SEC seeks comments on recordkeeping burden for investment companies under Rule 31a-1
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This notice keeps the SEC’s review process moving for Rule 31a-1, which requires registered investment companies, business development companies, and certain majority-owned subsidiaries to maintain financial books, records, auditors’ certificates, and supporting documents. The practical impact is mainly administrative. Affected funds and BDCs already must keep these records current so SEC examiners can check compliance and spot problems. The SEC is asking for public comments on the estimated paperwork burden, not changing the core recordkeeping duty in this notice.
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Key Changes
- SEC is requesting public comments on the information collection tied to Rule 31a-1.
- Registered investment companies, BDCs, and certain majority-owned subsidiaries remain subject to mandatory recordkeeping duties.
- The notice focuses on estimating paperwork burden, not creating a new substantive compliance requirement.
Obligations
What this law requires
Maintain and keep current the accounts, books, auditors' certificates, and other documents that underlie and support financial statements required to be filed with the SEC under section 30 of the Investment Company Act of 1940.