Federal Register #2026-22001

SEC Request to Extend the Rule 17f-1 Information Collection

This SEC notice seeks continued OMB approval for the information collection associated with Rule 17f-1. - Government agencies: The Securities and Exchange Commission (SEC) submitted the request to the Office of Management and Budget (OMB); no sub-agency or office is specified. - Purpose and requirements: Rule 17f-1 concerns custody of securities with members of national securities exchanges. Covered funds must maintain written custody contracts, obtain initial and annual board approval, arrange independent public accountant examinations of assets at least three times during each fiscal year, and transmit custody contracts and examination certificates to the SEC. - Estimated burden: The SEC estimates four funds and four responses annually, approximately 14 hours of internal burden, and $52,392 in annual external costs, including legal and independent-accountant costs. - OEMs and vendors: None identified. - Procurement: This is an information-collection approval request, not a procurement of products or services. No product or service line items or contract value are provided.

Description

The Securities and Exchange Commission submitted a request to the Office of Management and Budget to extend the previously approved information collection under Rule 17f-1. The rule concerns custody of securities with members of national securities exchanges and requires specified written contracts, annual board approval, periodic independent accountant examinations, and submission of contracts and examination certificates to the Commission. The stated purpose is to ensure the safekeeping of fund assets. The notice estimates that four funds rely on the rule annually, with a total annual internal burden of approximately 14 hours and an estimated annual external cost burden of $52,392.

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