Federal Register 30-Day Notice

Federal Register / Vol. 91, No. 25 / Friday, February 6, 2026 / Notices

khammond on DSK9W7S144PROD with NOTICES

There are approximately 319
registered transfer agents. We estimate
that the average number of hours
necessary for each transfer agent to
comply with Rule 17Ad–10 is
approximately 80 hours per year (70
hours of recordkeeping and 10 hours of
third-party disclosure), which generates
an industry-wide annual burden of
approximately 25,520 hours (319
registered transfer agents × 80 hours). At
an average staff cost of $78 per hour, the
industry-wide internal labor cost of
compliance (a monetization of the
burden hours) is approximately
$1,990,560 per year (25,520 hours × $78
per hour).1
The amount of time any particular
transfer agent will devote to Rule 17Ad–
10 compliance will vary according to
the size and scope of the transfer agent’s
business activity. We note, however,
that at least some of the records,
processes, and communications
required by Rule 17Ad–10 would likely
be maintained, generated, and used for
transfer agent business purposes even
without the rule.
In addition, we estimate that each
transfer agent will incur an annual
external cost burden of approximately
$24,660 resulting from the collection of
information—90% of which will be
attributable to recordkeeping and 10%
of which will be attributable to thirdparty disclosure ($22,194 from
recordkeeping ($24,660 × 90%) and
$2,466 from third-party disclosure
($24,660 × 10%)).2 Therefore, the total
annual external cost on the entire
transfer agent industry is approximately
$7,866,540 ($24,660 × 319 registered
transfer agents)—$7,079,886 will be
attributable to recordkeeping ($24,660 ×
319 registered transfer agents) and
$786,654 of which will be attributable to
third-party disclosure ($2,466 × 319
registered transfer agents). This cost
primarily reflects ongoing computer
operations and maintenance associated
with generating, maintaining, and
disclosing or providing certain
information required by the rule.
1 We expect that performance of this function will
most likely be performed by a general clerk. Based
on data from the SIFMA Management and
Professional Earnings Report, modified in 2025 by
Commission staff to account for, among other
things, inflation, we expect that the cost for this
position is $78 per hour. 80 hours × $78 = $6,240
total aggregate monetized cost per transfer agent.
2 We expect that performance of this function will
most likely be performed by a computer operations
department manager. Based on data from the
SIFMA Management and Professional Earnings
Report, modified in 2025 by Commission staff to
account for, among other things, inflation, we
expect that the cost for this position is $548 per
hour. 45 hours × $548 = approximately $24,660
total aggregate external cost per transfer agent.

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An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
Control Number.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202511-3235-008
or email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice, by
March 9, 2026.
Dated: February 4, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026–02407 Filed 2–5–26; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0734]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 22c–1
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 22c–1 (17 CFR 270.22c–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a) (the ‘‘Investment
Company Act’’ or ‘‘Act’’) enables a fund
to choose to use ‘‘swing pricing’’ as a
tool to mitigate shareholder dilution.
Rule 22c–1 is intended to promote
investor protection by providing funds
with an additional tool to mitigate the
potentially dilutive effects of
shareholder purchase or redemption
activity and a set of operational
standards that allow funds to gain
comfort using swing pricing as a means
of mitigating potential dilution.
The respondents to amended rule
22c–1 are open-end management
investment companies (other than
money market funds or exchange-traded
funds) that engage in swing pricing.
Compliance with rule 22c–1(a)(3) is
mandatory for any fund that chooses to
use swing pricing to adjust its NAV in
reliance on the rule.

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While we are not aware of any funds
that have engaged in swing pricing,1 we
are estimating for the purpose of this
analysis that 5 fund complexes have
funds that may adopt swing pricing
policies and procedures in the future
pursuant to the rule. We estimate that
the total burden associated with the
preparation and approval of swing
pricing policies and procedures by those
fund complexes that would use swing
pricing will be 280 hours.2 We also
estimate that it will cost a fund complex
$77,038 to document, review and
initially approve these policies and
procedures, for a total cost of $385,190.3
Rule 22c–1 requires a fund that uses
swing pricing to maintain the fund’s
swing policies and procedures that are
in effect, or at any time within the past
six years were in effect, in an easily
accessible place.4 The rule also requires
a fund to retain a written copy of the
periodic report provided to the board
prepared by the swing pricing
administrator that describes, among
other things, the swing pricing
administrator’s review of the adequacy
of the fund’s swing pricing policies and
procedures and the effectiveness of their
implementation, including the impact
on mitigating dilution and any backtesting performed.5 The retention of
these records is necessary to allow the
staff during examinations of funds to
determine whether a fund is in
compliance with its swing pricing
policies and procedures and with rule
22c–1. We estimate a time cost per fund
complex of $388.6 We estimate that the
1 No funds have engaged in swing pricing as
reported on Form N–CEN as of October 31, 2025.
2 This estimate is based on the following
calculation: (48 + 2 + 6) hours × 5 fund complexes
= 280 hours.
3 These estimates are based on the following
calculations: 24 hours × $266 (hourly rate for a
senior accountant) = $6,384; 24 hours × $612
(blended hourly rate for assistant general counsel
($573) and chief compliance officer ($652)) =
$14,688; 2 hours (for a fund attorney’s time to
prepare materials for the board’s determinations) ×
$449 (hourly rate for a compliance attorney) = $898;
6 hours × $9,178 (hourly rate for a board of 9
directors) = $55,068; ($6,384 + $14,688 + $898 +
$55,068) = $77,038; $77,038 × 5 fund complexes =
$385,190; the estimated hourly wages are based on
SIFMA’s report on Management & Professional
Earnings in the Securities Industry 2013, modified
by Commission staff to account for an 1800-hour
work-year and inflation, and adjusted to account for
bonuses, firm size, employee benefits, and
overhead; the staff has estimated the average cost
of board of director time as $9,178 per hour for the
board as a whole, based on information received
from funds and their counsel.
4 See rule 22c–1(a)(3)(iii).
5 See id.
6 This estimate is based on the following
calculations: 2 hours × $77 (hourly rate for a general
clerk) = $154; 2 hours × $117 (hourly rate for a
senior computer operator) = $234. $154 + $234 =
$388.

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Federal Register / Vol. 91, No. 25 / Friday, February 6, 2026 / Notices

total for recordkeeping related to swing
pricing will be 20 hours, at an aggregate
cost of $1,940, for all fund complexes
that we believe include funds that have
adopted swing pricing policies and
procedures.7
Amortized over a three-year period,
we believe that the hour burdens and
time costs associated with rule 22c–1,
including the burden associated with
the requirements that funds adopt
policies and procedures, obtain board
approval, and periodic review of an
annual written report from the swing
pricing administrator, and retain certain
records and written reports related to
swing pricing, will result in an average
aggregate annual burden of 113.3 hours,
and average aggregate time costs of
$130,336.8 We also estimate that rule
22c–1 imposes a total external cost
burden of $2,920 for outside legal
services related to compliance with the
policies and procedures requirement.9
These estimates of average costs are
made solely for the purposes of the
Paperwork Reduction Act. The estimate
is not derived from a comprehensive or
even a representative survey or study of
the costs of Commission rules.
This collection of information is
necessary to obtain a benefit and will
not be kept confidential. An agency may
not conduct or sponsor, and a person is
not required to respond to, a collection
of information unless it displays a
currently valid OMB control number.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202512-3235-001
or email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice, by
March 9, 2026.
Dated: February 4, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026–02406 Filed 2–5–26; 8:45 am]

khammond on DSK9W7S144PROD with NOTICES

BILLING CODE 8011–01–P

7 These estimates are based on the following
calculations: 4 hours × 5 fund complexes = 20
hours. 5 fund complexes × $388 = $1,940.
8 These estimates are based on the following
calculations: (280 hours (year 1) + (3 × 20 hours)
(years 1, 2 and 3)) ÷ 3 = 113.3 hours; ($385,190 (year
1) + (3 × $1,940) (years 1, 2 and 3)) ÷ 3 = $130,336.
9 This estimated burden is based on the estimated
wage rate of $584 per hour for outside legal services
and the following calculation: $584 × 5 fund
complexes = $2,920.

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SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0738]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rules 13n–4(b)(9), (b)(10) and (d)
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (SEC or
‘‘Commission’’) is submitting to the
Office of Management and Budget
(OMB) this request for an extension of
the collection of information.
Rules 13n–4(b)(9), (b)(10) and (d)
implement Exchange Act sections
13(n)(5)(G) and (H), which conditionally
require a security-based swap data
repository (‘‘SBSDR’’) registered with
the Commission to make available
security-based swap data obtained by
the SBSDR (‘‘SBS Data’’) to certain U.S.
government entities and any other
person that the Commission determines
to be appropriate. The rules, in part,
condition such sharing of SBS Data on
there being an arrangement between the
Commission and the relevant entity (in
the form of a memorandum of
understanding or otherwise) to address
the confidentiality of the SBS Data. The
rules further require SBSDRs to create
and maintain records regarding such
data access. Pursuant to the
Commission’s authority, regulators or
other authorities that are not otherwise
designated by statute or rule may
request from the Commission that they
be deemed eligible to access SBS Data.
Implementation of the statutory and
regulatory SBS Data access provisions—
including the confidentiality condition
and the Commission’s authority to
designate entities to access SBS Data–
facilitates regulatory oversight of the
security-based swap market and its
participants, including oversight of
systemic and other risks associated with
the market. Implementation also
promotes compliance with applicable
laws and regulations, including but not
limited to compliance with the
antifraud provisions of the federal
securities laws.
Commission staff estimates that the
total annual burden associated with
Rules 13n–4(b)(9), (b)(10) and (d) is
11,405 hours and $120,000, calculated
as follows:
Commission staff estimates a total of
50 regulators or other authorities will

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enter into confidentiality arrangements
with the Commission to obtain access to
SBS Data pursuant to these provisions.
On average, each of those recipients of
data is expected to expend 500 hours in
connection with negotiating these
MOUs or other arrangements, for a onetime aggregate burden of 25,000 hours,
with no associated ongoing burdens.
This equates to 8,333 hours per year
when annualized over three years.
Commission staff estimates that a total
of 41 regulators or other authorities (that
otherwise are not identified by statute or
the rules as being eligible for access to
SBS Data) may request that the
Commission determine they are eligible
to access SBS Data. On average, each of
those entities is expected to expend 40
hours in connection with such requests,
for a one-time aggregate burden of 1,640
hours, with no associated ongoing
burdens. This equates to 547 hours per
year when annualized over three years.
Commission staff also estimates that a
total of three SBSDRs may be expected
to incur systems-related costs associated
with setting up access to SBS Data for
regulators and other authorities. On
average, each SBSDR is expected to
expend 1,300 hours in connection with
providing such connectivity (based on
each SBSDR incurring 26 hours per
recipient, for 50 total recipients), for a
one-time aggregate burden of 3,900
hours, with no associated ongoing
burdens. This equates to 1,300 hours
when annualized over three years.
In addition, Commission staff
estimates that a total of three SBSDRs
may incur costs associated with the
requirement to notify the Commission
when an SBSDR receives the first
request for SBS Data from a particular
entity. On average, each SBSDR is
expected to expend 25 hours in
connection with this notice requirement
(based on each SBSDR providing 50
notices, at half-hour per notice), for a
one-time aggregate burden of 75 hours,
with no associated ongoing burdens.
This equates to 25 hours per year when
annualized over three years.
Commission staff estimates that a total
of three SBSDRs may incur costs
associated with the requirement that an
SBSDR maintain records of all
information related to initial and
subsequent requests for SBS Data
access. On average, compliance with
this provision is expected to require 360
hours initially and 280 hours annually
per SBSDR, for a total burden of 1,080
hours initially and 840 hours annually
across three SBSDRs. This equates to
1,200 hours per year when annualized
over three years. Commission staff
further estimates that each of the three
SBSDRs will require $40,000 annually

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