Federal Register #OMB Control No. 3235-0268

SEC Seeks Comment on Extension of Rule 2a-7 Information Collection Requirements

This opportunity involves a regulatory notice from the Securities and Exchange Commission (SEC) regarding information collection for Rule 2a-7 under the Investment Company Act of 1940. - Government Buyer: - Securities and Exchange Commission (SEC) - Purpose: - Soliciting public comment on the extension of an existing information collection requirement - Rule 2a-7 governs money market funds, focusing on maintaining stable share prices and minimizing fluctuations - Requirements: - Recordkeeping and disclosure obligations for money market funds - Board oversight procedures, stress testing, credit risk monitoring, and disclosures related to share cancellation - Applies to approximately 284 money market funds - Estimated annual compliance burden: 220,100 hours and $51,120,000 in external costs - No OEMs, vendors, or product/service procurement involved - This is a regulatory compliance notice, not a solicitation for goods or services

Description

The Securities and Exchange Commission (SEC) is soliciting comments on the proposed extension of a currently approved collection of information related to Rule 2a-7 under the Investment Company Act of 1940. Rule 2a-7 governs money market funds, which seek to maintain a stable price per share or minimize fluctuations. The rule imposes recordkeeping and disclosure requirements on money market funds, including procedures for board oversight, stress testing, credit risk monitoring, and disclosures related to share cancellation methods. The SEC estimates that approximately 284 money market funds are subject to these requirements, with an estimated total annual burden of 220,100 hours and external costs of $51,120,000. Comments are invited on the necessity, accuracy, quality, and burden of the information collection.

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