SEC seeks comment on Rule 498 information-collection extension
Open-end funds using Rule 498 must comment by Dec 1 2026 on the SEC's proposed extension of its data-collection requirements.
The Securities and Exchange Commission issued a notice, FR Doc 2026-20280, on September 30, 2026, announcing its intent to submit the existing Rule 498 information-collection to the Office of Management and Budget for extension and approval. The notice cites OMB Control No. 3235-0648 and invites public comment.
Rule 498 (17 CFR 230.498) permits open-end management investment companies to satisfy prospectus delivery obligations by providing a Summary Prospectus to investors and posting the statutory prospectus on a website. Funds that rely on the rule must also make, free of charge, the current Summary Prospectus, statutory prospectus, statement of additional information, and the most recent annual and semi-annual reports available at the website specified in the Summary Prospectus legend.
Based on fund filings, the Commission estimates that approximately 11,699 funds are using a Summary Prospectus. It calculates an annual burden of 0.5 hours per fund for cover-page compilation and about 1 hour per fund for website posting, totaling 1.5 hours per fund per year, or roughly 17,549 hours overall. The estimated annual cost burden is $23,380 per fund, amounting to a total of $273,522,620.
Written comments are solicited for 60 days on the necessity, utility, accuracy of burden estimates, and ways to improve or reduce the collection burden, including electronic methods. Comments should be directed to Austin Gerig, Director/Chief Data Officer, SEC, c/o Tanya Ruttenberg, via the provided email address no later than December 1, 2026.
The notice clarifies that while the use of a Summary Prospectus is voluntary, the requirement to provide the statutory prospectus upon investor request is mandatory for funds electing to rely on Rule 498, and the information submitted will not be kept confidential.
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