Document ID: SEC-2015-0372-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2021-11-18T05:00Z

[Federal Register Volume 86, Number 220 (Thursday, November 18, 2021)]
[Notices]
[Page 64575]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-25171]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-491, OMB Control No. 3235-0548]

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Rule 35d-1

    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 (the ``Commission'') has submitted to the Office of 
Management and Budget (``OMB'') a request for extension of the 
previously approved collection of information discussed below.
    Rule 35d-1 (17 CFR 270.35d-1) under the Investment Company Act of 
1940 (15 U.S.C. 80a-1 et seq.) defines as ``materially deceptive and 
misleading'' for purposes of Section 35(d), among other things, a name 
suggesting that a registered investment company or series thereof (a 
``fund'') focuses its investments in a particular type of investment or 
investments, in investments in a particular industry or group of 
industries, or in investments in a particular country or geographic 
region, unless, among other things, the fund adopts a certain 
investment policy. Rule 35d-1 further requires either that the 
investment policy is fundamental or that the fund has adopted a policy 
to provide its shareholders with at least 60 days prior notice of any 
change in the investment policy (``notice to shareholders''). The 
rule's notice to shareholders provision is intended to ensure that when 
shareholders purchase shares in a fund based, at least in part, on its 
name, and with the expectation that it will follow the investment 
policy suggested by that name, they will have sufficient time to decide 
whether to redeem their shares in the event that the fund decides to 
pursue a different investment policy.
    The Commission estimates that there are approximately 11,502 open-
end and closed-end funds that have names that are covered by the rule. 
The Commission estimates that of these 11,502 funds, approximately 38 
will provide prior notice to shareholders pursuant to a policy adopted 
in accordance with this rule per year. The Commission estimates that 
the annual burden associated with the notice to shareholders 
requirement of the rule is 20 hours per response, for annual total of 
760 hours per year.
    Estimates of average burden hours are made solely for the purposes 
of the Paperwork Reduction Act and are not derived from a comprehensive 
or even representative survey or study of the costs of Commission rules 
and forms. Providing prior notice to shareholders under rule 35d-1 is 
not mandatory. An investment company may choose to have a name that 
does not indicate that the fund focuses its investments in a particular 
type of investment or investments, or in investments in a particular 
industry or group of industry. If an investment company does choose 
such a name, it will only need to provide prior notice to shareholders 
of a change in its 80% investment policy if it first has adopted a 
policy to provide notice and then has decided to change this investment 
policy. The information provided under rule 35d-1 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 background 
documentation for this information collection at the following website: 
www.reginfo.gov. Find this particular information collection by 
selecting ``Currently under 30-day Review--Open for Public Comments'' 
or by using the search function. Written comments and recommendations 
for the proposed information collection should be sent within 30 days 
of publication of this notice to (i) www.reginfo.gov/public/do/PRAMain 
and (ii) David Bottom, Director/Chief Information Officer, Securities 
and Exchange Commission, c/o John R. Pezzullo, 100 F Street NE, 
Washington, DC 20549, or by sending an email to: [email protected].

    Dated: November 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-25171 Filed 11-17-21; 8:45 am]
BILLING CODE 8011-01-P