 under the Securities Act of 1933, Advertising by an
Investment Company as Satisfying Requirements of section 10'' (OMB
Control No. 3235-0565). This collection of information will be
mandatory for money market funds and the information 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. We are submitting the proposed
collections of information to the Office of Management and Budget for
review in accordance with the PRA.
---------------------------------------------------------------------------
\61\ 44 U.S.C. 3501 et seq.
---------------------------------------------------------------------------
In our most recent PRA submission for rule 482, we estimated the
annual aggregate burden to comply with the collection of information
requirement of rule 482 is 577,847 burden hours with an internal cost
burden of $213,133,255.\62\ Given that the amendments are one-time
updates to the wording of the risk statements already required under
current rule 482(b)(4), we believe that, once affected funds have made
these one-time changes, the amendments to rule 482(b)(4) will only
require money market funds to incur the same costs and hour burdens,
per fund, on an ongoing basis as under current rule 482(b)(4).
---------------------------------------------------------------------------
\62\ The most recent rule 482 PRA submission was approved in
2022 (OMB Control No. 3235-0565).
---------------------------------------------------------------------------
The table below summarizes our PRA initial and ongoing annual
burden estimates associated with the amendments to rule 482. Some money
market funds may have already updated the risk statements in their
advertisements to conform with the required risk statements in their
prospectus. Accordingly, the PRA estimates likely overestimate the
costs associated with the final amendments for those funds whose risk
statements in their advertisements are currently in line with the risk
statements that the amendments would require.
Estimates
----------------------------------------------------------------------------------------------------------------
Internal initial Internal annual Internal time
burden hours burden hours \1\ Wage rate \2\ costs \1\
----------------------------------------------------------------------------------------------------------------
Amended risk statement in 0.5 \3\ 0.17 \4\ $429 $73
advertisement......................
Number of funds..................... .................. \5\ x 291 .............. \5\ x 291
Total estimated burden.............. .................. 49 .............. 21,243
Current Burden Estimates............ .................. 577,847 .............. 213,133,255
Revised Burden Estimates............ .................. 577,896 .............. 213,154,498
----------------------------------------------------------------------------------------------------------------
\1\ This estimate includes the initial burden and internal time costs estimates amortized over a three-year
period.
\2\ The estimated wage figures are based on published rates for the professionals described in this chart,
modified to account for an 1800-hour work-year and inflation. The estimated figures for the proposed burdens
were multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. See Securities
Industry and Financial Markets Association's Report on Management & Professional Earnings in the Securities
Industry 2013.
\3\ This estimate assumes that, after the initial 0.5 hours to amend the fund's risk statement, funds would not
have an ongoing burden associated with the amendment.
\4\ This represents a blended rate for a compliance attorney ($449) and a senior programmer ($408).
\5\ The number of funds estimate is based on the number of money market funds reporting to the Commission on
Form N-MFP as of Dec. 2023.
The amendments to Form N-MFP, Form N-1A, Form N-2, Form N-CSR, and
rule 204-2 do not make any substantive modifications to any existing
collection of information requirements or impose any new
[[Page 90585]]
substantive recordkeeping or information collection requirements within
the meaning of the PRA.\63\ Accordingly, we are not revising any burden
and cost estimates in connection with these amendments.
---------------------------------------------------------------------------
\63\ See supra footnote 45 and accompanying text (stating that
Commission staff review of a recent sample of Form N-MFP filings
suggests that filers' yield calculations do not reflect the error in
the Money Market Fund Reform Adopting Release). See also supra
section I.C (stating that funds may implement the amendments to Form
N-1A in a fund's next annual prospectus update following the
adoption of these amendments).
---------------------------------------------------------------------------
Statutory Authority
The Commission is adopting these amendments under the authority set
forth in the Securities Act, particularly sections 5, 6, 7, 10, 19, and
28 thereof [15 U.S.C. 77a et seq.]; the Exchange Act, particularly
section 23 thereof [15 U.S.C. 78a et seq.]; the Investment Company Act,
particularly sections 8, 24, 30, and 38 thereof [15 U.S.C. 80a et
seq.]; the Investment Advisers Act, particularly sections 204 and 211
thereof [15 U.S.C. 80b-1 et seq]; and 44 U.S.C. 3506, 3507.
List of Subjects
17 CFR Part 200
Administrative practice and procedure, Organization and functions
(Government agencies).
17 CFR Part 230
Reporting and recordkeeping requirements, Securities.
17 CFR Part 274
Investment companies, Reporting and recordkeeping requirements,
Securities.
17 CFR Part 275
Investment advisers, Reporting and recordkeeping requirements.
Text of Rule and Form Amendments
For reasons set forth in the preamble, the Commission is amending
title 17, chapter II of the Code of Federal Regulations as follows:
PART 200--ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND
REQUESTS
0
1. The authority citation for part 200 continues to read as follows:
Authority: 5 U.S.C. 552, 552a, 552b, and 557; 11 U.S.C. 901 and
1109(a); 15 U.S.C. 77c, 77e, 77f, 77g, 77h, 77j, 77o, 77q, 77s, 77u,
77z-3, 77ggg(a), 77hhh, 77sss, 77uuu, 78b, 78c(b), 78d, 78d-1, 78d-
2, 78e, 78f, 78g, 78h, 78i, 78k, 78k-1, 78l, 78m, 78n, 78o, 78o-4,
78q, 78q-1, 78w, 78t-1, 78u, 78w, 78ll(d), 78mm, 78eee, 80a-8, 80a-
20, 80a-24, 80a-29, 80a-37, 80a-41, 80a-44(a), 80a-44(b), 80b-3,
80b-4, 80b-5, 80b-9, 80b-10(a), 80b-11, 7202, and 7211 et seq.; 29
U.S.C. 794; 44 U.S.C. 3506 and 3507; Reorganization Plan No. 10 of
1950 (15 U.S.C. 78d nt); sec. 8G, Pub. L. 95-452, 92 Stat. 1101 (5
U.S.C. App.); sec. 913, Pub. L. 111-203, 124 Stat. 1376, 1827; sec.
3(a), Pub. L. 114-185, 130 Stat. 538; E.O. 11222, 30 FR 6469, 3 CFR,
1964-1965 Comp., p. 36; E.O. 12356, 47 FR 14874, 3 CFR, 1982 Comp.,
p. 166; E.O. 12600, 52 FR 23781, 3 CFR, 1987 Comp., p. 235;
Information Security Oversight Office Directive No. 1, 47 FR 27836;
and 5 CFR 735.104 and 5 CFR parts 2634 and 2635, unless otherwise
noted.
0
2. Revise and republish Sec. 200.800 to read as follows:
Sec. 200.800 OMB control numbers assigned pursuant to the Paperwork
Reduction Act.
(a) Purpose. This subpart collects and displays the control numbers
assigned to information collection requirements of the Commission by
the Office of Management and Budget pursuant to the Paperwork Reduction
Act of 1980, 44 U.S.C. 3500 et seq. This subpart displays current OMB
control numbers for those information collection requirements of the
Commission that are rules and regulations and codified in this title
either in full text or incorporated by reference with the approval of
the Director of the Office of the Federal Register.
(b) Display.
------------------------------------------------------------------------
17 CFR part or section
Information collection where identified and Current OMB
requirement described control No.
------------------------------------------------------------------------
Regulation S-X................. Part 210............... 3235-0009
Regulation S-B................. Part 228............... 3235-0417
Regulation S-K................. Part 229............... 3235-0071
Rule 139b...................... 230.139b............... 3235-0769
Rule 154....................... 230.154................ 3235-0495
Rule 155....................... 230.155................ 3235-0549
Rule 236....................... 230.236................ 3235-0095
Rule 237....................... 230.237................ 3235-0528
Regulation A................... 230.251 through 230.263 3235-0286
Regulation C................... 230.400 through 230.494 3235-0074
Rule 425....................... 230.425................ 3235-0521
Rule 477....................... 230.477................ 3235-0550
Rule 482....................... 230.482................ 3235-0565
Rule 489....................... 230.489................ 3235-0411
Rule 498....................... 230.498................ 3235-0648
Rule 498A...................... 230.498A............... 3235-0765
Regulation D................... 230.500 through 230.508 3235-0076
Regulation E................... 230.601 through 3235-0232
230.610a.
Rule 604....................... 230.604................ 3235-0232
Rule 605....................... 230.605................ 3235-0232
Rule 607....................... 230.607................ 3235-0747
Rule 609....................... 230.609................ 3235-0233
Rule 701....................... 230.701................ 3235-0522
Regulation S................... 230.901 through 230.905 3235-0357
Regulation S-T................. Part 232............... 3235-0424
Form SB-1...................... 239.9.................. 3235-0423
Form SB-2...................... 239.10................. 3235-0418
Form S-1....................... 239.11................. 3235-0065
Form S-2....................... 239.12................. 3235-0072
Form S-3....................... 239.13................. 3235-0073
Form N-2....................... 239.14................. 3235-0026
Form N-1A...................... 239.15A................ 3235-0307
Form S-6....................... 239.16................. 3235-0184
[[Page 90586]]
Form S-8....................... 239.16b................ 3235-0066
Form N-3....................... 239.17a................ 3235-0316
Form N-4....................... 239.17b................ 3235-0318
Form S-11...................... 239.18................. 3235-0067
Form N-14...................... 239.23................. 3235-0336
Form N-5....................... 239.24................. 3235-0169
Form S-4....................... 239.25................. 3235-0324
Form F-1....................... 239.31................. 3235-0258
Form F-2....................... 239.32................. 3235-0257
Form F-3....................... 239.33................. 3235-0256
Form F-4....................... 239.34................. 3235-0325
Form F-6....................... 239.36................. 3235-0292
Form F-7....................... 239.37................. 3235-0383
Form F-8....................... 239.38................. 3235-0378
Form F-10...................... 239.40................. 3235-0380
Form F-80...................... 239.41................. 3235-0404
Form F-X....................... 239.42................. 3235-0379
Form F-N....................... 239.43................. 3235-0411
Form ID........................ 239.63................. 3235-0328
Form SE........................ 239.64................. 3235-0327
Form TH........................ 239.65................. 3235-0425
Form 1-A....................... 239.90................. 3235-0286
Form 2-A....................... 239.91................. 3235-0286
Form 144....................... 239.144................ 3235-0101
Form 1-E....................... 239.200................ 3235-0232
Form CB........................ 239.800................ 3235-0518
Rule 6a-1...................... 240.6a-1............... 3235-0017
Rule 6a-3...................... 240.6a-3............... 3235-0021
Rule 6a-4...................... 240.6a-4............... 3235-0554
Rule 6h-1...................... 240.6h-1............... 3235-0555
Rule 8c-1...................... 240.8c-1............... 3235-0514
Rule 9b-1...................... 240.9b-1............... 3235-0480
Rule 10a-1..................... 240.10a-1.............. 3235-0475
Rule 10b-10.................... 240.10b-10............. 3235-0444
Rule 10b-17.................... 240.10b-17............. 3235-0476
Rule 10b-18.................... 240.10b-18............. 3235-0474
Rule 10A-1..................... 240.10A-1.............. 3235-0468
Rule 11a1-1(T)................. 240.11a1-1(T).......... 3235-0478
Rule 12a-5..................... 240.12a-5.............. 3235-0079
Regulation 12B................. 240.12b-1 through 3235-0062
240.12b-36.
Rule 12d1-3.................... 240.12d1-3............. 3235-0109
Rule 12d2-1.................... 240.12d2-1............. 3235-0081
Rule 12d2-2.................... 240.12d2-2............. 3235-0080
Rule 12f-1..................... 240.12f-1.............. 3235-0128
Rule 13a-16.................... 240.13a-16............. 3235-0116
Regulation 13D/G............... 240.13d-1 through 3235-0145
240.13d-7.
Schedule 13D................... 240.13d-101............ 3235-0145
Schedule 13G................... 240.13d-102............ 3235-0145
Rule 13e-1..................... 240.13e-1.............. 3235-0305
Rule 13e-3..................... 240.13e-3.............. 3235-0007
Schedule 13E-3................. 240.13e-100............ 3235-0007
Schedule 13e-4F................ 240.13e-101............ 3235-0375
Regulation 14A................. 240.14a-1 through 3235-0059
240.14a-12.
Schedule 14A................... 240.14a-101............ 3235-0059
Regulation 14C................. 240.14c-1.............. 3235-0057
Schedule 14C................... 240.14c-101............ 3235-0057
Regulation 14D................. 240.14d-1 through 3235-0102
240.14d-9.
Schedule TO.................... 240.14d-100............ 3235-0515
Schedule 14D-1................. 240.14d-101............ 3235-0102
Schedule 14D-9................. 240.14d-101............ 3235-0102
Schedule 14D-1F................ 240.14d-102............ 3235-0376
Schedule 14D-9F................ 240.14d-103............ 3235-0382
Regulation 14E................. 240.14e-1 through 3235-0102
240.14e-2.
Rule 14f-1..................... 240.14f-1.............. 3235-0108
Rule 15a-4..................... 240.15a-4.............. 3235-0010
Rule 15a-6..................... 240.15a-6.............. 3235-0371
Rule 15b1-1.................... 240.15b1-1............. 3235-0012
Rule 15b6-1(a)................. 240.15b6-1(a).......... 3235-0018
Rule 15c1-5.................... 240.15c1-5............. 3235-0471
Rule 15c1-6.................... 240.15c1-6............. 3235-0472
Rule 15c1-7.................... 240.15c1-7............. 3235-0134
Rule 15c2-1.................... 240.15c2-1............. 3235-0485
Rule 15c2-5.................... 240.15c2-5............. 3235-0198
[[Page 90587]]
Rule 15c2-7.................... 240.15c2-7............. 3235-0479
Rule 15c2-8.................... 240.15c2-8............. 3235-0481
Rule 15c2-11................... 240.15c2-11............ 3235-0202
Rule 15c2-12................... 240.15c2-12............ 3235-0372
Rule 15c3-1.................... 240.15c3-1............. 3235-0200
Rule 15c3-1(c)(13)............. 240.15c3-1(c)(13)...... 3235-0499
Appendix F to Rule 15c3-1...... 240.15c-1f............. 3235-0496
Rule 15c3-3.................... 240.15c3-3............. 3235-0078
Rule 15c3-4.................... 240.15c3-4............. 3235-0497
Rule 15d-16.................... 240.15d-16............. 3235-0116
Rule 15g-2..................... 240.15g-2.............. 3235-0434
Rule 15g-3..................... 240.15g-3.............. 3235-0392
Rule 15g-4..................... 240.15g-4.............. 3235-0393
Rule 15g-5..................... 240.15g-5.............. 3235-0394
Rule 15g-6..................... 240.15g-6.............. 3235-0395
Rule 15g-9..................... 240.15g-9.............. 3235-0385
Rule 15Aj-1.................... 240.15Aj-1............. 3235-0044
Rule 15Ba2-1................... 240.15Ba2-1............ 3235-0083
Rule 15Ba2-5................... 240.15Ba2-5............ 3235-0088
Rule 15Bc3-1................... 240.15Bc3-1............ 3235-0087
Rule 17a-1..................... 240.17a-1.............. 3235-0208
Rule 17a-2..................... 240.17a-2.............. 3235-0201
Rule 17a-3..................... 240.17a-3.............. 3235-0033
Rule 17a-3(a)(16).............. 240.17a-3(a)(16)....... 3235-0508
Rule 17a-4..................... 240.17a-4.............. 3235-0279
Rule 17a-4(b)(10).............. 240.17a-4(b)(10)....... 3235-0506
Rule 17a-5..................... 240.17a-5.............. 3235-0123
Rule 17a-5(c).................. 240.17a-5(c)........... 3235-0199
Rule 17a-6..................... 240.17a-6.............. 3235-0489
Rule 17a-7..................... 240.17a-7.............. 3235-0131
Rule 17a-8..................... 240.17a-8.............. 3235-0092
Rule 17a-9T.................... 240.17a-9T............. 3235-0524
Rule 17a-10.................... 240.17a-10............. 3235-0122
Rule 17a-11.................... 240.17a-11............. 32350085
Rule 17a-12.................... 240.17a-12............. 3235-0498
Rule 17a-13.................... 240.17a-13............. 3235-035
Rule 17a-19.................... 240.17a-19............. 3235-0133
Rule 17a-22.................... 240.17a-22............. 3235-0196
Rule 17a-25.................... 240.17a-25............. 3235-0540
Rule 17f-1(b).................. 240.17f-1(b)........... 3235-0032
Rule 17f-1(c).................. 240.17f-1(c)........... 3235-0037
Rule 17f-1(g).................. 240.17f-1(g)........... 3235-0290
Rule 17f-2(a).................. 240.17f-2(a)........... 3235-0034
Rule 17f-2(c).................. 240.17f-2(c)........... 3235-0029
Rule 17f-2(d).................. 240.17f-2(d)........... 3235-0028
Rule 17f-2(e).................. 240.17f-2(e)........... 3235-0031
Rule 17f-5..................... 240.17f-5.............. 3235-0269
Rule 17h-1T.................... 240.17h-1T............. 3235-0410
Rule 17h-2T.................... 240.17h-2T............. 3235-0410
Rule 17Ab2-1................... 240.17Ab2-1............ 3235-0195
Rule 17Ac2-1................... 240.17Ac2-1............ 3235-0084
Rule 17Ad-2(c), (d), and (h)... 240.17Ad-2(c), (d), and 3235-0130
(h).
Rule 17Ad-3(b)................. 240.17Ad-3(b).......... 3235-0473
Rule 17Ad-4(b) and (c)......... 240.17Ad-4(b) and (c).. 3235-0341
Rule 17Ad-6.................... 240.17Ad-6............. 3235-0291
Rule 17Ad-7.................... 240.17Ad-7............. 3235-0291
Rule 17Ad-10................... 240.17Ad-10............ 3235-0273
Rule 17Ad-11................... 240.17Ad-11............ 3235-0274
Rule 17Ad-13................... 240.17Ad-13............ 3235-0275
Rule 17Ad-15................... 240.17Ad-15............ 3235-0409
Rule 17Ad-16................... 240.17Ad-16............ 3235-0413
Rule 17Ad-17................... 240.17Ad-17............ 3235-0469
Rule 19b-1..................... 240.19b-1.............. 3235-0354
Rule 19b-4..................... 240.19b-4.............. 3235-0045
Rule 19b-4(e).................. 240.19b-4(e)........... 3235-0504
Rule 19b-5..................... 240.19b-5.............. 3235-0507
Rule 19b-7..................... 240.19b-7.............. 3235-0553
Rule 19d-1..................... 240.19d-1.............. 3235-0206
Rule 19d-2..................... 240.19d-2.............. 3235-0205
Rule 19d-3..................... 240.19d-3.............. 3235-0204
Rule 19h-1..................... 240.19h-1.............. 3235-0259
Rule 24b-1..................... 240.24b-1.............. 3235-0194
Rule 101....................... 242.101................ 3235-0464
[[Page 90588]]
Rule 102....................... 242.102................ 3235-0467
Rule 103....................... 242.103................ 3235-0466
Rule 104....................... 242.104................ 3235-0465
Rule 301....................... 242.301................ 3235-0509
Rule 302....................... 242.302................ 3235-0510
Rule 303....................... 242.303................ 3235-0505
Rule 604....................... 242.604................ 3235-0462
Rule 605....................... 242.605................ 3235-0542
Rule 606....................... 242.606................ 3235-0541
Rule 607....................... 242.607................ 3235-0435
Rule 608....................... 242.608................ 3235-0500
Rule 609....................... 242.609................ 3235-0043
Rule 611....................... 242.611................ 3235-0600
Regulation S-P................. Part 248............... 3235-0537
Rule 248.30.................... 248.30................. 3235-0610
Regulation S-ID................ 248.201................ 3235-0692
Form 1......................... 249.1.................. 3235-0017
Form 1-N....................... 249.10................. 3235-0554
Form 25........................ 249.25................. 3235-0080
Form 26........................ 249.26................. 3235-0079
Form 3......................... 249.103................ 3235-0104
Form 4......................... 249.104................ 3235-0287
Form 5......................... 249.105................ 3235-0362
Form 8-A....................... 249.208a............... 3235-0056
Form 10........................ 249.210................ 3235-0064
Form 10-SB..................... 249.210b............... 3235-0419
Form 18........................ 249.218................ 3235-0121
Form 20-F...................... 249.220f............... 3235-0288
Form 40-F...................... 249.240f............... 3235-0381
Form 6-K....................... 249.306................ 3235-0116
Form 8-K....................... 249.308................ 3235-0060
Form 10-Q...................... 249.308a............... 3235-0070
Form 10-QSB.................... 249.308b............... 3235-0416
Form 10-K...................... 249.310................ 3235-0063
Form 10-KSB.................... 249.310b............... 3235-0420
Form 11-K...................... 249.311................ 3235-0082
Form 18-K...................... 249.318................ 3235-0120
Form 12B-25.................... 249.322................ 3235-0058
Form 15........................ 249.323................ 3235-0167
Form 13F....................... 249.325................ 3235-0006
Form SE........................ 249.444................ 3235-0327
Form ID........................ 249.446................ 3235-0328
Form DF........................ 249.448................ 3235-0482
Form BD........................ 249.501................ 3235-0012
Form BDW....................... 249.501a............... 3235-0018
Form BD-N...................... 249.501b............... 3235-0556
Form X-17A-5................... 249.617................ 3235-0123
Form X-17A-19.................. 249.635................ 3235-0133
Form ATS....................... 249.637................ 3235-0509
Form ATS-R..................... 249.638................ 3235-0509
Form CRS....................... 249.640................ 3235-0766
Form X-15AJ-1.................. 249.802................ 3235-0044
Form X-15AJ-2.................. 249.803................ 3235-0044
Form 19b-4..................... 249.819................ 3235-0045
Form 19b-4(e).................. 249.820................ 3235-0504
Form Pilot..................... 249.821................ 3235-0507
Form SIP....................... 249.1001............... 3235-0043
Form MSD....................... 249.1100............... 3235-0083
Form MSDW...................... 249.1110............... 3235-0087
Form X-17F-1A.................. 249.1200............... 3235-0037
Form TA-1...................... 249b.100............... 3235-0084
Form TA-W...................... 249b.101............... 3235-0151
Form TA-2...................... 249b.102............... 3235-0337
Form CA-1...................... 249b.200............... 3235-0195
Rules 7a-15 through 7a-37...... 260.7a-15 through 3235-0132
260.7a-37.
Form T-1....................... 269.1.................. 3235-0110
Form T-2....................... 269.2.................. 3235-0111
Form T-3....................... 269.3.................. 3235-0105
Form T-4....................... 269.4.................. 3235-0107
Form ID........................ 269.7.................. 3235-0328
Form SE........................ 269.8.................. 3235-0327
Form T-6....................... 269.9.................. 3235-0391
Rule 0-1....................... 270.0-1................ 3235-0531
[[Page 90589]]
Rule 0-2....................... 270.0-2................ 3235-0636
Rule 0-4....................... 270.0-4................ 3235-0633
Rule 0-5....................... 270.0-5................ 3235-0780
Rule 2a-5...................... 270.2a-5............... 3235-0779
Rule 2a-7...................... 270.2a-7............... 3235-0268
Rule 2a19-1.................... 270.2a19-1............. 3235-0332
Rule 3a-4...................... 270.3a-4............... 3235-0459
Rule 3a-8...................... 270.3a-8............... 3235-0574
Rule 6c-7...................... 270.6c-7............... 3235-0276
Rule 6e-2...................... 270.6e-2............... 3235-0177
Rule 6c-11..................... 270.6c-11.............. 3235-0764
Rule 7d-1...................... 270.7d-1............... 3235-0311
Rule 7d-2...................... 270.7d-2............... 3235-0527
Section 8(b) of the Investment 270.8b-1 through 270.8b- 3235-0176
Company Act of 1940. 32.
Rule 10f-3..................... 270.10f-3.............. 3235-0226
Rule 11a-2..................... 270.11a-2.............. 3235-0272
Rule 11a-3..................... 270.11a-3.............. 3235-0358
Rule 12b-1..................... 270.12b-1.............. 3235-0212
Rule 12d1-1.................... 270.12d1-1............. 3235-0584
Rule 12d1-4.................... 270.12d1-4............. 3235-0639
Rule 12d3-1.................... 270.12d3-1............. 3235-0561
Rule 17a-6..................... 270.17a-6.............. 3235-0564
Rule 17a-7..................... 270.17a-7.............. 3235-0214
Rule 17a-8..................... 270.17a-8.............. 3235-0235
Rule 17a-10.................... 270.17a-10............. 3235-0563
Rule 17d-1..................... 270.17d-1.............. 3235-0562
Rule 17e-1..................... 270.17e-1.............. 3235-0217
Rule 17f-1..................... 270.17f-1.............. 3235-0222
Rule 17f-2..................... 270.17f-2.............. 3235-0223
Rule 17f-4..................... 270.17f-4.............. 3235-0225
Rule 17f-6..................... 270.17f-6.............. 3235-0447
Rule 17f-7..................... 270.17f-7.............. 3235-0529
Rule 17g-1(g).................. 270.17g-1(g)........... 3235-0213
Rule 17j-1..................... 270.17j-1.............. 3235-0224
Rule 18f-1..................... 270.18f-1.............. 3235-0211
Rule 18f-3..................... 270.18f-3.............. 3235-0441
Rule 18f-4..................... 270.18f-4.............. 3235-0776
Rule 19a-1..................... 270.19a-1.............. 3235-0216
Rule 20a-1..................... 270.20a-1.............. 3235-0158
Rule 22c-1..................... 270.22c-1.............. 3235-0734
Rule 22c-2..................... 270.22c-2.............. 3235-0620
Rule 22d-1..................... 270.22d-1.............. 3235-0310
Rule 22e-3..................... 270.22e-3.............. 3235-0658
Rule 22e-4..................... 270.22e-4.............. 3235-0737
Rule 23c-1..................... 270.23c-1.............. 3235-0260
Rule 23c-3..................... 270.23c-3.............. 3235-0422
Rule 27e-1..................... 270.27e-1.............. 3235-0545
Rule 30b2-1.................... 270.30b2-1............. 3235-0220
Rule 30e-2..................... 270.30e-2.............. 3235-0494
Rule 30e-1..................... 270.30e-1.............. 3235-0025
Rule 30e-3..................... 270.30e-3.............. 3235-0758
Rule 31a-1..................... 270.31a-1.............. 3235-0178
Rule 31a-2..................... 270.31a-2.............. 3235-0179
Rule 31a-4..................... 270.31a-4.............. 3235-0783
Rule 32a-4..................... 270.32a-4.............. 3235-0530
Rule 34b-1..................... 270.34b-1.............. 3235-0346
Rule 35d-1..................... 270.35d-1.............. 3235-0548
Rule 38a-1..................... 270.38a-1.............. 3235-0586
Investment Company Interactive Part 274............... 3235-0642
Data.
Form N-5....................... 274.5.................. 3235-0169
Form N-8A...................... 274.10................. 3235-0175
Form N-2....................... 274.11a-1.............. 3235-0026
Form N-3....................... 274.11b................ 3235-0316
Form N-4....................... 274.11c................ 3235-0318
Form N-6....................... 274.11d................ 3235-0503
Form N-8B-2.................... 274.12................. 3235-0186
Form N-8B-4.................... 274.14................. 3235-0247
Form N-6F...................... 274.15................. 3235-0238
Form 24F-2..................... 274.24................. 3235-0456
Form N-18F-1................... 274.51................. 3235-0211
Form N-54A..................... 274.53................. 3235-0237
Form N-54C..................... 274.54................. 3235-0236
Form N-CEN..................... 274.101................ 3235-0729
[[Page 90590]]
Form N-27E-1................... 274.127e-1............. 3235-0545
Form N-27F-1................... 274.127f-1............. 3235-0546
Form N-CSR..................... 274.128................ 3235-0570
Form N-PX...................... 274.129................ 3235-0582
Form N-PORT.................... 274.150................ 3235-0730
Form N-17D-1................... 274.200................ 3235-0229
Form N-MFP..................... 274.201................ 3235-0657
Form N-8F...................... 274.218................ 3235-0157
Form N-17F-1................... 274.219................ 3235-0359
Form N-17F-2................... 274.220................ 3235-0360
Form N-23c-3................... 274.221................ 3235-0422
Form N-CR...................... 274.222................ 3235-0705
Form N-RN...................... 274.223................ 3235-0754
Form ID........................ 274.402................ 3235-0328
Form SE........................ 274.403................ 3235-0327
Rule 0-2....................... 275.0-2................ 3235-0240
Rule 203-3..................... 275.203-3.............. 3235-0538
Rule 203A-2(d)................. 275.203A-2(d).......... 3235-0689
Rule 203A-2(e)................. 275.203A-2(e).......... 3235-0559
Rule 204-2..................... 275.204-2.............. 3235-0278
Rule 204-3..................... 275.204-3.............. 3235-0047
Rule 204-5..................... 275.204-5.............. 3235-0767
Rule 204A-1.................... 275.204A-1............. 3235-0596
Rule 206(3)-2.................. 275.206(3)-2........... 3235-0243
Rule 206(4)-1.................. 275.206(4)-1........... 3235-0784
Rule 206(4)-2.................. 275.206(4)-2........... 3235-0241
Rule 206(4)-3.................. 275.206(4)-3........... 3235-0242
Rule 206(4)-6.................. 275.206(4)-6........... 3235-0571
Rule 206(4)-7.................. 275.206(4)-7........... 3235-0585
Form ADV....................... 279.1.................. 3235-0049
Schedule I to Form ADV......... 279.1.................. 3235-0490
Form ADV-W..................... 279.2.................. 3235-0313
Form ADV-H..................... 279.3.................. 3235-0538
Form 4-R....................... 279.4.................. 3235-0240
Form 5-R....................... 279.5.................. 3235-0240
Form 6-R....................... 279.6.................. 3235-0240
Form 7-R....................... 279.7.................. 3235-0240
Form ADV-E..................... 279.8.................. 3235-0361
Form PF........................ 279.9.................. 3235-0679
------------------------------------------------------------------------
PART 230--GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933
0
3. The authority citation for part 230 continues to read, in part, as
follows:
Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77f, 77g, 77h,
77j, 77r, 77s, 77z-3, 77sss, 78c, 78d, 78j, 78l, 78m, 78n, 78o, 78o-
7 note, 78t, 78w, 78ll(d), 78mm, 80a-8, 80a-24, 80a-28, 80a-29, 80a-
30, and 80a-37, and Pub. L. 112-106, sec. 201(a), sec. 401, 126
Stat. 313 (2012), unless otherwise noted.
* * * * *
Sections 230.400 to 230.499 issued under secs. 6, 8, 10, 19, 48
Stat. 78, 79, 81, and 85, as amended (15 U.S.C. 77f, 77h, 77j, 77s).
* * * * *
0
4. Amend Sec. 230.482 by revising paragraph (b)(4) to read as follows:
Sec. 230.482 Advertising by an investment company as satisfying
requirements of section 10.
* * * * *
(b) * * *
(4) Money market funds. (i) An advertisement for an investment
company that holds itself out to be a money market fund, that is not a
government money market fund, as defined in Sec. 270.2a-7(a)(14) of
this chapter, or a retail money market fund, as defined in Sec.
270.2a-7(a)(21) of this chapter, must include the following statement:
You could lose money by investing in the Fund. Because the share
price of the Fund will fluctuate, when you sell your shares they may
be worth more or less than what you originally paid for them. The
Fund may impose a fee upon sale of your shares. The Fund generally
must impose a fee when net sales of Fund shares exceed certain
levels. An investment in the Fund is not a bank account and is not
insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The Fund's sponsor is not required
to reimburse the Fund for losses, and you should not expect that the
sponsor will provide financial support to the Fund at any time,
including during periods of market stress.
(ii) An advertisement for an investment company that holds itself
out to be a money market fund, that is a government money market fund,
as defined in Sec. 270.2a-7(a)(14) of this chapter, or a retail money
market fund, as defined in Sec. 270.2a-7(a)(21) of this chapter, and
that is subject to the requirements of Sec. 270.2a-7(c)(2)(i) of this
chapter (or is not subject to the requirements of Sec. 270.2a-
7(c)(2)(i) of this chapter pursuant to Sec. 270.2a-7(c)(2)(i)(B) of
this chapter, but has chosen to rely on the ability to impose liquidity
fees consistent with the requirements of Sec. 270.2a-7(c)(2)(i)), must
include the following statement:
You could lose money by investing in the Fund. Although the Fund
seeks to preserve the value of your investment at $1.00 per share,
it cannot guarantee it will do so. The Fund may impose a fee upon
sale of your shares. An investment in the Fund is not a bank account
and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. The Fund's sponsor is
not required to reimburse the Fund for losses, and you should not
expect that the sponsor will provide financial support to the Fund
at any time, including during periods of market stress.
(iii) An advertisement for an investment company that holds itself
[[Page 90591]]
out to be a money market fund, that is a government money market fund,
as defined in Sec. 270.2a-7(a)(14) of this chapter, that is not
subject to the requirements of Sec. 270.2a-7(c)(2)(i) of this chapter
pursuant to Sec. 270.2a-7(c)(2)(i)(B) of this chapter, and that has
not chosen to rely on the ability to impose liquidity fees consistent
with the requirements of Sec. 270.2a-7(c)(2)(i), must include the
following statement:
You could lose money by investing in the Fund. Although the Fund
seeks to preserve the value of your investment at $1.00 per share,
it cannot guarantee it will do so. An investment in the Fund is not
a bank account and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. The
Fund's sponsor is not required to reimburse the Fund for losses, and
you should not expect that the sponsor will provide financial
support to the Fund at any time, including during periods of market
stress.
Note 3 to paragraph (b)(4). If an affiliated person, promoter,
or principal underwriter of the Fund, or an affiliated person of
such a person, has contractually committed to provide financial
support to the Fund, the statement may omit the last sentence (``The
Fund's sponsor is not required to reimburse the Fund for losses, and
you should not expect that the sponsor will provide financial
support to the Fund at any time, including during periods of market
stress.'') for the term of the agreement. For purposes of this note,
the term ``financial support'' includes any capital contribution,
purchase of a security from the Fund in reliance on Sec. 270.17a-9
of this chapter, purchase of any defaulted or devalued security at
par, execution of letter of credit or letter of indemnity, capital
support agreement (whether or not the Fund ultimately received
support), performance guarantee, or any other similar action
reasonably intended to increase or stabilize the value or liquidity
of the fund's portfolio; however, the term ``financial support''
excludes any routine waiver of fees or reimbursement of fund
expenses, routine inter-fund lending, routine inter-fund purchases
of fund shares, or any action that would qualify as financial
support as defined in this note, that the board of directors has
otherwise determined not to be reasonably intended to increase or
stabilize the value or liquidity of the fund's portfolio.
* * * * *
PART 274--FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940
0
5. The authority citation for part 274 continues to read as follows:
Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l, 78m,
78n, 78n-1, 78o(d), 80a-8, 80a-24, 80a-26, 80a-29, and sec. 939A,
Pub. L. 111-203, 124 Stat. 1376, unless otherwise noted.
0
6. Amend Form N-1A (referenced in Sec. Sec. 239.15A and 274.11A) by
revising Item 10.
Note: Form N-1A is attached as Appendix A to this document.
Form N-1A will not appear in the Code of Federal Regulations.
0
7. Amend Form N-2 (referenced in Sec. Sec. 239.14 and 274.11a-1) by
revising Instruction 8.a to Item 24.
Note: Form N-2 is attached as Appendix B to this document. Form
N-2 will not appear in the Code of Federal Regulations.
0
8. Revise Form N-CSR (referenced in Sec. Sec. 249.331 and 274.128) by:
0
a. In Items 2(c) and (f), removing the text ``Item 18(a)(1)'' and
adding, in its place, the text ``Item 19(a)(1)'';
0
b. In Item 16, removing the instruction to paragraph (b); and
0
c. In Item 19:
0
i. Removing the instruction to paragraph (a)(3);
0
ii. Redesignating the instructions to Item 13 as instructions to Item
19; and
0
iii. Redesignating Items 19(a)(3) and (4) as Items 19(a)(4) and (5),
respectively.
0
9. Amend Form N-MFP (referenced in Sec. 274.201) by revising Items
A.19 and B.8.
Note: Form N-MFP is attached as Appendix C to this document.
Form N-MFP will not appear in the Code of Federal Regulations.
PART 275--RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940
0
10. The authority citation for part 275 continues to read, in part, as
follows:
Authority: 15 U.S.C. 80b-2(a)(11)(G), 80b-2(a)(11)(H), 80b-
2(a)(17), 80b-3, 80b-4, 80b-4a, 80b-6(4), 80b-6a, 80b-11,
1681w(a)(1), 6801-6809, and 6825, unless otherwise noted.
* * * * *
Section 275.204-2 is also issued under 15 U.S.C. 80b-6.
* * * * *
0
11. Amend Sec. 275.204-2 by revising paragraph (j)(4) to read as
follows:
Sec. 275.204-2 Books and records to be maintained by investment
advisers.
* * * * *
(j) * * *
(4) For purposes of this paragraph (j) the term non-resident
investment adviser shall have the same meaning set out in Sec. 275.0-
2(b)(2).
* * * * *
By the Commission.
Dated: November 7, 2024.
Vanessa A. Countryman,
Secretary.
Note: The following appendices will not appear in the Code of
Federal Regulations.
Appendix A--Form N-1A
Form N-1A
* * * * *
Item 10. Management, Organization, and Capital Structure
(a) * * *
(1) * * *
(iii) Include a statement, adjacent to the disclosure required
by paragraph (a)(1)(ii) of this Item, that a discussion regarding
the basis for the board of directors approving any investment
advisory contract of the Fund is available in the Fund's reports
filed on Form N-CSR, and providing the period covered by the most
recent Form N-CSR report that includes this discussion.
* * * * *
Appendix B--Form N-2
Form N-2
* * * * *
Item 24. Financial Statements
* * * * *
Instructions
* * * * *
8. a. When a Registrant (or financial intermediary through which
shares of the Registrant may be purchased or sold) receives a
request for a description of the policies and procedures that the
Registrant uses to determine how to vote proxies, the Registrant (or
financial intermediary) must send the information most recently
disclosed in response to Item 18.16 of this Form or Item 12 of Form
N-CSR within 3 business days of receipt of the request, by first-
class mail or other means designed to ensure equally prompt
delivery.
* * * * *
Appendix C--Form N-MFP
Form N-MFP
* * * * *
Item A.19. 7-day gross yield. For each business day, based on
the 7 days ended on that business day, calculate the fund's yield by
determining the net change, exclusive of capital changes and income
other than investment income, in the value of a hypothetical pre-
existing account having a balance of one share at the beginning of
the period and dividing the difference by the value of the account
at the beginning of the base period to obtain the base period
return, and then multiplying the base period return by (365/7) with
the resulting yield figure carried to at least the nearest hundredth
of one percent. The 7-day gross yield should not reflect a deduction
of shareholder fees and fund operating expenses. For master funds
and feeder funds, report the 7-day gross yield at the master-fund
level.
a. 7-day gross yield---------------------------------------------------
[[Page 90592]]
b. Date----------------------------------------------------------------
* * * * *
Item B.8. 7-day net yield for each business day of the month
reported, as calculated under Item 26(a)(1) of Form N-1A (Sec.
274.11A of this chapter) except based on the 7 days ended on that
business day.
a. 7-day net yield-----------------------------------------------------
b. Date----------------------------------------------------------------
* * * * *
[FR Doc. 2024-26387 Filed 11-15-24; 8:45 am]
BILLING CODE 8011-01-P