[Federal Register Volume 76, Number 183 (Wednesday, September 21, 2011)]
[Notices]
[Pages 58547-58548]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-24177]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension:
Rule 31a-1; SEC File No. 270-173; OMB Control No. 3235-0178.
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'') has submitted to the Office of Management
and Budget a request for extension of the previously approved
collection of information discussed below.
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
[[Page 58548]]
investment advisers to maintain the records that they are required to
maintain under federal securities laws. The Commission periodically
inspects the operations of funds to insure their compliance with the
provisions of the Act and the rules thereunder. The books and records
required to be maintained by rule 31a-1 constitute a major focus of the
Commission's inspection program.
There are approximately 4218 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 1750 hours annually per
series for a total of 7000 annual hours per fund. The estimated total
annual burden for all 4218 investment companies subject to the rule
therefore is approximately 29,526,000 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, estimated to be approximately 26,573,400 annual
hours. Thus, the Commission staff estimates that the total annual
burden associated with rule 31a-1 is 2,952,600 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. The collection
of information required by rule 31a-1 is mandatory. Responses will not
be kept confidential. The records required by rule 31a-1 are required
to be preserved pursuant to rule 31a-2 under the Investment Company Act
(17 CFR 270.31a-2). Rule 31a-2 requires that certain of these records
be preserved permanently, and that others be preserved six years from
the end of the fiscal year in which any transaction occurred. In both
cases, the records should be kept in an easily accessible place for the
first two years. An agency may not conduct or sponsor, and a person is
not required to respond to, a collection of information unless it
displays a currently valid OMB control number.
The public may view the background documentation for this
information collection at the following Web site, http://www.reginfo.gov. Comments should be directed to: (i) Desk Officer for
the Securities and Exchange Commission, Office of Information and
Regulatory Affairs, Office of Management and Budget, Room 10102, New
Executive Office Building, Washington, DC 20503, or by sending an e-
mail to: [email protected] ; and (ii) Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an
e-mail to: [email protected]. Comments must be submitted to OMB
within 30 days of this notice.
September 15, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-24177 Filed 9-20-11; 8:45 am]
BILLING CODE 8011-01-P