SEC Extends Rule 31a-2 Information Collection Requirement

The Securities and Exchange Commission has submitted to the Office of Management and Budget a request to extend the proposed collection of information under Rule 31a-2 of the Investment Company Act of 1940. The notice, filed as FR Doc 2026-19616 and identified by OMB Control No. 3235-0179, announces a 30-day comment period that closes on Oct. 26, 2026.

Rule 31a-2 mandates that every registered investment company preserve permanently, and keep readily accessible for the first two years, all books and records required under Rule 31a-1(b)(1)-(4). For records covered by Rule 31a-1(b)(5)-(12) and other specified documents, the rule requires retention for at least six years, with the first two years also easily accessible. The rule's scope extends to majority-owned subsidiaries that are underwriters, brokers, dealers, or investment advisers, as well as depositors and principal underwriters of a fund, each required to retain records for periods established by the Exchange Act or the Investment Advisers Act.

The Commission estimates that approximately 2,741 funds must comply annually. Each fund is projected to spend 221 hours per year preserving the required materials, representing a monetized cost burden of $49,283 per fund. The total annual burden is estimated at 605,761 hours and $135,084,703 in time costs. External costs are calculated at about $40,602 per fund, yielding an aggregate external cost burden of $111,290,082.

The SEC emphasizes that compliance with Rule 31a-2 is mandatory and that a collection may not be conducted without a currently valid OMB control number. Interested parties may view the information collection request at the RegInfo website or submit comments by the October deadline.