SEC seeks OMB extension for Rule 31a-4 information collection
The extension applies to roughly 10,047 registered investment companies and business development companies, with comments due by Sept. 24, 2026.
The Securities and Exchange Commission announced on August 19, 2026 that it has submitted to the Office of Management and Budget a request for an extension of the previously approved collection of information under Rule 31a-4, Investment Company Act, OMB Control No. 3235-0783.
Rule 31a-4 (17 CFR 270.34a-1) requires registered investment companies and business development companies, or their advisers, to maintain documentation supporting fair-value determinations made under Rule 2a-5. When a fund's board designates a valuation designee, additional records relating to that designation must also be kept. Compliance with Rule 31a-4 is mandatory for any fund that must determine fair value under the Act.
The notice estimates that approximately 10,047 funds are subject to the rule, imposing an annual time burden of about 36 hours per fund at a cost of $15,984 per fund. Across all funds, the total annual burden is estimated at 361,692 hours and $160,591,348. Records provided to the Commission in examinations or investigations are kept confidential under applicable law.
Comments on the information collection request may be submitted through https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202606-3235-002 or by email to the address provided in the notice. The comment period closes on September 24, 2026.
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