SEC seeks comments on extending Form N-17f-1 filing requirements
Registered management investment companies using exchange-member custodians must continue filing Form N-17f-1 three times yearly; comments due by Nov. 27, 2026.
The Securities and Exchange Commission issued a notice under the Paperwork Reduction Act of 1995 (OMB Control No. 3235-0359) requesting comments on a proposed extension of the information collection for Form N-17f-1, the Certificate of Accounting of Securities and Similar Investments of a Management Investment Company in the Custody of Members of National Securities Exchanges.
Form N-17f-1 serves as a cover sheet for an independent public accountant's certificate required under rule 17f-1. The rule mandates that a registered management investment company holding assets with a national securities exchange member obtain an accountant's verification at each annual and semi-annual fiscal period and at least once more during the year, and file the certificate with the SEC three times per year.
SEC staff estimate that preparing and filing the form requires one hour of clerical work at $142 per hour and a half-hour review by the fund's chief compliance officer at $365, for a total per-response cost of $507. Each fund incurs approximately 4.5 hours and $2,028 annually. Based on an average of 21 funds filing three times per year (62 responses), the agency projects a total annual internal burden of 95 hours and $42,588, with no external paperwork costs.
Written comments on the 60-day collection notice must be directed to Austin Gerig, Director/Chief Data Officer, SEC, via email to the address provided, no later than November 27, 2026.
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